Pershing Square Activist Presentation Deck
D
A Revised Proposal for Creating Value
at McDonald's
PERSHING
SQUARE
Final Revised Proposal.ppt
Pershing's Involvement with McDonald's
September 22, 2005: Pershing Square Capital Management
("Pershing") presented a proposal for increasing shareholder
value ("Initial Proposal") to McDonald's management
October 31, 2005: McDonald's management communicated its
response to our Initial Proposal
Management believed that our Initial Proposal (1) would result in potential
"frictional costs"; (2) could have an unfavorable credit impact; and (3)
could create system issues
McDonald's believed, based on its advisors' valuation, that there was not
enough value creation to outweigh frictional costs and other concerns
November 15, 2005: Pershing presented the Initial Proposal to
the investment community
Since November 15, we have had numerous discussions with shareholders
and franchisees from around the world
Today we would like to share our Revised Proposal for
Creating Significant Value at McDonald's which incorporates
feedback from McDonald's management, franchisees and other
shareholders
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