Pershing Square Activist Presentation Deck

Wendy's Real Estate: Comparable Data A recent sampling of real estate prices around the country shows that the median asking price of Wendy's restaurant real estate (land and building) is nearly $1.4mm per unit Source: Loopnet. Current "for sale" prices of Wendy's real estate (land and building) City St. Augustine Charlotte Killeen Wace Waco Temple Part Charlotte Saint Augustine Milwaukee Milwaukee Port Saint Lucie El Paso Keego Harbor Farmington Hills Stone Mountain State FL NC TX TX TX TX FL FL WI WI FL TX MI MI GA Average Median Price (000) $1,481 $1,492 $1,504 $1,284 $1,310 $917 $1,645 $1,481 $1,943 $1,557 $1,530 $945 $750 $750 $1,324 $1,317 $1,403 17 Sf Ft 2,690 2,700 2,833 2,833 2,833 2,431 2,473 2,690 2,594 2,881 2,965 2,669 2,697 2,722 2,782 2,722 2,711 Price / Sf Ft Cap Rate $551 $553 $531 $453 $462 $377 $665 $551 $749 $540 $516 $354 $278 $276 $476 $484 $496 6.75% 6.80% 7.25% 7.25% 7.25% 7.25% 6.50% 6.75% 6.90% 7.60% 7.20% 6.40% ΝΑ ΝΑ 8.50% 7.1% 7.2% Year Built 1988 ΝΑ ΝΑ ΝΑ ΝΑ ΝΑ 1988 1988 1984 1985 1997 ΝΑ 1980 1979 1975

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