Pershing Square Activist Presentation Deck
DISCLAIMER
Pershing Square Capital Management's ("Pershing") analysis and conclusions regarding
McDonald's Corporation ("McDonald's") are based on publicly available information. Pershing
recognizes that there may be confidential information in the possession of the Company and its
advisors that could lead them to disagree with the approach Pershing is advocating.
The analyses provided include certain estimates and projections prepared with respect to, among
other things, the historical and anticipated operating performance of the Company. Such
statements, estimates, and projections reflect various assumptions by Pershing concerning
anticipated results that are inherently subject to significant economic, competitive, and other
uncertainties and contingencies and have been included solely for illustrative purposes. No
representations, express or implied, are made as to the accuracy or completeness of such
statements, estimates or projections or with respect to any other materials herein. Actual results
may vary materially from the estimates and projected results contained herein.
Pershing manages funds that are in the business of trading - buying and selling - public securities.
It is possible that there will be developments in the future that cause Pershing to change its position
regarding the Company and possibly reduce, dispose of, or change the form of its investment in the
Company. Pershing recognizes that the Company has a stock market capitalization of
approximately $42bn, and that, accordingly it could be more difficult to exert influence over its
Board than has been the case with smaller companies.
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