Pershing Square Activist Presentation Deck

Table of Contents I. II. III. IV. V. Overview of McDonald's Pershing's View of McDonald's Pershing's Proposal to McDonald's: McOpCo IPO Company Response to Pershing Developing a Response to the Company Appendix A. Pershing's Proposal: Assumptions B. PF McDonald's Financial Analysis C. McOpCo Financial Analysis 3 7888 ~ = w 11 23 39 43 58 59 66 74

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