Pershing Square Activist Presentation Deck
I.
Overview of McDonald's
gesun
Pershing's Involvement with McDonald's
On September 22nd, Pershing Square Capital
Management ("Pershing") presented a proposal for
increasing shareholder value ("the Proposal") to
McDonald's management
Pershing commends McDonald's management for its strong operational
execution over the past two years
Pershing appreciates the willingness and openness of McDonald's
management to discuss the Proposal
Management has taken our Proposal seriously - our Proposal was
presented to McDonald's Board of Directors
Pershing had a follow-up meeting with McDonald's
management on October 31 when the Company
communicated its response to our Proposal
Pershing is pleased to have the opportunity to share the
details of our Proposal with the broader investment
community
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