Pershing Square Activist Presentation Deck

A. Pershing's Proposal: Assumptions Set forth herein is a schedule of the after-tax proceeds from the McOpCo IPO. McOpCo IPO Proceeds McOpCo IPO After Tax Proceeds Low Taxes payable McOpCo Equity Market Value IPO Percentage Distribution to PF McDonald's Book Basis of McOpCo Net Debt Allocated to McOpCo Adjusted Basis in McOpCo Taxable Gain Tax Rate Taxes payable After Tax Proceeds Distribution Taxes Payable After Tax Distributions 63 $5,993 65% $3,895 3,000 (1,350) 1,650 $2,245 38% $853 $3,895 (853) $3,042 High $7,122 65% $4,630 3,000 (1,350) 1,650 $2,980 38% $1,132 $4,630 (1,132) $3,497 Average $6,558 65% $4,262 3,000 (1,350) 1,650 $2,612 38% $993 $4,262 (993) $3,270

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