Pershing Square Activist Presentation Deck

V. Developing a Response to the Company Conclusions McDonald's is significantly undervalued today ■ Over 80% of its cash flows comes from real estate income and franchise income ► Proposal creates value for several reasons ■ Increases shareholder value ■ Improves management focus ■ Increases transparency ■ Improves capital allocation ■ Improves franchise alignment There are multiple ways to unlock value ■ Pershing's Initial Proposal Variations on Pershing's Initial Proposal 56

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