Pershing Square Activist Presentation Deck

Valuation: Limited Downside Even if P&G is unable to achieve its underlying earnings potential, we believe there is little downside in the stock as it trades at a discount to peers, despite having the largest cost opportunity in the sector CY 2013 P/E Multiples 18.8 x P&G 21.0 x 18.2 x mili THE CLOROX COMPANY Colgate® Kimberly-Clark L'ORÉAL 22.5 x …………. Note: CY 2013E EPS per CapIQ. URCH CO NOO 19.6 x 25.7 x 43 19.6 x Unilever Peer Avg: 21.1x

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