Pershing Square Activist Presentation Deck

a A Revised Proposal for Creating Value at McDonald's Management Franchisees Shareholders Concerns Regarding Initial Proposal Frictional Costs Frictional costs associated with the CMBS financing and taxes due to the 65% McOpCo IPO Concerns regarding a potential new landlord (rent hikes) Credit Impact $9.7bn of incremental leverage may put pressure on credit rating Concerns regarding any potential increase in borrowing costs Management distraction Execution risk 26 Final Revised Proposal.ppt Alignment Issues Brand risk due to a loss of McOpCo control McOpCo will compete for new units Fear of preferential treatment of McOpCo

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