Trian Partners Activist Presentation Deck

Proposed Structure Has Numerous Advantages Over Current Matrix 3 GBUS Under Lean Holding Company Clear accountability GBU leaders are empowered GBU has full control of its own sales force GBU leader decides whether to opt-in to shared services (procurement, distribution & logistics, pooled resources in small markets, etc.) Creates "no place to hide" dynamic as GBU leaders will produce strong results or be replaced Better positioned to compete locally Power moves to GBUS and, in turn, GBU's respective regional leaders, away from Corporate Regional leaders under each GBU control the P&L for their geography; people closest to customers and local markets control the P&L Regional leaders empowered to make operating decisions in response to local trends Less Bureaucracy Allows P&G to operate lean at Corporate GBU leaders have the institutional power to ensure Corporate Functions and Global Business Services are efficient Optimizes synergies GBU leaders will choose shared services (procurement, distribution & logistics, media buying, pooled resources in small markets, etc.) if truly producing synergies and benefits of scale x Limited accountability - Current Matrix - Sales resources (SMOS) sit outside of the GBU Functions often report to corporate, not GBU Decision-making distributed across various leaders (SMO leader, GBU leader, Corporate) "Nobody is in charge" dynamic leads to slow and bureaucratic decision making * "Global" power center hampers ability to compete locally Power resides at the global level for categories, Corporate Functions and Global Business Services, but local dynamics have never been more important Global categories incentivized to focus on biggest global brands and standardized products despite local differences x Highly matrixed structure drives suffocating bureaucracy Corporate Functions and Global Business Services grow unwieldy supporting 10 categories and 6 SMOs on a global basis, with limited accountability Leads to significant allocations of costs related to Corporate Functions and Global Business Services over which P&L leaders have little or no control * The leveraging of costs never materializes The purpose of the matrix is to leverage costs, but lack of accountability leads to excessive costs and bureaucracy - 45 -

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