Pershing Square Activist Presentation Deck

Comparison of Peer Company Growth Rates Many peer companies with lower emerging markets exposure, weaker brands and/or less advantaged categories are achieving 4% - 7% organic growth rates Unilever Colgate Beiersdorf L'Oreal Kimberly Clark Clorox Church and Dwight P&G Emerging Markets Mix 55% 50% 40% 38% 36% 14% 8% 40% Brand Strength ▲▲▲▲ ▲▲▲▲ ▲▲▲ ▲▲▲▲ Note: Emerging markets mix is based on Wall Street research and company reports. 17 Advantaged Categories √√√+ verr Ver ver ✓✓✓. ✓✓✓ Ver Ver CY'12 Organic Sales Growth 7% 6% 5% 6% 5% 4% 5% 3%

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