Pershing Square Activist Presentation Deck
D
A Revised Proposal for Creating Value
at McDonald's
There have been
several
mischaracterizations of
our Initial Proposal
which we believe need
to be cleared up.
Mischaracterizations of Our Initial
Proposal...
Final Revised Proposal.ppt
Our Initial Proposal did NOT:
► Provide for the sale of any real estate by McDonald's
► Put franchisees in danger of having a new landlord
Involve the creation of a REIT
► Require a real estate financing to create significant value
► Hinge on a leveraged share buyback as its primary
method of value creation
Our Initial Proposal did:
► Assume significant value would be unlocked once
McOpCo was IPO'ed and investors had access to
transparent financials for Brand McDonald's,
demonstrating that it is fundamentally NOT a
restaurant company
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