Trian Partners Activist Presentation Deck

P&G's Dividend Suffered as Revenue and Earnings Growth Stalled P&G's dividend per share growth is near worst in class as growth has stalled over the last few years ▪ At the same time, EPS growth has been flat, resulting in a payout ratio that is the highest in the industry We are not suggesting that P&G cut its dividend. Rather, it is imperative that P&G returns to consistent market share growth to support healthy earnings and dividend growth in the future ■ Payout Ratio Current Payout Ratio Change in Payout Ratio P&G Dividend Per Share Growth Has Stalled While Payout Ratio Has Increased... Growth has stalled... $1.97 2011 50% 344% URCH DWI LING 40% 8.6% 125% (Henkel $2.14 30% 2012 56% 7.0% 83% $2.29 L'ORÉAL 51% 2013 57% 7.0% 56% Dividend Per Share Growth (Change over Last 6 Fiscal Years) Unilever $2.45 68% 2014 58% 53% → COLGATE-PALMOLIVE 5.7% 55% $2.59 2015 64% 47% CLOROX 2.7% 61% 39% $2.66 2016 72% 59% 1.5% 37% Kimberly-Clark P&G $2.70 Peer Average: 98% Peer Median: 54% 69% 2017 69% 33% Reckitt Benckiser 45% +23ppt +5ppt +6ppt +8ppt +13ppt +5ppt +3ppt +19ppt -5ppt Source: SEC filings and annual reports. Note: Edgewell Personal Care excluded due to the fact that dividends were not paid until 2012 and dividend policy materially changed after the Energizer Holdings spin-off. Beiersdorf excluded as the company has paid a flat €0.70 dividend since 2011. - 26 -

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