Pershing Square Activist Presentation Deck

McDonald's: Let's Go Back in Time... m McDonald's Circa: 2002-2003 (1) Avg stock price: - $22 EV / Fwd EBITDA: ~8.6x Just a few years ago, investor sentiment regarding McDonald's was negative Wall Street analysts were generally bearish on McDonald's stock citing: Weak same-store sales Losing share to competitors Poor consumer environment (1) Time period referenced is 2002 through the first half of 2003. Concerns regarding management's ability to turn around the Company Restaurant companies were trading at low multiples 2

View entire presentation