Pershing Square Activist Presentation Deck

Core SG&A Opportunity P&G's Core SG&A Ratio (ex-Advertising and Marketing) is currently 14.4%. The company believes its Core SG&A ratio at peer levels on a category-adjusted basis would be ~14.1% P&G's Benchmarking Analysis of Core SG&A (ex Advertising) Core SG&A FY 2012 % Mix Benchmark Companies 24% 20% 10 % 19% Energizer, Beiersdorf STINE 32% 10% CHD, CLX, Henkel, Reckitt, Unilever 19% 10% Kimberly-Clark, SCA 15% 15% Colgate, Kimberly-Clark, J&J P&G Segment Beauty Grooming Fabric & Home Care Baby & Family Care Health Care PG Core SGA $20bn $8bn $27bn $16bn $12bn 14.4% Note: Data from P&G provided at Back to School Conference presentation, 9/6/12 14.1 %: However, this benchmarking analysis does not take into account P&G's massive scale advantage 24 Beiersdorf, L'Oreal, Unilever

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