Pershing Square Activist Presentation Deck
Appendix
Set forth herein is a
schedule for 2006E Free
Cash Flow based on our
estimates.
Attributable free cash
flow per share deducts
the minority interest free
cash flow pertaining to
the 20% stake of
McOpCo's no longer
owned by McDonald's.
FY2006E shares
outstanding is pro forma
for the proposed share
buyback.
McDonald's 2006E Free Cash Flow
Assuming a 20% IPO of McOpCo
2006E Cash Flow Data ($ in mm except per share data)
EBITDA
less: Cash Taxes
less: Cash Interest Expense
less: Growth CapEx (Net of Proceeds from Closings)
less: Maintenance CapEx
less: Change in Working Capital
less: Minority Interest Free Cash Flow
Attributable Free Cash Flow Before Financing Activities
FY 2006E Average Shares Outstanding (mm)
Attributable Free Cash Flow per Share
Dividends Paid at 90% of Attributable FCF
Dividend Paid per Share
54
Final Revised Proposal.ppt
$5,594
(1,186)
(563)
(316)
(943)
12
(74)
$2,525
1,176
$2.15
2,272
$1.93View entire presentation