Pershing Square Activist Presentation Deck

Comparison to Colgate We believe Colgate is the most comparable competitor to P&G based on gross margin profile, leading market share, HPC category overlap, and emerging markets mix. Given P&G's massive scale advantage, we believe P&G should at least approach Colgate's EBIT margin Gross Margin Category Leader Emerging Markets Presence EBIT Margin Current Revenue Base Colgate 51% 27 ✓+ -24% $17bn Pershing View P&G 51.5% -24% $84bn Note: Colgate's reported gross margin includes shipping and handling in SG&A. We have deducted shipping and handling expenses from Colgate's gross margin to conform to P&G's methodology.

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