Trian Partners Activist Presentation Deck

TSR Has Trailed the Vast Majority of Peers VE Source: Note: TURLIG DWIGE CO INC TSR-10-Year Reckitt Benckiser (Henkel) Unilever Peer Avg. CLOROX COLGATE-PALMOLIVE Kimberly-Clark Consumer Staples L'ORÉAL Beiersdorf S&P i P&G Edge Edgewell PERSONAL CARE 39% 97% 93% 278% 155% 101% 289% 276% 210% 195% 174% 171% 189% 402% Reckitt Benckiser (Henkel) Unilever L'ORÉAL CLOROX URCH DWIC 5 CO INC Peer Avg. TSR-5-Year S&P Beiersdorf Consumer Staples Kimberly-Clark Edgewell PERSONAL CARE → COLGATE-PALMOLIVE 90% 67% 93% 89% 84% 68% 102% 126% 123% 120% 141% 118% 175% 162% Reckitt Benckiser URCH DWIC TSR-4-Year CO, INC Unilever CLOROX (Henkel) Peer Avg. S&P L'ORÉAL Consumer Staples Kimberly-Clark Beiersdorf → COLGATE-PALMOLIVE PERSONAL CARE P&G Capital IQ. TSR measured through June 15, 2017, one day before rumors surfaced of Trian seeking Board representation. TSR calculated as if an investor had purchased one share of stock on the first day of the measured period and thus it includes the pro rata return of any spun-off segments (if relevant). "Consumer Staples" is represented by The Consumer Staples Select Sector SPDR Fund (XLP). P&G 42% 34% 30% 54% 56% 49% 64% 62% 67% 97% 86% 85% 84% 78% - 19 -

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