Pershing Square Activist Presentation Deck

Conclusion: Why We Like Wendy's ✓ Good business trading at an attractive price even on an "unfixed" and standalone basis Significant turnaround opportunity at Wendy's company- operated stores ✓ Triarc offer brings experienced leadership and allows Wendy's to purchase Arby's at an attractive price ✓ Triarc offer allows Wendy's shareholders to benefit from the majority of the G&A synergies Wendy's / Arby's combination could be worth over $50 per share after achieving cost savings 30

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