Pershing Square Activist Presentation Deck

P&G Has Recently Taken Encouraging Steps Issue Bloated overhead costs Low gross margins Organizational structure Innovation (Beauty category in particular) P&G's Positive Steps Feb. 2012: Announces a 5-year restructuring program that included $1bn of overhead savings ■ Jan. 2013: Announces an effective $1bn of incremental overhead savings Feb. 2012: Announces $6bn of gross margin saving April 2013: Reveals higher GM savings targets for 2014 Nov. 2012: Appoints an executive to oversee the Transformation of Organization ■ Creates a council of senior leaders to help execute productivity and organizational changes ■ Fall 2012: Reveals strong pipeline of innovation particularly in ailing Beauty category 34

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