Pershing Square Activist Presentation Deck

Attractive Emerging Markets Presence Approximately 40% of P&G's sales are from fast growing emerging markets. In the HPC industry, only Colgate and Unilever have a materially more attractive emerging markets sales mix than P&G Estimated Percentage of Sales from Emerging Markets (1) 60% 50% 40% 30% 20% 10% 0% 55% 50% Colgate 40% 40% P&G Unilever (1) Source: Wall Street research and company reports. L'Oreal based on Cosmetics division. BDF ●●●● Beiersdorf 38% 8 36% L'ORÉAL Ek Kimberly-Clark 14% CLOROX CHU 8% DWIGH COINC

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