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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Board of Directors and Shareholders
McDonald’s Corporation
We have audited the accompanying Consolidated balance sheets of McDonald’s Corporation as of December 31, 2007 and 2006,
and the related Consolidated statements of income, shareholders’ equity, and cash fl ows for each of the three years in the period
ended December 31, 2007. These fi nancial statements are the responsibility of McDonald’s Corporation management. Our
responsibility is to express an opinion on these fi nancial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the fi nancial statements
are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures
in the fi nancial statements. An audit also includes assessing the accounting principles used and signifi cant estimates made by
management, as well as evaluating the overall fi nancial statement presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the fi nancial statements referred to above present fairly, in all material respects, the consolidated fi nancial position
of McDonald’s Corporation at December 31, 2007 and 2006, and the consolidated results of its operations and its cash fl ows for
each of the three years in the period ended December 31, 2007, in conformity with U.S. generally accepted accounting principles.
As discussed in the Notes to the consolidated fi nancial statements, effective January 1, 2007, the Company changed its method of
accounting for uncertain tax positions to conform with FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes and
for compensation costs associated with a sabbatical to conform with EITF 06-2, Accounting for Sabbatical Leave and Other Similar
Benefi ts Pursuant to FASB Statement No. 43, Accounting for Compensated Absences. On December 31, 2006, the Company
adopted the provisions of SFAS No. 158, Employers’ Accounting for Defi ned Benefi t Pension and Other Postretirement Plans, and
changed its method of recognizing the funded status of its defi ned benefi t postretirement plans.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States),
McDonald’s Corporation’s internal control over fi nancial reporting as of December 31, 2007, based on criteria established in
Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission and
our report dated February 18, 2008 expressed an unqualifi ed opinion thereon.
ERNST & YOUNG LLP
Chicago, Illinois
February 18, 2008
62