Pershing Square Activist Presentation Deck

Wendy's Relative Stock Price Performance Wendy's stock price is down 16% since January 1, 2007 while comparable Quick Service Restaurants are up 38% From 1/1/2007 - Current 140% 130% 120% 110% 100% 90% 80% 70% 60% (1) of Jan-07 Apr-07 Way Jul-07 impera Market-Cap weighted index consisting of McDonald's, Yum!, Burger King and Sonic. 11 wp Oct-07 Even нитр mujere Feb-08 38.1% QSR Peers (1) (16.2%) Wendy's May-08

View entire presentation