Pershing Square Activist Presentation Deck

D A Revised Proposal for Creating Value at McDonald's Objective 3: Unlock Shareholder Value at McDonald's (cont'd) McDonald's is fundamentally Not a restaurant company McDonald's FY 2005E EBITDA - Maintenance CapEx, Adjusted for a Market Rent and Franchise Fee(¹) McOpCo 86% 14% Final Revised Proposal.ppt Brand McDonald's Why is it valued as such? (1) FY'05E EBITDA- Maintenance CapEx contribution is based on Pershing's estimates. CapEx is net of proceeds from restaurant closings. We note that the Company does not provide EBITDA and Maintenance CapEx allocation by segment. 21

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