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  "documentTitle": "Pershing Square | Activist Presentation Deck | 58 slides",
  "authorId": "pershing-square",
  "authorName": "Pershing Square Capital Management",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2006-01-01 00:00:00",
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  "pageNumber": 48,
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  "density": "balanced",
  "nDataPoints": 60,
  "notes": "Includes a footnote regarding the allocation of G&A and exclusion of non-recurring expenses.",
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      "kind": "paragraph",
      "text": "Set forth below is a table which reconciles McOpCo's, Brand McDonald's 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 assumes that 75% of the total G&A is allocated to the Brand McDonald's 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 Brand McDonald's than what is shown here. Note: Analysis excludes $441 mm of non-recurring other net operating expenses.",
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      "text": "Reconciliation table showing Revenue, Expenses, EBIT, EBITDA, and % of Total EBITDA for 2004 Income Statement, McOpCo P&L, Brand McDonald's P&L, and 2004 Consolidated Sum of Parts.",
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      "text": "2004 McDonald's P&L As Reported",
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