Pershing Square Activist Presentation Deck

Triarc's Offer On April 24, 2008, Triarc, the franchisor of the Arby's restaurant system, and Wendy's signed a definitive merger agreement All-stock transaction in which Wendy's shareholders will receive a fixed ratio of 4.25 shares of Triarc for each share of Wendy's Triarc's sole operating business is Arby's ► Combined Wendy's and Arby's system would have over 10,000 restaurants in the US and $12.5bn of system sales ► Triarc CEO, Roland Smith, will become the CEO of the pro forma Company Triarc has identified: G&A savings of $60mm in the combined company ■ Operational efficiencies of $100mm at Wendy's operated stores 22

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