Pershing Square Activist Presentation Deck

V. Developing a Response to the Company Pershing's Response Regarding Friction Costs and Credit Impact Friction Costs ✓ Friction costs immaterial in the context of value creation ✓ Friction costs and transaction delays were driven by CMBS financing ✓ Similar transaction could be effected with corporate debt 44 Credit Impact ✓ Stability of PF McDonald's cash flow stream and robust asset base should allow it to incur additional debt without a material adverse change in rating ✓ YUM's credit rating is BBB-

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