Pershing Square Activist Presentation Deck

D A Revised Proposal for Creating Value at McDonald's n McDonald's What Are Our Objectives? Final Revised Proposal.ppt In developing our Revised Proposal, our objectives are to: ✓ Improve McOpCo's operating performance Strengthen the McDonald's System ✓ Unlock significant shareholder value We believe our Revised Proposal will: ► Achieve these objectives ► Address all of the Company's concerns regarding our first proposal Increase McDonald's share price to $46-$50 per share (before considering any operational benefits) Minimize execution risk and management distraction 5

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