Pershing Square
strategic benefits to the system believes that a publicly traded arm length which remains controlled by would strengthen the system makes optimal pricing capital allocation and decisions arm length decision making criteria on product pricing and capital allocation will be substantially similar to that of the community no longer subsidized by corporate will review its restaurant portfolio more closely for rationalization opportunities program would create an incentive system whereby the best operators would be rewarded with an opportunity to own new units poor performing operators will be motivated to improve performance to earn the right to own more restaurants franchisees would recognize that the new competes on equal footing required to pay arm length rent and franchise fees would face the same economic consequences as franchisees thus creating a better aligned system improves fairness and accountability throughout the system revised proposal value at | Pershing Square
Company
Deck Type
Deck date
January 2006
Slide
32 of 58
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