Pershing Square Activist Presentation Deck

P&G Should Generate Consistent 5% Organic Growth Based on its (1) mix of emerging and developed market, (2) global scale and (3) significant marketing investments, we believe P&G should grow organic sales consistently at a 5% level on a long- term basis Developed Markets Emerging Markets % of sales Total Growth 60% 40% Estimated Growth Low High 1.5% 7.5% -4% 3.5% 16 10% ~6% Midpoint: 5% long-term organic sales growth Our estimate of 5% organic revenue growth is consistent with P&G's longer-term historical levels and long-term targets

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