McDonald : Overview of McDonald's for Investors

McDonald's Corporation

Investor Overview

Important Disclaimers

This presentation contains financial measures that are not calculated in accordance with generally accepted accounting principles in the United States ("GAAP"), including Systemwide sales, free cash flow conversion and adjusted operating margin. Systemwide sales include sales at all restaurants, whether operated by us or by franchisees. Free cash flow conversion is free cash flow (cash provided by operations, less capital expenditures) divided by net income. Adjusted operating margin is defined as non-GAAP operating income (operating income adjusted for certain special gains and charges) divided by total revenues. More information about these non- GAAP financial measures, including why management believes they provide useful information to investors, can be found in our filings with the Securities and Exchange Commission (the "SEC"). See the Appendix to this presentation for reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP.

2023 Outlook has been excerpted from our Quarterly Report on Form 10-Q filed with the SEC on August 2, 2023 (the "Report"). 2023 Outlook comprises forward-looking statements that reflect current expectations, are not guarantees of performance and speak only as of the date of the Report. You should not unduly rely on forward- looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include those reflected under "Risk Factors" in the Report and elsewhere in our filings with the SEC.

Website links included in this presentation are for convenience only. Information contained on or accessible through such website links is not incorporated in, and does constitute a part of, this presentation.

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…continues to meet customer needs over time

1990s & 2000s

The McFlurry is invented and launched in Canada

Accelerated unit growth with continued international expansion

Plan to Win corporate strategy to focus on exceptional customer experience

Dollar Menu value offerings

i'm lovin' it marketing campaign launches McCafé is invented and launched in Australia

2010s & 2020+

Turnaround plan announcement (re-franchising,

cost savings)

Velocity Growth Plan corporate strategy to focus on Digital, Delivery, and U.S. Experience Of The Future

Accelerating the Arches corporate strategy to focus on Brand and M-C-D growth pillars: Marketing, Core, Digital, Delivery, Drive Thru and Development

Loyalty Program launches and rapidly expands to +50 markets around the globe

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McDonald's strategic evolution…

1950s

Kroc meets brothers Dick and Mac McDonald at their restaurant in San Bernardino

Kroc becomes the national franchising agent for the McDonald brothers

Kroc forms McDonald's System, Inc. to issue McDonald's franchises under license from the McDonald brothers

100 millionth hamburger sold by McDonald's

1960s, 1970s & 1980s

McDonald's Corporation buys the exclusive rights to the McDonald's name and operating system from the McDonald brothers

First location outside the U.S. opens

McDonald's expands globally to Tokyo, Amsterdam,

Munich, and Sydney

The Big Mac, Egg McMuffin, Happy Meal, and Chicken McNuggets are invented and launched

The first drive thru opens

4

McDonald's Senior Leadership Team

Chris Kempczinski

President and Chief Executive Officer

7 Years at McDonald's

Skye Anderson	Jon Banner	Ian Borden	Heidi Capozzi	Joe Erlinger	Morgan Flatley	Marion Gross
President,	Executive Vice President,	Executive Vice President,	Executive Vice President,	President,	Executive Vice President,	Executive Vice President,
Global Business Services	Global Chief Impact Officer	Global Chief Financial Officer	Global Chief People Officer	McDonald's USA	Global Chief Marketing Officer	Global Chief Supply Chain Officer
23 Years at McDonald's	~1 Year at McDonald's	28 Years at McDonald's	3 Years at McDonald's	21 Years at McDonald's	and New Business Ventures	30 Years at McDonald's
					6 Years at McDonald's

Jill McDonald	Mark Ostermann	Desiree Ralls-Morrison	Brian Rice	Jo Sempels	Manu Steijaert
President, IOM	Vice President, Chief of Staff,	Executive Vice President,	Executive Vice President,	President, IDL	Executive Vice President
10 Years at McDonald's	Office of the CEO	Global Chief Legal Officer	Global Chief Information Officer	30 Years at McDonald's	Global Chief Customer Officer
	10 Years at McDonald's	2 Years at McDonald's	~1 Year at McDonald's		21 Years at McDonald's

As of 6/30/2023	For more information on McDonald's leaders, see full biographies on the leadershippage of the McDonald's website	5

McDonald's Board of Directors Roster and Committees

Enrique Hernandez, Jr.	Anthony Capuano	Kareem Daniel	Lloyd Dean
Independent Chairman	CEO,	Former Chairman,	Chief Executive Emeritus and Founding Executive,
Executive Chairman,	Marriott International, Inc.	Disney Media and Entertainment Distribution	CommonSpirit Health
Inter-Con Security Systems	Compensation, Public Policy & Strategy	Compensation, Sustainability & Corporate Responsibility	Compensation, Governance
Governance, Public Policy & Strategy, Executive	Director Since: 2022	Director Since: 2022	Director Since: 2015
Director Since:1996

Catherine Engelbert	Margaret Georgiadis	Chris Kempczinski	Richard Lenny
Commissioner,	Co-Founder and CEO,	President and CEO,	Non-Executive Chairman,
Women's National Basketball Association	Montai Health	McDonald's Corporation	Conagra Brands, Inc.
Audit & Finance*, Sustainability & Corporate Responsibility,	Audit & Finance, Sustainability & Corporate Responsibility	Executive*	Compensation*, Sustainability & Corporate Responsibility,
Executive	Director Since: 2015	Director Since: 2019	Executive
Director Since: 2019			Director Since: 2005

John Mulligan	Jennifer Taubert	Paul Walsh	Amy Weaver	Miles White
EVP and COO,		EVP and Worldwide Chairman - Pharmaceuticals,	Executive Chairman,	President and CFO,	Former Executive Chairman and CEO,
Target Corporation		Johnson & Johnson	McLaren Group Limited	Salesforce, Inc.	Abbott Laboratories
Public Policy & Strategy*, Audit & Finance, Executive Compensation, Public Policy & Strategy	Sustainability & Corporate Responsibility*,	Audit & Finance, Governance	Governance*, Public Policy & Strategy, Executive
Director Since: 2015		Director Since: 2022	Governance, Executive	Director Since: 2022	Director Since: 2009
As of 6/30/2023			Director Since: 2019
For more information on McDonald's Board of Directors, see the Board of Directorspage of the McDonald's website
* Chair of committee	6

McDonald's

The World's Largest Restaurant Company

40K+	2.2M	100+	65M+
Restaurants	People	Countries	Customers
	Working for McDonald's		Served every day
	or Franchisees

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The McDonald's System

The three-legged stool of McDonald's franchisees, suppliers, and employees

Franchisees

Suppliers

Employees

95% of McDonald's restaurants are locally owned and operated,

providing the entrepreneurial spirit of local business owners

Many recognize McDonald's as having the most integrated, efficient and innovative supply system in the food service industry

1 in 8 Americans have worked at a McDonald's restaurant learning skills that can go wherever they go

The balance of interests among the three groups is essential to McDonald's success

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McDonald's Business Model

Revenues from rent, royalties and initial fees and profits from directly operating restaurants

Conventional License

~55% of Restaurants

Investment

$ Profits

Operating

Equipment profits (Cash flow)

Building		Rent
+		+
Real estate		Royalties

Rent and royalties to the Company based upon a percent of sales with minimum rent payments

Developmental License

~20% of Restaurants

Investment$ Profits

		Operating
Equipment		profits
	+
+
	Rent
Building
	(Cash flow)
+
Real estate
	Royalties

Royalties to the Company based upon a percent of sales, and licensees provide the capital to develop restaurants

Foreign Affiliated

~20% of Restaurants

Investment		$ Profits
		Operating
Equipment		profits
	+
+
	Rent
Building
	(Cash flow)
+
Real estate
	Royalties
		+
		Equity in
		Earnings

Royalties to the Company based upon a percent of sales, and equity in earnings representing McDonald's ownership stake

McOpCo

~5% of Restaurants

Investment

$ Profits

Equipment
+		All
Building		Operating
+		Profits
Real estate

Profits to the Company from directly operating restaurants

Illustrative as of 12/31/2022		McDonald's		Franchisee	9

McDonald's Global Business Operates Under 3 Segments

U.S., Intl Operated Markets, and Intl Developmental Licensed Markets & Corporate

U.S. Market

McDonald's largest market in terms of Systemwide sales

International

Operated Markets (IOM)

+20 markets or countries including Australia, Canada, France, Germany and the U.K.

International

Developmental Licensees &

Corporate (IDL)

+75 markets or countries

including Brazil, China and Japan

As of 12/31/2022

For a complete list of markets and store counts, see the Supplemental Information on the Financial Informationpage of the McDonald's Investor Relations website 10