Barclays Back to School y Consumer Conference

September 6, 2012

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, 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 expectation and assumptions that are subject to risks and uncertainties which may Forward looking cause results to differ materially from 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: (1) the ability to achieve business plans, including growing existing sales and volume profitably and maintaining and improving margins and market share, despite high levels of competitive activity, an increasingly volatile economic environment, lower than expected market growth rates, especially with respect to the product categories and g g p geographical markets ( (including developing markets) in which the Company has chosen to focus, and/or increasing competition from mid- and g p g ) p y , g p lower tier value products in both developed and developing markets; (2) the ability to successfully manage ongoing acquisition, divestiture and joint venture activities to achieve the cost and growth synergies in accordance with the stated goals of these transactions without impacting the delivery of base business objectives; (3) the ability to successfully manage ongoing organizational changes and achieve productivity improvements designed to support our growth strategies, while successfully identifying, developing and retaining key employees, especially in key growth markets where the availability of skilled employees is limited; (4) the ability to manage and maintain key customer relationships; (5) the ability to maintain key manufacturing and supply sources ( y y g pp y (including sole supplier and p g pp plant manufacturing sources); ( ) the ability to successfully g ) (6) y y manage regulatory, tax and legal requirements and matters (including product liability, patent, intellectual property, price controls, import restrictions, environmental and tax policy), and to resolve pending matters within current estimates; (7) the ability to resolve the pending competition law inquiries in Europe within current estimates; (8) the ability to successfully implement, achieve and sustain cost improvement plans and efficiencies in manufacturing and overhead areas, including the Company's outsourcing projects; (9) the ability to successfully manage volatility in foreign exchange rates, as well as our debt and currency exposure (especially in certain countries with currency exchange controls, such as Venezuela, China and India); (10) the ability to maintain our current credit rating and to manage fluctuations in interest rate, increases in pension and healthcare expense, and any significant credit or liquidity issues; (11) the ability to manage continued global political and/or economic uncertainty and disruptions, especially in the Company's significant geographical markets, due to a wide variety of factors, including but not limited to, terrorist and other hostile activities, natural disasters and/or disruptions to credit markets, resulting from a global, regional or national credit crisis; (12) the ability to successfully manage competitive factors, including prices, promotional incentives and trade terms for products; (13) the ability to obtain patents and respond to technological advances attained by competitors and patents granted to competitors; (14) the ability to successfully manage increases in the prices of commodities, raw materials and energy, including the ability to offset these increases through pricing actions; ( ) the ability to develop effective sales, advertising and marketing programs; (16) the ability to stay on the leading edge of (15) ff ( ) f innovation, maintain a positive reputation on our brands and ensure trademark protection; and (17) the ability to rely on and maintain key information technology systems and networks (including Company and third-party systems and networks), the security over such systems and networks, and the data contained therein. For additional information concerning factors that could cause actual results to materially differ from those projected herein, please refer to our most recent 10-K, 10-Q and 8-K reports.

Regulations FD and G Disclosures

For a full reconciliation please visit: reconciliation, www.pg.com/investors

Barclays Back to School y Consumer Conference

September 6, 2012

Jon Moeller
Chief Financial Officer

Agenda
Recent Results & Outlook Growth & Productivity Strategy Q&A

Past 3 Year Results

FY10 FY12 ~4% average Organic Sales growth ~4% average Core EPS growth Solid free cash flow productivity ~9% average Dividend increase 9% Strong levels of cash returned to shareholders

Recent Results
Organic Sales Growth O i S l G th
6% 5% 4% 3% 2% 1% 0% -1%

Past 3 year CAGR = 4% 11 consecutive quarters i range of 3% t 5% ti t in f to

JFM 10

AMJ 10

JFM 12

AMJ 11

JAS 09

JAS 10

OND 09

OND 10

OND 11

AMJ 12

JFM 11

JAS 11

Recent Results
Pricing T P i i Trend d
6

+5%
5

FY13 - 8th consecutive year of positive pricing contribution t sales growth i i t ib ti to l th

+4%
$3.5 billion

+2% +1% +1%

0 FY 09 FY 10 FY 11 FY 12 FY 13E

Recent Results
Pricing P i i vs. Competition in April J C titi i A il June Q Quarter t
Apr-June P&G Unilever Colgate Kimberly Clark Clorox Cl 4 3.5 3.5 35 2 5 Jan-Mar 5 4.7 3.5 35 3 4

Recent Results
Organic Sales Growth led by Developing Markets O i S l G th l d b D l i M k t
+11%

Developing

Developed
FY 09 FY 10 FY 11 FY 12

Recent Results
Sales G S l Growth BRIC M k t th Markets 14% CAGR for the Past 3 Years

2012: China +16%; Brazil + 15%; 16%; India +16% & Russia +11%
FY 09 FY 10 FY 11 FY 12

Recent Results
P&G Asia Sales Growth A i S l G th
$ $15.0B

Asia Sa es up 10X s a Sales 0

$4.0B ~$1.5B

1991

2001

2012

Recent Results
P&G Latin America Sales Growth L ti A i S l G th
$ $8.3B

Latin America Sales up 8X p

$2.9B

$1.0B

1991

2001

2012

Recent Results
P&G Central & Eastern Europe, Middle East C t l E t E Middl E t & Africa Sales Growth
$ $12.1B

CEEMEA Sales up 12X p

$2 5B ~$2.5B <$1.0B 1991 2001 2012

Recent Results
% of S l Holding or Growing Value Share f Sales H ldi G i V l Sh
70%

Share results improved in June 2012

60% 50% 40% 30% 20% 10% 0%
AMJ 11 JAS 11 OND 11 JFM 12 AMJ 12 June 12
Market share data is value basis, constant currency.

Recent Results
Core EPS G C Growth th
10%

~4%average EPS growth

7% 5%

5%

-1%
0% FY 10 FY 11 FY 12

-5%
* History adjusted for Snacks moving to Discontinued Operations.

Recent Results
Adjusted F Adj t d Free Cash Flow Productivity C h Fl P d ti it
125%

Consistently Delivering 90% Cash Productivity Target

90%, $9.8 billion

100%

75%

50%

25%

0%

FY 06

FY 07

FY 08

FY 09

FY 10

FY 11

FY 12

Recent Results
Returning V l to Shareholders R t i Value t Sh h ld
Past 10 Years $42 46* $88

$ billions Dividends Share Repurchase Value to Shareholders Shareholder Yield** Yield

% of market cap

FY 12 $6 4 $10 5.5% 5 5%

*P10Yr share repurchase excludes $20 billion of repurchases associated with the Gillette acquisition. **Shareholder Yield is calculated based on market cap of the last day of each Fiscal Year.

FY 2013 Guidance
FY 13 & Q1 G id Guidance - U h Unchanged d

FY 13
Organic Sales Growth FX All-In Sales Growth +2% to +4% 0% to -2% 0% to -2% $3.80 to $4.00 -1% to +4% 1% 4%

Q1
0% to +2% -6% -4% to -6% $0.91 to $0.97 -10% to -4% 10% 4%

Q2

2H

+3% to +4% +3% to +4%

Core EPS Core EPS Growth

+1% to +6% +1% to +6% 1% 6% 1% 6%

Potential Risks NOT INCLUDED in Guidance Assumptions: Foreign Exchange items: Significant strengthening of U.S. Dollar; Venezuela devaluation post upcoming election Market Growth Deceleration from: Deepening European financial crisis; Uncertainty from United States fiscal cliff U.S. Tax Policy Extensions: Subpart F Look Through ; R&D Tax Credit

FY 2013 Guidance
Cash G C h Generation and Usage Assumptions ti dU A ti

Free Cash Flow Productivity: Capital Spending, % Sales: Dividends: Share Repurchase: Value to Shareholders: Shareholder Yield:

~ 90% ~5.5% 5.5% $6bn+ $4bn $ $10bn+ ~5.5%

Agenda
Recent Results & Outlook Growth & Productivity Strategy
Developing Markets Maintain the Momentum Strengthen the Core 40/20/10 Productivity Plans and Progress

Q&A

Developing Markets
Market Growth Potential M k tG th P t ti l
Population is forecast to g p grow 800 million people with ~95% from developing markets ~1.4 billion new middle class consumers in developing markets by 2020 Americans currently account for 20% of middle-class spending & are expected to represent only 8% by 2030

Developing Markets
P&G Sales Progression: 2000 to 2012
80%
% of Total Com T mpany Sales

12% Sales Growth CAGR over 12 Years

62%

38% 20% $8 bn
FY '00
Developed Developing

$32 bn

FY '12

Developing Markets
Current C rrent Footprint & Developing Market Sales De eloping
P&G Unilever LOreal Colgate

38% 6 % 62% 68%

32%

37 % 63 %

54 46 % %

Developing Market Sales

$32B

$22B
Developed Developing

$9B

$9B

Developing Markets
Expansions O l Care E i Oral C

Developing Markets
E pansions - Eastern E rope Vicks Expansions Europe

Developing Markets
E i Expansions Africa Safeguard

Developing Markets
Brazil H i C B il Hair Care M k t G Market Growth th
145

10%
P&G V l Value Share

MJ 12

127

2.8% 2 8%
P&G Value Share

JF08

113 107

Base FY 2008
*Constant FX @ 1.76

FY 2009

FY 2010

FY 2011

FY 2012

Developing Markets
China B b C Chi Baby Care Market Growth M k tG th

30.2%
P&G V l Value Share

FY11/12

174

28.7% 28 7%
P&G Value Share

140

FY08/09

110 Base FY 2009

*Constant FX

FY 2010

FY 2011

FY 2012

Developing Markets
India Bl d I di Blades & Razors Market Growth R M k tG th

48.7%
P&G Value Share

FY12

155

137

38.2%
P&G Value Share

119 9

FY 08

105 Base FY 2008

*Constant FX

FY 2009

FY 2010

FY 2011

FY 2012

Developing Markets
India Di I di Diapers Market Growth M k tG th

56.5%
P&G Value Share

FY12

367

261

36.1%
P&G Value Share

174 131

FY 08

Base FY 2008
*Constant FX

FY 2009

FY 2010

FY 2011

FY 2012

Developing Markets
Brazil H i C B il Hair Care Sales per Unit: up + 42%
FY 09 FY 13E
307 Index 179 Index Base 121 Index 253 Index 138 Index

197 Index

3%

6% 65% 29%

14% 35%
Ampoules (Pack with 3) 150ml Treatments

48%
Treatments

400ml

300ml

Sh Pantene 200ml

Cond Pantene 200ml

X% = Volume Share

Sh Pantene 200ml

Cond Pantene 200ml

*All numbers at constant FX (at 2.03)

Developing Markets
India Bl d I di Blades & Razors Care R C

Sales per Unit: up +25%

FY08 FY12
3000 Index 900 Index 450 Index

475 Index Base

595 Index

2000 Index 115 Index

15% 46% 24%

14%

14% 13% 44% Shave Preps Disposables

Shave Disposables Preps S t Systems

28%

DoubleEdge

Double DoubleEdge

S t Systems

X% *All numbers at constant FX (at 49)

= % of Volume

Developing Markets
Russia Feminine Care R i F i i C

Sales per unit up +9%

FY 11 FY12
190 Index 150 I d Index 140 Index

3%
109 Index

Base

64%

59%

36%

37%

X
*All numbers at constant FX

= % of Volume

Developing Markets
China B b C Chi Baby Care

Sales per unit: +8%

FY10
143 Index 200 Index

FY13E
192 Index 158 Index

8%

Base

3% 101

59% 38% 24%

68%

Value Ti V l Tier

Mid Tier Ti X

Premium Tier Value Tier P i Ti

= Volume split %

Mid Tier

Premium Tier P i Ti

Developing Markets
BRIC Sales per Unit Growth S l U it G th
+ DoubleDigit
Sales per unit Increase vs. FY 11

FY 09

FY 10

FY 11

FY 12

FY 13E

Developing Markets
L li d M f t i Localized Manufacturing FY 13 & 14 Start-ups
New Plant Start ups Start-ups
China Brazil Nigeria Indonesia

New Category Start ups Start-ups

Poland Venezuela India

Capacity Increases
India EMEA - multiple sites

Developing Markets
L li d M f t i Localized Manufacturing

Oral Care (Brazil) ( )

+4% increase in BT margin

Baby Care (Nigeria)

>10% increase in BT margin

Developing Markets
Scale D i S l Driven Efficiencies Effi i i

Developing Markets
Profit G P fit Growth th

FY 2013 Expectation 9 of 10 Top Developing Markets Profitable Top 10 Developing Market After Tax Profit +40%* +40%

* Based on mid-August fx rates

Developing Markets
Per C it S P Capita Spending di
$100 $90 $80 $70 $60 $ $50 $40 $40 $30 $20 $10 $0
U.S. U.K. Germany Russia Mexico Brazil China Indonesia India SubSaharan Africa

$94

$64

>$50 billion
sales opportunity pp y
$21 $19 $11 $5 $2 $1 $1

Agenda
Recent Results & Outlook Growth & Productivity Strategy
Developing Markets Maintain the Momentum Strengthen the Core 40/20/10 Productivity Plans and Progress

Q&A

Strengthen the Core

Top T 40 C t Category/Country B i /C t Businesses Products with superior value and p p performance Competitive pricing g Strong innovation Effective communication to consumers Sufficient marketing support

Innovation
Fabric C F b i Care
One Tide POD outperforms the next 6 competitorscombined! p

Tide PODS copy with Claims

Innovation
Fabric C F b i Care Tide PODS
Reframes category value equation Provides platform for future innovation and growth

Index vs. Tide Liquids Base

Index vs. Tide PODS Base

Index Same Brand Unit Dose vs. Liquid 120

44

55

150

43

61

170

Innovation
Fabric C F b i Care
Keeps clothes fresh in y p your closet for up p to 12 weeks until you wear them.

Innovation
P l H lth C Personal Health Care
Not for colds not for pain JUST FOR SLEEP Not colds, pain, SLEEP

Innovation
Dish C Di h Care

Even removes hidden

grease from your dishwasher parts

Innovation
B tt i Batteries

Guaranteed for
10-Years in Storage

Innovation
Family C F il Care

Use 4 times less

vs. the leading value brand

Innovation
Oral C O l Care

Innovation
B b C Baby Care
Up to

12 hours

of protection for beautiful mornings

Innovation
Prestige Fragrances P ti F

Innovation
Prestige Skin Care P ti Ski C

Innovation
Skin C Ski Care

1st Mass Skin Care product delivering Anti-Aging benefits & BB type instant coverage t i t t

Innovation
Skin C Ski Care

1st Mass total eye care product designed to give women

younger, brighter looking eyes g y in just 1 week

Innovation
Skin C Ski Care

Innovation
Skin C Ski Care

Innovation
Hair C H i Care
7 Benefits of cleaning Leaves hair up to10x stronger*

up to

100% Flake Free

* Strength against damage vs. non-conditioning shampoo.

Innovation
H i C Hair Care

Innovation
Hair C H i Care Vertical Portfolio Expansion in U.S. New S N Super P Premium Li i Line Pantene New Mid-Tier Line e d e e 200 250 P i I d Price Index Base 50 75 Price Index 5 ce de

Agenda
Recent Results & Outlook Growth & Productivity Strategy
Developing Markets Maintain the Momentum Strengthen the Core 40/20/10 Productivity Plans and Progress

Q&A

Productivity Plans and Progress

Strategic imperative $10 billi opportunity over 5 years billion t it Non-manufacturing Overhead
$3B
$

10

Billion

Cost of Goods G d

$6B $1B

Marketing Efficiencies

Productivity Plans and Progress

Non-Manufacturing Staffing N M f t i St ffi
Original Pl O i i l Plan % Reduction* Positions Savings, $MM FY 12** ~3% 1,600 1 600 FY 13 ~7% 4,100 4 100 $240 FY 14 ++ ++ $560 SubTotal T t l ~10% 5,700 5 700 $800 FY15 & FY16 ++ ++ $200 Total T t l >10% >5,700 >5 700 ~$1,000

% reduction of Selling, Research, General Admin and Product Supply Admin positions **includes employees departing with an effective date of July 1, 2012

Productivity Plans and Progress

Non-Manufacturing Staffing N M f t i St ffi
Original Pl O i i l Plan % Reduction* Positions Savings, $MM Updated Plan % Reduction* Positions Savings, $MM 5.3% 4.7% 2,700 $400 ++ ++ $350 ~10% 5,700 $800 ++ ++ $200 >10% >5,700 ~$1,000 FY 12** ~3% 1,600 1 600 FY 13 ~7% 4,100 4 100 $240 FY 14 ++ ++ $560 SubTotal T t l ~10% 5,700 5 700 $800 FY15 & FY16 ++ ++ $200 Total T t l >10% >5,700 >5 700 ~$1,000

3,000
$50

% reduction of Selling, Research, General Admin and Product Supply Admin positions **includes employees departing with an effective date of July 1, 2012

Productivity Plans and Progress

Core SG&A O C Overhead 2012 B ildi Bl k h d Building Blocks
% of Sales Reported SG&A* Less: Advertising Less: Other Marketing Less: Non Core Restructuring Non-Core Less: Goodwill & Intangible Impairments Core SG&A 33.5% (11.2) (5.3) (0.6) (0 6) (1.9) 14.4%

* Excludes Transportation & Warehousing

Productivity Plans and Progress

Core SG&A Overhead* Benchmarking C O h d* B h ki
40.0% 35.0% 30.0% 25.0% 25 0% 20.0% 15.0% 15 0% 10.0% 5.0% 5 0% 0.0%
9.0% 10.2% 10.3% 10.3% 13.3% 13 3% 12.2% 12.5% 12.7% 14.4% 17.9% 24.1% 23.9% 24 1% 23.1% 23 9% 34.6% 34 6%

* Excludes Transportation & Warehousing, Marketing and Non-Core Items

Productivity Plans and Progress

P&G Business Segment Composition
Sales* $Bn FY12 $20 8 27 16 12 $83.7

Beauty Grooming Fabric Care & Home Care Baby Care & Family Care Health Care Total

% Mix 24% 10% 32% 19% 15% 100%

* Corporate Segment sales and costs allocated pro-rata to business segments

Productivity Plans and Progress

Core SG&A Overhead Competitive Benchmarks
Core SG&A Overhead C O h d Benchmark Companies Beiersdorf, L'Oreal, Unilever 20% ENR, Beiersdorf ENR B i d f 19% CHD, CLX, Henkel, Reckitt, Unilever 10% KMB, SCA 10% CL, KMB, CL KMB JNJ 15%

FY'12 % Mix Beauty 24% Grooming G i 10% Fabric Care & Home Care 32% Baby Care & Family Care 19% Health Care 15% Total 100%

~14%

Benchmarks based on P&G estimates of competitor costs for transportation & warehousing, non-reported marketing and other non-core items

Productivity Plans and Progress

P&G Core SG&A Overhead Objective
Core SG&A Overhead FY'12 Benchmark Target Beauty y 20% 17% - 18% Grooming 19% 16% - 17% Fabric Care & Home Care 10% ~9% Baby Care & Family Care 10% ~9% 9% Health Care 15% 13% - 14% 12% - 13% Total 14.4% ~14%

Business-weighted, Scale-adjusted Target Range 12% - 13% (100 to 200 basis points below benchmark)

Accountability
Simplified set of 7 performance metrics that tie directly to shareholder value creation: 1. Volume 2. Sales 2 S l 3. Market Share 4. Operating Profit 4 O ti P fit 5. Productivity 6. Cash Flow 7. Internal Controls

Path to Target EPS Growth Range

High-Single High Single Digits to Low Double Digits Low-Double
EPS Growth Organic sales growth at market level (fully loaded, i.e. no leverage) Cost savings at full run rate and leverage; get range of half-to-all of projected savings t f h lf t ll f j t d i Share repurchase g High-side Potential If deliver only two-thirds of high-side, ~5% pts. below high-side 4% 6% to 11% o % 2% ~12% to 17% ~8% to 11%

5% pts, ~$0.20/share flex to cover: Additional upside potential:

Worse margin mix Commodity inflation or F/X impacts beyond level offset by pricing Reinvestment Market share growth Developing market profit accretion