Pershing Square Activist Presentation Deck

I. Over the past five years, McDonald's has only slightly outperformed the S&P 500 while its QSR peer group has vastly outperformed the index. 350 5-Year Indexed Stock Performance 300 250 200 150 Overview of McDonald's 100 50 0 11/10/00 06/01/01 5-Year Indexed Stock Performance (1) Includes YUM and WEN. 12/21/01 07/12/02 5 Year Indexed Performance 01/31/03 McDonald's 9 08/22/03 QSR Comp (1) McDonald's 2.4% 03/12/04 S&P 500 10/01/04 S&P 500 (9.6%) 04/22/05 QSR Index 177.3% QSR MCD S&P 11/11/05

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