Pershing Square Activist Presentation Deck

Why is P&G Under-Earning? Bloated overhead cost structure ■ P&G never fully integrated massive Gillette acquisition of 2005 Suboptimal manufacturing productivity levels Inefficient organizational design ■ Convoluted org structure limiting company's execution and productivity Emerging market regions are still building scale and require investment Marketing investments are not achieving appropriate returns Pricing in certain categories not optimized The good news is that most of these issues are readily fixable and that P&G's brands and products are generally in a strong position 12

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