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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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  "pageNumber": 50,
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  "notes": "The slide highlights a discrepancy between public/stated claims and internal operational reality.",
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      "kind": "callout",
      "text": "Based upon Herbalife's own internal documents, Herbalife does not calculate China Sales Employees (a/k/a China royalties) based upon \"Hourly Consulting Fees.\" Instead, Herbalife calculates royalty compensation in China as percentages of Retail Sales . . . just as Herbalife calculates royalty overrides in the rest of the world",
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      "text": "Source: Herbalife financial information spreadsheets.",
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      "kind": "title",
      "text": "An Internal Herbalife Document Confirms how Herbalife Calculates Hourly Consulting Pay",
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