Pershing Square Activist Presentation Deck

IV. Company Response to Pershing Friction Costs Some friction costs associated with the CMBS financing structure, but not a gating issue ► Potential property tax revaluations Legal costs ► Large transaction for CMBS market ► Mostly driven by CMBS financing Management Concerns: Friction Costs, Credit Impact and Governance Issues Credit Impact Incremental $9bn of leverage as proposed may put pressure on credit rating ► Rating agency consolidation of McOpCo Lease commitments viewed as leverage Alignment Issues Separation of McOpCo from PF McDonald's may cause alignment issues in the system McDonald's management stated that, assuming adequate value creation, none of these issues would prevent a restructuring 41

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