Procter & Gamble Investor Presentation — July 2019

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July 30, 2019Business Results

Fiscal Year 2019Met or exceeded each of the going -in core targets for sales, profit and cash.

Organic sales grew +5% driven by volume, pricing and mix.

9 of 10 global categories grew organic sales.

Organic sales broad based with 15 of our top 15 largest markets equal to or

Strong and improving market share trends.

33 of our top 50 country/category combinations held or grew value share this

fiscal year up from 26 last fiscal year, 23 in FY 2017 and 17 in FY 2016.Fiscal Year 2019

Organic Sales 2 to3% +5%

Flow Productivity 90%105%

to ShareholdersUp to

FY '16 FY '17 FY '18 FY '19FY 2019 sales growth was driven by

volume, pricing and mix. ORGANIC SALES GROWTH

ANNUAL PROGRESSION-2%7%8%

FY '16 FY '17 FY '18 FY '19CORE EPS GROWTH

ANNUAL PROGRESSION7%11%

FY '16 FY '17 FY '18 FY '19CURRENCY -NEUTRAL CORE EPS GROWTH

ANNUAL PROGRESSIONGILLETTE SHAVE CARE IMPAIRMENT

GAAP EARNINGS IMPACT

•In Q4 FY ’19, the Company took a one -time, non -cash accounting charge of

$8 billion to adjust the goodwill and intangibles carrying values of Gillette

Shave Care business.

•The charge is a non -core earnings per share adjustment of $3.02 in Q4 FY ’19

and $3.03 in FY ’19.

•Key drivers of the impairment:

•Significant devaluations over the past decade

•Lower shaving frequency has reduced the size of blades & razors market in

•More recently, and much less of an impact, new competitors have entered at

prices below the category average .IMPAIRMENT & ANTI -DILUTIVE ACCOUNTING

•GAAP earnings reflect a one -time,

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