Pershing Square Activist Presentation Deck

III. Pershing's Proposal to McDonald's: McOpCo IPO M McDonald's IPO 65% Pershing's Proposal: McOpCo IPO (cont'd) McOpCo At the time of IPO, McOpCo signs market lease and franchise agreements with Pro Forma McDonald's ("PF McDonald's") 25 Pro Forma n McDonald's FranCo PropCo Resulting Pro Forma McDonald's is a world-class real estate and franchise business ■ McOpCo financials deconsolidated from PF McDonald's ► Leverage is placed only on PropCo ▸ FranCo is unlevered, maximizing its credit rating

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