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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 bar chart to highlight the performance gap between company-operated stores and franchised stores.",
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      "kind": "callout",
      "text": "McOpCo's Estimated Average Unit EBITDA margins versus U.S. Franchisees' Estimated Average Unit EBITDA margins(1)",
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      "text": "Comparison of EBITDA margins: Avg. U.S. McOpCo (12.7%), Avg. Intl. McOpCo (8.8%), Avg. U.S. Franchise (14.8%)",
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      "text": "Note: See page 57 of the Appendix for Pershing's detailed assumptions. 1) Analysis is based on Pershing's estimates using 2004 financial data. 2) Based on $260k of average EBITDA per franchised store.",
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