Pershing Square Activist Presentation Deck

Gross Margins: COGS Productivity Benchmarking P&G's $6bn of COGS reduction target from FY 2011 to 2016 translates into less than 3% annual COGS efficiency. Many CPG peers undertaking productivity initiatives have demonstrated significantly higher annual COGS productivity in the range of 3.5% to 4% (1) Annual COGS Savings 4.3% <3% 4.1% 3.7% 21 3.6% CHURCH DWIGHT CO P&G Colgate Plan CLOROX Unilever Note: Based on company reports and earnings calls. Defined as annual COGS cost savings as a percentage of COGS. For CPG peers, reflects the average COGS savings achieved in 2010 and 2011. 4.2% INC 4% average KRAFT

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