Pershing Square Activist Presentation Deck

Pershing Square's Engagement with P&G Since our investment became public in July 2012, we have shared our perspectives with P&G's management and board on: ■ P&G's underwhelming performance under current leadership ■ Increasing overhead cost savings goals above 2012 plan ■ Increasing productivity goals above 2012 plan ■ Organizational design and alignment ■ Succession and accountability ■ Share repurchase activity ■ Separation of Chairman/CEO roles 32

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