Notice of Annual Shareholders Meeting and Proxy Statement

1 2021. Notice of Annual Shareholders ' Meeting and Proxy Statement Chairman's Letter Dear McDonald's Shareholders , Colleagues, Crew Members, Franchisees and Customers, In my 2020 Annual letter, I discussed the unprecedented challenges brought about by the COVID-19 pandemic. Since then, those challenges have only intensified. Our world has been tested and strained. Amidst such upheaval, I couldn't be prouder of how McDonald's has responded, both as a business and as an engaged leader and positive presence in the local communities where we serve. My belief in this great brand's long-term success has only been reinforced and I'd like to tell you why. Integrity of the McDonald's leadership team.

2 The pandemic was a decisive moment for our business, as it was for so many others. We faced severe restrictions in many markets, and uncertainty across every part of our System. Such adversity reveals the capability and character of an organization. It's easy to lead when everything is going well, but what really counts is how you respond when times get tough. Our Board has been actively involved in overseeing management's response to the pandemic, and it is no understatement to say that Chris and his team have masterfully stewarded McDonald's through the most challenging period in our history. They have navigated the brand through unprecedented economic and societal disruption while inspiring the System to perform at its best.

3 Throughout the past year, our Board and Senior Leadership Team remained focused on protecting the health and safety of our people and our customers, preserving financial flexibility, maintaining discipline, and serving our communities. Thanks to the integrity and determination shown by the entire Senior Leadership Team and all three legs of our stool, the business delivered nearly $20 billion in full year revenue and more than $90 billion in full year systemwide sales . an exceptional success in an historically difficult year. The markets that remained largely operational in 2020, such as the , Australia and Japan, continued to grow comparable sales year over year, and as a result of our resilient performance, the momentum with which McDonald's entered the pandemic is now being restored.

4 Strength of the System. As proud as I am of McDonald's financial performance in 2020, what inspires me even more is the strength of our System our greatest competitive advantage and all of the people who make up our McFamily. Along with a steadfast commitment to safely and reliably serving our customers through the pandemic, our people demonstrated numerous examples of kindness, generosity and teamwork, showing the very best of what McDonald's can do in the communities we serve. And that's not to mention the fact that our System coordinated one of the world's largest supply chains to ensure no break in supply in restaurants during the pandemic's most difficult period.

5 McDonald's role in the world. McDonald's is the most local global company in the world, with an unmatched physical and emotional footprint in 39,000 restaurants in communities across more than 100 countries. It was the genius of Ray Kroc to foresee that having owner-operators and suppliers come from and rooted in the local community would take responsibility for helping it flourish. We understand where and how to show up for those communities because we're neighbors. It is this authentic connection to the communities we call home that inspires our brand values. We feel a responsibility to serve in the fullest sense to do the right thing, the right way, as best we can for stakeholders in every community.

6 2 McDonald's Corporation That is why Chris and our Senior Leadership Team made it a priority in 2020 to redefine our purpose and refresh our values, as part of the company's bold new strategy, Accelerating the Arches. With McDonald's mission, purpose, and values at its heart, Accelerating the Arches is more than a business strategy with exciting new initiatives to meet the changing needs of our customers. It is also a platform McDonald's will use to meet society's evolving expectations of modern businesses to make a difference in the world. In support of that effort, McDonald's announced several important leadership appointments last year, including Heidi Capozzi as Global Chief People Officer and Katie Fallon to lead our new Global Impact Team; the promotion of Alistair Macrow to Global Chief Marketing Officer; and the selections of Reggie Miller as Global Head of Diversity, Equity and Inclusion, and Tiffanie Boyd as Chief People Officer.

7 We will continue to accelerate meaningful change, including through our commitment to develop and support a more diverse talent pipeline. In February 2021, the company announced the addition of new Annual targets designed to meet our five-year DEI goals and hold our executives directly accountable. This is a significant step in the right direction. And while I am proud that diverse representation is strong on our Board, there is a lot more work to be done across the company, and we will not let up on our efforts. The start of a new chapter and hope of a brighter year. Together, we have marveled at the collective brilliance of researchers and scientists around the world who have produced in record time multiple COVID-19 vaccines that will save millions of lives.

8 My hope for 2021 is that such progress is a sign of a brighter year for all. As tough as 2020 was, inspired by our visionary leadership team and fortified by our System's unique strengths and competitive advantages, McDonald's is well positioned to continue building back. The Board's commitment to stewarding Shareholders ' investments remains at the heart of our decision making, alongside our focus on doing right by our System, our customers, and our communities. We believe the company's progress in 2020 only strengthens McDonald's investment approach and its long-term prospects, as reflected in the October decision to continue the company's more than 40-year tradition of Annual dividend increases.

9 The Board would like to extend a sincere and heartfelt thank you to every single member of the McDonald's System for their tireless efforts, achievements, and dedication. We also would like to thank McDonald's investors for your continued support. We look forward to keeping you updated on the company's progress and hopefully, to better days ahead for us all in 2021. Sincerely, Rick Hernandez Chairman of the Board 2021 Proxy Statement 3. Notice of 2021 Annual Shareholders ' Meeting Important Voting Information Meeting Date Virtual Shareholders ' Meeting Please carefully review the Proxy materials and Time and follow the instructions below to cast your Thursday, May 20, 2021 McDonald's Corporation (the Company) will have a virtual vote by 11:59 Central Time on May 19, 9:30 Central Time Meeting at 2021, using one of the following options: There will not be a physical location for our 2021 Annual Shareholders ' Meeting , and you will not be able to attend Registered Shareholders : If you hold the Meeting in person.

10 Shares through our transfer agent, Computershare: We will provide the Notice of Internet Availability, electronic delivery of the Proxy materials or mailing of the 2021 Proxy Statement , the 2020 Annual Report on Form 10-K Internet and a Proxy card to Shareholders beginning on or about April 8, 2021. Tablet or Smartphone To McDonald s Corporation Shareholders : Scan this QR code to vote with your mobile device: We will hold our 2021 Annual Shareholders ' Meeting on Thursday, May 20, 2021. Shareholders will be asked to vote upon the following proposals: Our Board's Voting Agenda Recommendation Telephone Proposal 1 Election of 12 Directors named in this OR EACH. F 800-690-6903, dial toll-free 24/7.