Pershing Square Activist Presentation Deck

Procter & Gamble P&G Ticker: "PG" Recent stock price: $78 (¹) Dividend yield: 3% ► Leading global personal and household care company ■ $84bn in revenues and $16bn in operating profit ► Equity market capitalization of ~$230bn (1) Based on stock price as of May 7, 2013. Enterprise valuation of ~$265bn Currently earns ~$4/share Pershing Square owns approximately 29 million shares 2

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