Pershing Square Activist Presentation Deck

P&G Operates in Highly Attractive Categories P&G participates in very high quality consumer categories that have strong profitability, high barriers to entry, excellent global growth opportunities, and limited private label exposure Business Quality Category Very high Beauty Very high Grooming Very high Healthcare High Fabric / Home Care Products (1) Pet care included in Fabric/Home Care. Based on company reports and industry research. Hair Care, Skin Care, Cosmetics, Deodorants, Personal Cleaning, Prestige Fragrance Blades and Razors, Face and Shave Products, Electric Shavers Oral Care, Health Care, Feminine Care Fabric Care, Dish Care, Surface Care, Air Care, Batteries, Pet Care (1) Moderate (paper) to Baby / Family Baby wipes, Bath Care High (diapers) Tissue, Diapers, Facial Tissue Est. Gross Margins -65% -60% - 65% 55% -47.5% -40% 5 Private Label Exposure (US) Very Limited Very Limited Limited in Oral Care, moderate in Fem Care Limited to moderate Commentary Growth Opportunity Strong Emerging Markets ("EM") presence. Cosmetics category more discretionary Good EM presence. Opportunity to grow Gillette "Male" category EM presence below company average EM presence is moderate and growing Moderate with Strong EM presence in highest exposure in Diapers. No presence in paper products paper products Personal Care Household Care

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