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  "documentTitle": "McDonald's Corporation (MCD)",
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  "authorName": "William Ackman",
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  "presentationDate": "2005-11-15 00:00:00",
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  "notes": "The slide includes a specific assumption regarding the allocation of G&A (75% to Real Estate/Franchise, 25% to McOpCo).",
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      "text": "Set forth below is table which reconciles McOpCo's, the Real Estate and Franchise businesses' and stand-alone McDonald's FY 2004 income statements, as they are currently reported. The analysis demonstrates how McOpCo is paying neither a market rent nor a franchise fee.",
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      "text": "The analysis demonstrates how McOpCo is paying neither a market rent nor a franchise fee.",
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      "text": "EBITDA: $5,183",
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      "text": "The analysis assumes that 75% of the total G&A is allocated to the Real Estate and Franchise business and 25% is allocated to McOpCo. To the extent that there should be more G&A allocated to McOpCo, then there would be a greater percentage of total EBITDA at the Real Estate and Franchise business than what is shown here. Note: Analysis excludes $441 mm of non-recurring other net operating expenses.",
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      "text": "2004 McDonald's P&L As Reported McDonald's",
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