Pershing Square Activist Presentation Deck

III. Pershing's Proposal to McDonald's: McOpCo IPO Total Debt / '05E EBITDA (1) 12.0x 9.0x 6.0x 3.0x 0.0x (1) (2) 75% 50% Debt / Enterprise Value 100% 25% 0% EBITDA/Interest: 3.5x McDonald's Pro Forma 25% McDonald's Pro Forma 5.8x (2) I Comparing PF McDonald's Credit Stats with Comparable Real Estate Holding C-Corporations 8.1x Brookfield Properties 48% Brookfield Properties 2.3x 11.3x British Land 56% British Land 36 1.5x 6.1x Land Securities 35% Land Securities Rating: BBB BBB NR Based on Wall Street research estimates. Pro Forma McDonald's EV assumes a valuation multiple of 13x EV/FY'06 EBITDA. Assumes an average 5% fixed rate on PF McDonald's debt. 2.5x 10.2x Forest City Enterprises 59% Forest City Enterprises ΝΑ BB+

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