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  "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides",
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  "authorName": "Pershing Square Capital Management",
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  "notes": "The slide uses a comparison frame to argue for the attractiveness of the proposed McDonald's restructuring.",
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      "text": "Note: Assumes a 7x EV / FY '06 EBITDA multiple on McOpCo. (1) Retail / REIT dividend yield based on Simon Property Group. Illustrative LT Dividend growth based on Pershing's estimates. (2) Assumes full payout of free cash flows for PF McDonald's. (3) Assumes 15% tax rate on PF McDonald's dividend and a 35% tax rate on the REIT dividend. (4) Scenario 2 Pre-Tax and After-Tax Yields are adjusted for a 35% stake in McOpCo.",
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