Pershing Square Activist Presentation Deck

Shareholders Are Monitoring the Situation Closely ► All stakeholders (Management, Board, and Shareholders) are expecting improved results over the course of the current year ► The next two three quarters are critical to demonstrate current leadership has the abilities to turn the company around ► We believe key milestones to demonstrate a sustainable turnaround are: Approaching 5% top line growth Improvement in Global Market Share (trends still remain negative) ✓ Margin improvement through productivity, levering strong EPS growth Improved organizational design 37

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