Pershing Square Activist Presentation Deck

D A Revised Proposal for Creating Value at McDonald's M McOpCo Minimal Execution Risk Final Revised Proposal.ppt A minority IPO of McOpCo would have minimal execution risk and negligible frictional costs ✓Simple transaction. ✓ Many successful value creating precedent transactions ✓ Minimal management distraction ✓ Frictional costs of roughly 5 cents per share ✓ Preserves current structure's control of McOpCo McDonald's would maintain the flexibility to repurchase minority McOpCo stake ✓...if desired improvements were not obtained ✓ Minority buyouts are simple and common transactions with minimal transaction costs 42

View entire presentation