Trian Partners Activist Presentation Deck

Outsiders Will Come Up with Great Ideas that P&G Can Take Advantage Of Through M&A, As Peers Have Done Reckitt Benckiser (Henkel CO. DWIG INC L'ORÉAL Edgewell PERSONAL CARE Unilever CLOROX Cumulative M&A Spend Since YE 2011 COLGATE-PALMOLIVE P&G Beiersdorf $ Spend % of Current Enterprise Value $17.7bn $6.9bn $1.5bn $5.9bn $0.2bn $5.9bn $0.3bn $0.1bn 0.2% $0.5bn 0.2% 1.5% <$0.1bn 0.1% 5.0% 4.3% 3.6% 20.6% 12.3% 10.9% Examples of Small / Mid-Size Acquisitions (¹) Unilever Reckitt Benckiser(2) Church & Dwight L'Oréal DOLLAR SHAVE CLUB Henkel Jontex dermalogica seventh generation. Avg. Price Per Brand Acquired: $225mm торрiк RiCritters indulekha CAMAY zest Atelier Cologne - Maison de Parfum PARIS Schiff MegaRed OLLA Avg. Price Per Brand Acquired: $212mm DECLÉOR PARIS Airborne vitafusion VI-COR The power of V laran Surf Blueair Avg. Price Per Brand Acquired: $148mm it COSME KY COSMETICS Anusol RECTINOL all sexyhair Kimberly-Clark <$0.1bn 0.1% SHAMTU Fab Avg. Price Per Brand Acquired: $178mm Source: SEC filings and annual reports. (1) Average price per brand acquired represents total dollars spent on M&A since YE 2011 divided by total brands acquired (excludes acquisition of non-controlling interests where disclosed). (2) Reckitt Benckiser's average price per brand acquired excludes the recent acquisition of Mead Johnson, as it was transformational. CeraVe DEVELOPED WITH DERMATOLOGISTS NYX 美即 Avg. Price Per Brand Acquired: $295mm XTREME - 63 -

View entire presentation