Pershing Square Activist Presentation Deck

Further Downside Protection in Board's Posture ► P&G's board of directors' public statements suggest that they are watching the situation closely ► If P&G's leadership executes, all key constituents will be rewarded immensely ► If P&G's current CEO cannot demonstrate a sustainable turnaround in the near term, we believe the Board will do the right thing and put in place new leadership ■ Would mark more than four years of continuous underperformance relative to peers ■ Several outstanding CEO candidates inside P&G ■ Several exceptional external CEO candidates as well 44

View entire presentation