April 23, 2015  Procter & Gamble Earnings Release:Q3 FY 2015 Results 

 Jan – Mar 2015 (Q3 FY 15)Business Results 

 Jan – Mar 15 (Q3 FY 15) ResultsOrganic Sales Growth*  Organic sales grew 1% with 4 of 5 reporting segments in line or growing versus prior year.  2%  3%  * Restated for Batteries & PetCare  1%  2%  2% 

 Jan – Mar 15 (Q3 FY 15) ResultsMarket Share   Global value share 21% % of Sales Holding/Growing Share ~50% 

 Jan – Mar 15 (Q3 FY 15) ResultsCore EPS Growth*  Core EPS includes 410 basis points of operating margin improvement driven by productivity savings.  * Restated for Batteries & Pet Care  -8%  3%  22%  4% 

 Jan – Mar 15 (Q3 FY 15) ResultsCurrency Neutral Core EPS Growth*  Excluding the impact of foreign exchange, currency-neutral core earnings per share increased 10% for the quarter.   * Restated for Batteries & Pet Care  28% 

 Results To-DateNon-Core Restructuring Spending*  * Restated for Pet Care & Batteries    FY 15  FY 15  FY 15  ($MM Before Tax)  JAS  OND  JFM  Cost of Goods Sold  93  77  161  SG&A  2  18  92  Total Non-Core Restructuring  95  95  253 

 Business Segments 

 Jan – Mar 15 (Q3 FY 15) ResultsBeauty, Hair & Personal Care Segment  +2% Pricing, -1% MixOrganic Sales: i Mid-singles in Developed markets, i Low single digits in DevelopingGlobal value share declined 0.4 points versus year agoNet Earnings: Productivity improvements and pricing were more than offset by volume decline, mix hurts and currency headwinds.  Organic Sales  Organic Volume  Net Earnings  -17%  -4%  -3% 

 By Category  Organic Sales Growth IYA        Global  Developed  Developing  Hair Care  -  -  ~=  Skin Care  -  -  -  Personal Cleansing  -  +  -  Deodorants  ~=  ~=  +  Cosmetics  +  +  +  Prestige  -  -  -  Salon Professional  ~=  +  ~=  Jan – Mar 15 (Q3 FY 15) ResultsBeauty, Hair & Personal Care – Organic Sales   + represents growth above 1%, ~= represents growth of 1% to decline of 1%; - represents decline greater than1%. 

 Hair Care organic sales in Developing markets were up driven by pricing across all regions. This growth was more than offset by declines in Japan due to pre-buys in anticipation of the consumption tax increase in the base, trade inventory reductions in China and competitive activity in the U.S. Skin Care organic sales declined due to competitive challenges across regions. Antiperspirants and deodorants organic sales were up and global value share increased 0.2 points. High single-digit growth in Developing markets due to pricing was partly offset by low single-digit decline in Developed markets behind additional investments.Personal Cleansing organic sales declined mid-single digits as growth in developed markets behind innovation and distribution expansion was more than offset by declines behind trade inventory corrections in China.Cosmetics organic sales grew double digits in Developed and Developing markets mainly driven by successful innovation on Max Factor in Europe and China.Organic sales in Prestige decreased high single digits. Sales growth in SKII was more than offset by lower levels of product innovation in Prestige Fragrances versus the base period and distributor inventory reduction.Salon Professional organic sales were up driven by pricing, innovation and promotional activities.  Jan – Mar 15 (Q3 FY 15) ResultsGlobal Beauty, Hair & Personal Care Highlights 

 Jan – Mar 15 (Q3 FY 15) ResultsGrooming Segment  +5% Pricing, +3% MixOrganic Sales: h High singles in Developed markets, h High singles in DevelopingGlobal value share declined 0.3 points versus year agoNet Earnings: Volume growth, pricing, mix helps and productivity savings were more than offset by currency headwinds.  9%  -2%  Organic Sales  Organic Volume  Net Earnings  1% 

 By Category  Organic Sales Growth IYA        Global  Developed  Developing  Blades & Razors  +  +  +  Pre & Post Shave  +  +  +  Braun & Appliances  +  +  +  Jan – Mar 15 (Q3 FY 15) ResultsGrooming – Organic Sales   + represents growth above 1%, ~= represents growth of 1% to decline of 1%; - represents decline greater than1%. 

 Global Blades & Razors organic sales were up high single digits in Developed and Developing markets driven by the successful roll-out of the Flexball innovation, launch of Venus Swirl in the U.S. and pricing. Appliances organic sales increased high single digits driven by innovation, like the launch of Series 9 shavers, and market growth. Global value share was up 0.3 points.  Jan – Mar 15 (Q3 FY 15) ResultsGlobal Grooming Highlights 

 Jan – Mar 15 (Q3 FY 15) ResultsHealth Care Segment   +2% Pricing, +5% MixOrganic Sales: h Mid-singles in Developed markets, h Double digits in Developing Global value share declined 0.2 points versus year agoNet Earnings: Pricing, mix helps and productivity savings more than offset currency headwinds.  Organic Sales  Organic Volume  Net Earnings  -1%  12%  6% 

 By Category  Organic Sales Growth IYA        Global  Developed  Developing  Oral Care  +  ~=  +  Personal Health Care  +  +  +  Jan – Mar 15 (Q3 FY 15) ResultsHealth Care – Organic Sales   + represents growth above 1%, ~= represents growth of 1% to decline of 1%; - represents decline greater than1%. 

 Oral Care organic sales increased high single digits in Developing markets, due to premium innovation and pricing. Developed markets grew behind premium innovation.Personal Health Care sales are up double digits in Developed and Developing markets behind a stronger cough/cold season than last year and pricing. In the U.S., growth from innovation behind Vicks Severe and Metamucil more than offset the decline on Prilosec due to a new market entrant.  Jan – Mar 15 (Q3 FY 15) ResultsGlobal Health Care Highlights 

 Jan – Mar 15 (Q3 FY 15) ResultsFabric & Home Care Segment  Flat Pricing, +1% MixOrganic Sales: i Mid-singles in Developed markets, h Mid-singles in DevelopingGlobal value share declined 0.1 points versus year agoNet Earnings: Productivity savings were more than offset by currency headwinds.  Organic Sales  Organic Volume  -4%   Flat   -1%   Net Earnings 

 By Category  Organic Sales Growth IYA        Global  Developed  Developing  Fabric Care  -  -  +  Home Care  +  ~=  +  P&G Professional  +  +  +  Jan – Mar 15 (Q3 FY 15) ResultsFabric & Home Care – Organic Sales   + represents growth above 1%, ~= represents growth of 1% to decline of 1%; - represents decline greater than1%. 

 Fabric Care organic sales decreased low single digits. Developing markets grew mid-single digits largely behind innovation, like compact liquids expansion in the Middle East & Africa. Organic sales declined high single digits in Developed Markets due to innovation pipeline in the base period and reduction in trade inventory in the U.S. as well as a high base in Japan behind the consumption tax increase pre-buys.U.S. Fabric Care value share grew 1 point behind the launch of our innovation bundle in the March quarter and additional investments.Home Care organic sales grew single digits. Developing markets grew high single digits driven by growth from initiatives, partly offset by flat growth in Developed markets. Premium innovation in the U.S., like Unstopables and Cascade Platinum, were fully offset by volume loss in Japan behind competitive activity and the anniversary of the consumption tax pre-buys.  Jan – Mar 15 (Q3 FY 15) ResultsGlobal Fabric & Home Care Highlights 

 Jan – Mar 15 (Q3 FY 15) ResultsBaby, Feminine & Family Care Segment  +2% Pricing, +2% MixOrganic Sales: h Low singles in Developed markets, h Mid-singles in DevelopingGlobal value share declined 0.6 points versus year agoNet Earnings: Pricing and productivity savings were more than offset by currency headwinds.  Organic Sales  Organic Volume 

 By Category  Organic Sales Growth IYA        Global  Developed  Developing  Baby Care  +  ~=  +  Feminine Care  +  +  +  Family Care  -  -  -  Jan – Mar 15 (Q3 FY 15) ResultsBaby, Feminine & Family Care – Organic Sales   + represents growth above 1%, ~= represents growth of 1% to decline of 1%; - represents decline greater than1%. 

 Baby Care organic sales increased low single digits driven by strong volume growth in the U.S and pricing to offset currency devaluation. This was partly offset by a high base period due to the pre-buys before the consumption tax increase in Japan. In the U.S., value share was up over 1 point versus year ago behind innovation driven up-tiering, with Swaddlers growing value share 2.3 points versus last year.Feminine Care organic sales increased high single digits driven by our Adult Incontinence launch in North America, U.K., France, Netherlands, Belgium and DACH and pricing in Developing markets.Family Care organic sales were down low single digits due to declines in Mexico and value interventions in the U.S. Volume share in the U.S. was flat for the past three months.  Jan – Mar 15 (Q3 FY 15) ResultsGlobal Baby, Feminine & Family Care Highlights 

 Fiscal Year 2015 Guidance 

 FY 2015 GuidanceOrganic Sales & EPS Growth    FY’15  Organic Sales Growth  Up Low Single-Digits  Currency  -6% to -7%  Minor brand divestitures  -1%  All-in Sales Growth  -5% to -6%      Core Earnings Per Share Growth  In Line to Down Low Single-Digits  All-in Earnings Per Share Growth  -21% to -22%  Constant $ Earnings Per Share Growth  Up Double-Digits 

 FY 2015 GuidanceCash Generation & Usage  Free Cash Flow Productivity: 100%Capital Spending, % Sales: 4% to 5%Dividends: ~$7BShare Repurchase: ~$5B 

 FY 2015 GuidancePotential Headwinds Not Included in Guidance  Further foreign currency weaknessUnrest in the Middle East and Eastern EuropeFurther pricing controls and import restrictions 

 FY 2015 GuidancePotential Tailwinds Not Included in Guidance  Strengthening of foreign currencies Expansion of marketsImproved consumer confidence, particularly in the U.S. 

 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,” “expect,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are based on current expectations and assumptions, which are subject to risks and uncertainties that may cause results to differ materially from those expressed or implied in the forward-looking statements. We undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise. Risks and uncertainties to which our forward-looking statements are subject include, without limitation: (1) the ability to successfully manage global financial, operational and manufacturing risks, including, among others, (a) an increasingly volatile economic environment, with potentially significant disruptions and reduced market growth rates, (b) foreign currency fluctuations, (c) significant credit or liquidity issues, (d) debt, currency exposure and repatriation issues in countries with currency exchange, import authorization or pricing controls (such as Venezuela, Argentina, China, India and Egypt), (e) maintaining key manufacturing and supply sources (including sole supplier and sole manufacturing plant arrangements), and (f) managing disruption of business due to factors outside of our control, such as natural disasters and acts of war or terrorism; (2) the ability to successfully manage cost fluctuations and pressures, including commodity prices, raw materials, labor costs, energy costs and pension and health care costs, and achieve cost savings described in our announced productivity plan; (3) the ability to stay on the leading edge of innovation, obtain necessary intellectual property protections and successfully respond to technological advances attained by, and patents granted to, competitors; (4) the ability to compete with our local and global competitors by successfully responding to competitive factors, including prices, promotional incentives and trade terms for products; (5) the ability to manage and maintain key customer relationships; (6) the ability to protect our reputation and brand equity by successfully managing real or perceived issues, including concerns about safety, quality, efficacy or similar matters that may arise; (7) the ability to successfully manage the financial, legal, reputational and operational risk associated with third party relationships, such as our suppliers, contractors and external business partners; (8) the ability to rely on and maintain key information technology systems and networks (including Company and third-party systems and networks) and maintain the security and functionality of such systems and networks and the data contained therein; (9) the ability to successfully manage regulatory, tax and legal requirements and matters (including, without limitation, product liability, intellectual property, price controls, import restrictions, accounting standards and environmental and tax policy) and to resolve pending matters within current estimates; (10) the ability to successfully manage our portfolio optimization strategy, as well as ongoing acquisition, divestiture and joint venture activities, to achieve the Company’s overall business strategy, without impacting the delivery of base business objectives; and (11) the ability to successfully achieve productivity improvements and manage ongoing organizational changes, while successfully identifying, developing and retaining particularly key employees, especially in key growth markets where the availability of skilled or experienced employees may be limited. 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.