Pershing Square Activist Presentation Deck

III. Pershing's Proposal to McDonald's: McOpCo IPO We believe REITs trade in the range of 13x-17x EV/06E EBITDA, depending on the type of real estate and the businesses the properties support. Company Health Care Industrial Multifamily Office Regional Mall Self Storage Strip Center Triple Net Lease REITS: Typical Trading Multiples REIT Industry Total / Wtd. Avg. EV / '06E EBITDA 14.7x 16.3x 17.0x 15.2x 16.3x 17.5x 15.5x 13.1x 15.7x Based on Wall Street research estimates at the time of Pershing's initial Proposal to the Company. 31 Div. Yield 6.3% 4.2% 4.8% 4.7% 3.8% 3.8% 4.5% 6.4% 4.8% P / '06E FFO 12.6x 13.9x 16.6x 13.8x 14.2x 16.7x 14.4x 12.8x 14.4x P / '06E AFFO 13.3x 17.2x 19.4x 19.6x 16.9x 18.3x 16.5x 13.4x 16.8x

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