Pershing Square Activist Presentation Deck

What Should P&G be Earning? Based on our view of appropriate revenue growth and operating profit margins, we believe that P&G should be earning closer to $6/share by FY June 2016 a level more indicative of the company's true earnings power (1) Organic revenue growth (2) EBIT Margin (3) Earnings per share 1 Current FYE June 30, 2013 3% 19% -$4.00 Note: FYE June 2013 Organic revenue growth, EBIT margin and EPS is based on company guidance. 14 FY 2016 Earnings Power Pershing Square View 5% -24% -$6.00

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