Pershing Square Activist Presentation Deck

Intrinsic Value is $125/share in Two Years If P&G can achieve its underlying earnings potential of $6/share by FY 2016, P&G would be worth $125 per share in approximately two years, including dividends FY 2016E EPS P/E Multiple June 2015 Value per Share Plus: FY 2014 to 2015 Dividends June 2015 Total Value per Share Premium to Current Stock Price Note: FY ends June 30. Assumes $2.40 of annual dividends for two years. Based on recent stock price of $78. $6.00 20.0 x $120 5 $125 At a $125 value per share in two years, P&G's stock price would generate a 26% compound annual return for shareholders 41 60 %

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