Pershing Square Activist Presentation Deck

(1) I. Overview of McDonald's Despite McDonald's strong real estate assets, number one QSR market position and leading brand, McDonald's trades at a discount to its peers. We believe this discount is due to a fundamental misconception about McDonald's business. McDonald's versus its Peers EV / '06E EBITDA 10.0x 9.5x 9.0x 8.5x 8.0x 7.5x P/ '06E EPS 25.0x 20.0x 15.0x 10.0x 5.0x 0.0x Long-Term EPS Growth 30-Day Average Trailing M 8.7x McDonald's stock price is based on a 30-day average trailing price as of 11/11/05. McDonald's 15.6x 30-Day Average Trailing McDonald's 9% 10 (1) (1) I I I I I I I I I I I I I I I I I T 9.3x WENDY'S 20.4x WENDY'S 12% 8.9x Yum! 16.7x Yum! 12%

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