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Class Action Lawsuit Commenced Against McDonald's Corporation by Bernstein Liebhard & Lifshitz, LLP

A securities class action lawsuit was commenced on behalf of all persons who acquired securities of McDonald's Corporation ("McDonald's" or the "Company") between December 14, 2001 and January 22, 2003, inclusive (the "Class Period"). A copy of the Complaint is available from the Court or from Bernstein Liebhard & Lifshitz, LLP. Please visit our website at http://www.bernlieb.com or contact us at (800) 217-1522 or by email at MCD@bernlieb.com.

The case is pending in the United States District Court for the Northern District of Illinois, Eastern Division, against Defendants McDonald's, Jack M. Greenberg, Matthew H. Paull and Michael J. Roberts.

The Complaint charges that McDonald's and certain officers and directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market during the Class Period, thereby artificially inflating the price of McDonald's securities. Specifically, the Company misrepresented its business and future prospects by failing to disclose that hundreds of its restaurants were underperforming and that the Company had incurred hundreds of millions of dollars in unrecorded asset impairment and other charges.

Defendants' scheme began to unravel in September 2002, when the Company reported that "comparable sales" (i.e., year-over-year sales comparisons for restaurants that had been open for more than thirteen months) had continued to decline, especially in U.S. and European markets, making it impossible for the Company to meet its 2002 earnings guidance.

Then on January 23, 2003, defendants announced that the Company had incurred losses of more than $810 million related, primarily, to the closure of over 700 underperforming restaurants and the write-off of hundreds of millions of dollars of previously capitalized technology costs.

Prior to the disclosure of the adverse facts described above, the Company completed fixed-rate debt offerings of at least $900 million at highly favorable interest rates. In addition, McDonald's insiders, sold over 939,000 shares of McDonald's common shares, at or near market highs, generating proceeds of more than $26 million.

Plaintiff seeks to recover damages on behalf of all those who purchased or otherwise acquired McDonald's securities during the Class Period. If you purchased or otherwise acquired McDonald's securities during the Class Period, and either lost money on the transaction or still hold the securities, you may wish to join in the action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than June 4, 2004.

A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Bernstein Liebhard & Lifshitz, LLP, or other counsel of your choice, to serve as your counsel in this action.

Bernstein Liebhard & Lifshitz, LLP has been retained as one of the law firms to represent the class. The attorneys at Bernstein Liebhard & Lifshitz, LLP have extensive experience in securities class action cases, and have played lead roles in major cases resulting in the recovery of hundreds of millions of dollars to investors. For more information about Bernstein Liebhard & Lifshitz, LLP, please visit our website at http://www.bernlieb.com.

If you would like to discuss this action or if you have any questions concerning this Notice or your rights as a potential class member or lead plaintiff, you may contact the Shareholder Relations Department at Bernstein Liebhard & Lifshitz, LLP, 10 East 40th Street, New York, New York 10016, (800) 217-1522 or (212) 779-1414 or by e-mail at MCD@bernlieb.com.