Pershing Square Activist Presentation Deck

D A Revised Proposal for Creating Value at McDonald's Final Revised Proposal.ppt Addressing Potential Franchisee Questions Question: Would a publicly traded McOpCo be an aggressive competitor to franchisees, given its need to grow its business for the benefit of its new shareholders? Answer: No, quite the opposite. We believe a more likely scenario is the following: McOpCo, no longer supported by corporate subsidies, will price more optimally Refranchising program will remove McOpCo as a competitor in many key markets McOpCo's most attractive growth plan is to focus on emerging markets where the franchise base is still in its infancy, such as China and Russia Question: Under your Revised Proposal, is there any risk that McDonald's real estate will be sold or that franchisees will experience unexpected rent hikes? Answer: No. We have never endorsed the sale of real estate or the creation of a REIT. We don't believe it's the right operational move We are confident management is not inclined to sell the real estate 34

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