{
  "docId": "019de06f-3063-736e-8efe-3c325f18f2f1",
  "docSlug": "8a2b56079f523e69bea9092fc1eb3322",
  "documentTitle": "Pershing Square | Activist Presentation Deck | 58 slides",
  "authorId": "pershing-square",
  "authorName": "Pershing Square Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2006-01-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 34,
  "pageCount": 58,
  "prevPage": 33,
  "nextPage": 35,
  "slideType": "preempt_rebuttal",
  "function": "preempt_rebuttal",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": "This slide uses a Q&A format to directly address stakeholder concerns, a common tactic in activist investor presentations.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de06f-3063-736e-8efe-3c325f18f2f1/34",
  "deckHref": "/decks/019de06f-3063-736e-8efe-3c325f18f2f1",
  "deckJsonHref": "/decks/019de06f-3063-736e-8efe-3c325f18f2f1.json",
  "deckAnchorHref": "/decks/019de06f-3063-736e-8efe-3c325f18f2f1#slide-34",
  "components": [
    {
      "bbox": {
        "h": 0.085,
        "w": 0.952,
        "x": 0.024,
        "y": 0.682
      },
      "kind": "callout",
      "text": "Question: Under your Revised Proposal, is there any risk that McDonald’s real estate will be sold or that franchisees will experience unexpected rent hikes?",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "138ba22c-6a31-4091-8980-00a28367c597",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.085,
        "w": 0.952,
        "x": 0.024,
        "y": 0.262
      },
      "kind": "callout",
      "text": "Question: Would a publicly traded McOpCo be an aggressive competitor to franchisees, given its need to grow its business for the benefit of its new shareholders?",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "71c0ab79-9961-4c86-9c20-7df32728ad6a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.88,
        "x": 0.07,
        "y": 0.445
      },
      "kind": "list",
      "text": "McOpCo, no longer supported by corporate subsidies, will price more optimally\nRefranchising program will remove McOpCo as a competitor in many key markets\nMcOpCo’s most attractive growth plan is to focus on emerging markets where the franchise base is still in its infancy, such as China and Russia",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "064ffab7-cd2f-4bd5-9ee4-5a6c25082b9b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.07,
        "y": 0.865
      },
      "kind": "list",
      "text": "We don’t believe it’s the right operational move\nWe are confident management is not inclined to sell the real estate",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7a67447a-2637-4746-bd7e-1b69d1f564a9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.55,
        "x": 0.348,
        "y": 0.103
      },
      "kind": "title",
      "text": "Addressing Potential Franchisee Questions",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "46934b8e-86e6-42bd-9d7b-3616aa2c1126",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "preempt_rebuttal",
      "slug": null,
      "matchId": "b1887659-8ed6-4225-a1f3-abd70ea2f944",
      "evidence": "The slide explicitly lists potential franchisee questions and provides direct, reassuring answers to mitigate concerns.",
      "confidence": 1
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}