Pershing Square Activist Presentation Deck

Valuing Wendy's Owned Real Estate Based on the assumptions below, Wendy's OpCo real estate is worth approximately $1bn. Given Wendy's existing capital loss position, we don't believe Wendy's would need to pay taxes in a real estate sale $ in millions Op Co Stores Owned Real Estate Value Fee Simple Units (Owned land & building) Unit Value Value of Fee Simple Units Owned Buildings (units) Unit Value Value of Building-only units Total Value Estimated Book Basis Estimated loss in Baja Fresh Total After Tax Value Implied Rents 7.25% cap rate 18 632 $1.2mm $758 572 $0.5mm $286 $1,044 $850 $244 $1,044 $76 -40% of Wendy's TEV

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