Pershing Square Activist Presentation Deck
A Revised Proposal for Creating Value
at McDonald's
Current Issue
McOpCo is not reaching
its full business and
financial potential
Managerial focus and
incentives
Final Revised Proposal.ppt
Improving McOpCo's Operating Performance
Benefits of the Revised Proposal
✓ IPO of McOpCo would make margin improvement a key focus
✓
No more corporate subsidies to buttress operating margins
✓
McOpCo management can run its business based on the most
appropriate operating strategy
✓ Publicly traded arm's-length McOpCo would force improved capital
allocation decisions and optimal pricing policy
Refranchising and redeploying capital/resources would better position
McDonald's in the most attractive growth markets
✓ Investors will respond well to margin and capital allocation
improvement as well as the emerging markets growth story
✓ McOpCo's management can be compensated based on the market
performance of its business
✓ McOpCo managerial focus will improve as a result of having greater
accountability, increased responsibility, a better performance
measuring yardstick via the public markets and more direct incentives
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