EXHIBIT 99



  Investor Press Release

  FOR IMMEDIATE RELEASE                FOR MORE INFORMATION CONTACT:
  7/14/98                              Mary Healy, Investors 630-623-6429
                                       Chuck Ebeling, Media 630-623-6150

               McDONALD'S ANNOUNCES PRODUCTIVITY STUDY RESULTS
               -----------------------------------------------


  OAK BROOK, IL --Today, McDonald's Corporation announced the complete

  results of its home office productivity initiative designed to improve

  staff alignment, focus and productivity, and reduce ongoing selling,

  general and administrative expenses.

       As a result of this initiative, the Company expects to reduce home

  office staffing by about 23 percent or approximately 525 positions,

  consolidate certain home office facilities and reduce other expenditures

  in a variety of areas over the next 18 months.  These efficiencies have

  been identified through a combination of better alignment and

  coordination with our recently reorganized U.S. field organization,

  processing and communication efficiencies made possible by enhanced

  technology, and the outsourcing of certain business processes.

       When these changes are fully implemented, the Company expects to

  save about $100 million of selling, general & administrative expenses per

  year.  Approximately two-thirds of the savings are expected to be

  realized in 1999 with the full amount of annualized savings being

  realized in 2000.

       McDonald's President and CEO-elect, Jack M. Greenberg said, ``The

  changes we are making are significant in scope and impact.  They are part

  of an ongoing process designed to make McDonald's more focused,

  competitive, productive and innovative.  We believe these changes will

  strengthen our position as the World's Best Fast Food Restaurant

  Experience and be good for our customers, owner/operators, suppliers,

  employees and shareholders.''

       The Company will incur a special pre-tax charge of $160 million in

  the second quarter 1998 for employee severance and outplacement,

  consolidation of facilities and other costs in connection with the home

  office productivity initiative.

       Previously, the Company announced plans to introduce a `Made for

  You' food preparation system in the United States and Canada, and to

  provide financial incentives to McDonald's owner/operators to defray the

  cost of equipment made obsolete as a result of conversion to this new

  system.  At that time, the Company stated it expected to take a pre-tax

  charge of $170-$190 million related to the introduction of the `Made for

  You' system.

       As a result of both the `Made for You' and productivity initiatives,

  the Company will incur a special pre-tax charge totaling $350 million in

  the second quarter 1998 including $190 million related to `Made for You'.

  The total reduction of net income and earnings per share is expected to

  be $235 million and $.33, respectively.  The announcement of second

  quarter earnings will be July 20, 1998.

       McDonald's is the largest and best-known global foodservice

  retailer, with more than 23,300 restaurants in 111 countries.


  Forward-Looking Statements

  Certain forward-looking statements are included in this release.  They
  use such words as "may," "will," "expect," "believe," "plan" and
  other similar terminology.  These statements reflect management's current
  expectations and involve a number of risks and uncertainties.  Actual
  results could differ materially due to the success of business and
  operating initiatives including those discussed in this release; and
  changes in business and economic conditions; consumer preferences,
  spending patterns and demographic trends; accounting policies and
  practices and legislation and governmental regulation.



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