Procter and Gamble Earnings Release:Q2 FY 2017 ResultsJanuary 20, 2017 

 Business ResultsQ2 FY 2017 

 Oct – Dec 16 (Q2 FY 17) ResultsOrganic Sales Growth  Sales growth was volume driven, with organic volume growing +2%. 

 Oct – Dec 16 (Q2 FY 17) ResultsCore EPS Growth  Q2 Core operating margin was unchanged versus prior year due to improvement in core gross margin driven by productivity-driven cost savings offset by marketing investments and currency headwinds. 

 Oct – Dec 16 (Q2 FY 17) ResultsCurrency-Neutral Core EPS Growth 

 Business Segment Results and HighlightsQ2 FY 2017 

 -1% Pricing, +2% MixOrganic Sales: i Low single digits in Developed markets, h High single digits in Developing marketsGlobal value share declined 0.8 points versus year agoNet Earnings: Productivity improvements and volume growth were more than offset by marketing investments and commodity/currency headwinds.  Oct – Dec 16 (Q2 FY 17) ResultsBeauty Segment 

 Hair Care organic sales grew low single digits versus year ago. Developing markets were up mid-single digits driven by growth in GC and LA partially offset by competitive activity. Developed markets were flat with strong growth in Pantene and Head and Shoulders offset by competitive promotion activity.Skin & Personal Care organic sales grew low single digits versus year ago. Developing markets were up high single digits driven by double-digit growth on SKII in China and APDO in LA. Developed markets declined low single digits with growth in APDO and Personal Cleansing offset by Skin Care softness due to promotional activity spending.   By Category  Organic Sales Growth IYA  Organic Sales Growth IYA  Organic Sales Growth IYA  By Category  Global  Developed  Developing  Hair Care  +  ~=  +  Skin & Personal Care  +  -  +   + represents growth above 1%, ~= represents growth of 1% to decline of 1%; - represents decline greater than 1%.  Oct – Dec 16 (Q2 FY 17) ResultsBeauty Highlights 

 +1% Pricing, -4% Mix Organic Sales: i Mid-single digits in Developed markets, h Double digits in Developing marketsGlobal value share declined 0.9 points versus year agoNet Earnings: Volume growth from innovation, productivity savings, and pricing were partially offset by marketing investments and mix hurt. Earnings include a one-time gain from the real estate sale in Boston.   Oct – Dec 16 (Q2 FY 17) ResultsGrooming Segment 

 Grooming organic sales were driven by pricing, innovation-driven volume growth from Mach3 upgrade and Fusion ProShield and premium innovation led growth in Appliances. Developing market sales grew double digits driven by premium innovation and price increases. Developed market sales declined mid-single digits with growth from premium innovation offset by mix hurt and competitive activity in the U.S. market.  By Category  Organic Sales Growth IYA  Organic Sales Growth IYA  Organic Sales Growth IYA  By Category  Global  Developed  Developing  Grooming  ~=  -  +  Oct – Dec 16 (Q2 FY 17) ResultsGrooming Highlights   + represents growth above 1%, ~= represents growth of 1% to decline of 1%; - represents decline greater than 1%. 

 +1% Pricing, +2% MixOrganic Sales: h Mid-single digits in Developed markets, h High single digits in Developing marketsGlobal value share declined 0.2 points versus year agoNet Earnings: Strong volume growth, mix help, productivity improvements, and pricing were partially offset by currency headwinds and marketing investments.  Oct – Dec 16 (Q2 FY 17) ResultsHealth Care Segment 

 Oral Care organic sales were up high single digits versus year ago. Developed market sales increased high single digits driven by strong volume growth in Paste and Power as well as favorable form mix. Developing markets increased double digits driven by strong volume growth and mix help across Power, Paste and Manual brush especially in China and LA. Personal Health Care organic sales increased low single digits due to increased volume and favorable product mix.  By Category  Organic Sales Growth IYA  Organic Sales Growth IYA  Organic Sales Growth IYA  By Category  Global  Developed  Developing  Oral Care  +  +  +  Personal Health Care  +  +  -   + represents growth above 1%, ~= represents growth of 1% to decline of 1%; - represents decline greater than 1%.  Oct – Dec 16 (Q2 FY 17) ResultsHealth Care Highlights 

 -1% Pricing, flat MixOrganic Sales: h Low single digits in Developed markets, i Low single digits in Developing marketsGlobal value share was flat versus year agoNet Earnings: Productivity improvements and volume growth were more than offset by currency/commodity headwinds, pricing, and marketing investments.  Oct – Dec 16 (Q2 FY 17) ResultsFabric & Home Care Segment 

 Fabric Care organic sales grew low single digits versus year ago. Developed markets increased mid-single digits driven by innovation driven volume growth across laundry and FE. Developing markets were down low single digits as price increases and new compact liquid detergent launches were offset by competitive activity and impacts from portfolio choices.Home Care organic sales were flat versus year ago driven by strong results in the dish care business and positive size/form mix offset by pricing.   + represents growth above 1%, ~= represents growth of 1% to decline of 1%; - represents decline greater than 1%.  By Category  Organic Sales Growth IYA  Organic Sales Growth IYA  Organic Sales Growth IYA  By Category  Global  Developed  Developing  Fabric Care  +  +  -  Home Care  ~=  ~=  ~=  Oct – Dec 16 (Q2 FY 17) ResultsFabric & Home Care Highlights 

 -1% Pricing, -1% MixOrganic Sales: h Low single digits in Developed markets, h Low single digits in Developing marketsGlobal value share was flat versus year agoNet Earnings: Productivity improvements and volume increases were more than offset by pricing, currency headwinds and marketing investments.  Oct – Dec 16 (Q2 FY 17) ResultsBaby, Feminine & Family Care Segment 

 Baby Care organic sales were flat versus year ago. Developed markets were down low single digits as strong growth on Pampers was more than offset by competitive promotional activity across taped diapers in NA. Developing markets were flat with growth in LA offset by softness in China.Feminine Care organic sales grew low single digits in developed markets and low single digits in developing markets behind growth on premium innovation and Adult Incontinence.Family Care organic sales grew mid-single digits led by innovation partially offset by pricing investments and unfavorable mix.   By Category  Organic Sales Growth IYA  Organic Sales Growth IYA  Organic Sales Growth IYA  By Category  Global  Developed  Developing  Baby Care  ~=  -  ~=  Feminine Care  +  +  +  Family Care  +  +  -   + represents growth above 1%, ~= represents growth of 1% to decline of 1%; - represents decline greater than 1%.  Oct – Dec 16 (Q2 FY 17) ResultsBaby, Feminine and Family Care Highlights 

 FY 2017 Guidance 

   FY ‘17  Organic Sales Growth  2% to 3%  Currency & minor brand divestitures impact  ~2% to 3%  All-in Sales Growth   ~Flat  Raising guidance on organic sales to 2% to 3%Expect all-in sales growth to be in-line with FY 2016.  FY 2017 GuidanceSales 

   FY ‘17  Core EPS Growth  Up Mid-Single Digits  All-in EPS Growth  +48% to +50%  * The Beauty businesses recently divested to Coty are accounted for as discontinued operations. All-in guidance includes the substantial gain estimate for the divestiture of 41 beauty brands to Coty Inc.   Expect Core EPS growth in the mid-single digitsAt current rates and prices, FX and commodities combined are about a $0.26 per share drag on FY 2017 core earnings.   FY 2017 Guidance*Earnings Per Share 

 Adjusted Free Cash Flow Productivity: 90%+Capital Spending, % Sales: 5% to 5.5%Dividends: $7B+Share Reduction from Coty Transaction: $9.4BDirect Share Repurchase: $5B+  FY 2017 GuidanceCash Generation & Usage 

 FY 2017 GuidancePotential Headwinds Not Included in Guidance  Significant deceleration of market growth rates Further political and economic volatilityFurther foreign currency weaknessFurther commodity cost increases 

 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, 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. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are based on current expectations and assumptions, which are subject to risks and uncertainties that may cause results to differ materially from those expressed or implied in the forward-looking statements. We undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise. Risks and uncertainties to which our forward-looking statements are subject include, without limitation: (1) the ability to successfully manage global financial risks, including foreign currency fluctuations, currency exchange or pricing controls and localized volatility; (2) the ability to successfully manage local, regional or global economic volatility, including reduced market growth rates, and generate sufficient income and cash flow to allow the Company to effect the expected share repurchases and dividend payments; (3) the ability to manage disruptions in credit markets or changes to our credit rating; (4) the ability to maintain key manufacturing and supply arrangements (including sole supplier and sole manufacturing plant arrangements) and manage disruption of business due to factors outside of our control, such as natural disasters and acts of war or terrorism; (5) the ability to successfully manage cost fluctuations and pressures, including commodity prices, raw materials, labor costs, energy costs and pension and health care costs;  (6) the ability to stay on the leading edge of innovation, obtain necessary intellectual property protections and successfully respond to technological advances attained by, and patents granted to, competitors; (7) the ability to compete with our local and global competitors in new and existing sales channels, including by successfully responding to competitive factors such as prices, promotional incentives and trade terms for products; (8) the ability to manage and maintain key customer relationships; (9) the ability to protect our reputation and brand equity by successfully managing real or perceived issues, including concerns about safety, quality, ingredients, efficacy or similar matters that may arise; (10) the ability to successfully manage the financial, legal, reputational and operational risk associated with third party relationships, such as our suppliers, contractors and external business partners; (11) the ability to rely on and maintain key information technology systems and networks (including Company and third-party systems and networks) and maintain the security and functionality of such systems and networks and the data contained therein; (12) the ability to successfully manage regulatory and legal requirements and matters (including, without limitation, those laws and regulations involving product liability, intellectual property, antitrust, privacy, tax, accounting standards and environmental) and to resolve pending matters within current estimates; (13) the ability to manage changes in applicable tax laws and regulations; (14) the ability to successfully manage our portfolio optimization strategy, including achieving and maintaining our intended tax treatment of the related transactions, and our ongoing acquisition, divestiture and joint venture activities, in each case to achieve the Company’s overall business strategy and financial objectives, without impacting the delivery of base business objectives; (15) the ability to successfully achieve productivity improvements and cost savings and manage ongoing organizational changes, while successfully identifying, developing and retaining particularly key employees, especially in key growth markets where the availability of skilled or experienced employees may be limited; and (16) the ability to manage the uncertain implications of the United Kingdom’s withdrawal from the European Union.  For additional information concerning factors that could cause actual results and events to differ materially from those projected herein, please refer to our most recent 10-K, 10-Q and 8-K reports.