Stepping Up and Stepping Forward

Looking ahead, we believe that the volatility and challenges we face may continue for some time. While parts of the world have returned to some sense of normality, there are many parts still well in the midst of the pandemic. There also may be a resurgence of the virus in many places now thought of as generally safe. And, the economic impact has yet to be fully realized.

Over the long term, we believe we are well-positioned to serve consumers and create value in an attractive industry. While we are not immune to recession, our strategy puts us on better footing than prior downturns to weather economic headwinds.

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Our portfolio is now focused on daily use items where performance drives brand choice. We have much less exposure to discretionary items than we had during the last downturn. We’ve increased the superiority of our offerings, which makes the proposition of switching to a lower performance product a much more difficult decision for consumers. While not perfect, we have stronger entries across price tiers. We are emphasizing performance-based, value messaging. We have relevant pack sizes designed to hit key cash outlay thresholds for consumers who need to make week-to-week purchase decisions based on cash availability. Our productivity muscle is now well developed. We’re embracing disruption constructively. And, we have a more empowered, agile and accountable organization.

The best response to the uncertainties and sources of volatility we face is to double down on our integrated set of strategic choices, which are delivering very strong results. These mutually reinforcing strategies are the foundation for strong, balanced growth and value creation.

The weeks and months ahead will not be easy, but we take a long view, and I believe our best days are ahead of us because of P&G people. We’ll come out of this stronger than before — stepping up and stepping forward together to win with consumers, shoppers and customers, individually and collectively unleashing our capability to deliver outstanding results.

David S. Taylor signature

DAVID S. TAYLOR

Chairman of the Board, President and Chief Executive Officer

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.