Our Integrated Strategy to Win

Our integrated strategy is the foundation for strong balanced growth and value creation for the near and long term — to focus and strengthen our portfolio in daily use categories where performance drives brand choice; to establish and extend the superiority of our brands across product, packaging, communication, retail execution and value; to make productivity as integral to our culture as innovation; to lead constructive disruption across the value chain; and to improve organization focus, agility and accountability. These are not independent strategic choices. They reinforce and build on each other, and when executed well, lead to balanced top- and bottom-line growth and value creation.

This strategy is working, and we believe it puts us in a good position to deal with and overcome the challenges of the current macroeconomic environment we find ourselves in.

P&G’s integrated and mutually reinforcing strategies are the foundation for strong, balanced growth and value creation.

INTEGRATED GROWTH STRATEGY

PORTFOLIO performance drives
brand choice

ORGANIZATION empowered, agile, accountable

SUPERIORITY to win with
consumers

CONSTRUCTIVE DISRUPTION across our business

PRODUCTIVITY to fuel
investments

VARIOUS STATEMENTS IN THIS ANNUAL REPORT, including estimates, projections, objectives and expected results, are “forward-looking statements” within the 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 and are generally identified by the words “believe,” “expect,” “anticipate,” “intend,” “opportunity,” “plan,” “project,” “will,” “should,” “could,” “would,” “likely” and similar expressions. Forward-looking statements are based on current assumptions that are subject to risks and uncertainties that may cause actual results to differ materially from the forward-looking statements, including the risks and uncertainties discussed in Item 1A – Risk Factors of the Form 10-K/A included in this Annual Report. Such forward-looking statements speak only as of the date they are made, and we undertake no obligation to update or revise publicly any forward-looking statements, except as required by law.