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  "documentTitle": "Pershing Square | Activist Presentation Deck | 63 slides",
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  "authorName": "Pershing Square Capital Management",
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  "presentationDate": "2014-03-01 00:00:00",
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  "nDataPoints": 5,
  "notes": "The slide uses a red arrow to draw attention to a footnote that excludes China from the data, suggesting a potential inconsistency in reporting.",
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      "kind": "callout",
      "text": "In Herbalife’s 2009 Investor Day presentation, management presented how the Company thinks about “Distributor Payout”, which includes Royalty Overrides (15%), Production Bonus (7%) and Mark Hughes Bonus (1%). The footnote in this chart, saying it does not include China in its methodology, suggests that China’s compensation plan is different from the rest of the world.",
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      "text": "73% Distributor Payout chart showing breakdown of bonuses and retail profit",
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      "text": "Source: Herbalife financial information spreadsheets and Herbalife’s 2009 Investor Day Presentation",
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      "text": "(1) Actual results referenced in Herbalife’s 2008 10K, not including China.",
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      "kind": "title",
      "text": "An Internal Herbalife Document Confirms how Herbalife Calculates Hourly Consulting Pay",
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