Pershing Square Activist Presentation Deck

McDonald's Stock Performance (1) Since 2004, McDonald's stock price has increased from approximately $23 to $61 because of its initiatives to (1) improve system wide same-store sales, (2) improve profitability at its Company-operated stores, (3) enhance the financial transparency of its Brand business and (4) increase share repurchases and dividends (1) From 1/1/2004- Current $65 $60 $55 $50 $45 $40 $35 $30 $25 $20 Jan-04 (1) Note: Dividend adjusted stock price performance. Nov-04 Sep-05 5 Aug-06 Jun-07 bun Hend $61 May-08

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