Pershing Square Activist Presentation Deck

D A Revised Proposal for Creating Value at McDonald's The first step to unlocking shareholder value is to introduce transparent segment financials. Objective 3: Unlock Shareholder Value at McDonald's (cont'd) Financial statements are not transparent Final Revised Proposal.ppt ► McOpCo does not pay an "arm's-length" rent or franchise fee to Brand McDonald's ► As such, reported financials do not make apparent that approximately 80% of McDonald's EBITDA is derived from the higher multiple Brand McDonald's ► Issuing transparent segment financials for McOpCo and Brand McDonald's would demonstrate ✓ True profitability of Brand McDonald's ✓ True operating margins and capital requirements at McOpCo 19

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