HILVERSUM, Netherlands, Nov. 9, 2024 — Universal Music Group (UMG) has acknowledged a post made by Bill Ackman on X yesterday regarding Pershing Square and UMG. UMG and its board members did not contribute to the views expressed in that post. As outlined in UMG’s listing prospectus, Pershing has the right to request a listing in the US, contingent on a Pershing entity selling at least $500 million in UMG shares as part of the listing. Pershing lacks the authority to require UMG to become a US domiciled company or delist from Euronext Amsterdam. While UMG will strive in good faith to fulfill its contractual obligations regarding a US listing process at Pershing’s request, any actions or decisions beyond those necessary to comply (including any decisions to change the company’s domicile) will be made based on an analysis that prioritizes value maximization and the best interests of all UMG shareholders.

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