Pershing Square Activist Presentation Deck

EBIT Margin Opportunity We believe P&G should earn a 24% EBIT margin- a substantial increase in profitability from its current EBIT margin of ~19% % of Revenue Gross Margin Less: Advertising & Other Marketing Expense Less: Core SG&A Expense (ex Advertising) EBIT Margin P&G's biggest opportunities: ✓ Gross margin improvements ✓Core SG&A efficiencies 19 FY 2012 49.6% (16.5)% (14.4)%->> 18.8 % Pershing View 51.5% (16.5)% (11.0)% 24.0 %

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