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  "documentTitle": "McDonald's Corporation (MCD)",
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  "authorName": "Pershing Square Capital Management",
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  "presentationDate": "2006-01-18 00:00:00",
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      "text": "McDonald's is fundamentally Not a restaurant company",
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      "text": "Why is it valued as such?",
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      "text": "McDonald's FY 2005E EBITDA – Maintenance CapEx, Adjusted for a Market Rent and Franchise Fee",
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      "text": "(1) FY’05E EBITDA- Maintenance CapEx contribution is based on Pershing’s estimates. CapEx is net of proceeds from restaurant closings. We note that the Company does not provide EBITDA and Maintenance CapEx allocation by segment.",
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      "text": "Objective 3: Unlock Shareholder Value at McDonald's (cont'd)",
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