Pershing Square Activist Presentation Deck
D
A Revised Proposal for Creating Value
at McDonald's
3
"Earn the Right to Own"
McOpCo's restaurant portfolio needs to be optimized in order to improve margins and capital allocation
McOpCo
Objective 1: Improve McOpCo's Operating
Performance (cont'd)
Refranchise select
units in mature
markets
Redeploy capital and
resources in
emerging markets
Final Revised Proposal.ppt
McOpCo
increases focus
on emerging
markets growth
10
Because of their developed franchise systems,
mature markets do not need the same capital or
resources as emerging markets
e.g., U.S., Canada and U.K.
Capital and freed-up resources from refranchising
hould be redeployed in fast growing / high return
emerging QSR markets
Regions where franchise laws are still in
infancy and McDonald's franchise base is not
yet sufficient to drive growth
e.g., China and Russia
McOpCo should increase its focus on profitable
emerging markets growthView entire presentation