Pershing Square Activist Presentation Deck
Disclaimer
The analyses and conclusions of Pershing Square Capital Management, L.P. ("Pershing Square") contained in
this presentation are based on publicly available information. Pershing Square recognizes that there may be
confidential information in the possession of the companies discussed in this presentation that could lead
these companies to disagree with Pershing Square's analyses, conclusions and opinions. This presentation
and the information contained herein is not investment advice or a recommendation or solicitation to buy or
sell any securities. All investments involve risk, including the loss of principal.
The analyses provided may include certain forward-looking statements, estimates and projections prepared
with respect to, among other things, the historical and anticipated operating performance of the companies
discussed in this presentation, access to capital markets, market conditions and the values of assets and
liabilities. Such statements, estimates, and projections reflect various assumptions by Pershing Square
concerning anticipated results that are inherently subject to significant economic, competitive, and other
uncertainties and contingencies and have been included solely for illustrative purposes. No representations,
express or implied, are made as to the accuracy or completeness of such statements, estimates or projections
or with respect to any other materials herein and Pershing Square disclaims any liability with respect thereto.
Actual results may vary materially from the estimates and projected results contained herein.
Funds managed by Pershing Square and its affiliates are invested in Procter & Gamble Co ("PG") common
stock. Pershing Square manages funds that are in the business of trading - buying and selling - securities
and financial instruments. It is possible that there will be developments in the future that cause Pershing
Square to change its position regarding PG. Pershing Square may buy, sell, cover or otherwise change the
form of its investment in PG for any or no reason. Pershing Square hereby disclaims any duty to provide any
updates or changes to the analyses contained here including, without limitation, the manner or type of any
Pershing Square investment.View entire presentation