Pershing Square Activist Presentation Deck

What Do Wendy's Shareholders Get? In acquiring Triarc, Wendy's shareholders are getting: ✓ Arby's at an attractive price of 7.4x EBITDA ✓ Strong senior management Management with proven turnaround experience Improved probability of achieving ~$100mm of operating efficiencies at Wendy's company-operated stores ✓ $60mm of G&A synergies 25

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