Trian Partners Activist Presentation Deck

What We Are NOT Recommending Trian's objective is to create sustainable long-term value at P&G. Trian is: NOT advocating for the break-up of the Company ▪ NOT suggesting that the CEO be replaced NOT seeking to replace any Directors ▪ NOT advocating taking on excessive leverage ▪ NOT seeking to cut pension benefits ▪ NOT suggesting that research & development, marketing expense or capital expenditures be reduced ▪ NOT seeking cost cuts that could impact product quality NOT suggesting the Company move out of Cincinnati ■ I If elected, Nelson's first action as a P&G Director would be to recommend that the Board reappoint the P&G nominee who was not re-elected - 4-

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