Pershing Square
addressing potential questions question would a publicly traded be an aggressive competitor to franchisees given its need to grow its business for the benefit of its new shareholders answer no quite the opposite we believe a more likely scenario is the following no longer supported by corporate subsidies will price more program will remove as a competitor in many key markets most attractive growth plan is to focus on emerging markets where the franchise base is still in its infancy such as china and russia question under your revised proposal is there any risk that real estate will be sold or that franchisees will experience unexpected rent hikes answer no we have never endorsed the sale of real estate or the creation of a reit we don believe it the right operational move we are confident management is not inclined to sell the real estate | Pershing Square
Company
Deck Type
Sector
Industry
Deck date
January 2006
Slide
34 of 58
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