Bill Ackman of Hedge Fund Pershing Square to Speak at the Value Investing Congress on Rationale for Restructuring McDonald's; Conference Announces Complete Schedule With Lineup of World's Most Successful Value Investors.

WHAT:     Bill Ackman of Pershing Square Capital Management, a hedge
-----     fund that is among the largest shareholders of McDonald's
          (NYSE: MCD), will speak about his investment in the company
          on the first day of the inaugural Value Investing Congress
          on Tuesday, Nov. 15th.  Pershing Square owns a 4.9% stake in
          McDonald's and is seeking to have the company restructure
          itself to unleash substantial shareholder value.  Ackman, a
          well-known activist investor, will outline his investment
          thesis and why he believes McDonald's is undervalued.

          NOTE:  Mr. Ackman will take questions from the media and
          analysts at Dizzy's Club Coca-Cola in the Time Warner Center
          immediately after his presentation.

WHERE:    TIME WARNER CENTER -- Frederick P. Rose Hall
------    Columbus Circle (59TH St. & Broadway), New York City

SCHEDULE: Tuesday, Nov. 15, 2005
--------- ----------------------
          8:30 -- 8:40 a.m.        Whitney Tilson and John Schwartz,
                                    Value Investing Congress
          8:40 -- 9:20 a.m.        Seth Klarman, Baupost Group
          9:20 -- 10:00 a.m.       Bill Ackman, Pershing Square
          10:00 -- 10:40 a.m.      Jim Chanos, Kynikos Associates
          11:00 -- 11:40 a.m.      David Einhorn, Greenlight Capital
          11:40 a.m -- 12:20 p.m.  Herb Greenberg, MarketWatch
                                    RealityCheck
          1:30 -- 2:10 p.m.        Whitney Tilson, T2 Partners
          2:10 -- 2:50 p.m.        Eric  Rosenfeld, Crescendo Partners
          2:50 -- 3:30 p.m.        Joel Greenblatt, Gotham Capital
          3:50 -- 4:30 p.m.        Richard Pzena, Pzena Investment
                                   Management
          4:30 -- 5:10 p.m.        Charles de Vaulx, First Eagle Funds

          Wednesday, Nov. 16, 2005
          ------------------------
          8:30 -- 9:10 a.m.        Mark Sellers, Sellers Capital Fund
          9:10 -- 9:50 a.m.        Lisa Rapuano, Matador Capital
                                    Management
          9:50 -- 10:30 a.m.       Arne Alsin, The Turnaround Fund
          10:50 -- 11:30 a.m.      Ken Shubin Stein, Spencer Capital
          11:30 a.m. -- 12:10 p.m. Whitney Tilson and Glenn Tongue, T2
                                    Partners
          1:30 -- 2:10 p.m.        John Mauldin, Millennium Wave
                                    Investments
          2:10 -- 2:50 p.m.        Larry Robbins, Glenview Capital
                                    Management
          3:10 -- 3:50 p.m.        Bill Mann, The Motley Fool
          3:50 -- 4:30 p.m.        Zeke Ashton, Centaur Capital
          4:30 -- 5:00 p.m.        Whitney Tilson, Value Investing
                                    Congress

                  NOTE: SCHEDULE IS SUBJECT TO CHANGE
                        -----------------------------
WHY:      The Value Investing Congress is the first event of its kind.
----      It assembles like-minded, serious value investors to learn
          together and share investment ideas.  Outside of the
          Berkshire Hathaway meeting in Omaha, the Value Investing
          Congress is the largest gathering of the disciples of Ben
          Graham, David Dodd, Warren Buffett and Charlie Munger.


  For further information or to attend the Value Investing Congress,
                            please contact
    Michael Gordon [phone] x 601, [e-mail] or
        John Mooney [phone] x604, [e-mail].