Pershing Square Activist Presentation Deck

True Earnings Power If P&G can grow its top-line annually by 5% and achieve a 24% EBIT margin by FY 2016, it can generate $6 of earnings per share $ in Billions, except per share data Revenue '13E-'16E CAGR EBIT Margin EPS June 30 FY 2013E 30 $83.9 $15.9 18.9% $4.00 June 30 FY 2016E 1 $97.2 5% $23.3 24.0% $6.00 Note: FY ends June 30. EPS is based on P&G's definition of Core EPS, which excludes certain non-recurring items. Assumes share repurchases reduce diluted share count by 2% annually.

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