Pershing Square Activist Presentation Deck

a A Revised Proposal for Creating Value at McDonald's Management Franchisees Shareholders Frictional Costs Addressing Concerns Regarding the Initial Proposal No taxes ✓No CMBS financing ✓ No incremental debt Minimal transaction costs ✓ No transfer of property No rent hikes Credit Impact Transparency improves credit profile ✓ No increase in borrowing cost for operators 30 Final Revised Proposal.ppt ✓ ✓Maintain control of McOpCo Retain flexibility Minimal management distraction Minimal execution risk Alignment Issues ✓ Preserves highly "democratic" franchisee system McOpCo will be a net seller of units in mature markets

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