0000902664-17-002945.txt : 201707170000902664-17-002945.hdr.sgml : 2017071720170717062024ACCESSION NUMBER:0000902664-17-002945CONFORMED SUBMISSION TYPE:DFAN14APUBLIC DOCUMENT COUNT:26FILED AS OF DATE:20170717DATE AS OF CHANGE:20170717EFFECTIVENESS DATE:20170717

SUBJECT COMPANY:

COMPANY DATA:COMPANY CONFORMED NAME:PROCTER & GAMBLE CoCENTRAL INDEX KEY:0000080424STANDARD INDUSTRIAL CLASSIFICATION:SOAP, DETERGENT, CLEANING PREPARATIONS, PERFUMES, COSMETICS [2840]IRS NUMBER:310411980STATE OF INCORPORATION:OHFISCAL YEAR END:0630

FILING VALUES:FORM TYPE:DFAN14ASEC ACT:1934 ActSEC FILE NUMBER:001-00434FILM NUMBER:17966571

BUSINESS ADDRESS:STREET 1:ONE PROCTER & GAMBLE PLAZACITY:CINCINNATISTATE:OHZIP:45202BUSINESS PHONE:5139831100

MAIL ADDRESS:STREET 1:ONE PROCTER & GAMBLE PLAZACITY:CINCINNATISTATE:OHZIP:45202

FORMER COMPANY:FORMER CONFORMED NAME:PROCTER & GAMBLE CODATE OF NAME CHANGE:19920703

FILED BY:

COMPANY DATA:COMPANY CONFORMED NAME:TRIAN FUND MANAGEMENT, L.P.CENTRAL INDEX KEY:0001345471IRS NUMBER:203454182STATE OF INCORPORATION:DE

FILING VALUES:FORM TYPE:DFAN14A

BUSINESS ADDRESS:STREET 1:280 PARK AVENUESTREET 2:41ST FLOORCITY:NEW YORKSTATE:NYZIP:10017BUSINESS PHONE:212-451-3000

MAIL ADDRESS:STREET 1:280 PARK AVENUESTREET 2:41ST FLOORCITY:NEW YORKSTATE:NYZIP:10017

FORMER COMPANY:FORMER CONFORMED NAME:Trian Fund Management, L.P.DATE OF NAME CHANGE:20051128

DFAN14A1p17-1516dfan14a.htmPROCTER & GAMBLE CO.

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a)

of the Securities Exchange Act of 1934

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Filedby a Party other than the Registrant

Check the appropriate box:

Preliminary Proxy Statement

Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

Definitive Proxy Statement

Definitive Additional Materials

Soliciting Material Under Rule 14a-12

The Procter & Gamble Company

(Name of Registrant as Specified in ItsCharter)

Trian Fund Management, L.P.
Trian Fund Management GP, LLC
Trian Partners, L.P.

Trian Partners Co-Investment OpportunitiesFund, Ltd.
Trian Partners Master Fund, L.P.
Trian Partners Parallel Fund I, L.P.
Trian Partners Master Fund (ERISA), L.P.
Trian Partners Strategic Investment Fund-A, L.P.

Trian Partners Strategic Co-InvestmentFund-A, L.P.

Trian Partners Strategic InvestmentFund-D, L.P.
Trian SPV (Sub) XII L.P.

Trian Partners Fund (Sub)-G, L.P.

Trian Partners Strategic Fund-G II,L.P.

Trian Partners Strategic Fund-G III,L.P.

Trian Partners Strategic InvestmentFund-N, L.P.

Trian Partners Strategic Fund-K, L.P.

Trian Partners Strategic Fund-C, Ltd.

Nelson Peltz

Peter W. May

Edward P. Garden

Clayton C. Daley, Jr.

(Name of Person(s) Filing Proxy Statement,if other than the Registrant)

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On July 17, 2017, Trian Fund Management, L.P. (Trian)posted an Introductory Presentation on P&G to www.RevitalizePG.com. A copy of Trians Introductory Presentationon P&G is filed herewith as Exhibit 1.

EX-992p17-1516exhibit1.htmEXHIBIT 1

EXHIBIT 1

2017 Trian Fund Management, L.P. All rights reserved. Revitalize P&G - Together July 17, 2017

Disclosure Statement and Disclaimers - 1 - Additional Information Trian Fund Management, L.P. ( Trian ) and certain of the funds and investment vehicles it manages (collectively, Trian with such funds, Trian Partners), together with other Participants, intend to file with the SEC a definitive proxy statement and an accompanying pr ox y card to be used to solicit proxies in connection with the 2017 annual meeting of shareholders of The Procter & Gamble Company (t he Company), including any adjournments or postponements thereof or any special meeting that may be called in lieu thereof (th e 2017 Annual Meeting). Information relating to the participants in such proxy solicitation (the Participants) has been included in a preliminary proxy statement filed by Trian Partners and the other Participants with the SEC on July 17, 2017 and in any amendments to that preliminary proxy statement. Shareholders are advised to read the definitive proxy statement and any other documents related to the solicitation of shareholders of the Company in connection with the 2017 Annual Meeting when they become available because the y w ill contain important information, including additional information relating to the Participants. When completed and available, Trian Partners and the other Participants definitive proxy statement and a form of proxy will be mailed to shareholders of the Company. The se materials and other materials filed by Trian Partners and the other Participants in connection with the solicitation of proxies will be available at no charge at the SECs website at www.sec.gov. The definitive proxy statement (when available) and other relevant documents file d b y Trian Partners and the other Participants with the SEC will also be available, without charge, by directing a request to Trian Partners proxy solicitor, Innisfree M&A Incorporated, 501 Madison Avenue, 20th Floor, New York, New York 10022 (Shareholders call toll - free: 87 7 - 750 - 8338; Banks and Brokers call collect: 212 - 750 - 5833; or email (Requests for materials only): material@innisfreema.com). General Considerations This presentation is for general informational purposes only, is not complete and does not constitute an agreement, offer, a sol icitation of an offer, or any advice or recommendation to enter into or conclude any transaction or confirmation thereof (whether on the t erm s shown herein or otherwise). This presentation should not be construed as legal, tax, investment, financial or other advice. The vie ws expressed in this presentation represent the opinions of Trian Partners and are based on publicly available information with respect to the Company and the other companies referred to herein. Trian Partners recognizes that there may be confidential information in the possession of the companies discussed in this presentation that could lead such companies to disagree with Trian Partners conclusions. Certain financial information and data used herein have been derived or obtained from filings made with the SEC or other regulatory authorities an d from other third party reports. Trian Partners has not sought or obtained consent from any third party (other than the individuals who have provided the testimonials included at the end of this presentation ) to use any statements or information indicated herein as having been obtained or derived from statements made or published by third parties. Any such statements or information should not be view ed as indicating the support of such third party for the views expressed herein. Trian Partners does not endorse third - party estimates or research which are used in this presentation solely for illustrative purposes. No representation or warranty, express or implied, is made that data or information, whether derived or obtained from filings made with the SEC or any other regulatory agency or from a ny third party, are accurate. Past performance is not an indication of future results. Neither the Participants nor any of their affil iat es shall be responsible or have any liability for any misinformation contained in any third party, SEC or other regulatory filing or thir d p arty report. Unless otherwise indicated, the figures presented in this presentation have not been calculated using generally accepted acco unt ing principles (GAAP) and have not been audited by independent accountants. Such figures may vary from GAAP accounting in mater ial respects and there can be no assurance that the unrealized values reflected in this presentation will be realized. There is n o a ssurance or guarantee with respect to the prices at which any securities of the Company will trade, and such securities may not trade at pri ces that may be implied herein. The estimates, projections, pro forma information and potential impact of the opportunities identified by Trian Partners herein are based on assumptions that Trian Partners believes to be reasonable as of the date of this presentation, but there can be no assurance or guarantee that actual results or performance of the Company will not differ, and such differences may be m ate rial. This presentation does not recommend the purchase or sale of any security. Trian Partners reserves the right to change any of its opinions expressed herein at any time as it deems appropriate. Trian Partners disclaims any obligation to update the data, information or opinions contained in this presentation.

Disclosure Statement and Disclaimers - 2 - Forward - Looking Statements This presentation contains forward - looking statements. All statements contained in this presentation that are not clearly histor ical in nature or that necessarily depend on future events are forward - looking, and the words anticipate, believe, expect, potential , could, opportunity, estimate, plan, and similar expressions are generally intended to identify forward - looking statements. The pr ojected results and statements contained in this presentation that are not historical facts are based on current expectations, speak onl y as of the date of this presentation and involve risks, uncertainties and other factors that may cause actual results, performance or ac hie vements to be materially different from any future results, performance or achievements expressed or implied by such projected results a nd statements. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, com pet itive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of w hic h are beyond the control of Trian Partners. Although Trian Partners believes that the assumptions underlying the projected results or forward - looking statements are reasonable as of the date of this presentation, any of the assumptions could be inaccurate and therefore, ther e c an be no assurance that the projected results or forward - looking statements included in this presentation will prove to be accurate and t herefore actual results could differ materially from those set forth in, contemplated by, or underlying those forward - looking statements. In light of the significant uncertainties inherent in the projected results and forward - looking statements included in this presentation, the in clusion of such information should not be regarded as a representation as to future results or that the objectives and strategic initiatives exp ressed or implied by such projected results and forward - looking statements will be achieved. Trian Partners will not undertake and specifically declines any obligation to disclose the results of any revisions that may be made to any projected results or forward - looking st atements in this presentation to reflect events or circumstances after the date of such projected results or statements or to reflect the oc currence of anticipated or unanticipated events. Not an Offer to Sell or a Solicitation of an Offer to Buy Under no circumstances is this presentation intended to be, nor should it be construed as, an offer to sell or a solicitation of an offer to buy any security. Funds and investment vehicles managed by Trian currently beneficially own shares of the Company. These funds and investment vehicles are in the business of trading buying and selling securities and intend to continue trading in the securi ties of the Company. You should assume such funds and investment vehicles will from time to time sell all or a portion of their holdings of the Company in open market transactions or otherwise, buy additional shares (in open market or privately negotiated transactions or otherwise), or trade in options, puts, calls, swaps or other derivative instruments relating to such shares. Consequently, Trian Partners beneficial ownership of shares of, and/or economic interest in, the Companys common stock may vary over time depending on va rio us factors, with or without regard to Trian Partners views of the Companys business, prospects or valuation (including the market price of the Companys common stock), including without limitation, other investment opportunities available to Trian Partners, concentration of positions in the portfolios managed by Trian , conditions in the securities markets and general economic and industry conditions. Trian Partners also reserves the right to change its intentions with respect to its investments in the Company and take any actions wi th respect to investments in the Company as it may deem appropriate, and disclaims any obligation to notify the market or any other party of any such changes or actions. However, neither Trian Partners nor the other Participants or any of their respective affiliates has any intention, either alone or in concert with another person, to acquire or exercise control of the Company or any of its subsidiaries. Concerning Intellectual Property All registered or unregistered service marks, trademarks and trade names referred to in this presentation are the property of th eir respective owners, and Trian Partners use herein does not imply an affiliation with, or endorsement by, the owners of these service marks, trademarks and trade names.

- 3 - Revitalize P&G Together The following pages summarize our view of the challenges facing Procter & Gamble and why adding Nelson Peltz to the P&G Board will help address these challenges. We look forward to sharing our comprehensive White Paper as we get closer to P&Gs 2017 Annual Meeting of Shareholders Whats Happening at P&G? Over the past decade, P&Gs total return to shareholders was less than half that of its peers and has been in the bottom quartile over most recent time frames P&Gs market share has deteriorated across most categories on a global and local basis over the past 5 years P&G has excess cost and bureaucracy, which management acknowledges but has not sufficiently addressed What is Trian Advocating For? Add Nelson Peltz to the Board of Directors Companies in the consumer industry with Nelson Peltz on the Board show significantly improved performance, materially better earnings growth and total shareholder returns What Trian is NOT Pushing For Trian believes strongly in P&Gs potential, and as a long - term shareowner, its objective is to create sustainable long term shareholder value for all P&G shareholders . That means that Trian is: NOT advocating for the break - up of the Company NOT suggesting that the CEO be replaced NOT seeking to replace directors NOT advocating taking on excessive leverage NOT seeking to cut pension benefits NOT suggesting that research & development, marketing expense or capital expenditures be reduced

Weak Total Shareholder Returns (TSR) - 4 -

P&Gs TSR Has Been Weak Relative to Benchmarks Across Timeframes TSR 10 - Year Source: Capital IQ. Total shareholder return (TSR) measured through June 15, 2017, one day before rumors surfaced of Trian seeking Board representation. Note : TSR calculated as if an investor had purchased one share of stock on the first day of the measured period and thus it includes the pro rata return of any spun - off segments ( if relevant ). Peers include Beiersdorf , Church & Dwight, Clorox, Colgate, Edgewell Personal Care, Henkel, Kimberly - Clark , LOreal , Reckitt Benckiser and Unilever. The same peer set will be used throughout this presentation unless otherwise noted. Consumer Staples Index is represented by The Consumer Staples Select Sector SPDR Fund (XLP). - 5 - TSR 5 - Year TSR 4 - Year 210% 171% 97% 93% Peers Consumer Staples Index S&P P&G 118% 102% 90% 67% Peers S&P Consumer Staples Index PG 67% 64% 56% 30% Peers S&P Consumer Staples Index PG TSR 3 - Year TSR 2 - Year TSR 1 - Year 48% 39% 35% 23% Peers Consumer Staples Index S&P PG 31% 27% 23% 22% Peers Consumer Staples Index S&P PG 21% 15% 11% 10% S&P Peers PG Consumer Staples Index

TSR Has Trailed the Vast Majority of Peers TSR 4 - Year Source: Capital IQ. TSR measured through June 15, 2017, one day before rumors surfaced of Trian seeking Board representation. Note: TSR calculated as if an investor had purchased one share of stock on the first day of the measured period and thus it includes the pro rata return of any spun - off segments (if relevant ). Consumer Staples is represented by The Consumer Staples Select Sector SPDR Fund (XLP). - 6 - TSR 5 - Year TSR 10 - Year 30% 34% 42% 49% 54% 56% 62% 64% 78% 84% 85% 86% 97% PG EPC CL BE KMB Consumer Staples LO S&P HE CLX UL CHD RB 67% 68% 84% 89% 90% 93% 102% 120% 123% 126% 141% 162% 175% PG CL EPC KMB Consumer Staples BE S&P CHD CLX LO UL HE RB 39% 93% 97% 101% 155% 171% 174% 189% 195% 276% 278% 289% 402% EPC PG S&P BE LO Consumer Staples KMB CL CLX UL HE RB CHD

TSR 1 - Year Source: Capital IQ. TSR measured through June 15, 2017, one day before rumors surfaced of Trian seeking Board representation. Note: TSR calculated as if an investor had purchased one share of stock on the first day of the measured period and thus it includes the pro rata return of any spun - off segments (if relevant ). Consumer Staples is represented by The Consumer Staples Select Sector SPDR Fund (XLP). - 7 - TSR 3 - Year TSR 2 - Year (5%) 2% 9% 9% 10% 10% 11% 19% 20% 21% 22% 26% 42% EPC KMB CLX CL Consumer Staples CHD PG LO RB S&P BE HE UL 11% 20% 23% 32% 34% 35% 39% 55% 55% 62% 69% 69% 76% EPC CL PG KMB BE S&P Consumer Staples HE LO CHD CLX RB UL (3%) 20% 22% 22% 23% 24% 26% 27% 31% 34% 41% 47% 63% EPC LO PG CL S&P HE BE Consumer Staples KMB CHD CLX RB UL TSR Has Trailed the Vast Majority of Peers (Contd)

Deteriorating Market Share - 8 -

Deteriorating Market Share on Global and Local Basis Over Past 5 Years - 9 - % of Country - Category Pairs in Top 20 Markets Losing Market Share Last 5 Years 75% 55% 75% 68% Tissue & Hygiene Home Care Beauty & Personal Care Total P&G Source: Euromonitor International and Consumer Edge research. Category groupings defined as Tissue & Hygiene, Home Care and Beauty & Personal Car e. (1) Weighted average country - category market share performance measured in retail value per Consumer Edge research. (1)

Organic Sales Growth Has Trailed Peers - 10 - 6.2% 5.2% 4.7% 4.6% 4.1% 3.9% 3.7% 3.5% 3.5% 2.2% (0.4%) UL CL BEI RB KMB HE LC CLX CHD PG EPC Organic Sales Growth CAGR Last 5 Fiscal Years Source: SEC filings and annual reports. Peer Avg : 3.9% (ex - Pet Nutrition) (Consumer) (ex - Food) (Consumer Products) (ex - Professional) (ex - Adhesive)

Organic Sales Growth Has Deteriorated Over The Last 5 Years - 11 - Source: Company SEC filings. Note: Organic sales growth measures underlying sales growth excluding the effects of foreign exchange and M&A. P&G fiscal year ends June 30. P&G Organic Sales Growth (% year - over - year) 4% 3% 3% 3% 2% 0% 2% 2006-2011 CAGR 2012 2013 2014 2015 2016 YTD 2017 2011 - 2016 CAGR: 2.2%

Unilever (ex - Food) 6.4% 5.6% 1.6% 2.9% 1.5% Henkel (ex - Adhesive) 1.3% 3.8% 3.8% 1.8% 3.5% Colgate (ex - Pet) 3.5% 5.5% 3.5% 1.5% 1.5% Clorox 2.0% 0.0% 1.0% 2.0% 4.0% Church & Dwight 6.3% 3.8% 4.4% 3.1% 3.1% Kimberly - Clark (ex - Professional) 3.0% 3.2% 2.2% 4.2% 2.4% Average 3.7% 3.6% 2.7% 2.6% 2.7% P&G 0.0% 2.0% 3.0% (1.0%) (1.0%) Volume Growth Has Been Worst - in - Class - 12 - Source: SEC filings and annual reports for each companys fiscal year end. Note: Excludes Reckitt Benckiser, Edgewell Personal Care, LOreal Consumer Products and Beiersdorf Consumer due to lack of volume disclosure. Indexed Organic Volume Growth 100% 102% 105% 104% 103% 100% 104% 107% 110% 113% 115% 2011 2012 2013 2014 2015 2016 P&G Peers - 1,200bps

P&G is Losing Market Share at the Local Level Across Businesses - 13 - Source: Euromonitor International Limited 2017 and Consumer Edge research. Category groupings defined as Tissue & Hygiene, Home Care and Beauty & Personal Care. The incorporated Euromonitor data has been independently researched as part of its annual Passport research process. Euromonitor makes no representations about the suitability of this data for investment decisions. Note: Figures highlighted in red indicate market share loss. Market shares are down in 68% of the top 20 country - category pairings Losing share in 14 of top 20 countries over the past 5 years, and 18 of top 20 countries over the past 3 years Losing market share in every category on a global basis over the past 5 and 3 year periods Value Share Market Share Gain / (Loss) Retail Tissue & Hygiene Home Care Beauty & Personal Care Country Sales ($b) % Sales 5 Yr 3 Yr 5 Yr 3 Yr 5 Yr 3 Yr USA $29,504 34% (0.1%) 0.3% 0.2% 0.0% (2.6%) (1.6%) China $8,789 10% (0.8%) (1.7%) (0.4%) (0.2%) (3.6%) (2.6%) United Kingdom $3,815 4% 0.9% 0.8% (2.6%) (1.7%) (0.9%) (1.0%) Japan $3,762 4% (0.1%) (0.0%) 5.1% 2.7% 0.1% 0.1% Canada $2,703 3% 0.1% 0.2% 2.7% 0.6% (0.9%) (0.9%) Germany $2,572 3% (0.9%) (0.3%) (1.0%) (0.6%) (0.9%) (1.2%) Brazil $2,530 3% 0.4% (0.6%) (0.2%) (1.6%) 0.5% 0.2% Russia $2,231 3% (2.9%) (2.3%) (6.6%) (6.9%) (0.9%) (0.5%) Italy $2,115 2% (0.0%) (0.3%) (0.4%) 0.2% (0.8%) (0.5%) France $2,077 2% (1.0%) (2.3%) (0.1%) (0.1%) (0.1%) (0.0%) Spain $1,672 2% (2.5%) (1.1%) (0.8%) (0.6%) (0.2%) (0.3%) Mexico $1,632 2% (4.4%) (4.1%) 0.0% 0.2% (0.3%) (0.4%) India $1,414 2% (1.8%) (3.7%) (0.4%) (0.2%) (0.9%) (0.6%) Philippines $1,169 1% (1.2%) 0.2% 1.7% 1.3% 0.1% (0.2%) Argentina $1,088 1% (1.8%) (0.9%) 3.0% 0.2% 0.6% 0.4% Turkey $1,072 1% 1.9% (1.0%) 1.6% 1.5% (1.1%) (0.8%) Saudi Arabia $1,002 1% (2.0%) (2.4%) (7.3%) (1.2%) 0.2% 0.3% Poland $823 1% (4.2%) (2.6%) 3.0% 1.0% (1.6%) (0.6%) Egypt $644 1% 2.2% (0.3%) (4.0%) (3.9%) (0.1%) 0.4% South Korea $579 1% (0.6%) (0.2%) 3.5% 1.0% (1.0%) (0.5%) Global P&G $86,557 (0.5%) (0.5%) (0.0%) (0.2%) (1.7%) (1.2%) Total P&G 5 Yr 3 Yr Country-Category Pairs Losing Share 15 16 11 10 15 15 41 41 Total # of Country-Category Pairs 20 20 20 20 20 20 60 60 % Losing Share 75% 80% 55% 50% 75% 75% 68% 68%

Excessive Cost and Bureaucracy - 14 -

- 15 - Efforts to Reduce Expenses Have Not Created Value Source: SEC filings, investor presentations, transcripts, Wall Street research. (1) Deutsche Bank Global Consumer Conference (June 15, 2017). (2) Deutsche Bank Global Consumer Conference (June 16, 2016). (2) Peers include Beiersdorf , Church & Dwight, Clorox, Colgate, Edgewell Personal Care, Henkel, Kimberly - Clark, LOreal , Reckitt Benckiser and Unilever, where data is available. 0% 2% 3% (1%) (1%) 2012 2013 2014 2015 2016 5 - Year CAGR P&G: 0.6% Peers: 3.0% $14.2 $14.0 $14.3 $14.7 $13.9 $14.0 2011 2012 2013 2014 2015 2016 5 - Year CAGR P&G: (0.1%) Peers: 5.6% $7bn lost to FX $3bn reinvested in business In 2012, P&G announced a $10bn productivity plan Today, P&G claims that they over - achieved against this target (1) Of the $10bn, P&G claims that $7bn was offset by foreign exchange (FX) (2) and the rest was reinvested However, the remaining +$3bn of savings did not drive sales or profit Volume Growth (%) Operating Profit ($ bn )

- 16 - New Expense Reduction Initiatives Require Additional Accountability Source: Wall Street research. While P&G has identified an incremental $10 - $13 billion of savings, Trian is concerned that this initiative could be as ineffective as the 2012 productivity program in driving sales growth, earnings growth and shareholder value creation Looking ahead, while the companys guidance for up to $10bn in incremental cost savings through FY21 looks compelling at face value, we believe a majority of these savings will need to be reinvested in the business in order to drive organic top - line growth in its increasingly competitive categories, limiting the potential for outsized earnings growth . JP Morgan, 5/22/2017

- 17 - Overly Complex Organizational Structure P&Gs organizational structure is highly matrixed, which Trian believes adds complexity and impedes accountability, growth and efficiency The current P&G structure consists of three distinct organizations: Global Business Units (GBUs), Selling and Market Operations (SMOs) and Corporate Functions. (1) While P&G tells investors that GBUs own the P&L, Trian believes this is overstated as the leaders of the SMOs and Corporate Functions do not report to the GBU leaders Rather than owning the P&L, we believe GBUs are allocated significant costs from functions and corporate over which they have little or no control. In our experience, when there is not clear control over the P&L, there is excessive cost and bureaucracy P&G acknowledges that the structure is complex and promises more end - to - end responsibility and local autonomy. However, despite numerous modifications to the structure over time, including changes implemented over the past two years, we believe the structure continues to rely on a web of straight line / dotted line reporting relationships. Moreover, market share losses have persisted despite these past structural changes We note that many of P&Gs competitors operate with a geographic - led model, which inherently clarifies P&L responsibility, gives the division owner broader operational control and enhances local decision - making and coordination across both functions and categories. We believe this structure is also advantaged as it relates to the growing importance of local brands, small brands and channel divergence Regardless of whether P&G is organized by geography or GBU, Trian believes the structure must ensure that leaders are given the power required to truly control their destiny with strong rewards for success and clear consequences for poor results COMPLEXITY = Less Accountability + Lower Sales Growth + Higher Cost (1) GBUs are defined by category (i.e., Hair Care, Skin and Personal Care, Grooming, Oral Care, Personal Health Care, Fabric Care , H ome Care, Baby Care, Feminine Care, Family Care). Selling and Market Operations are responsible for sales execution at a regional and local level. Corporate Functions includes activities such as human resources, strategy, finance and IT, among others, and were created to sup port the businesses and create efficiencies.

Adding Nelson Peltz to the P&G Board Will Help P&G Address Its Challenges - 18 -

Long Track Record of Value Creation in the Consumer Sector Most importantly, we seek to help our portfolio companies achieve value creation through improved operating performance: Re - allocating corporate resources to improve top - line growth and market share performance Increasing investments to enhance and protect the companys long - term strategic positioning Reducing costs/overhead in areas that impede the companys ability to compete effectively - 19 - Trians Engaged Consumer Investments Where Nelson Peltz Has Served on the Board EPS Growth vs. S&P 500 (1) Company TSR vs. S&P 500 (2) +360bps +560bps +780bps +880bps (annual EPS growth differential) Trian has worked closely with numerous companies across the consumer landscape, and has demonstrated a consistent track record of value creation with numerous corporate and brand turnarounds (annual EPS growth differential) (annual TSR outperformance) (annual TSR outperformance) Note : Trians Engaged Consumer Investments include all of Trians food, beverage, restaurant, and retail - focused portfolio companies across all of our equity investment vehicles since inception that were held for one year or longer and where Trian also (x) had a designee or nominee on the Board, (y) was a Schedule 13 D filer, and/or (z) wrote a white paper and met with management . Such investments do not represent all of the investments purchased or sold for Trians clients and it should not be assumed that any or all of these investments were or will be profitable . (1) Represents average annual adjusted EPS growth outperformance for Trians Engaged Consumer Investments vs . the S&P 500 s annual EPS growth during the time that Trian held the investments . Reference to the S&P 500 here shall mean the S&P 500 Total Return Index, which includes the price changes of all underlying stocks and all dividends reinvested . S&P 500 data is obtained from Bloomberg using the SPX ticker with the inclusion of dividend re - investment . We highlight the S&P 500 here only as a widely recognized index, however, for various reasons the performance of the index and that of Trians Engaged Consumer Investments may not be comparable . While Trian believes that earnings per share growth at Trians Engaged Consumer Investments was attributable in large part to the cumulative effects of the implementation of operational and strategic initiatives during the period of Trians active involvement and beyond, there is no objective method to confirm what portion of such growth was attributable to Trians efforts and what may have been attributable to other factors . This presentation does not provide the performance of Trians funds or the performance of individual fund investments . (2) Represents average total shareholder return (TSR) outperformance for the relevant companies vs . the S&P 500 s TSR from the date of Trians first purchase through the earlier of June 20 , 2017 or the last day that the companys shares were publicly traded . The TSR analysis reflects the change in the stock price of each company plus the effect of dividends received over the relevant time period . The TSR outperformance figures should not be construed as an indication of the performance of the funds managed by Trian and it should not be assumed that any or all of Trians Engaged Consumer Investments were or will be profitable in any of the funds managed by Trian .

- 20 - Trian: A Highly Engaged Shareowner Trian Overview Founded in November 2005 by Nelson Peltz, Peter May, and Ed Garden Investment management firm with total AUM of $12.7 billion and Callable Commitments of $900 million .* Focused on buying large stakes in high quality companies where we see significant long - term potential and working collaboratively with management and boards to optimize strategy , operations and value creation Simple goal of ensuring that companies function with a strong ownership mentality. Trian encourages management teams and boar ds to operate as if wearing bifocals, with a watchful eye on the near - term but the primary focus always to maximize long - term value Trians Principals have substantial operating and financial experience, and have served on numerous corporate boards = Portfolio companies of which a Trian partner or designee serves or served on the Board Note : The companies shown on this page reflect all of the investments made by Trian since Trians inception in November 2005 through June 2017 : ( i ) for which Trian has filed a Schedule 13 D or 13 G or made a similar non - U . S . filing or other notification with respect to its investment in the company ; or (ii) that were or are a publicly disclosed position in which funds managed by Trian invested approximately $ 700 million or more of capital (the representative size of Trians current core investments) and where Trian (x) had a designee or nominee on the Board and/or (y) wrote a white paper and met with management . The companies shown on this page do not represent all of the investments purchased or sold for Trians clients and it should not be assumed that any or all of these investments were or will be profitable . Selected Current and Former Trian Investments As of 7 / 1 / 17 . Callable Commitments refers to the portion of subscriptions to a Trian co - investment vehicle formed to co - invest with other funds managed by Trian that is not currently invested . There is no guarantee that the full amount of these commitments will be drawn down during the life of the fund

- 21 - What Differentiates Trian Long - Term Highly Collaborative Engagement with Management & Boards Operations & Strategy Focused Average investment horizon of > 5 years when a Trian Partner joins a board, longer than the holding period of most equity mutual funds (1) ~ 7 years when Nelson Peltz joins the board Stable blue - chip capital base, with substantial amount of capital locked up for multiple years Several former CEOs and Directors that weve worked with serve as Trian Advisory Partners; many more serve as references Having been in the CEO seat, we appreciate that change does not happen overnight Focused on optimizing long - term strategy and income statement performance Track record investing in growth, including R&D, marketing and capex, and driving earnings improvement ( 1 ) MFS White Paper Series, Lengthening the Investment Time Horizon, July 2016 .

- 22 - Management Testimonials Bill Johnson (CEO from 1998 - 2013) : I said to another CEOwho had called me and inquired about Nelson, that if I were to form the board today, Nelson would be one of the first directors Id ask to serve because he is an insightful, communicative, enthusiastic, energetic and available director. CEO Magazine, March 2008 Investment: 2006 - 2013 Irene Rosenfeld (CEO from 2007 - Today) : Nelson is a valued and very constructive director who has made significant contributions to our board processes and business decisions. He has a sharp eye for changing consumer trends and willingly shares his ideas and best practices from his deep knowledge and extensive operating experience in the consumer goods industry. Investment: 2012 - Today Emil Brolick (CEO from 2011 - 2016) : Nelson Peltz and Trian have played an important role in Wendys brand transformation and financial improvement. I greatly value the thought leadership and strategic insight that Nelson and the Trian team provide. Nelson and Trian are passionate advocates for the brands growth and success. We work collaboratively on key strategic decisions and our company benefits from Trians insight on financial and global opportunities . Investment: 2005 - Today Ed Breen (CEO from 2015 - Today) : "I have the highest regard for Nelson Peltz and Ed Garden. Since becoming CEO of DuPont I have talked many times with the Trian team and appreciate their insight on strategy and operations." Investment: 2013 - Today Larry Young (CEO from 2008 - Today) : I deeply admire Nelsons energy, not to mention his smarts and candor. He helped us strengthen our board and provided valuable insights into Snapple and several of our carbonated soft drinks, which he once owned. Nelson and I share a lot of the same business principles, like cash is king . I think more shareholders and board members should be like Nelson Peltz and Trian engaged, innovative and working towards improving a companys operations . Investment : 2008 - 2010 Dennis Reilley (Director of HJ Heinz from 2005 - 2013, Former CEO of Praxair) : Nelson Peltz seeks to understand other points of view as much as he seeks to be heard. He is an active listener. Having been a CEO, Nelson also has a healthy respect for the difficulties and challenges of leading large public companies When he joined the Heinz board, for example, he felt the company was not spending enough money on brand positioning, which he believed would hurt the company long term Nelson is collaborative by nature he is always searching for the best ideas. That makes him a great change agent. Todd Stitzer (CEO from 2003 - 2010) : I have known Nelson for approximately 15 years. He is focused on one thing creating shareholder value. While he can sometimes seem impatient, he is willing to roll up his sleeves and get involved in support of management teams. He is focused on helping to develop creativity and innovation within organizations and is a proponent of revenue growth with financial discipline. He and the team at Trian have created a lot of value over the years at a number of large cap companies. Investment: 2006 - 2010

EX-993p17-1516exhibit1.pdfPDF OF EXHIBIT 1

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