MCDONALDS CORP — Director's Dealing 2004

Apr 1, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: MCDONALDS CORP (MCD)
CIK: 0000063908
Period of Report: 2004-03-31

Reporting Person: THURSTON ROBERT N (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-03-31	Phantom Stock	$	A	15	Acquired		Common Stock (15)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	84926	Direct

Footnotes

F1: Acquisition of phantom stock pursuant to Directors' Stock Plan. The phantom stock converts to common stock on a one-for-one basis.

F2: Acquistion of phantom stock pursuant to Directors' Stock Plan in transaction exempt under Rule 16b-3(d)(1). Includes an adjustment to reflect dividend reinvestment.

F3: Exercisable upon retirement.