Pershing Square Activist Presentation Deck

a A Revised Proposal for Creating Value at McDonald's Final Revised Proposal.ppt Objective 1: Improve McOpCo's Operating Performance (cont'd) McOpCo managers do not have appropriate compensation incentives ►No direct equity compensation in McOpCo's business ►No market-based performance measurement system ▶ "Far Team" mentality whereby the best McOpCo managers are promoted to corporate McDonald's If they don't join corporate McDonald's, they sometimes leave to become a franchisee Top restaurant operators need more incentive to stay at McOpCo 9

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