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 May 4, 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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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

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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 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