Pershing Square Activist Presentation Deck
Appendix
Given the estimated
tax basis in
McOpCo, we
believe that no
taxes would need to
paid in an IPO of
McOpCo.
McOpCo IPO: Proceeds
Taxes payable
McOpCo Equity Market Value
IPO Percentage
Distribution to PF McDonald's
Estimated Book Basis of McOpCo
Net Debt Allocated to McOpCo
Adjusted Basis in McOpCo
Taxable Gain
McOpCo IPO After Tax Proceeds
Low
Tax Rate
Taxes payable
After Tax Proceeds
Distribution
Taxes Payable
After Tax Distributions
Estimated IPO fees
Net Proceeds
52
$5,993
20%
$1,199
3,000
(1,350)
1,650
$0
38%
$0
$1,199
0
$1,199
(60)
$1,139
High
$7,122
20%
$1,424
3,000
(1,350)
1,650
$0
38%
$0
$1,424
0
$1,424
(71)
$1,353
Final Revised Proposal.ppt
Average
$6,558
20%
$1,312
3,000
(1,350)
1,650
$0
38%
$0
$1,312
0
$1,312
(66)
$1,246View entire presentation