Pershing Square Activist Presentation Deck

D A Revised Proposal for Creating Value at McDonald's Brand McDonald's Real Estate McDonald's controls substantially all of its systemwide real estate Earns 9% of systemwide unit sales as rent Objective 3: Unlock Shareholder Value at McDonald's Collects a royalty of 13% of systemwide sales For real estate it does not own, it pays a rent expense and generates income through subleases Franchise M McDonald's 17 Approximately 32,000 restaurants where McDonald's receives 4% of unit sales Final Revised Proposal.ppt McOpCo Restaurant Operations Over 8,000 McDonald's company operated restaurants

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