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  "documentTitle": "Pershing Square | Activist Presentation Deck | 58 slides",
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  "authorName": "Pershing Square Capital Management",
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  "presentationDate": "2006-01-01 00:00:00",
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  "notes": "The slide uses a process flow diagram to illustrate the capital allocation strategy.",
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      "kind": "callout",
      "text": "“Earn the Right to Own”\nMcOpCo’s restaurant portfolio needs to be optimized in order to improve margins and capital allocation",
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      "kind": "diagram",
      "text": "Refranchise select units in mature markets -> Redeploy capital and resources in emerging markets -> McOpCo increases focus on emerging markets growth",
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      "text": "Because of their developed franchise systems, mature markets do not need the same capital or resources as emerging markets\ne.g., U.S., Canada and U.K.\nCapital and freed-up resources from refranchising should be redeployed in fast growing / high return emerging QSR markets\nRegions where franchise laws are still in infancy and McDonald’s franchise base is not yet sufficient to drive growth\ne.g., China and Russia\nMcOpCo should increase its focus on profitable emerging markets growth",
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      "kind": "title",
      "text": "Objective 1: Improve McOpCo’s Operating Performance (cont’d)",
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