Pershing Square Activist Presentation Deck

Gross Margins - Big Structural Opportunity Our due diligence suggests that the underlying gross margins of P&G's categories could be as high as 54%. This analysis takes into account P&G's scale as well the premium pricing of its leading brands P&G Segment Beauty Grooming Fabric & Home Care Baby & Family Care Health Care Total P&G % of P&G Rev. 24% 10% 32% 19% 15% 20 Pershing View Appropriate Gross Margin -65% -60% -65% -47.5% -40% -55% 52%-54% This category-level analysis suggests that our 51.5% gross margin estimate for P&G is conservative

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