MCDONALDS CORP — Director's Dealing 2004

Jan 2, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: MCDONALDS CORP (mcd)
CIK: 0000063908
Period of Report: 2003-12-31

Reporting Person: MCKENNA ANDREW J (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-12-31	Phantom Stock	$	A	654	Acquired		Common Stock (654)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	30000	Direct
Common Stock	640	Indirect

Footnotes

F1: Beneficial ownership disclaimed.

F2: Acqusition of phantom stock pursuant to Directors' Stock Plan. The phantom stock converts to common stock on a one-for-one basis.

F3: Acqusition of phantom stock pursuant to Directors' Stock Plan in transaction exempt under Rule 16b-3(d)(1). Amount represents deferred compensation or dividends reinvested.

F4: Exercisable upon retirement.