Pershing Square Activist Presentation Deck

Comparables Are Trading at over 10x '08E EBITDA 12.0x 10.0x 8.0x 6.0x 4.0x 2.0x 0.0x 8.9x Wendy's Standalone "Unfixed" WENDY'S OLD FARRSONED HAMBURGERS 8.5x Wendy's Combined with Arby's No Cost Savings EV / 2008E EBITDA Multiples 6.3x Wendy's Combined with Arby's With Cost Savings 10.7x Yum! 27 10.6x McDonald's 10.0x BURGER KING 9.3x SONIC America's Drive-In.

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