Pershing Square Activist Presentation Deck

III. Pershing's Proposal to McDonald's: McOpCo IPO Pro Forma McDonald's Has A Superior Credit Profile to a Typical REIT Despite being a C-Corp and lacking the tax advantages of a REIT, PF McDonald's has several superior credit characteristics ▶ REITs are required to pay 90% of earnings through dividends, whereas Pro Forma McDonald's has much more credit flexibility ► PF McDonald's has significant brand value to support its cash flows and overall credit 38

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