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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": "Part of a Pershing Square activist deck.",
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      "text": "Revised Proposal requires no incremental debt to be issued over total debt position as of 9/30/05",
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      "text": "McDonald's increases its dividend payout to 90% of after-tax free cash flow from roughly 35% of free cash flow currently. Implies a dividend of $1.93 per share in FY 2006E versus 0.67 per share in 2005. At a recent price of $34 per share, implies a new dividend yield of 5.7%, versus current yield of ~ 2%. McDonald's Corporation initiates incremental share buybacks using existing cash on hand and IPO proceeds",
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      "text": "McOpCo commences refranchising 1,000 units in mature markets (U.S., Canada and U.K.) over the next two to three years. Proceeds from refranchising can be redeployed in fast growing, high return emerging markets (China and Russia)",
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      "text": "Step 3: Commence McOpCo Refranchising Program",
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      "text": "Step 4: Dividend Increase and Share buybacks",
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      "text": "(1) Assumes $843mm of dividends paid in FY2005E. FY2005E dividend payout ratio based on 9/30/2005 Last Twelve Months after-tax free cash flows, calculated as operating cash flows less cash flows from investing activities.",
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