Pershing Square Activist Presentation Deck

CEO McDonald Has Been Distracted by Outside Interests Prior to our discussions with P&G, Mr. McDonald was a member of at least 21 outside organizations, which we believe required him to commit 50 or more business days per year 1 Xerox Corporation Board of Directors Audit Committee Compensation Committee 2 US-China Business Council 3 Business Roundtable 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Organization Executive Committee Tax and Fiscal Policy Committee Consumer Goods Forum Fuqua School of Business China-US Exchange Foundation's Research Project Catalyst Board of Directors Foreign Investment Advisory Council in Russia International Business Leaders Advisory Council of Beijing Singapore Economic Development Board, International Advisory Council United Negro College Fund Board of Directors US Advisory Committee for Trade Policy and Negotiations (ACTPN) US Council for International Business Board of Trustees Advanced Manufacturing Partnership Cincinnati Business Committee (Executive Committee / Innovation Task Force) McKinsey Advisory Council Northwestern University - Journal of Integrated Marketing Communications Ohio Business Roundtable The University of Utah Eccles School of Business 20 US-Philippines Society Board 21 West Point Military Academy Member Member Member Chair Vice Chair / Chair Vice Chair Chair Member Committee Co-Sponsor Exec Committee Member / Chair of Board of Visitors Role(s) Steering Committee Member Member Member Member Member Member Member Member Steering Committee Member Member / Co-Chair Member Advisory Board Member Member Advisory Board Member Member Member 33 Location Norwalk, CT Norwalk, CT Norwalk, CT Washington, DC / China Washington, DC Washington, DC Washington, DC Tokyo, Paris, Washington, DC Durham, NC Beijing, China / Washington, DC New York, NY Moscow, Russia Beijing, China Singapore New York, NY Washington, DC New York, NY Washington, DC Cincinnati, OH New York, NY Evanston, IL Columbus, OH Salt Lake City, UT Washington, DC West Point, NY & New York, NY (1) "?" indicates number of meetings per year not available (2) Includes 6 Board of Director Meetings per year and the Annual Meeting of Shareholders Note: Obligations per year refer to # of meetings; 48 obligations per year. For obligations where # of meetings is unknown, the organization's headquarters is listed for location Source: Bob McDonald's biography per Procter & Gamble website, Organization websites # of Meetings /Year 791 12 4 7 (8 days) 4 ? 3 (8 days) At least 2 2 1 (2 days) 1 1 1 (3 days) ? 1 1 ? ? ? ? ? ? ? ?

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