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  "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",
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  "pageNumber": 50,
  "pageCount": 58,
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  "slideType": "appendix_data",
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  "nDataPoints": 12,
  "notes": "The slide provides specific financial inputs for a valuation model, including debt levels, tax basis, and IPO proceeds.",
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      "text": "For modeling purposes, we have assumed a 20% IPO of McOpCo and the proposed share repurchases occurred on 12/31/2005. In addition to our IPO assumptions, set forth herein are assumptions regarding share repurchases, capital structure and dividend policy.",
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      "text": "IPO assumptions\n20% IPO of McOpCo generates $1.25bn of cash proceeds after expenses (on 12/31/2005)\nAssumes a 7x EV/’06E EBITDA multiple for McOpCo\nNo taxes paid given McOpCo’s basis which is assumed to be approx. $1.65bn\nTax basis is equal to $3 billion of initial assumed basis (based on an assessment of net equipment and other property at McDonald’s) less $1.35 billion of net debt",
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      "text": "Capital structure post share repurchases\nPer management guidance, assumes McDonald’s issues a $3bn term loan to repatriate foreign earnings\nNo incremental debt issued at McDonald’s over total debt at 9/30/2005 ($8.1bn), excluding a $3bn term loan required to repatriate earnings\nAssumes FY’05E Net Debt at consolidated McDonald’s of $8.1bn\nFY’05E Total Debt of $11.1bn, which includes $3bn of debt required for the repatriation of foreign earnings\nFY’05E cash balance of $3bn, based on proceeds received from repatriation",
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      "text": "Share repurchases\nApproximately 7% of the share base repurchased using\n~$1.75bn of expected cash on hand at the end of the year (after paying dividends)\n~$1.25bn of IPO proceeds, net of fees",
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      "text": "Increase dividend payout\nIncrease dividend payout ratio to 90%",
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      "kind": "title",
      "text": "Revised Proposal: Preliminary Transaction Assumptions",
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