Procter & Gamble Investor Presentation — December 2019

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December 3, 2019MORGAN STANLEY

CONFERENCEFORWARD LOOKING STATEMENTS

Certain statements in this release or presentation, other than purely historical information, including estimates, projection s, statements relating to our business plans, objectives, and

expected operating results, and the assumptions upon which those statements are based, are “forward -looking statements” within t he meaning of the Private Securities Litigation Reform

Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward -looking statements generally are identified by the words

“believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “shou ld,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar

expressions. Forward -looking statements are based on current expectations and assumptions, which are subject to risks and uncert ainties that may cause results to differ materially from

those expressed or implied in the forward -looking statements. We undertake no obligation to update or revise publicly any forwar d-looking statements, whether because of new

information, future events or otherwise.

Risks and uncertainties to which our forward -looking statements are subject include, without limitation: (1) the ability to succ essfully manage global financial risks, including foreign

currency fluctuations, currency exchange or pricing controls and localized volatility; (2) the ability to successfully manage local, regional or global economic volatility, including reduced

market growth rates, and to generate sufficient income and cash flow to allow the Company to affect the expected share repurc hases and dividend payments; (3) the ability to manage