Pershing Square Activist Presentation Deck

IV. Company Response to Pershing Valuation: Judgments Made by Advisors ► Advisors were assigned to review the Proposal In general, Advisors agreed with Pershing on: ✓ McOpCo valuation ✓ Relative allocation of EBITDA between McOpCo and PF McDonald's However, their judgment was that PF McDonald's would not enjoy significant multiple expansion "PF McDonald's would trade like a restaurant stock" 42

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