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  "documentTitle": "McDonald's Corporation (MCD)",
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  "authorName": "Pershing Square Capital Management",
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  "notes": "This slide outlines a strategic restructuring proposal for McDonald's.",
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      "text": "Frictional costs of roughly 5 cents per share (1) (versus management estimates of $4-$5 per share for the Initial Proposal)",
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      "text": "McOpCo creates a separate Board of Directors. At least one Board member appointed from the franchisee community.",
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      "text": "Step 1: Issue Transparent Segment Financials",
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      "text": "Step 2: IPO 20% of McOpCo",
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      "text": "IPO 20% of McOpCo. 20% IPO will generate no tax costs given existing tax basis.",
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      "text": "McDonald's retains full control of McOpCo. Minimal execution risk. Frictional costs of roughly 5 cents per share (versus management estimates of $4-$5 per share for the Initial Proposal)",
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      "text": "McOpCo signs arm's-length lease and franchise agreements with McDonald's Corporation. McDonald's Corporation requires McOpCo to pay a market rent and franchise fee.",
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      "text": "(1) Assumes IPO transaction fees and expenses of 5% of IPO proceeds.",
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      "text": "Our Revised Proposal",
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