Pershing Square Activist Presentation Deck

Valuation: Limited Downside At the current price of $78/share, we believe P&G's stock has very limited downside as it trades at only 18.8x its current level of depressed earnings and has a dividend yield of 3% CY 2013 P/E: 18.8x P&G $78/share Div yield: 3% Note: CY 2013E EPS per CapIQ. P&G's current valuation does not fully reflect its: ✓ Ownership of many of the best brands in the industry ✓ Portfolio of highly attractive categories ✓ Leading market shares ✓ Strong footprint in emerging markets Strong level of advertising spend Shareholder-friendly capital allocation Strongest margin opportunity in the industry (excluding public, family-controlled HPC companies) 42

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