Pershing Square Activist Presentation Deck

Relative Valuation 12.0x 10.0x 8.0x 6.0x 4.0x 2.0x 0.0x 8.9x WENDY'S OLD FASHIONED HAMBURGERS. Standalone "Unfixed" EV / 2008E EBITDA Multiples 10.7x Yum! Note: Source for comparable restaurant companies multiples is Capital IQ. As of 5/15/08. 10.6x McDonald's 10 10.0x 9.3x || SONIC America's BURGER KING Drive-In.

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