Pershing Square Activist Presentation Deck

...But Results Are Still Lagging Peers P&G's organic growth has consistently underperformed its peers' growth rates in each of the last four quarters CY Quarterly Organic Revenue Growth for the Prior 4 Quarters 7% 3% 2% 3% 3% Q2'12 Q3'12 Q4'12 Q1¹13 P&G COINO 7% 6% 5% Q2'12 Q3'12 Q4'12 Q1'13 Peer Average THE CLOROX COMPANY Colgate® P&G Performance Gap Q2 '12: Q3 '12: Q4 '12: Q1 '13: Kimberly-Clark L'ORÉAL Unilever Note: Quarters based on calendar year. Kimberly-Clark based on Personal Care segment, and Unilever based on Personal Care and Home Care segments. 36 (4)% (4)% (4)% (2)%

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