Pershing Square Activist Presentation Deck

I. Overview of McDonald's Although McDonald's stock has rebounded from its 2003 lows, it has been range bound in the low $30s for the past five years and is significantly off of its high of $48 per share reached in 1999. McDonald's Stock Price Performance ($ per share) $50.00 $40.00 $30.00 $20.00 $10.00 11/12/99 Stock Price Performance 07/12/00 03/12/01 11/10/01 07/11/02 8 03/11/03 11/09/03 07/09/04 High of $48.32 11/12/99 03/09/05 11/07/05

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