Pershing Square Activist Presentation Deck

Benefits of Scale to P&G's SG&A Ratios P&G's revenue base is more than four times the size of its peer benchmark average, which should allow P&G to operate at a significantly lower Core SG&A Ratio than its peers benchmark FY 2012 Revenue Core SG&A Expense % Fixed % Variable Core SG&A Ratio Peer Benchmark Average $20,000 $2,820 30% 70% 14.1% Assumes 30% of Core SG&A expense is fixed Pershing View Peer Benchmark at P&G's Revenue Base $84,000 25 $9,140 -11% We believe P&G's scale advantage should allow it to achieve our estimate of an 11% Core SG&A ratio

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