Procter & Gamble Investor Presentation — February 2020

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Sales GrowthBT Margin

ImprovementFree Cash Flow

Growth0% +200 bps 90%+ Target

High Sales Growth+8% +0 bps 90%+ Target

Across 3 DriversLow to

Mid-singles30-50bps 90%+ TargetTOTAL SHAREHOLDER RETURN (TSR)

BALANCE ACROSS KEY DRIVERS

P&G DRIVING 28% OF GLOBAL CATEGORY GROWTH

P&G CATEGORYFYTD thru NOVEMBER 20 19 – GLOBAL

P&G CATEGO RY M ARKET G ROWT H CONTRIBUTION

P&G Share P&G Share Contribution to Market Growth

1 2 3 4 5 6 7 8 9 10100%

P&G Share P&G Share Contribution to Market Growth

P&G DRIVING 45% OF U.S. CATEGORY GROWTH

P&G CATEGORYFYTD thru NOVEMBER 20 19 – UNITED STATES

P&G CATEGO RY M ARKET G ROWT H CONTRIBUTIONFY 2020

GUIDANCE 1H FY ‘20CURRENT

Organic Sales 3 to 4% +6%4 to5%

Core EPS 4 to 8% +18%8 to11%

Neutral Core EPS +19%

Cash Flow Productivity 90% 96%100%

to Shareholders$13.5 to

$14.5bn ~$10bn~$14.5 to

*Updated in Q2 FY ’20 Earnings Call on 1/23/204% 4%5%7% 7%

Q1 FY '19 Q2 FY '19 Q3 FY '19 Q4 FY '19 Q1 FY '20 Q2 FY '20ORGANIC SALES GROWTH

QUARTERLY PROGRESSION

Growing/Holding Skin & Personal Care +13%

Personal Health Care +11%

FY 2020 FRONT HALF8 of10

VALUE SHARE*TOP 50 Category/

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