Pershing Square Activist Presentation Deck

D A Revised Proposal for Creating Value at McDonald's Current Issue Transparent financials A publicly traded McOpCo would increase financial transparency and would allow investors to appropriately value McDonald's on a sum-of-the-parts basis. Dividends and Equity Options Unlocking Shareholder Value Valuation Final Revised Proposal.ppt Benefits of the Revised Proposal ✓ Separate arm's-length McOpCo financials would be made available to investors ✓ Transparent segment financials would be made available at McDonald's, demonstrating the operating cash flows generated by Brand McDonald's Ability to increase dividends ✓ Reduce option dilution at McDonald's through the use of McOpCo currency ✓ McOpCo IPO would allow Wall Street analysts and the broad investment community to value McDonald's on a sum-of-the parts basis Investors would focus more on the value of Brand McDonald's 37

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