Pershing Square Activist Presentation Deck

D A Revised Proposal for Creating Value at McDonald's ✓ A Plan to Win / Win Addresses concerns of all stakeholders Creates financial transparency for investors Will lead to substantial value creation for McDonald's shareholders Final Revised Proposal.ppt Simple transaction Minimal execution risk, management distraction and frictional costs Positions McOpCo to make optimal capital allocation and business execution decisions Improves the System's "checks and balances" Allows McDonald's maximum control and flexibility regarding future strategic alternatives Significant upside, given strong Management team 45

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