Pershing Square Activist Presentation Deck

Wendy's International QUALITY IS OUR RECIPE www WENDY'S OLD FASHIONED HAMBURGERS. Recent stock price: $28 EV: $2.8bn Equity Value: $2.45bn Net Debt: $0.3bn Ticker: WEN Note: All references to market capitalization and enterprise value in this presentation are based on a $28 share price ► Third largest quick-service hamburger chain in the US ■ Approximately 6,645 restaurants ■ Approximately 80% of system wide restaurants are franchised ■ Estimated $9bn in system wide sales ► Leading US restaurant brand ► Estimated $313mm of EBITDA in FY'08E Net Debt / '08E EBITDA of 1.1x ► Pershing Square Capital Management recently purchased 15% of Wendy's 8

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