Trian Partners Activist Presentation Deck

Peers Have Outperformed P&G on Growth and Margin Expansion Since The Productivity Plans Began I I ■ P&G claims it over-delivered on its 2012-2016 $10bn productivity plan, and is now one year into a new $12-13bn plan, yet peers have grown organic sales and operating margin faster since the plans began P&G cites currency headwinds for lack of margin progress, but most peers have dealt with and overcome currency headwinds (see page 25) Cumulative Organic Sales Growth (FY 2011 - FY 2017) 38% Unilever 29% Unilever COLGATE-PALMOLIVE 26% Beiersdorf CLOROX 25% Reckitt Benckiser L'ORÉAL 22% Edgewell (Henkel) 180 bps 210bps 240 bps-248 bps- 277 bps 307 bps PERSONAL CARE HURCH CO. 21% &DWIG CO INC VO 21% Peer Change in Operating Margin Since Before the Cost Plans (FY 2011 - FY 2017) 600 bps COLGATE-PALMOLIVE 21% L'ORÉAL Kimberly-Clark CLOROX 359 bps Beiersdorf 20% 440 bps 482 bps (1%) Henkel Kimberly-Clark Edgewell PERSONAL CARE Avg: 22% Avg: 334 bps Reckitt Benckiser 14% P&G 198 bps P&G Disconnect between actual productivity results and P&G's claims... "As of July 1 [2016], we have reduced [overhead] roles by nearly 25%, 2.5 times the original target. Including divestitures, we'll reduce roles by about 35% by the end of fiscal 2017. To put these headcount reductions into perspective, we compared ourselves to 3G, I generally regarded as the best-in-class benchmark in cost management and overhead efficiency. Our 25% reduction in overhead ! manufacturing staffing compares to the 3G benchmark range of 5% to 23%." - P&G, Analyst Day Presentation, 11/18/2016 I Source: SEC filings and annual reports. - 51-

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