Pershing Square Activist Presentation Deck

Gross Margins - Untapped Opportunity Previous P&G leadership believed a 52% gross margin was only the starting point for a company that had not yet reached peer levels "We'll also continue to improve gross margins. The Company's current gross margin is about 52%. We can earn a higher total company margin by achieving best-in-class margins in more categories and business units. Based on industry benchmarking, we believe that only about half of P&G businesses have gross margins better than their competitive peer set. As we get more of our businesses to best-in-class levels, we'll increase our total company margin." 23 - A.G. Lafley, Former CEO 2007 Annual Report

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