Pershing Square Activist Presentation Deck

Company Recognizes Enormous Cost Opportunity In Feb. 2012, P&G announced a $10bn cost reduction plan to be completed fully by FYE June 2016. This plan consisted of: ► $6bn of Productivity Savings through COGS reduction ► $1bn of Overhead Savings ► $1bn of Marketing Efficiencies ► $2bn Operating leverage, assuming ~5% organic growth 13

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