Procter & Gamble Company (the) · NYSE:PG
Procter & Gamble Company (the) — Proxy Contest (September 2017)
85 slides from Procter & Gamble Company (the)'s proxy contest presentation, Sep 11, 2017
Slide 1: P&G Is Executing a Strategy that is Working
P&G Is Executing a Strategy that is Working September 2017
Slide 2: Forward-Looking Statements
Forward-Looking Statements Certain statements in this release or presentation, other than purely historical information, including estimates, projections, statements relating to our business plans, objectives, and expected operating results, and the assumptions upon which those statements are based,
Slide 3: Important Additional Information and Where to Find It
Important Additional Information and Where to Find It The Company has filed a definitive proxy statement on Schedule 14A and form of associated BLUE proxy card with the Securities and Exchange Commission (“SEC”) in connection with the solicitation of proxies for its 2017 Annual Meeting of Shareholde
Slide 4: Company Overview: FY2017 Sales and EBIT Breakdown
FY2017 Sales Breakdown At a Glance By Segment By Geography FY2017 EBIT Breakdown (1) Company Overview Founded in 1837, P&G is a global provider of branded consumer packaged goods across 10 core categories – Hair Care, Skin and Personal Care, Grooming, Oral Care, Personal Health Care, Fabric Care, Ho
Slide 5: P&G's Portfolio
P&G’s Portfolio Daily use categories where products solve problems and performance drives purchase Feminine Care Baby Family Fabric Home Hair Skin & Personal Care Grooming Oral Personal Health Care
Slide 6: P&G Is the Market Leader in Its Categories
P&G Is the Market Leader in Its Categories More Billion-Dollar Brands than Any Other Competitor P&G is the market leader in categories where products solve problems and performance drives purchase #1 global share position in 7 of our 10 categories #2 global share position in our 3 other categories A
Slide 7: P&G's Strategy Is Producing Results and Creating Shareholder Value
P&G’s Strategy Is Producing Results and Creating Shareholder Value Total Shareholder Return Comparison November 1, 2015 to September 6, 2017 (1) Source: Bloomberg as of September 6, 2017. (1) The peers selected by Trian in its September 6, 2017 White Paper are as follows: Beiersdorf, Church & Dwight
Slide 8: P&G Is a Leader in Returning Capital to Shareholders
% of Market Cap 22 % 32 % 66 % 59 % 35 % 45 % 40 % 41 % 38 % 38 % 24 % P&G Is a Leader in Returning Capital to Shareholders – More than $135 Billion Over the Last 10 Years Source: Company Filings, Capital IQ, Market data as of September 6, 2017. (1) P&G share repurchases include shares retired as pa
Slide 9: P&G Has a Long History of Shareholder Value Creation
P&G Has a Long History of Shareholder Value Creation 9 $92.72 (1) +6,281% Strong Share Price Performance Coupled with a History of 127 Consecutive Years of Dividends and 61 Consecutive Years of Dividend Increases S&P500 +2,465% (1) Share price as of September 6, 2017. $
Slide 10: A Profoundly Different Company
Roles A Profoundly Different Company Portfolio Strengthening Productivity $10Bn $10Bn + Supply Chain Transformation Organization 4YR Operating Margin +270 bps | Profit per Employee +45% -32% Up to Fem Care Baby Family Fabric Home Hair Skin & PC Grooming Oral PHC
Slide 11: P&G Has a Streamlined and Strengthened Portfolio
P&G Has a Streamlined and Strengthened Portfolio In 10 Categories 65 Brands 10 Categories 170 Brands 16 Categories Daily Use Categories Where Products Solve Problems and Performance Drives Purchase Categories that Leverage P&G’s Core Strengths: Consumer Understanding, Branding, Product & Package Inn
Slide 12: Perspectives on Divestitures
Perspectives on Beauty Divestiture Perspectives on Duracell Divestiture Perspectives on Folgers and Pringles Divestitures Perspectives on Pet Food Divestiture “As we have noted in the past, we believe a separation of Folgers is a good move for P&G, as it will allow the company to focus on its faster
Slide 13: P&G Is Driving Significant Productivity Improvement
P&G Is Driving Significant Productivity Improvement $10Bn $10Bn + FY ’12 – FY ‘16 FY ’17 – FY ‘21 Roles -32% | Profit per Employee +45% We delivered our first $10 billion productivity program, which ended in fiscal 2016, and have doubled-down on another $10 billion, starting last fiscal year. We are
Slide 14: Significant Cost Savings and Cash Productivity
P&G Is Driving Significant Cost Savings and Cash Productivity $8.7Bn Agency/Production Savings FY2015 – FY2017 Cumulative Reduction Number of Agencies ~ 65% Reduction ($ Million) 775 14 (1) Excludes divestitures.
Slide 15: Market Conditions – Large FX Impacts
Market Conditions – Large FX Impacts $ Billion FY’13 FY’14 FY’15 FY’16 FY’17 Cumulative Sales Impact (1.9) (2.0) (4.4) (4.4) (1.3) ($14.0) % Sales Growth (2%) (3%) (6%) (6%) (2%) (19%) After Tax Profit Impact (0.5) (1.0) (1.5) (1.0) (0.4) ($4.4) % Earnings Growth (4%) (9%) (14%) (9%) (4%) (44%) 15 O
Slide 16: Productivity Overcame Negative FX Impacts and Improved Margins
Productivity Overcame Negative FX Impacts and Significantly Improved Margins $ Billion (BT) Foreign Exchange / Commodities 7.0 Wage Rate Inflation 1.0 Venezuela 0.6 Operating Margin Improvement 1.5 Total 10.1 The savings were used to offset $7 billion of FX, $1 billion of related wage rate inflation
Slide 17: Constant Currency Core EPS Growth and Margin Improvement
P&G Is Driving Significant Constant Currency Core EPS Growth and Margin Improvement Constant Currency FY ‘13 FY ‘14 FY ‘15 FY ‘16 FY ‘17 Core EPS Growth Core EPS Growth +10% +14% +11% +7% +11% Core Gross Margin +50 bps +10 bps +90 bps +290 bps +60 bps Core Op. Margin +50 bps +150 bps +130 bps +240 b
Slide 18: P&G Is Driving Margin Improvement
P&G Is Driving Margin Improvement FY’13 FY’17 Core Gross Margin 48.8% 50.8% Versus 2012/13 Constant Currency +2.0% +4.5% Core Op. Margin 19.4% 22.1% Versus 2012/13 Constant Currency +2.7% +6.1%
Slide 19: Industry-Leading Margins, Interest Rates and Tax Rates
P&G Earns Industry-Leading Margins and Has Best-in-Class Interest Rates and Tax Rates Interest Rates Among the Most Favorable Tax Rate Among Industry’s Lowest After-Tax Profit Margin 2nd Highest in Peer Group Core Operating Margin 3rd Highest in Peer Group
Slide 20: Sources of Potential Savings from Second Productivity Plan
$ Billion (BT) Cost of Goods Sold 7.0 Marketing Efficiencies 2.0 Trade Spending 1.5 Overhead Spending 1.0-2.0 Total 11.5-12.5 P&G continues raising the bar on productivity and has committed up to another $10Bn(1) in productivity savings Sources of Potential Savings from P&G’s Second Productivity Pla
Slide 21: Productivity Program Drives Balanced Growth and Value Creation
P&G’s Productivity Program Drives Balanced Growth and Value Creation Source: Wall Street Research. (1) Permission to quote neither sought nor obtained. “Over the last few years, PG has delivered—and arguably over-delivered—with respect to not only executing its restructuring program but also generat
Slide 22: Supply Chain Transformation Drives Top and Bottom Lines
2013 2017 We’re dramatically transforming our supply chain – in North America, followed by Europe and Latin America, with plans in India, Middle-East and Africa. Savings will ramp up over the next 2 years New U.S. mixing centers are up and running – putting 80% of shipments within 24 hours of retail
Slide 23: Old Organizational Structure – The Thicket
Old Organizational Structure – “The Thicket” 16 Business Units x 6 Regions 16 Business Units 16 Business Units x 6 Regions x Functions “The Thicket” 16 Global Business Units… …6 Market Development Organizations with staffing and responsibilities that overlapped the GBUs… …and heavily staffed functio
Slide 24: New Organization Is Simpler, Faster, Accountable
NEW Design “End-to-End” 10 Categories “Freedom in a Framework” Markets There is now one organizing principle for P&G – the product category P&G’s Organization Is Simpler, Faster, Accountable 70% of Sales 30% of Sales Product categories own responsibility for innovation, manufacturing and marketing C
Slide 25: Organization Transformation Drives Efficiency and Accountability
Organization Transformation Is Driving Efficiency and Accountability Source: Wall Street Research. (1) Permission to quote neither sought nor obtained. “We are encouraged by PG’s continued emphasis on agility, its focus on improving digital competency, and its willingness to look externally to suppl
Slide 26: A Profoundly Different, Stronger, More Profitable Company
P&G Is a Profoundly Different, Much Stronger, More Profitable Company -60% Categories -70% Brands -50% Manufacturing Platforms -32% Total Roles -50% Advertising & PR Agencies -60% Office Buildings -25% Research & Development Centers -50% Legal Entities
Slide 27: Strong Year of Results Meeting or Exceeding FY2017 Objectives
P&G Delivered A Strong Year of Results, Meeting or Exceeding All Fiscal 2017 Objectives Going-in Targets FY’17 Organic Sales ~ 2% +2% Core EPS mid-single digits +7% Capital Return to Shareholders ($Bn) 22 27 Adjusted Free Cash Flow Productivity 90%+ 94% Q4’17 +2% +8% 125% 2.5 ~22 (1) (1) P&G guided
Slide 28: P&G Has Delivered Strong Returns
Total Shareholder Return Comparison (1) November 1, 2015 to September 6, 2017 P&G Has Delivered Strong Returns Driven By Steady Progress and Results 28 P&G Has Outperformed Peers and the Market in TSR Our Stock Price Performance is Driven by Strong Results Source: Bloomberg as of September 6, 2017.
Slide 29: Superiority – Raising the Bar
Irresistibly Superior Products Irresistibly Superior Packaging Superior Brand Communication Superior In-Store & Online Execution Superior Consumer & Customer Value Equations New Standard of Excellence We’ve made the choice to double-down on meaningful superiority – products, packaging, brand communi
Slide 30: Irresistibly Superior Products and Packaging
Irresistibly Superior Products Raising the Bar | Product 1 Raising the Bar | Product & Packaging Superiority Drive Market Size Growth Mid-1970’s Current U.S. Fabric Care Market Size Market 4X 2 P&G Versus Market Country 1 140 Country 2 140 Country 3 110 Country 4 100 P&G Versus Market Country 5 120
Slide 31: Superior Communication, Execution and Value
Market 4X Superior Brand Communication Raising the Bar | Communication 3 Superior In-Store & Online Execution Raising the Bar | In-Store & Online Execution 4 Superior Consumer & Customer Value Equations Gain Flings! $0.23 per load (1) 5 Tide Purclean $0.23 per load (1) Tide Pods $0.26 per load (1) G
Slide 32: Dawn and Bounty Superiority Examples
Dawn and Bounty are great examples of products meeting all five superiority criteria They delight customers with product performance and packaging with clear and compelling communication to consumers. They look great in-store and online, and they offer superior value for consumers. Over last ten yea
Slide 33: P&G Innovation Leads the Industry
P&G has been an innovation leader for more than 50 years P&G brands are 5 of the Top 10 and 7 of the Top 25 innovations in the 2016 IRI New Product Pacesetters Report for the most successful non-food product launches Since the first IRI New Product Pacesetters™ Report in 1995, P&G has had more than
Slide 34: Innovation Drives New Brands and Blockbuster Sub-Brands
34 Women Using Right Product Pre-Always Discreet Post-Always Discreet 1 in 9 1 in 7 Category growth accelerated +50% FY’17 Household Penetration 16% in 2016 23% Global market is growing 15% and is ~25% of diapers P&G is global leader with 28% share, up 5% vs. year ago #1 Shampoo in the world with $3
Slide 35: P&G Innovation Drives Breadth of Results
P&G Innovation Drives Breadth of Results 35 ~$3Bn ~30% growth Online Presence is Growing Significantly BRAND EQUITY SCORES among Millennials BRANDS with Millennials #1 #1 Leadership Brands that Resonate with Millennials Larger than Top 2 Peer Competitors Combined
Slide 36: P&G Innovation Drives Market Leadership
#1 40% #1 28% #1 36% #1 50% #1 64% P&G Innovation Drives Market Leadership P&G Brand U.S. Market Share(1) Rank P&G Brand U.S. Market Share(1) Rank #1 #1 #1 #1 54% 44% 49% 47% (1) U.S. market share as of July 2017. #1 34% #1 66% #1 41% P&G Share vs. #2 Competitor 2.0x 1.0x 2.5x 3.0x 3.0x 5.5x 3.0x 2.
Slide 37: Highly Engaged Board Overseeing P&G's Transformation
Our Highly Engaged Board Is Overseeing P&G’s Transformation… World-Class Board with the Right Skills & Experiences Established Leadership Across Industries Men and women who are leaders in a variety of relevant fields, including consumer products, retail, digital technology, innovation, healthcare,
Slide 38: Board Experience Repositioning Companies
….With Experience Repositioning Companies to Address Changing Consumer Dynamics W. James McNerney, Jr. Meg Whitman Director since 2011 #6 on Forbes’s 2016 list of Self-Made Women President and CEO of Hewlett Packard Enterprise From 2011 to 2015, served as President and CEO for Hewlett-Packard Compan
Slide 39: P&G Has a World-Class Board of Directors
P&G Has a World-Class Board of Directors Our selection process has resulted in a Board that is highly diverse, highly qualified, highly engaged, with the right mix of skills and experiences that are needed to oversee the Company’s continuing transformation Frank Blake Angela Braly Amy Chang Ken Chen
Slide 40: Rigorous Board Selection Process
P&G Has a Rigorous Board Selection Process Represents interests of all shareholders vs. special constituencies Demonstrates character & integrity Inquiring mind Experience at a strategy / policy setting level or high level managerial experience in a complex organization Works effectively with others
Slide 41: Recent Board Addition Demonstrates Rigorous Selection
Experience Recent Board Addition Demonstrates Rigorous Selection Process Examples of Specific Attributes Currently Desired in Candidates Experience in science, technology or healthcare innovation Gender diversity Ethnic diversity Geographic diversity Digital “Native” (highly fluent in the digital ec
Slide 42: Director Biographies: Blake and Braly
Director since 2015 Francis (Frank) S. Blake Director since 2009 Angela Braly Mr. Blake is the former Chairman of the Board and Chief Executive Officer of The Home Depot, Inc. He served as Chairman of the Board from 2007 until his retirement in 2015 and as CEO from 2007 to 2014. He previously served
Slide 43: Director Biography: Amy Chang
Ms. Chang is the founder and CEO of Accompany, Inc. (a relationship intelligence company), a position she has held since 2013. She previously held positions of increasing responsibility at Google, Inc. from 2005 to 2012, most recently serving as Global Head of Product, Google Ads Measurement and Rep
Slide 44: Director Biographies: Cook and Lundgren
Mr. Cook is Chairman of the Executive Committee of the Board of Intuit Inc. (a software and web services company), which he co-founded in 1983. He served as President and CEO of Intuit from 1983 to 1994 and as Chairman of the Board of Intuit from 1993 through 1998. Mr. Cook served on the Board of eB
Slide 45: Director Biography: McNerney
Mr. McNerney is a Senior Advisor at Clayton, Dubilier & Rice, LLC (a private equity investment firm). He retired as Chairman of the Board of The Boeing Company in 2016. He was President of The Boeing Company from 2005 to 2013, CEO from 2005 to 2015, and Chairman of the Board from 2005 to 2016. From
Slide 46: Director Biographies: Whitman and Woertz
Ms. Whitman is President and CEO of Hewlett Packard Enterprise. She was President and CEO of Hewlett-Packard Company from 2011 through 2015, as well as Chairman from 2014 through 2015, and President and CEO of eBay Inc. from 1998 to 2008. Since 2015, she has been a Director of Hewlett Packard Enterp
Slide 47: Best-in-Class Governance Practices
P&G Has Best-in-Class Governance Practices... Declassified Board with all Directors annually elected Shareholders have right to call a special meeting Shareholders have right to act via written consent No poison pill Specified retirement age (72) and term limit (18 years) for Directors No supermajor
Slide 48: Shareholder-Focused Governance Relative to Peers
Church & Dwight Clorox Colgate Kimberly-Clark Edgewell vs. S&P 500 Constituents Annually Elected Board ü O ü ü ü ü 89% Lead Independent Director ü ü ü ü ü ü 87% Shareholder Right to Call Special Meetings ü O ü ü ü O 63% Shareholder Right to Act via Written Consent ü ü ü O ü ü 30% No Poison Pill ü ü
Slide 49: Strong Compensation Practices
No employment contracts with executives containing special severance payments (e.g., golden parachutes) No special executive retirement programs and no severance programs that are specific to executive officers No gross-up payments to cover personal income taxes or excise taxes that pertain to execu
Slide 50: Realigned Compensation Incentives
Fixed Performance-Based Short-term Long-term NEO Compensation by Type Performance-based NEO Comp Employee compensation is more directly tied to category results than ever before in P&G’s history Sales professionals’ incentive compensation in key markets selling one product category tied to category
Slide 51: Compensation Targets Based on High Standards
P&G’s Compensation Targets Are Based on High Standards and Above-Market Growth Rates Balanced formula focused on top and bottom-line growth Organic sales growth (30% weighting) Operating profit growth (20% weighting) EPS growth (30% weighting) Free cash flow productivity (20% weighting) Targets set
Slide 52: Board Is Focused on Creating Long-Term Shareholder Value
P&G’s Board Is Focused on Creating Long-Term Shareholder Value The Board has been overseeing and guiding the most significant transformation in the Company’s history P&G flawlessly executed a large number of divestitures within a short time, resulting in a stronger, more focused portfolio Over the l
Slide 53: P&G Is at the Forefront of ESG Initiatives
At P&G, we aspire to build a better world, inside and outside of P&G – a world free from gender bias and a world with equal representation and an equal voice for women and men. P&G Is at the Forefront of ESG Initiatives Gender Equality We desire to be as diverse as the people who use our products. T
Slide 54: Trian Has Not Produced Any New Ideas
Trian Has Not Produced Any New Ideas That Make Sense For P&G P&G Board and management have maintained an open dialogue and have had more than sixteen interactions with Trian. In these discussions: Mr. Peltz was initially supportive of P&G and its ongoing transformation and plan Mr. Peltz offered no
Slide 55: Chronology of P&G's Engagement with Mr. Peltz and Trian
Chronology of P&G's Engagement with Mr. Peltz and Trian 55 Date Event February 14 News outlets reported Trian had taken a stake in P&G and Trian filed Schedule 13F disclosing ownership position February 16 Mr. Taylor and Mr. Peltz spoke by telephone and agreed to meet in person March 7 Messrs, Taylo
Slide 56: Chronology of Engagement (continued)
56 Date Event May 4 Messrs, Peltz and another Trian employee came to the Company’s Global Leadership Council (GLC) meeting, where Mr. Peltz spoke to the GLC for approximately an hour May 8 Messrs, Peltz and Taylor spoke telephonically and Mr. Peltz continued to ask for a seat on the Board May 18 Mes
Slide 57: Initiatives Offered Confirm Trian Has Outdated View: Accountability
"Initiatives" Offered Confirm Trian Has an Outdated and Misinformed View of P&G Trian’s “Initiative” Trian’s Approach P&G’s Current Strategy Increase Accountability Reorganize P&G into a holding company structure with three business units Prior to implementing our transformation, we studied numerous
Slide 58: Trian Initiative: Productivity Plan
Trian’s “Initiative” Trian’s Approach P&G’s Current Strategy Ensure Productivity Plan Delivers Results “Seek to ensure” P&G delivers on its productivity targets, and that they are reinvested in the business and grow operating profit P&G’s 2012-2016 productivity initiatives exceeded the $10 billion c
Slide 59: Trian Initiative: Innovation and Local Brands
Trian’s “Initiative” Trian’s Approach P&G’s Current Strategy Improve Innovation “Propose a Board-led study” Rather than “study” innovation, P&G delivers superior innovation that meets consumer needs and grows share We hold leading brand market positions across our categories, which does not happen i
Slide 60: Trian Initiative: M&A and Digital
Trian’s “Initiative” Trian’s Approach P&G’s Current Strategy Focus on Growth via M&A Change culture and structure in order to develop improved post-merger integration and retain outside executives We intend to deliver on top- and bottom-line growth goals organically and have large opportunities in f
Slide 61: Trian Initiative: Culture and Governance
Trian’s “Initiative” Trian’s Approach P&G’s Current Strategy Address “Insular Culture” Set goal for ~25 of top 100 executives to have significant outside experience Our strategy is to hire and promote the best people, whether from inside or from outside External management-level hiring has quadruple
Slide 62: Trian's Holding Company Concept Is a Bad Idea
Trian's "Holding Company" Concept Is Its Only Idea, and It Is a Bad Idea Another example of Mr. Peltz’s misguided view of P&G’s business Adds management complexity, not management accountability Would result in higher costs, lower efficiency, reduced profits A change of this significance would compr
Slide 63: Trian's Specific Criticisms Are Demonstrably Wrong
When Trian Has Offered Specific Criticisms, They Are Demonstrably Wrong P&G Productivity Initiatives P&G Advertising Initiatives P&G’s productivity initiatives have been highly successful, and results of the program speak for themselves P&G accelerated and exceeded its $10 billion commitment announc
Slide 64: Organization Structure, Compensation and Long-Term Targets
P&G’s Organization Structure P&G’s Compensation and Long-Term Targets Trian’s claims regarding P&G’s organization are based on outdated information; P&G is already utilizing a more agile structure with increased accountability P&G has taken action to simplify its structure, enabling greater efficien
Slide 65: Shareholder Returns: Time Periods and Comparisons
65 P&G’s Shareholder Returns (Inappropriate Time Periods) P&G’s Shareholder Returns (Misleading Comparisons) Returns delivered by P&G since the transition of our CEO have outperformed peers Since the transition of our CEO, P&G has delivered TSR of 28%, which is well above that of the peers selected
Slide 66: P&G Has Done Its Homework - Mr. Peltz Has No Magic
P&G Has Done Its Homework - Mr. Peltz Has No Magic Conducted analysis of Trian’s past investments, including those in the consumer sector, and identified occurrences of: “Pulling forward” share price performance Many investments initiated following period of share price underperformance Following a
Slide 67: Feedback on Mr. Peltz's Impact at Other Companies
P&G has spoken with investors, analysts, members of Boards and senior executives at companies that have been impacted by Trian and the feedback we received was clear Several people, however, would only speak candidly about their experiences with Mr. Peltz if those discussions were kept confidential,
Slide 68: P&G Is a Leading Company
P&G Brand P&G Is a Leading Company… Market Leadership Across Categories Best-in-Class Margins History of Superior Capital Returns Strong Results Driving Shareholder Value Creation Core Operating Margin 3rd Highest in Peer Group After-Tax Profit Margin 2nd Highest in Peer Group $135bn+ Returned to Sh
Slide 69: That Is Delivering Results
…That is Delivering Results Since our CEO transition, we have outperformed peers and the market in terms of TSR Fiscal 2017 results demonstrate the effectiveness of the actions we have taken and the plan in place We have leading governance practices and a world-class, highly engaged and diverse Boar
Slide 70: Board Recommends Vote the BLUE Proxy Card
The Board of Directors Recommends That You Vote the BLUE Proxy Card as Follows: Additional Voting Matters Unanimous Board Recommendation Item Election of Directors For Each Nominee Recommended By Our Board Item Ratification of Independent Registered Public Accounting Firm Item Advisory Approval of E
Slide 71: Supplemental Material Appendix
Supplemental Material Appendix
Slide 72: P&G's TSR Time Frame Is the Right Comparison
P&G’s TSR Time Frame Is the Right Comparison End Date: Current Share Price P&G’s results are driving share price performance, not outside influences In aggregate, P&G operational events in 2017 moved P&G’s share price 1.9x more than Trian events Start Date: November 1, 2015 In prior campaigns (DuPon
Slide 73: P&G Year-to-Date Share Price Performance
P&G Year-to-Date Share Price Performance P&G’s Stock Price Performance Driven By Our Results, Not Outside Influences Source: Market data as of September 6, 2017 1 Trian proposes P&G’s performance should only be calculated until June 15, 2017, ignoring share price growth driven by P&G’s strong operat
Slide 74: Total Shareholder Return Comparison: Longer Time Horizons
Total Shareholder Return Comparison Longer Time Horizons are Less Relevant When Evaluating Our Share Price Performance P&G underwent a significant transformation and longer historical time horizons are not representative of our current strategy and outlook Transformed portfolio (exited brands and ca
Slide 75: Trian's TSR Comparison Ignores FX Impact
Last 3 Year Total Shareholder Return Total Shareholder Return Comparison Trian’s Comparison of Longer Term TSR Ignores the Impact of Changes in FX Rates Source: Market data as of September 06, 2017 Note: The TSR for “P&G Peers Per Trian” is a simple average of TSR in USD. For foreign companies in th
Slide 76: Additional Shareholder Proposals
Additional Shareholder Proposals Voting Matter Nominating Shareholder Summary Rationale Against Adopt Holy Land Principles Holy Land Principles, Inc. Make all possible lawful efforts to implement and/or increase activity on each of the eight Holy Land Principles; a set of 8 equal opportunity employm
Slide 77: Regulation G Reconciliation of Non-GAAP Measures
The Procter & Gamble Company Regulation G Reconciliation of Non-GAAP Measures In accordance with the SEC's Regulation G, the following provides definitions of the non-GAAP measures used in the attached presentation and the reconciliation to the most closely related GAAP measure. We believe that thes
Slide 78: Regulation G Reconciliation of Non-GAAP Measures
The Procter & Gamble Company Regulation G Reconciliation of Non-GAAP Measures Organic sales growth: Organic sales growth is a non-GAAP measure of sales growth excluding the impacts of acquisitions, divestitures and foreign exchange from year-over-year comparisons. Managements believes this measure p
Slide 79: Regulation G Reconciliation of Non-GAAP Measures
The Procter & Gamble Company Regulation G Reconciliation of Non-GAAP Measures *Acquisition/Divestiture Impact includes mix impacts of acquired and divested businesses and rounding impacts necessary to reconcile net sales to organic sales. Organic Sales Growth:
Slide 80: Regulation G Reconciliation of Non-GAAP Measures
The Procter & Gamble Company Regulation G Reconciliation of Non-GAAP Measures
Slide 81: Regulation G Reconciliation of Non-GAAP Measures
The Procter & Gamble Company Regulation G Reconciliation of Non-GAAP Measures
Slide 82: Regulation G Reconciliation of Non-GAAP Measures
The Procter & Gamble Company Regulation G Reconciliation of Non-GAAP Measures
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The Procter & Gamble Company Regulation G Reconciliation of Non-GAAP Measures
Slide 84: Regulation G Reconciliation of Non-GAAP Measures
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Slide 85: Regulation G Reconciliation of Non-GAAP Measures
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