McDonald's Investor Presentation Deck

McDonald'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

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