Pershing Square Activist Presentation Deck

(1) B. PF McDonald's Financial Analysis Set forth below is a table which reconciles McOpCo's, Pro Forma McDonald's and standalone McDonald's FY 2006E income statements. The analysis demonstrates the flow of rent income, franchise income and rent expense upon separation of the businesses. (U.S. $ in millions) (U.S. $ in millions) Sales by Company Operated Restaurants Rent from Franchise and Affiliate Rest. Rent From Company Operated Rest. Franchise Fees From Franchise and Affiliate Rest. Franchise Fees From Company Operated Rest. Total Revenue Company Operated Expenses: Food and Paper Compensation & Benefits Non-Rent Occupancy and Other Expenses (excl. D&A) Company Operated D&A Company-Operated Rent Expense Additional Rent Payable to PropCo Franchise Fee Payable to FranCo Total Company Operated Expenses Franchised Restaurant Occupancy Costs Franchise PPE D&A Corporate G&A EBIT Depreciation & Amortization EBITDA from Operations % of Total EBITDA 2006E P&L Reconciliation Maintenance Capex EBITDA - Maintenance Capex % of Total EBITDA - Maintenance Capex 2006 Projected Income Statement $15,429 3,730 1,658 $20,816 5,264 4,012 2,458 808 632 $13,174 617 516 2,240 4,269 1,324 $5,594 100% 943 4,651 100% Pro Forma McOpCo McDonald's P&L P&L $15,429 $15,429 5,264 4,012 2,458 587 632 756 617 $14,327 560 542 587 $1,130 20% 504 626 13% 3,730 1,389 1,658 617 $7,393 221 632 $853 617 516 1,680 3,727 737 $4,464 80% 439 4,025 87% Inter-Company Eliminations (1,389) (617) ($2,006) (632) (756) (617) ($2,006) $0 2006 Consolidated Sum of Parts $15,429 3,730 1,658 $20,816 5,264 4,012 2,458 808 632 $13,174 617 516 2,240 4,269 1,324 $5,594 100% 943 4,651 100% Assumes total PF McDonald's D&A of approximately $737 million, which is composed of $516 million (or 70%) of franchise PP&E and $221 million (or 30%) of D&A associated with company-operated units. 71

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