Pershing Square Activist Presentation Deck
DISCLAIMER
Final Revised Proposal.ppt
Pershing Square Capital Management's ("Pershing") analysis and conclusions regarding
McDonald's Corporation ("McDonald's" or the "Company") 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 Pershing's conclusions or 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 in excess of
$40bn, and that, accordingly, it could be more difficult to exert influence over its Board than has
been the case with smaller companies.
2View entire presentation