Pershing Square Activist Presentation Deck

IV. Company Response to Pershing Company Response to Pershing McDonald's asked its Advisors to help review the Proposal Goal was to review the proposal to assess 4 critical areas: Advisors reported back with judgments on ►(1) Valuation ► (2) Credit Impact McDonald's Management reviewed the Proposal to assess ► (3) Friction Costs ► (4) Governance / Alignment Issues 40

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