Pershing Square Activist Presentation Deck

Potential Future Upside Beyond "fixing" the business, there are several additional levers which can create significant shareholder value at Wendy's. We have not included any of these in our analysis Breakfast offering at Wendy's ■ Could be worth an incremental $5 per share depending on success of rollout ► Share repurchase opportunity ■ Management has the ability to sell real estate or sale-leaseback stores and repurchase over 40% of Wendy's current standalone market cap ■ Combined company has only 1.9x Net Debt / "Unfixed" EBITDA ■ Sizable share repurchase before "fixing" the business could create significant incremental returns ▸ International growth opportunity for Wendy's concept 29

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