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 Waiting for a Bouncefrom the Lowe’s
November 8, 2011 
Pershing Square Capital Management, L.P.
 
Disclaimer 
The analyses and conclusions of Pershing Square Capital Management, L.P. ("Pershing Square") contained inthis presentation are based on publicly available information. Pershing Square recognizes that there may beconfidential information in the possession of the companies discussed in this presentation that could leadthese companies to disagree with Pershing Square’s conclusions. This presentation and the informationcontained herein is not investment advice or a recommendation orsolicitation to buy or sell any securities.All investments involve risk, including the loss of principal.The analyses provided may include certain statements, estimates and projections prepared with respect to,among other things, the historical and anticipated operating performance of the companies discussed in thispresentation, access to capital markets, market conditions and the values of assets and liabilities. Suchstatements, estimates, and projections reflect various assumptions by Pershing Square concerninganticipated results that are inherently subject to significant economic, competitive, and other uncertaintiesand contingencies and have been included solely for illustrativepurposes. No representations, express or implied, are made as to the accuracy or completeness of such statements, estimates or projections or withrespect to any other materials herein and Pershing Square disclaims any liability with respect thereto. Actualresults may vary materially from the estimates and projected results contained herein.Funds managed by Pershing Square and its affiliates are investedin Lowe’s Companies, Inc. (“LOW”)common stock. Pershing Square manages funds that are in the business of trading –buying and selling –securities and financial instruments. It is possible that there will be developments in the future that causePershing Square to change its position regarding LOW. Pershing Square may buy, sell, cover or otherwisechange the form of its investment in LOW for any reason. Pershing Square hereby disclaims any duty toprovide any updates or changes to the analyses contained here including, without limitation, the manner or type of any Pershing Square investment.
1
 
Lowe’s (“LOW”)
2
Lowe’s (or the “Company”) is a leading NorthAmerican home improvement retailer 
Operates ~1,750 stores consisting of approximately200mm ft
²
of selling space
99% of stores located in the US
Equity market capitalization of ~$29bn
Enterprise valuation of ~$34bn
Current free cash flow yield of ~8%
Recent stockprice: $21.50
(1)
Ticker: “LOW”
Div. Yield: ~2%
(1) Based on stock price of $21.54 as of November 4, 2011.
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