Pershing Square Activist Presentation Deck

Valuing Wendy's Franchise Business Based on the P&L assumptions below and a valuation multiple of 10.5x EBITDA, Wendy's Franchise business alone is worth over $2.3bn $ in millions Wendy's Franchise 2008E P&L and Valuation System wide Restaurants Estimated average unit sales Total System Sales Approximate Franchise Fee Franchise Revenues Plus: Franchise Rent Less: Operating Costs Less: SGA allocation Plus: Tim Hortons RE JV share Equals: Franchise EBITDA Margin EBITDA Multiple Franchise TEV 16 75% 6,645 $1.3 $8,805 4% $362 18 (23) (151) 9 $215 59.4% 10.5x $2,256

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