A Winning Strategy

Our integrated strategy was delivering strong results before the crisis, it is serving us well during the pandemic, and we believe it will continue to serve us well after the crisis through a portfolio of daily-use categories where performance drives brand choice; superiority across product, package, brand communication, retail execution and value; productivity in all areas of cost and cash; constructive disruption in all facets of our operations; and a more agile, accountable and empowered organization.

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. There is still opportunity for improvement in every facet of this strategy, and we continue to raise the bar to deliver sustained excellence.

Integrated Growth Strategy

Our strategic choices are the foundation for balanced top- and bottom-line growth. We believe they position P&G well to continue to serve the heightened needs and new behaviors of consumers and our retail and distributor partners.

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 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.