#1McDonald's Corporation Investor Overview Y#2Important Disclaimers This presentation contains financial measures that are not calculated in accordance with generally accepted accounting principles in the United States ("GAAP"), including Systemwide sales, free cash flow conversion and adjusted operating margin. Systemwide sales include sales at all restaurants, whether operated by us or by franchisees. Free cash flow conversion is free cash flow (cash provided by operations, less capital expenditures) divided by net income. Adjusted operating margin is defined as non-GAAP operating income (operating income adjusted for certain special gains and charges) divided by total revenues. More information about these non- GAAP financial measures, including why management believes they provide useful information to investors, can be found in our filings with the Securities and Exchange Commission (the "SEC"). See the Appendix to this presentation for reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP. 2023 Outlook has been excerpted from our Quarterly Report on Form 10-Q filed with the SEC on May 4, 2023 (the "Report"). 2023 Outlook comprises forward-looking statements that reflect current expectations, are not guarantees of performance and speak only as of the date of the Report. You should not unduly rely on forward- looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include those reflected under "Risk Factors" in the Report and elsewhere in our filings with the SEC. Website links included in this presentation are for convenience only. Information contained on or accessible through such website links is not incorporated in, and does constitute a part of, this presentation. 2#3McDonald's strategic evolution... 1950s 15MFD $15 MCDONALD'S FAMOUS HAMBURGERS BUYEM BY THE BAG Kroc meets brothers Dick and Mac McDonald at their restaurant in San Bernardino Kroc becomes the national franchising agent for the McDonald brothers Kroc forms McDonald's System, Inc. to issue McDonald's franchises under license from the McDonald brothers 100 millionth hamburger sold by McDonald's 1960s, 1970s & 1980s McDonald's CEN SOON McDonald's Corporation buys the exclusive rights to the McDonald's name and operating system from the McDonald brothers First location outside the U.S. opens McDonald's expands globally to Tokyo, Amsterdam, Munich, and Sydney The Big Mac, Egg McMuffin, Happy Meal, and Chicken McNuggets are invented and launched The first drive thru opens 3#4...continues to meet customer needs over time 1990s & 2000s McDonald's MOUNTA Mcald's The McFlurry is invented and launched in Canada Accelerated unit growth with continued international expansion Plan to Win corporate strategy to focus on exceptional customer experience Dollar Menu value offerings i'm lovin' it marketing campaign launches McCafé is invented and launched in Australia 2010s & 2020+ MCD M fittion 1168 M Turnaround plan announcement (re-franchising, cost savings) Velocity Growth Plan corporate strategy to focus on Digital, Delivery, and U.S. Experience Of The Future Accelerating the Arches corporate strategy to focus on Brand and M-C-D growth pillars: Marketing, Core, Digital, Delivery, Drive Thru and Development Loyalty Program launches and rapidly expands to +50 markets around the globe 4#5McDonald's Senior Leadership Team Skye Anderson President, Global Business Services 23 Years at McDonald's Jill McDonald President, IOM 10 Years at McDonald's As of 6/30/2023 Jon Banner Executive Vice President, Global Chief Impact Officer ~1 Year at McDonald's lan Borden Executive Vice President, Global Chief Financial Officer 28 Years at McDonald's Chris Kempczinski President and Chief Executive Officer 7 Years at McDonald's Mark Ostermann Vice President, Chief of Staff, Office of the CEO 10 Years at McDonald's Heidi Capozzi Executive Vice President, Global Chief People Officer 3 Years at McDonald's Joe Erlinger President, McDonald's USA 21 Years at McDonald's Morgan Flatley Executive Vice President, Global Chief Marketing Officer and New Business Ventures 6 Years at McDonald's Desiree Ralls-Morrison Brian Rice Executive Vice President, Global Chief Legal Officer 2 Years at McDonald's Executive Vice President, Global Chief Information Officer ~1 Year at McDonald's For more information on McDonald's leaders, see full biographies on the leadership page of the McDonald's website Jo Sempels President, IDL 30 Years at McDonald's Marion Gross Executive Vice President, Global Chief Supply Chain Officer 30 Years at McDonald's Manu Steijaert Executive Vice President Global Chief Customer Officer 21 Years at McDonald's LO 5#6McDonald's Board of Directors Roster and Committees Enrique Hernandez, Jr. Independent Chairman Executive Chairman, Inter-Con Security Systems Governance, Public Policy & Strategy, Executive Director Since:1996 Catherine Engelbert Commissioner, Women's National Basketball Association Audit & Finance*, Sustainability & Corporate Responsibility, Executive Director Since: 2019 John Mulligan EVP and CO0, Target Corporation Public Policy & Strategy*, Audit & Finance, Executive Director Since: 2015 Anthony Capuano CEO, Marriott International, Inc. Compensation, Public Policy & Strategy Director Since: 2022 Margaret Georgiadis Co-Founder and CEO, Montai Health Audit & Finance, Sustainability & Corporate Responsibility Director Since: 2015 Jennifer Taubert EVP and Worldwide Chairman - Pharmaceuticals, Johnson & Johnson Compensation, Public Policy & Strategy Director Since: 2022 Kareem Daniel Former Chairman, Disney Media and Entertainment Distribution Compensation, Sustainability & Corporate Responsibility Director Since: 2022 Chris Kempczinski President and CEO, McDonald's Corporation Paul Walsh Executive Chairman, McLaren Group Limited Sustainability & Corporate Responsibility*, Governance, Executive Director Since: 2019 Executive* Director Since: 2019 Amy Weaver President and CFO, Salesforce, Inc. Audit & Finance, Governance Director Since: 2022 Lloyd Dean Chief Executive Emeritus and Founding Executive, CommonSpirit Health Compensation, Governance Director Since: 2015 Richard Lenny Non-Executive Chairman, Conagra Brands, Inc. Compensation*, Sustainability & Corporate Responsibility, Executive Director Since: 2005 Miles White Former Executive Chairman and CEO, Abbott Laboratorie: Governance*, Public Policy & Strategy, Executive Director Since: 2009 As of 6/30/2023 * Chair of committee For more information on McDonald's Board of Directors, see the Board of Directors page of the McDonald's website 6#7McDonald's The World's Largest Restaurant Company 'M 40K+ Restaurants *TY 2.2M People Working for McDonald's or Franchisees 2 100+ Countries McDonald's أس 65M+ Customers Served every day 7#8The McDonald's System The three-legged stool of McDonald's franchisees, suppliers, and employees Franchisees McDonald's Suppliers 95% of McDonald's restaurants are locally owned and operated, providing the entrepreneurial spirit of local business owners Employees Many recognize McDonald's as having the most integrated, efficient and innovative supply system in the food service industry The balance of interests among the three groups is essential to McDonald's success :01:10:5 1 in 8 Americans have worked at a McDonald's restaurant learning skills that can go wherever they go 8#9McDonald's Business Model Revenues from rent, royalties and initial fees and profits from directly operating restaurants Conventional License ~55% of Restaurants Investment Equipment Building + Real estate $ Profits Operating profits (Cash flow) Rent + Royalties Rent and royalties to the Company based upon a percent of sales with minimum rent payments Illustrative as of 12/31/2022 Developmental License ~20% of Restaurants Investment Equipment + Building + Real estate $ Profits Operating profits + Rent (Cash flow) Royalties Royalties to the Company based upon a percent of sales, and licensees provide the capital to develop restaurants McDonald's Foreign Affiliated ~20% of Restaurants $ Profits Investment Equipment + Building Real estate Operating profits + Rent (Cash flow) Franchisee Royalties + Equity in Earnings Royalties to the Company based upon a percent of sales, and equity in earnings representing McDonald's ownership stake McOpCo ~5% of Restaurants $ Profits Investment Equipment + Building + Real estate All Operating Profits Profits to the Company from directly operating restaurants 9#10McDonald's Global Business Operates Under 3 Segments U.S., Intl Operated Markets, and Intl Developmental Licensed Markets & Corporate U.S. Market McDonald's largest market in terms of Systemwide sales International Operated Markets (IOM) NK 米 +20 markets or countries including Australia, Canada, France, Germany and the U.K. International Developmental Licensees & Corporate (IDL) +75 markets or countries including Brazil, China and Japan As of 12/31/2022 For a complete list of markets and store counts, see the Supplemental Information on the Financial Information page of the McDonald's Investor Relations website 10#11McDonald's Segment Breakdown U.S. and IOM segments are +85% of FY'22 revenue and adj. operating income*** 42% 25% 33% Restaurants* 25% 34% 41% FY'22 Systemwide Sales** U.S. IOM 49% 10% 41% FY'22 Revenues IDL 44% 13% 43% FY'22 Adj. Operating Income*** *As of 12/31/2022 ** Systemwide sales is a non-GAAP financial measure; see "Important Disclaimers" *** Excludes Corporate activities from IDL segment. Adjusted operating income is a non-GAAP financial measure; see "Important Disclaimers" Operating income consists of approximately 40% U.S. Dollars and 60% International currencies, of which approximately 70% is in EUR, GBP, AUD, and CAD *** 11#12U.S. Segment Unrivaled drive-thru presence and strong unit economics with a 95% franchised ownership mix* $5.5M Average Unit Volumes* (In millions U.S. $) $OM *As of 12/31/2022 % Drive Thru Restaurants* 95% of Restaurants have a Drive Thru 100% 90% 80% % Franchised Restaurants 95.1% 95.2% 95.2% 95.1% 94.8% 2018 2019 2020 2021 2022 12#13IOM Segment* Powerful brand presence and largely reimaged asset base with an 89% franchised ownership mix** 33% 14% 10% 14% 14% Restaurants** 15% Australia Canada 28% 20% 13% 10% France 11% FY'22 Revenues * Reflects the sale of the Company's business in Russia in the second quarter of 2022 ** As of 12/31/2022 *** Adjusted operating income is a non-GAAP financial measure; see “Important Disclaimers" 18% Germany U.K. 24% 20% Other 10% 14% 11% 21% FY'22 Adj. Operating Income*** 13#14IOM Segment High average unit volumes across markets $5.5M Average Unit Volumes* (In millions US $) $OM % Drive Thru Restaurants* Australia Canada France Germany U.K. 85% 75% 80% 75% 70% 100% 90% 80% % Franchised Restaurants 82.9% 84.0% 83.7% 83.6% 89.1% 2018 2019 2020 2021 2022** *As of 12/31/2022 ** Reflects the sale of the Company's business in Russia in the second quarter of 2022 (84% of restaurants in Russia were Company-owned as of 12/31/2021) 14#15IDL Segment Geographically diverse segment comprised primarily of developmental licensees with a 98% franchised ownership mix* 15% 7% 10% 68% Restaurants* 13% 10% 12% 65% FY'22 Revenues Asia Europe Latin America Middle East 19% * As of 12/31/2022 ** Excludes Corporate activities. Adjusted operating income is a non-GAAP financial measure; see "Important Disclaimers" 17% 14% FY'22 Adj. Operating Income** 50% 15#16IDL Segment Highly franchised segment $5.5M Average Unit Volumes* (In millions US $) $OM *As of 12/31/2022 % Drive Thru Restaurants* Brazil China Japan 40% 15% 50% 100% 90% 80% % Franchised Restaurants 97.6% 97.9% 98.0% 98.1% 98.1% 2018 2019 2020 2021 2022 16#17Evolution of Accelerating the Arches Strategic Plan Additions of Restaurant Development and Accelerating the Organization Our Values Accelerating the Arches Strategic Plan Our Purpose Feed and foster communities Serve: We put our customers and people first Our Growth Pillars aximize M our Marketing Inclusion: We open our doors to everyone • Brand • Affordability Foundation • Run Great Restaurants Empower Our People Accelerating the Organization . ● Integrity: We do the right thing ommit C to the Core Burger • Chicken . • Coffee Our Mission Making delicious feel-good moments easy for everyone . Community: We are good neighbors D Family: We get better together ouble Down on the 4Ds • Delivery • Digital • Drive Thru • Development For more information on McDonald's strategy, see the Accelerating the Arches page of the McDonald's website 17#18McDonald's Purpose To feed and foster communities Food Quality & Sourcing O 93% of Happy Meal menu items across the 20 major markets have no artificial flavors, added colors from artificial sources, or artificial preservatives that could be feasibly reduced 0 Community Connection M DA Jobs, Inclusion & Empowerment M Over $186 million donated to RMHC from McDonald's, our Franchisees and customers which provided approximately 1.8 million overnight stays for RMHC families around the world in 2021 Further details about McDonald's latest strategy, goals and progress can be found here 1 in 8 Americans has worked at a McDonald's at some point, making us a world-class job training and upskilling engine Our Planet We are ~82% of the way toward our ambition to source all packaging from renewable, recycled & certified sources as of 2021 18#19McDonald's Impact and ESG Progress McDonald's continued to have a positive impact on people and the planet Food Quality & Sourcing 100% cage-free egg supply chain achieved in France, Germany, Australia and the U.K., and the U.S. achieved a more than 74% cage-free egg supply chain, as of the end of 2021 Community Connection Partnered with the Obama Foundation to support its global programming and local Chicago initiatives, by making a two-year, $5 million commitment Together with our developmental licensee partner in Turkey, donated $1 million in 2023 to support relief efforts, and provided free meals to victims, following devastating earthquakes in the region Donated $5 million to our Employee Assistance Fund and support relief efforts led by the International Red Cross in response to the war in Ukraine and resulting humanitarian crisis in Europe Jobs, Inclusion & Empowerment Closed small pay gaps identified in our 2022 pay gap analysis, which showed that women globally in Company- owned and operated markets are paid $0.9991 on the dollar in base pay on average of what men are paid for similar work, and that on an aggregate basis there was no base pay gap disfavoring underrepresented groups in the U.S. In addition to existing quantitative human capital metrics, we introduced an owner/operator diversity modifier into annual incentive compensation awards for key officers and managing directors Our Planet Achieved a 2.9% reduction in the absolute greenhouse gas emissions of our restaurants and offices and a 7.8% reduction in supply chain greenhouse gas emissions intensity (as of the end of 2021, compared to 2015) Continued to substantially achieve a deforestation-free supply chain across our primary commodities (beef, soy for chicken feed, palm oil, coffee and fiber used in guest packaging), with 97.7% of volumes supporting a deforestation-free supply chain in 2021 For more information on our latest ESG impact and progress highlights, see the Purpose & Impact page of the McDonald's website 19#20McDonald's Values The backbone of our Brand is a commitment to a set of core values that define who we are and how we run our business and restaurants Serve We put our customers and people first Inclusion We open our doors to everyone Integrity We do the right thing Community We are good neighbors |\ Family We get better together McDonald's values are the filter through which all business decisions are made because actions are bigger than words 20#21Maximize Our Marketing Growth Pillar Tapping into the rituals and memories that are already special to McDonald's fans Value Proposition Enduring Marketing Programs CHICKEN MCBITES 10 PACK M Meet customer needs in challenging times Value at every tier of the menu is especially important in uncertain economic environments Im M McDonald's @McDonalds can i get uhhhhhhhhhhhuhhhhhhhhhhhhhhhhhh hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh hhhhhhh 9100 28 Oct 2020 SE PR Fan Truths that build on customer affinity through relatability and cultural moments Digital Monopoly in Australia, Canada, and the U.K. speaks to the endurance of McDonald's marketing platforms and the ability to adapt existing equities to meet customers where they are 00 Elevated Marketing 88 G McDonald's TR Cactus Pa Flea Market box limited edition! McDonald's Cactus Plant Flea Market Partnerships with on-trend brands like the Cactus Plant Flea Market campaign in the U.S. Famous Orders with The Kid LAROI in Australia, Sebastián Yatra in Spain, and a local celebrity in China 21#22Commit to the Core Growth Pillar Global core menu items represent 60%+ of total sales and 75%+ of food sales Cultural Relevance For FY'22 ALOW GOOOAL MCNUGGETS CHICKEN SHAREBOX® 20 BOTIMAISS BIG FAN Tap into customer demand for familiar favorites, like our World Famous Fries® and Chicken McNuggets®, which were featured in the FIFA World Cup campaign that debuted in 75 markets Global Core Menu +10 brand equities with >$1B in sales including the World Famous Fries, Big Mac and Chicken McNuggets Improvements of classics by implementing a series of operational and formulation changes designed to deliver hotter, juicer, tastier burgers Menu Innovation Scaling emerging equities including McCrispy and McSpicy Fresh spins on classics creating new fan-favorites like the Chicken Big Mac in the U.K., the Bacon Big Mac in Italy and the Double Big Mac in Germany each creating craveable moments for a new generation of McDonald's fans 22#23Double Down on the 4Ds Growth Pillar Unlocking growth by delivering a personalized and convenient customer experience Digital ~40% of 2022 Systemwide sales* in McDonald's top six markets is fueled by digital Loyalty is now in over 50 markets with ~50M active MyMcDonald's Rewards members in McDonald's top six markets around the world Delivery M McDelivery. Delivery is in ~100 markets, representing 85% of restaurants Integrated McDelivery within the McDonald's app As of 12/31/2022 * Systemwide sales is a non-GAAP financial measure; see "Important Disclaimers" Long-term strategic partnerships with delivery providers such as UberEats, DoorDash, Just Eat Takeaway.com and Deliveroo Drive Thru AMA +26K drive thru locations globally, including ~95% of U.S. locations 1,900 new restaurants globally expected in 2023, contributing nearly 4% net unit growth, and the vast majority will include a drive thru 23#24Foundation Speed, accuracy, friendliness, and quality are correlated with business performance Speed of Service PACE Grading and consulting program launched in nearly all major markets in 2022 Operational improvements in several key markets driven by dedicated support at lower- performing restaurants Customer Satisfaction Customer satisfaction improving mid to high single digits overall Even greater ambitions are fueled by gains in customer satisfaction and are a testament to the dedication of our restaurant teams Increasingly faster despite a more challenging labor environment Recent digital enhancement, piloting in the U.S., enables crew to begin assembling a customer's mobile order prior to their arrival at the restaurant to expedite service and elevate customer satisfaction 24#252022 Global and Segment Comp Sales* Driven by continued execution of the Accelerating the Arches strategy 16.0% * 10.9% Global Reflects growth over the prior year 5.9% U.S. 13.3% IOM IDL 25#262022 Global Financial Overview Strong growth over the last 5 years is a testament to the resilience of the Business Total Revenue $21B 2018 +$2B $23B 2022 Systemwide Sales* $96B 2018 +$22B $118B 2022 * Systemwide sales and free cash flow conversion are non-GAAP financial measures; see "Important Disclaimers" Free Cash Flow Conversion* 89% 2022 26#27Adjusted Operating Margin* Franchise margin represented nearly 90% of margin dollars in 2022, leading to operating margin leverage and continued business model stability Total Restaurant Margin $s * $15B $10B $5B $OB $10.7B 16% 84% 2018 % Company-Operated Margins $13.1B 11% 89% 2022 % Franchised Margins *Adjusted operating margin is a non-GAAP financial measure; see "Important Disclaimers." 50% 40% 30% Adjusted Operating Margin %* 43.1% 2018 44.8% 2022 27#28Capital Allocation Philosophy Optimize and prioritize returning free cash flow to shareholders Invest in the Business Reinvest in existing units and build new units to drive growth Payout Dividends Im 46 consecutive years of dividend increases Repurchase Shares GROUND AMI F RECORD: SNS DIVISIBLE It's Our Denim Now VEHI Maintain a strong balance sheet while repurchasing shares 28#29Capital Expenditures Shift in capital expenditures from reinvestment to new units % Other % New % Reinvestment Total Capital Expenditures 5% 18% 77% 2018 $2.7B 4% 25% 71% 2019 $2.4B 3% 33% 64% 2020 $1.6B 2% 41% 57% 2021 $2.0B 2% 45% 53% 2022 $1.9B 29#30Restaurant Openings The pace of restaurant openings has increased New Units (Gross) U.S. IOM IDL Net Openings Net Unit Growth 1.2K 0.0K 0.3K 0.9K 2019 840 2.2% 1.0K 0.0K 0.3 0.7K 2020 503 1.3% * Excludes the sale of the Company's business in Russia in the second quarter of 2022 1.5K 0.1K 0.3K 1.1K 2021 838 2.1% 1.6K 0.1K 0.3K 1.2K 2022* 1,092 2.7% 30#31Cash Returned to Shareholders McDonald's has consistently returned cash to shareholders via dividends and share repurchases over time $8.5B Dividends $3.3B Share Repurchases $5.2B Free Cash Flow Conversion** 2018 71% $8.6B $3.6B $5.0B 2019 95% $4.7B $3.8B $0.9B 2020* 98% * Paused share repurchases March 2020-September 2021 ** Free cash flow conversion is a non-GAAP financial measure; see "Important Disclaimers" $4.8B $3.9B $0.9B 2021* 94% $8.1B $4.2B $3.9B 2022 89% 31#32Capital Structure McDonald's maintains a strong investment grade credit rating Total Debt $ Debt/EBITDA Moody's Rating S&P Rating $31.1B 2018 3.1x Baa1 BBB+ $34.3B 2019 3.3x Baa1 BBB+ $37.4B 2020 4.2x Baa1 BBB+ $35.6B 2021 3.0x Baa1 BBB+ $35.9B 2022 2.9x Baa1 BBB+ Stable Outlook Stable Outlook 32#33Total Shareholder Return Performance History McDonald's TSR has exceeded market indexes on a 1 year, 3 year and 5 year basis McDonald's DJIA Median* 1-Year Jan 22 - Dec'22 S&P 500 Median** -11.9% -6.9% 0.5% As of 12/31/2022 * DJIA Median is median TSR generated by all constituents of the DJIA ** S&P 500 Median is median TSR generated by all constituents of the S&P 500 3-Year CAGR Jan'20 - Dec'22 7.3% 7.8% 12.7% 5-Year CAGR Jan'18 - Dec 22 11.5% 8.4% 9.1% 33#342023 Outlook* Based on current conditions, the following is provided to assist in forecasting the Company's future results • The Company expects net restaurant unit expansion will contribute nearly 1.5% to 2023 Systemwide sales** growth, in constant currencies The Company expects full year 2023 selling, general and administrative expenses of about 2.2% to 2.3% of Systemwide sales** ● ● ● The Company expects 2023 operating margin percent to be about 45% Based on current interest and foreign currency exchange rates, the Company expects interest expense for the full year 2023 to increase between 10% and 12%, driven primarily by higher average interest rates The Company expects the effective income tax rate for the full year 2023 to be in the 20% to 22% range. Some volatility may result in a quarterly tax rate outside of the annual range The Company expects 2023 capital expenditures to be between $2.2 and $2.4 billion, about half of which will be directed towards new restaurant unit expansion across the U.S. and International Operated Markets. Globally, the Company expects to open about 1,900 restaurants. The Company will open more than 400 restaurants in the U.S. and International Operated Markets segments, and developmental licensees and affiliates will contribute capital towards about 1,500 restaurant openings in their respective markets. The Company expects about 1,500 net restaurant additions in 2023 The Company expects to achieve a free cash flow conversion** rate greater than 90% Excerpted from the Company's Quarterly Report on Form 10-Q filed with the SEC on 5/4/2023; see "Important Disclaimers" ** Systemwide sales and free cash flow conversion are non-GAAP financial measures; see "Important Disclaimers" 34#35Appendix: GAAP Reconciliations Adjusted Operating Income & Adjusted Operating Margin (dollars in millions) Operating income Russia sale charge Dynamic Yield sale gain Strategic restructuring charges Impairment charges Adjusted operating income Total revenues Adjusted operating margin 2022 $9,371 1,281 (271) $10,381 $23,183 44.8% 2018 $8,823 94 140 $9,057 $21,025 43.1%#36Appendix: GAAP Reconciliations Cash provided by operations Less: Capital expenditures Free cash flow Net income Free cash flow conversion Free Cash Flow & Free Cash Flow Conversion (dollars in millions) 2021 $9,142 2,040 $7,102 $7,545 2022 $7,387 1,899 $5,488 $6,177 88.8% 94.1% 2020 $6,265 1,641 $4,624 $4,731 97.8% 2019 $8,122 2,394 $5,728 $6,025 95.1% 2018 $6,967 2,742 $4,225 $5,924 71.3%