The P&G Retirement Plans2020 ANNUAL NOTIFICATIONImportant information about your P&G Retirement Plans for the plan year beginning July 1, 2020.

Retirement Plans Service CenterPO Box 7110Rantoul, IL 61866-7110

Look inside for important information about the P&G Retirement Plans! ✺

PRG063.0520H000229360

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Introduction

May 29, 2020

It is once again that time, of what has been a most unprecedented year, for updates and information on P&G’s primary retirement plans for US employees—the P&G Profit Sharing Trust & Employee Stock Ownership Plan (“PST Plan”) and the P&G Savings Plan (“401(k) Savings Plan” or “Savings Plan”) (collectively, the “Plans”).

We have implemented several changes to the Plans, but we do not view any of them as major changes. Most of the changes are made in connection with the enactment of the SECURE Act and the CARES Act. The CARES Act was enacted to address the COVID-19 pandemic and included many provisions related to employee benefit plans to assist plan participants in addressing hardships connected with the pandemic. Each year, we look for opportunities to ensure processes are efficient and user-friendly, allowing you to utilize the Plans’ features to the fullest extent.

In addition, inside this mailer you’ll also find reminders of what we’re doing to keep your accounts safe from fraud, along with pointers for new employees who have made 401(k) contributions to their prior employer’s retirement plan. This mailer also provides several required legal notices.

As part of our ongoing security efforts to protect your account information, we continue to encourage you to add your mobile phone number and enable text messaging in your online profile. Once your mobile phone number is added to your online profile, you can enable text messaging for benefits information (such as contact and personal information change confirmations, deliveries to your Secure Mailbox, and payment confirmations). Having your mobile number on file also allows you to receive an access code to verify your identity where two-step authentication is required or to reset your password. If your mobile phone number is not included in your online profile, access codes will be sent to you via regular US mail, which will delay your ability to access your account. With your mobile phone number on file with text messaging enabled, you also will receive notifications faster regarding activity on your accounts, which will allow you to take action more quickly in the event that your accounts are accessed fraudulently.

And while you are reviewing your account information, we encourage you to review your beneficiary designations—and make any needed updates.

As always, if you have any questions about the PST Plan or the 401(k) Savings Plan, you can go to the P&G Retirement Plans website at http://digital.alight.com/pgretirementplans and log on using your user ID and password or call the Retirement Plans Service Center at 844-786-6588. Representatives are available weekdays from 8:00 a.m. to 9 p.m. Eastern Time.

Vicky Shelton US Retirement Plans Delivery Global Business Services, P&G

P&G’S PRIMARY RETIREMENT PLANS

The P&G Profit Sharing Trust & Employee Stock Ownership Plan (“PST Plan”). This plan is funded through Company contributions.

The P&G Savings Plan (“401(k) Savings Plan” or “Savings Plan”). A 401(k) retirement plan, funded through employee contributions (including before-tax and Roth 401(k) contributions and rollover contributions), and balances from certain frozen profit sharing and 401(k) savings plans of acquired subsidiaries that were merged into the Savings Plan.

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The following paragraphs describe the recent changes that we have adopted for the Plans. The changes are in response to recent legislation and IRS regulations, including the Setting Every Community Up for Retirement Enhancement Act (“SECURE Act”) and the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). Our hope is that the following measures will bring some relief to our qualified Plan participants and retirees.

Increasing Minimum Age for Required Minimum Distributions(PST Plan and Savings Plan)

As permitted under the SECURE Act, the Plans are increasing the age for beginning required minimum distributions (“RMDs”) from age 70½ to age 72 beginning January 1, 2020. Under the new rule, you will need to commence RMDs under the Plans in the year you reach age 72, but the first RMD can be made by April 1 of the year following the year you reach age 72. If you reached age 70½ on or before December 31, 2019, the SECURE Act does not allow this new rule to apply to you. Therefore, if you reached age 70½ on or before December 31, 2019, you needed to commence RMDs under the Plans by April 1 of the year following the year you reached age 70½, and you will need to continue receiving RMDs each year going forward.

CARES Act changesWe are making the following changes to the Plans pursuant to the CARES Act:

RMDs suspended for 2020 (PST Plan and Savings Plan)

The Plans will suspend required minimum distributions (“RMDs”) that would otherwise be required for 2020. This means that if you reached age 70½ before January 1, 2020 or age 72 on or after January 1, 2020 and you would normally be required to take an RMD from the Plans in 2020, you will not be required to do so this year. If you have set up automatic installment payments from your accounts that are used to meet your RMD requirement, those automatic payments will continue to be made. You can still receive the amount you would have otherwise received as your RMD payment for 2020; however, you will need to call the Retirement Plans Service Center at 844-786-6588 and request the payment to be sent to you. If you call the Retirement Plans Service Center to request that you still receive the RMD payment you would have received in the 2020 calendar year and you previously completed RMD paperwork for the PST Plan, you will not need to complete new RMD paperwork. Also, if you previously completed paperwork for ongoing automatic RMD payments, that paperwork will apply to future RMD payments, which we anticipate will resume in 2021. Any RMD payment that you do receive in 2020 is eligible for an indirect rollover to another qualified plan or IRA, which allows you to avoid having it treated as a taxable distribution in 2020. You normally have 60 days from the date of the distribution to complete an indirect rollover distribution, but for any RMD payments made between February 1, 2020 and May 15, 2020, you have until July 15, 2020 to complete your indirect rollover.

How We’re Showing We CARE

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Coronavirus-Related Distributions (Savings Plan only)

The Savings Plan will allow participants who are “Qualified Individuals” (defined on page 4) to withdraw up to $100,000 from the Savings Plan without incurring the 10% penalty for early withdrawal if under age 59½, and without requiring the typical 20% tax withholding. The Coronavirus-Related Distributions must be taken before December 31, 2020. Please note that your Coronavirus-Related Distributions, whether taken from the Savings Plan, another employer plan, or an IRA, cannot exceed $100,000 in aggregate. You are responsible for monitoring this limit. In addition, the amount of your distribution can be treated as taxable income over the three-year period from 2020 – 2022 on a pro rata basis for federal income tax purposes. You also will have the option to recontribute the amount back to the Savings Plan, to another qualified retirement plan, or to an IRA, so that it is not treated as taxable income, provided that you repay the entire amount within three years of the date you receive the distribution.

Generally, Savings Plan in-service withdrawals require any after-tax money in your account to be paid first. However, in-service withdrawals that are Coronavirus-Related Distributions will not require payment of after-tax money first, but you will need to elect whether you want the distribution to use your non-Roth or Roth 401(k) contribution amounts (if applicable). Your Corona-Related Distribution will be distributed from your Savings Plan account in the following manner:

• If you elect to use non-Roth 401(k) contribution amounts: pro-rata from the following sources: 401(k) Salary Contributions, Company Contributions, Rollovers, Transferred Company Contributions, Prior Plan Money, Cash Balance Rollovers.

• If you elect to use Roth 401(k) contribution amounts: pro-rata from the following sources: Roth 401(k) Contributions, Roth 401(k) Company Contributions, Roth 401(k) Rollovers, Roth 401(k) Transferred Company Contributions, Roth 401(k) Cash Balance Rollovers.

If the distribution type you elect to use—non-Roth 401(k) contribution amounts or Roth 401(k) contribution amounts—does not have sufficient funds to provide the amount you want to withdraw, you will need to make two distribution requests. To the extent that any funds from the distribution type you elect are invested in P&G stock, those funds will be used last for each distribution request.

Before requesting any in-service withdrawal, you are encouraged to consult with a tax or financial advisor, especially if you are planning to take advantage of net unrealized appreciation rules on future distributions. It is also important to note that some states and localities do not automatically adopt changes to their income tax statutes to follow changes in the US Internal Revenue Code. Therefore, you should be aware of the effect that a Coronavirus-Related Distribution may have on your state and local tax obligations.

To request a Coronavirus-Related Distribution, you can go to the P&G Retirement Plans website at http://digital.alight.com/pgretirementplans and log on using your user ID and password or call the Retirement Plans Service Center at 844-786-6588 and speak to a representative. Representatives are available weekdays from 8:00 a.m. to 9:00 p.m. Eastern Time. If you go to the website, access your Savings Plan account by clicking on the Savings Plan tile. You will be required to attest to your status as a “Qualified Individual” (defined on page 4) to be eligible for the Coronavirus-Related Distribution.

How We’re Showing We CARE

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Delay in loan repayments (PST Plan and Savings Plan)

If you have an outstanding loan from the PST Plan or the Savings Plan and a loan payment was due between March 27, 2020 and December 31, 2020 and you are a “Qualified Individual” (defined below), you may elect to delay the due date for such loan payment for up to one year. If you elect the one-year delay, your plan loan will be reamortized with a new loan repayment schedule to reflect the one-year delay, including interest that will continue to accrue during the delay period. If you have more than one outstanding plan loan and elect to delay loan payments, your election will apply to all outstanding plan loans in the PST Plan and the Savings Plan.

To delay loan payments, you can go to the P&G Retirement Plans website at http://digital.alight.com/pgretirementplans and log on using your user ID and password or call the Retirement Plans Service Center at 844-786-6588. Representatives are available weekdays from 8:00 a.m. to 9:00 p.m. Eastern Time. Be sure to indicate that you are requesting to delay your plan loan repayments under the CARES Act. You will be required to attest to your status as a “Qualified Individual” (defined below) to be eligible for the delay in loan repayments.

Changes for IRS hardship distribution regulations (Savings Plan only)

We made the following changes to the Savings Plan pursuant to recent IRS regulations related to hardship distributions for 401(k) plans:

• Removal of six-month suspension for contributions after hardship withdrawal (Savings Plan only): Effective January 1, 2020, the Savings Plan no longer suspends participants from making contributions to the Plan for six months after they receive a hardship withdrawal. Any suspension that was in place on this date was removed. This change will allow those participants to start rebuilding their retirement savings immediately after receiving a hardship withdrawal. However, participants will still need to certify that they do not have cash or other assets available to address their hardship.

• Disaster event added for hardship withdrawals (Savings Plan only): Effective July 1, 2020, the Savings Plan will add an event that triggers a participant’s right to take a hardship withdrawal. The new event allows participants to take a hardship withdrawal to cover expenses and losses (including loss of income) incurred by the participant due to a disaster declared by the Federal Emergency Management Agency (“FEMA”), provided the participant’s primary residence and/or place of employment was located in the disaster area at the time of the disaster.

• Expanded sources for hardship withdrawals (Savings Plan only): Effective July 1, 2020, the Savings Plan will expand the eligible sources for hardship withdrawals. Prior to July 1, 2020, the only sources available for hardship withdrawals are a participant’s before-tax and after-tax Roth 401(k) contributions. Effective July 1, 2020, in addition to a participant’s before-tax and after-tax Roth 401(k) contributions, hardship withdrawals also will include a participant’s qualified non-elective contributions (“QNECs”), as well as investment earnings on all eligible sources.

Definition of “Qualified Individual” for Coronavirus-Related Distributions and delayed plan loan payments

Under the CARES Act, the Plans are only allowed to let “Qualified Individuals” take Coronavirus-Related Distributions and delay repaying plan loans. The CARES Act defines “Qualified Individual” as an individual who has (1) been diagnosed with COVID-19, (2) a spouse or dependent diagnosed with COVID-19, or (3) experienced adverse financial consequences as a result of any of the following due to COVID-19: (a) being quarantined, furloughed, or laid off; (b) having reduced work hours; (c) being unable to work due to lack of child care; (d) closing or reducing hours of a business owned or operated by the individual; or (e) other factors as determined by the Treasury Department.

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How we’re keeping your account(s) safe— and how you can helpKeeping your account secure is important to us, but we can’t do it alone. Be diligent about reviewing transactions and stay informed about your account activity by making sure your communication preferences are set to the method that best meets your needs. We recommend that you regularly change your password, monitor your account activity, and notify the Retirement Plans Service Center at 844-786-6588 immediately if something doesn’t look right. Representatives are available weekdays from 8:00 a.m. to 9:00 p.m. Eastern Time.

Do yourself a favor—update your mobile phone number to Your ProfileEmail is good for lots of things. But even your P&G corporate email address—with firewalls and other security measures in place—isn’t as secure as other forms of delivery when it comes to your personal information. If you forget your logon credentials or PIN for calling the Retirement Plans Service Center, you can receive a reminder of your user ID and reset your password by requesting a temporary access code. Temporary access codes are delivered in one of two ways: by text or by regular US mail. Email is no longer an option.

Chances are, you don’t want to wait for delivery by regular US mail to receive your user ID or the access code to reset your password. Therefore, we recommend that you add your mobile phone number to your online profile. To add your mobile phone number to your online profile, go to the P&G Retirement Plans website at http://digital.alight.com/pgretirementplans and log on using your user ID and password. After you log on to your account, select “Your Profile” from the top right of any page and then select “Personal Information.” Click “Change” next to “Phone” and add your mobile phone number in the appropriate place,

then click “Save.” Once your mobile phone number is added to your online profile, you can enable text messaging for benefits information (such as contact and personal information change confirmations, deliveries to your Secure Mailbox, and payment confirmations) by selecting “Your Profile” from the top right of any page, then “Manage Communications.” Then scroll down and select “Change” next to “Text Messages for Benefits” below the heading for “Delivery Preference” and make sure the box next to “Yes” is selected, then click “Save.”

Having your mobile number on file allows you to receive an access code to verify your identity where two-step authentication is required or to reset your password. If your mobile phone number is not included in your online profile, access codes will be sent to you via regular US mail, which will delay your ability to access your account. You may also call the Retirement Plans Service Center at 844-786-6588 to update your mobile phone number and enable text messaging. Representatives are available weekdays from 8:00 a.m. to 9:00 p.m. Eastern Time. With your mobile phone number on file with text messaging enabled, you also will receive notifications faster regarding activity on your accounts, which will allow you to take action more quickly in the event that your accounts are accessed fraudulently.

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Your personal 401(k) salary contribution electionsThrough the 401(k) Savings Plan, eligible employee participants are able to make before-tax and Roth 401(k) salary contributions to their Savings Plan accounts and choose from 12 investment options for the funds in their accounts. (This is in addition to contributions P&G makes to your account in the PST Plan.) Saving today can make a big difference for you later. And the sooner you get started, the better your opportunity is to increase your savings potential over time and meet your retirement goals.

Your 401(k) salary contribution elections for the Savings Plan are made as a percentage of your eligible compensation. You are able to request a per-paycheck salary contribution (payroll deduction) of up to 50% of your eligible compensation. (See “Contribution limits to the Plan” in the next column.) The minimum contribution you can elect is 0.1% of your eligible compensation. Of course, you can also choose not to make contributions to the Savings Plan.

One benefit of making contributions to the Savings Plan based on a specific percentage of your eligible compensation rather than a specific dollar amount is that as your eligible compensation increases as a result of pay increases (or fluctuates as your pay fluctuates, as applicable), your contributions to the Savings Plan also increase without you needing to take any additional action.

For example, if you elect to contribute 5% of your eligible compensation to your Savings Plan account and your eligible compensation during a particular pay period is $2,000, then your actual contribution amount for that pay period would be $100. If you received a pay increase of $100 per pay period, your eligible compensation per pay period would increase to $2,100. With your election to contribute 5% of your eligible compensation to your Savings Plan account, your contribution amount will automatically increase to $105 per pay period. Small increases like this can make a big difference to your retirement savings.

Annual Reminders

Newly eligible employees are automatically enrolled in the Savings Plan and are automatically set up to make before-tax salary contributions to their Savings Plan account equal to 5% of their eligible compensation. You can choose not to contribute, to contribute a different percentage, or to make after-tax Roth 401(k) contributions at any time.

If you have been automatically enrolled in the 401(k) Savings Plan at any time, your contribution percentage will automatically increase as soon as reasonably practicable after each July 1 (as long as you were automatically enrolled in the Savings Plan at least three months before July 1) by half a percentage point (0.5%), up to a maximum of 10%, unless you affirmatively changed your contribution percentage, changed from before-tax contributions to after-tax Roth 401(k) contributions, or opted out of automatic increases. If you were not automatically enrolled in the Savings Plan or you have changed your contribution percentage or you have changed from before-tax contributions to after-tax Roth 401(k) contributions or you opted out of automatic increases since being automatically enrolled, you can elect to use the automatic contribution percentage increase feature of the Savings Plan. You also can turn off the automatic contribution percentage increase feature at any time.

Contribution limits to the PlanTo ensure compliance with certain federal tax laws that govern retirement plans like the PST Plan and the Savings Plan, the Plan Administrator has imposed limits on the amounts that participants can contribute to the Savings Plan. Some of these limits are expressly provided for under the Internal Revenue Code (the “Tax Code”) and regulations and other guidance issued by the US Department of Treasury and the IRS. Other limits were established by the Plan Administrator to ensure compliance with other tax rules designed to prevent more highly compensated employees from benefitting more from the Savings Plan than other employees. Some of these limits are imposed on a calendar year basis and some limits are imposed on a plan year (July 1 through June 30) basis.

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The Tax Code limits the amount that participants can contribute to the Savings Plan on a calendar year basis. For the 2020 calendar year, participants cannot contribute more than $19,500 ($26,000 if the participant is 50 years old or older) to the Savings Plan, or any other employer retirement plan in which they participate. For most Savings Plan participants, this limit is the only one that will impact them.

The Tax Code limits the amount of annual compensation that can be taken into account for a participant for purposes of total contributions into the PST Plan and the Savings Plan on a plan year basis. For the plan year that began on July 1, 2019 and will end on June 30, 2020, the annual compensation limit is $280,000. For the plan year that will begin on July 1, 2020 and will end on June 30, 2021, the annual compensation limit is $285,000.

The Tax Code limits the total contributions that can be made for a participant (including both Company and participant contributions) into the PST Plan and the Savings Plan on a plan year basis. For the plan year that began on July 1, 2019 and will end on June 30, 2020, the total contribution limit is $57,000 ($63,500 if the participant makes “catch-up” contributions to the Savings Plan).

The Plan Administrator limits the amount that certain Highly Compensated Employees can contribute to the Savings Plan on a plan year basis. As of July 1, 2020, the Plan Administrator will not allow impacted Highly Compensated Employees to contribute more than $14,000 ($20,500 if the participant is 50 years old or older) to the Savings Plan. Note: This limit applies to Highly Compensated Employees who have an Adjusted Service Date (based on Company employment records) prior to July 1, 2005 and received base compensation of at least $130,000 during the previous plan year.

Also, if necessary, the Plan Administrator may stop or suspend your 401(k) salary contributions to avoid exceeding any of the limits described above. If the Plan Administrator determines that your 401(k) salary contributions need to be stopped or suspended, the Plan Administrator may stop or suspend your contributions to the Savings Plan for a calendar year or plan year (as applicable) to avoid exceeding these limits.

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What’s the best way to learn? Step by step!Whether you have an account in the PST Plan and/or 401(k) Savings Plan, it’s important that you know how to conduct certain transactions. You can view step-by-step “how-to guides” by going to the P&G Retirement Plans website at http://digital.alight.com/pgretirementplans and logging on with your user ID and password. There, you’ll find details for making the following topics much easier to digest:

• Requesting a Plan distribution. Simply select the “Distribution Resource Center” tile on the home page to start the Plan distribution presentation. You’ll learn how to successfully navigate the process of taking money out of your Plan account(s), if eligible. (If you’re no longer working for P&G, an alert in the Global Message Center will also route you to the Distribution Resource Center to view the presentation.)

• Investment transfers. When you choose the “Manage Your Investments” tile on the home page, you’ll be taken to the “Your Investment Strategy” page. On the right of the page under “Do More Today For More Tomorrow” is an “Investment Transfer-How To Guide” to walk you through the steps to transfer money between investments within your Plan account.

While there, you can also refresh your knowledge of saving and investing strategies by watching the “Learn the Basics of Investing” video.

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Download our app! Search for “UPoint Mobile HR” in the Apple or Google Play app stores.

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Beneficiary designationsYou can designate beneficiaries for your accounts in the PST Plan and the 401(k) Savings Plan. If you die with a balance in your account in either of the Plans, your designated beneficiaries will be entitled to the benefits from your accounts. You can designate primary beneficiaries and contingent beneficiaries. A primary beneficiary is the person or entity who will receive the benefit in your account if you die. A contingent beneficiary is the person or entity who will receive the benefit in your account if you die and none of your primary beneficiaries are alive at the time of your death.

To ensure that your intended beneficiary or beneficiaries receive the benefits from your accounts, the Plans require that you provide the Social Security number for each beneficiary at the time of designation. Note that certain federal regulations apply to beneficiary designations for both Plans.

For unmarried participants, a beneficiary designation can be made at any time. If an unmarried participant dies with no named beneficiary designation on file, both Plans provide that the beneficiary will be the participant’s estate.

For married participants, federal law requires that the participant’s default primary beneficiary for both the PST Plan and the 401(k) Savings Plan is his or her spouse.

• 401(k) Savings Plan beneficiary designation: Married participants in the 401(k) Savings Plan can only designate someone other than their spouse as their primary beneficiary if they provide a valid, signed, and notarized spousal consent form with the beneficiary designation.

• PST Plan beneficiary designation: Married participants in the PST Plan are prohibited from designating anyone other than their spouse as their primary beneficiary until the plan year (July 1 – June 30) during which they will reach age 35. If you are married and are at least or will reach age 35 during the current plan year, you are permitted to designate someone other than your spouse as your primary beneficiary, but only if you provide a valid, signed, and notarized spousal consent form with your beneficiary designation. Note: If you will turn age 35 during the upcoming plan year (July 1, 2020 – June 30, 2021), you will be permitted to make this change with a valid, signed, and notarized spousal consent form with your beneficiary designation as of July 1, 2020. However, if you attempt to designate someone other than your spouse as your primary beneficiary before July 1, 2020, the beneficiary designation will not be valid even if you provide an otherwise valid, signed, and notarized spousal consent form with your beneficiary designation because the beneficiary designation was made before the plan year when you will reach age 35.

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Updating beneficiaries in the PST Plan and the 401(k) Savings PlanIt is important to periodically review your beneficiary designations and make sure they are up to date. This is especially true if you experience a significant life event such as a birth, marriage, divorce, or death in the family.

To update your beneficiaries for the PST Plan and the Savings Plan online, follow the simple steps below. Note: Remember that you need to make separate beneficiary designations for each of the Plans.

1. Go to the P&G Retirement Plans website at http://digital.alight.com/pgretirementplans and log on using your user ID and password.

2. Click on the tile for the Plan you would like to access. Keep in mind that if you have a balance in both Plans, you’ll need to designate beneficiaries for each Plan. So, be sure to repeat the process for each Plan.

3. Select the “Beneficiaries” option under the “Plan Features & Options” drop-down menu at the top of the page.

Important notes: • Both the PST Plan and the 401(k) Savings Plan accept

new beneficiary designations in only two ways: (1) by going to the P&G Retirement Plans website at http://digital.alight.com/pgretirementplans and following the steps in the previous paragraph, or (2) by calling the Retirement Plans Service Centerat 844-786-6588. If you choose to make your beneficiary designations by calling the Retirement Plans Service Center, you will be required to complete and return certain forms by a specified deadline to finalize your beneficiary designations. If you choose to make your beneficiary designations by calling the Retirement Plans Service Center and fail to complete the step of returning the necessary forms, your beneficiary designations will not be finalized, and the beneficiary designations you provided by phone will not be considered valid.

• If you made any beneficiary designations for your PST Plan and 401(k) Savings Plan accounts before September 8, 2015 and you have not made changes to those beneficiary designations since that date,

then your previous beneficiary designations are still valid. However, if you made your previous beneficiary designations before September 8, 2015 (the date of the transition to the Plans’ current recordkeeper), then those beneficiary designations may not appear on the P&G Retirement Plans website. Most beneficiary designations made before that date were not loaded into the current online system for the P&G Retirement Plans website, but they remain on file with P&G. Upon your death, a thorough review of all records, including beneficiary designations made using paper forms and online through the previous recordkeeper, is performed, as well as a review of your marital status at the time of your death, to determine who your proper beneficiaries are. New beneficiary designations supersede all previous beneficiary designations. Therefore, if you have any doubts regarding who your current beneficiaries are, you can follow the steps above and make beneficiary designations today that are consistent with whom you want them to be.

• The spousal consent rules went into effect on August 23, 1984. If the beneficiary designation you have on file for the Plan(s) was completed before August 23, 1984, and you designated someone other than your spouse as your primary beneficiary and you did not provide a valid, signed, and notarized spousal consent form with your beneficiary designation, your beneficiary designation may not be valid. We encourage you to review, verify, and (if necessary) update your beneficiary designations to ensure your beneficiary designations meet all requirements of a valid designation.

• These retirement Plan beneficiary designations are not the same as those designated in the Company’s Annual Enrollment for your health and welfare benefits in October each year. You need to manage that beneficiary designation separately.

New employee? Know your limits If you recently joined P&G and contribute (or intend to contribute) to the 401(k) Savings Plan and also contributed to one or more 401(k) plans sponsored by other employers within the same calendar year, you will need to monitor your total 401(k) contributions to all plans and make sure that you don’t exceed the Tax Code’s annual contribution limit. Keep in mind that the most you can contribute to a 401(k) plan for the 2020 calendar year is $19,500 (or $26,000 if you’re age 50 or older and eligible for “catch-up” contributions). Also, please note that your election to stop or reduce your 401(k) salary contributions to the Savings Plan should be made at least four weeks prior to the date you want your contributions to stop.

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PST Plan QPSA Default Form of Distribution Notice (does not apply to the 401(k) Savings Plan)

There are options available to you as a participant of the PST Plan regarding the default form of distribution to your beneficiary if you die. If a married participant dies while he or she is still an active employee, the default form of distribution under the PST Plan is a Qualified Pre-Retirement Survivor Annuity (“QPSA”) for the participant’s surviving spouse.

The QPSA is a single-life annuity, on the life of your spouse, with a guaranteed payment period of 10 years. An annuity is a contract with an insurance company to make fixed monthly payments to your spouse. The QPSA annuity contract would make payments for the life of your spouse, for as long as he or she lives. The 10-year guaranteed period means that if payments began to your spouse, and he or she then passed away before receiving payments for 10 years, his or her beneficiary with respect to the annuity contract would receive payments for the remaining time left in the 10-year period.

If an unmarried participant dies while he or she is an active employee, the default form of distribution under the PST Plan is a single-life annuity for the participant’s beneficiary based upon the beneficiary’s life expectancy, with the same 10-year guaranteed payment period.

Note: These are federally required default forms of distribution, of which your beneficiary can choose to take or not take. Although it is called the “default” form of distribution, it is not automatic, and your beneficiary will be provided information to make a choice within the federally required time period.

All participants can find additional information regarding PST Plan beneficiary designations and the QPSA in the “Beneficiary” section of the PST Plan’s Summary Plan Description (“SPD”).

Quarterly account statement noticeThe PST Plan and the 401(k) Savings Plan provide a quarterly statement for you to monitor your retirement savings and how you are progressing toward your future retirement goals. Information shown on your statement includes the value of each investment in your account, your vested balance, and other pertinent details about your retirement account investments.

Your account statement is created during the month following the end of each calendar quarter and is sent to you based on your delivery preference. You may also access account statements online. To access your account statements online, go to the P&G Retirement Plans website at http://digital.alight.com/pgretirementplans and log on using your user ID and password. After you log on to your account, choose the tile with the Plan you would like to view and then select “Print Account Statement” from the “Plan Features & Options” drop-down menu. You may also call the Retirement Plans Service Center at 844-786-6588 to request an account statement. Representatives are available weekdays from 8:00 a.m. to 9:00 p.m. Eastern Time.

401(k) Savings Plan automatic enrollment and automatic salary contributionsThe 401(k) Savings Plan includes an automatic enrollment feature that makes it easy for you to participate in the Savings Plan. The information on the next page describes your rights related to the Savings Plan’s automatic enrollment feature.

You will receive notice prior to or upon your eligibility to participate in the Savings Plan and on an annual basis thereafter. You will be automatically enrolled with a before-tax contribution rate of 5% of your eligible compensation unless you affirmatively elect not to participate or to contribute at a different contribution rate within thirty days of receiving such initial notice. Review the Savings Plan’s SPD for the definition of “eligible compensation.”

Note: If you are a co-op, an intern, or an apprentice, you are eligible to make 401(k) salary contributions to the Savings Plan, but you will not be automatically enrolled. You will need to affirmatively elect to

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Annual Notices for All Participants

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participate if you want to contribute to the 401(k) Savings Plan. You can do so by following the steps listed on the next page for electing or changing your contributions.

If you are automatically enrolled and do not elect to change the automatic before-tax contribution rate, you will contribute to the Savings Plan with a before-tax contribution rate of 5% during your first year of eligibility. Then, unless you affirmatively change you salary contribution elections, your before-tax contribution rate will increase by one half percentage point (0.5%) as soon as practicable after each July 1 (provided you were automatically enrolled at least three months prior to such July 1) until you either reach the 10% contribution rate, you affirmatively change your contribution rate, you elect to make Roth 401(k) contributions, or you opt out of contributing to the Savings Plan. You will be notified of these automatic increases.

Your before-tax contributions to the Savings Plan are withheld from your eligible compensation and are not subject to federal income tax at that time. Instead, they are contributed to your Savings Plan account and can grow over time with tax-deferred earnings. Your before-tax contributions and earnings will be subject to income tax only when withdrawn. This helpful tax rule is a reason to save for retirement through the Savings Plan.

Even if you are automatically enrolled in before-tax contributions at the Savings Plan’s default contribution rate, you have the right to contribute more, less or nothing to the Savings Plan. (There are limits, as described on pages 6 and 7, on the maximum you may contribute to the Savings Plan.) You can also elect to make after-tax Roth 401(k) contributions to the Savings Plan. To change your contribution rate, stop making contributions, opt out of the auto-escalation feature, or elect to make after-tax Roth 401(k) contributions, go to the P&G Retirement Plans website at http://digital.alight.com/pgretirementplans and log on using your user ID and password or call the Retirement Plans Service Center at 844-786-6588. Representatives are available to take your call weekdays from 8:00 a.m. to 9:00 p.m. Eastern Time. If you use the website, click on the P&G Savings Plan tile and choose “Change Contributions” from the “Plan Features & Options” drop-down menu. The website is available 24 hours a day, seven days a week.

Savings Plan investmentsThe Savings Plan lets you invest the funds in your Savings Plan account in a number of different investment options. If you have not affirmatively made investment elections for the funds in your Savings Plan account, the funds in your Savings Plan account are invested automatically in the Savings Plan’s default investment option, the Savings Pre-Mixed B: Growth & Income Portfolio.

Fund Name Gross Expense Ratio %

Savings Pre-Mixed B: Growth & Income Portfolio

0.06%

You can make investment elections for future Savings Plan contributions, or re-invest amounts currently invested in the Savings Plan’s default investment option in any of the Plan’s other investment alternatives. To make changes to your investments, go to the P&G Retirement Plans website at http://digital.alight.com/pgretirementplans and log on using your user ID and password or call the Retirement Plans Service Center at 844-786-6588. Representatives are available weekdays from 8:00 a.m. to 9:00 p.m. Eastern Time. If you use the website, select the Savings Plan tile > Plan Features & Options tab > Change Investments. You can also find more information on the Savings Plan’s available investment alternatives at the P&G Retirement Plans website by clicking on the Savings Plan tile > Plan Features & Options tab > Investments > click on individual fund name to view the fund’s Fact Sheet. You can also call the Retirement Plans Service Center at 844-786-6588 to change your investment elections or request the fund Fact Sheets to be mailed to you.

Savings Plan withdrawalsWhile your own contributions to the Savings Plan are always 100% vested, there are restrictions on when and how you may withdraw them. These limits may be important to you in deciding whether and to what extent you contribute to the Savings Plan. In most situations, you are not allowed to withdraw funds from the Savings Plan while you are still employed by the Company, unless you have reached age 59½. For more information on the Savings Plan’s withdrawal restrictions, review the Savings Plan’s SPD.

If you die, your beneficiary will receive any vested amount remaining in your Savings Plan account.

Summary Plan DescriptionsIf you have questions about the Plans, you are always encouraged to review the Summary Plan Description (“SPD”) for the PST Plan and the Savings Plan. To obtain a copy of the SPD for either Plan, go to the P&G Retirement Plans website at http://digital.alight.com/pgretirementplans and log on using your user ID and password or call the Retirement Plans Service Center at 844-786-6588 and request a paper copy be mailed to you. If you use the website, click on the name of the applicable Plan and then click “Plan Information” under the “Documents and Resources” section at the bottom of the page.

This document is a Summary of Material Modifications to the SPDs for the PST Plan and Savings Plan. You should keep this document with your PST Plan SPD and your Savings Plan SPD for a complete summary of the Plans. In the event anything in this document or the SPDs conflicts with the terms of the official Plan documents, the official Plan documents will control.

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Is the Roth 401(k) right for you?In addition to traditional before-tax contributions, the Savings Plan also offers the ability for you to make after-tax Roth 401(k) contributions. To learn more about after-tax Roth 401(k) contributions, go to the P&G Retirement Plans website at http://digital.alight.com/pgretirementplans and log on using your user ID and password. After you log on to your account, look for the “Roth 401(k)” tile. Learning more about this savings feature will help you determine whether this type of contribution is right for your retirement saving goals.

Put paper checks in the pastAre you receiving distributions from one or both of the Plans? If yes, are those distributions made via electronic Automatic Clearing House (“ACH”) payments? By using electronic ACH payment, you can receive your money a lot faster and with increased security. To set up electronic ACH payments, go to the P&G Retirement Plans website at http://digital.alight.com/pgretirementplans and log on using your user ID and password. After you log on to your account, update the “Financial Institutions” information under “Your Profile.” You may also call the Retirement Plans Service Center at 844-786-6588 to update your Financial Institutions information. Representatives are available weekdays from 8:00 a.m. to 9:00 p.m. Eastern Time.

Other Plan Actions You Can Take

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