Pershing Square Capital Management, L.P.

January 12, 2006 11:39 ET

ADVISORY/Pershing Square to Present Revised Proposal to McDonald's to Create Long-term Sustainable Business and Shareholder Value

NEW YORK, NEW YORK--(CCNMatthews - Jan. 12, 2006) - Pershing Square Capital Management, L.P.:



WHAT: Pershing Square Capital Management, L.P. will present a
revised proposal to McDonald's Corporation (NYSE: MCD) to
create long-term sustainable business and shareholder
value. The presentation will take place on Wednesday,
January 18, 2006 at 11:00am EST at the Millennium Broadway
Hotel in New York.

The presentation will be open to shareholders,
franchisees, analysts, and members of the media.

A live Q&A period will follow the presentation. Questions
will be taken from participants at the presentation as
well as from callers and those logged on to the webcast.

Pershing Square presented its initial proposal to the
public on November 15, 2005. McDonald's management
expressed a number of concerns with the initial proposal.

Following extensive conversations with numerous
franchisees and shareholders over the past two months,
Pershing Square has revised its proposal to address
management's concerns and those of other stakeholders and
to demonstrate how McDonald's can re-align its operations
to drive business improvements, strengthen the McDonald's
franchise system, and create significant shareholder
value.

WHEN: Wednesday, January 18, 2006, 11:00 am EST

WHERE: Millennium Broadway Hotel
Conference Room 311
145 West 44th Street
New York, New York

WEBCAST: The event will be accessible via live webcast on
StreetEvents or by logging on directly to:
http://www.iian.ibeam.com/events/thom001/14716

An audio-only version of the event can be accessed by
calling: 800.573.4754 (US-toll free) or 617.224.4325
(international), User Passcode 57818058 (required).

A copy of the presentation materials will also be
available for download for 30 days following the
completion of the presentation at:
http://www.iian.ibeam.com/events/thom001/14716

ADDITIONAL DETAILS:

A copy of Pershing Square's initial proposal as presented
on November 15, 2005 can be downloaded at
http://www.valueinvestingcongress.com/Final-Pres.pdf

For additional information, please contact: Alexandra
Kaufman, Pershing Square Capital Management, 212-813-3700,
kaufmann@persq.com



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