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  "documentTitle": "Pershing Square | Activist Presentation Deck | 68 slides",
  "authorId": "pershing-square",
  "authorName": "Pershing Square Holdings",
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  "documentKindLabel": "Deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2022-02-01 00:00:00",
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  "pageNumber": 26,
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  "notes": "The chart includes a reference line for the average cost basis of €18.27.",
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      "kind": "callout",
      "text": "UMG's share price including dividends increased 37% from our average cost at inception to December 31, 2021, and has decreased 14% year-to-date in 2022(1)",
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      "text": "UMG share price performance from 9/21/2021 to 2/8/2022",
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      "text": "Note: The performance of UMG's share price is provided for illustrative purposes only and is not an indication of future returns of the Pershing Square funds. * Average cost as per negotiated transaction price between Pershing Square and Vivendi. Includes transaction fees. Based on negotiated FX rate of 1.20 EUR to 1.00 USD. Please see the additional disclaimers and notes to performance results at the end of the presentation. (1) As of 2/8/2022.",
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      "text": "10/27/21: UMG announces inaugural quarterly results as an independent public company, reporting revenue growth of 17% and EBITDA growth of 21%",
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      "text": "12/20/21: UMG removed from STOXX 50 Index and added to AEX Index",
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      "text": "9/21/21: UMG completes separation from Vivendi and begins trading on the Euronext Amsterdam",
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      "text": "UMG Share Price Performance Since IPO",
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