Trian Partners Activist Presentation Deck

TSR Has Trailed the Vast Majority of Peers (Cont'd) Unilever Reckitt Benckiser CLOROX URCH DWIGH L'ORÉAL (Henkel) Peer Avg. Consumer Staples S&P TSR - 3-Year Beiersdorf Kimberly-Clark P&G COLGATE-PALMOLIVE Edgewell PERSONAL CARE 11% 35% 34% 20% 39% 32% 23% 55% 55% 48% 76% 62% 69% 69% Unilever Reckitt Benckiser CLOROX URCH TSR - 2-Year DWICK CO., INC Kimberly-Clark Peer Avg. Consumer Staples Beiersdorf (Henkel) S&P COLGATE-PALMOLIVE P&G L'ORÉAL Edgewell PERSONAL CARE 41% 34% 31% 31% 27% 47% 26% 24% 23% 22% 22% 20% 63% Unilever TSR - 1-Year (Henkel) Beiersdorf S&P Reckitt Benckiser L'ORÉAL Peer Avg. P&G URCH &DWIC CO., INC. Consumer Staples COLGATE-PALMOLIVE CLOROX Kimberly-Clark (3%) Source: Capital IQ. TSR measured through June 15, 2017, one day before rumors surfaced of Trian seeking Board representation. Note: 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). Edgewell (5%) PERSONAL CARE 2% 9% 11% 10% 9% 10% 26% 20% 15% 22% 21% 19% 42% - 20 -

View entire presentation