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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 table to highlight the yield advantage of the proposed McDonald's restructuring over risk-free government debt.",
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      "text": "Note: Assumes a 7x EV / FY '06E EBITDA multiple on McOpCo. (1) Assumes full payout of free cash flows for PF McDonald's. (2) Assumes 15% tax rate on PF McDonald's dividend and a 35% tax rate on the 10-Year Treasury dividend. (3) Scenario 2 Pre-Tax and After-Tax Yields are adjusted for a 35% stake in McOpCo.",
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      "text": "Which Would You Rather Own: Pro Forma McDonald's or 10-Year U.S. Treasury?",
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