{ "docId": "019de076-e7c7-736a-89f0-fc0736efce35", "docSlug": "3ff26b7f05c53e88376032d80a7d74a5", "documentTitle": "Pershing Square | Investor Presentation Deck | 59 slides", "authorId": "pershing-square", "authorName": "Pershing Square Holdings", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "investor_relations", "sourceTypeLabel": "Investor relations", "presentationDate": "2024-02-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 32, "pageCount": 59, "prevPage": 31, "nextPage": 33, "slideType": "other", "function": "illustrate_case", "density": "dense", "nDataPoints": 3, "notes": "The slide highlights the transition of the deal from PSTH to Pershing Square funds due to SEC feedback and the subsequent performance of the investment.", "elementsJson": null, "metadataConfidence": 0.95, "imagePath": null, "slideHref": "/slides/019de076-e7c7-736a-89f0-fc0736efce35/32", "deckHref": "/decks/019de076-e7c7-736a-89f0-fc0736efce35", "deckJsonHref": "/decks/019de076-e7c7-736a-89f0-fc0736efce35.json", "deckAnchorHref": "/decks/019de076-e7c7-736a-89f0-fc0736efce35#slide-32", "components": [ { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.8 }, "kind": "callout", "text": "UMG shares have generated a total shareholder return of 58% (Net: 40%) from our average cost at announcement, vs. a 18% return for the S&P 500(2)", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "6940bba7-d452-4e4c-92f8-be5f7b09b5eb", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.45, "w": 0.9, "x": 0.06, "y": 0.29 }, "kind": "list", "text": "Pershing Square Tontine Holdings (“PSTH”) announced agreement to acquire 10% of UMG from Vivendi in June 2021\nFollowed seven months of diligence and negotiations between Pershing Square and Vivendi\nPershing Square funds assumed PSTH’s purchase obligations in July 2021\nDriven by feedback received from the SEC on the proposed transaction structure, PSTH’s board concluded that it was unlikely to receive necessary approvals in time\nCompleted the purchase of UMG shares ahead of schedule and on original terms\nPreserved Pershing Square’s reputation for doing what we say we’re going to do\nPurchase completed in September 2021 before UMG began trading as a public company\nBill joined the board of UMG in May 2022", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8e9c5a41-ef41-4611-85b2-703456c8f9c0", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.0018 }, "kind": "paragraph", "text": "In September 2021, Pershing Square acquired 10% of UMG from Vivendi at a negotiated equity value of €33 billion or €18.27 per share(1)", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a7b1c959-d63e-47a0-b0ec-a33ddb65127d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.9 }, "kind": "source-note", "text": "Note: The purchase of UMG is provided to demonstrate Pershing Square's ability to identify and close a private transaction and not on the basis of performance or to indicate future returns of the investment, SPARC or the Pershing Square funds. Please see the additional disclaimers and notes to performance results at the end of the presentation. (1) Reflects average cost as per negotiated transaction price between Pershing Square and Vivendi and includes transaction fees. Amounts have been converted to EUR based on negotiated FX rate of 1.20 EUR to 1.00 USD. (2) Returns are as of 2/6/2024. Net return is provided solely to comply with Rule 206(4)-1 under the Advisers Act and related Frequently Asked Questions issued by the SEC and reflects an adjustment for the (a) quarterly management fee, (b) expenses (calculated using the expense ratio for the applicable time period), and (c) performance fee (if any) charged during relevant time period.", "attrs": { "numbered": true }, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "2fdf578e-b1ac-4b95-8878-bf25ef0df396", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.5, "x": 0.04, "y": 0.09 }, "kind": "title", "text": "Case Study: Negotiated Purchase of UMG", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "c03bac36-2876-4ed0-b836-110179d8bacd", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [ { "name": "List presentation", "slug": "list-presentation", "agent": null, "layer": "slide", "matchId": "25962fe6-d05b-4564-8eb5-a51123785ad8", "evidence": "list/bullet: Pershing Square Tontine Holdings (“PSTH”) announced agreement to acquire 10% of UMG from Vivendi in June 2021", "confidence": 0.8 } ], "frameworks": [], "arcBeats": [ { "to": 56, "from": 17, "beatId": "db8aecf2-2ddb-4f76-b857-88778f358fc1", "arcName": "AIDA", "arcSlug": "aida", "beatName": "Action", "beatSlug": "aida-action", "evidence": "The performance review, business and organizational update, and portfolio composition encourage investors to take action based on the presented information.", "position": 3, "confidence": 0.8, "parentBeatName": "Resolution", "parentBeatSlug": "resolution" } ], "loops": [ { "to": 36, "from": 29, "name": "Quick Win Big Bet", "slug": "47-quick-win-big-bet", "bestFor": "Transformation planning, 100-day plans, resource allocation", "matchId": "ec61369c-c065-493a-9488-016360bde2db", "evidence": "The presentation showcases strong gains across the portfolio and key highlights of Pershing Square SPARC Holdings.", "position": 2, "objective": "Highlighting quick wins and big bets in the portfolio", "structure": "The Full List -> Quick Wins (Low effort, High impact) -> Big Bets (High effort, High impact) -> Sequenced Roadmap", "confidence": 0.6, "description": "Separate initiatives into immediate wins and longer-term strategic bets" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }