Pershing Square Activist Presentation Deck

D A Revised Proposal for Creating Value at McDonald's 2004 Total EBITDA As Reported In 2004, McDonald's company-operated restaurants appeared to contribute 46% of total EBITDA. However, once adjusted for a franchise fee and a market rent fee, McOpCo constituted only 22% of total EBITDA, with Brand McDonald's contributing 78% of total EBITDA. 54% Brand McDonald's McOpCo Brand McDonald's Total 46% 2004 EBITDA $2.4bn 2.8bn $5.2bn Objective 3: Unlock Shareholder Value at McDonald's (cont'd) McOpCo % 46% 54% 100% 2004 Total EBITDA Adjusted for Market Rent and Franchise Fees 78% Brand McDonald's McOpCo Brand McDonald's Total Final Revised Proposal.ppt 22% 2004 EBITDA $1.1bn 4.1bn $5.2bn McOpCo 22% 78% 100% Note: The analysis assumes that 75% of the total G&A is allocated to Brand McDonald's business and 25% is allocated to McOpCo. McDonald's management has indicated this is a conservative assumption regarding Brand McDonald's. Analysis excludes $441 mm of non-recurring other net operating expenses. 20

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