*  Earnings ReleaseQ2 2018 ResultsJanuary 23, 2018 

 *  *  Business ResultsQ2 FY 2018 

 *  Second Quarter FY 2018  Organic Sales Growth  Organic Volume Growth  Core EPS Growth  Adj. Free Cash Flow Productivity  Q2 FY ‘18  +2%  +2%  +10%  91% 

 *  Oct – Dec 17 (Q2 FY 18) ResultsOrganic Sales Growth  Sales growth was volume driven, with organic volume growing +2%. 

 *  Oct – Dec 17 (Q2 FY 18) ResultsCore EPS Growth  All-in sales and core operating profit each grew 3%. Impacts of the Tax Act added 4% to Core EPS growth and lower diluted shares outstanding contributed 2%.  

 *  Oct – Dec 17 (Q2 FY 18) ResultsCurrency-Neutral Core EPS Growth 

 *  *  Business Segment Results and HighlightsQ2 FY 2018 

 *  +0% Pricing, +7% MixOrganic Sales: h Mid-single digits in Developed markets, h Double digits in Developing marketsGlobal value share declined 0.1 point versus year agoNet Earnings: Productivity improvements, volume, pricing and favorable product mix were partially offset by marketing investments and commodity headwinds.   Oct – Dec 17 (Q2 FY 18) ResultsBeauty Segment  * 

 *  Hair Care organic sales grew low single digits versus year ago. Sales growth was driven by growth of all major brands – Pantene, Head & Shoulders, Herbal Essences and Rejoice. Developed markets were flat. Developing markets were up mid-single digits driven by premium innovation and pricing across markets.Skin & Personal Care organic sales grew double digits versus year ago. Developing markets were up double digits led by strong growth in China across Skin and Personal Care and SK-II. Developed markets were up double digits led by premium tier growth across markets including SK-II growth in Japan.  By Category  Organic Sales Growth IYA  Organic Sales Growth IYA  Organic Sales Growth IYA  By Category  Global  Developed  Developing  Hair Care  +  ~=  +  Skin & Personal Care  +  +  +   + represents growth above 1%, ~= represents growth of 1% to decline of 1%; - represents decline greater than 1%.  Oct – Dec 17 (Q2 FY 18) ResultsBeauty Highlights  * 

 *  -4% Pricing, Flat Mix Organic Sales: i Low single digits in Developed markets, i Mid-single digits in Developing marketsGlobal value share declined 0.7 points versus year ago. Net Earnings: Productivity savings and currency tailwinds were more than offset by the pricing investments on the U.S. Shave Care business and a base period gain from a real estate sale in Boston.  Oct – Dec 17 (Q2 FY 18) ResultsGrooming Segment  * 

 *  *  Grooming organic sales declined low single digits versus year ago due to softness in Shave Care partially offset by double digit growth in Appliances led by innovation. Developing markets declined mid-single digits due to mix impacts and trade inventory corrections. Developed markets decreased low single digits led by the pricing intervention in the U.S. Shave Care business.  By Category  Organic Sales Growth IYA  Organic Sales Growth IYA  Organic Sales Growth IYA  By Category  Global  Developed  Developing  Grooming  -  ~=  -  Oct – Dec 17 (Q2 FY 18) ResultsGrooming Highlights   + represents growth above 1%, ~= represents growth of 1% to decline of 1%; - represents decline greater than 1%. 

 *  *  -1% Pricing, +1% MixOrganic Sales: h Mid-single digits in Developed markets, h Mid-single digits in Developing marketsGlobal value share increased 0.1 point versus year agoNet Earnings: Volume growth, currency tailwinds and productivity improvements were partially offset by pricing and marketing investments.   Oct – Dec 17 (Q2 FY 18) ResultsHealth Care Segment 

 *  *  Oral Care organic sales grew low single digits versus year ago led by strong growth on Power toothbrush behind premium innovation and strong holiday merchandising plans. Developed markets increased mid-single digits led by premium innovation and Developing markets decreased low single digits due to inventory adjustments in LA and GC.Personal Health Care organic sales increased high single digits versus year ago due to strong volume largely driven by strong Cold/Cough Season and PGT JV results.  By Category  Organic Sales Growth IYA  Organic Sales Growth IYA  Organic Sales Growth IYA  By Category  Global  Developed  Developing  Oral Care  +  +  -  Personal Health Care  +  +  +   + represents growth above 1%, ~= represents growth of 1% to decline of 1%; - represents decline greater than 1%.  Oct – Dec 17 (Q2 FY 18) ResultsHealth Care Highlights 

 *  *  -1% Pricing, Flat MixOrganic Sales: h Low single digits in Developed markets, h Mid-single digits in Developing marketsGlobal value share increased 0.2 points versus year agoNet Earnings: Volume growth and productivity improvements were more than offset by product and geographic mix hurt, currency/commodities headwinds and pricing/marketing investments.  Oct – Dec 17 (Q2 FY 18) Results Fabric & Home Care Segment 

 *  *  Fabric Care organic sales grew low single digits versus year ago. Developed markets increased low single digits behind innovation driven volume growth across Laundry and Fabric Enhancers. Developing markets increased mid-single digits driven by innovation and pricing.Home Care organic sales grew low single digits versus year ago led by growth across Dish, Air and Surface Care led by premium innovation and pricing partially offset by value investments.    + represents growth above 1%, ~= represents growth of 1% to decline of 1%; - represents decline greater than 1%.  By Category  Organic Sales Growth IYA  Organic Sales Growth IYA  Organic Sales Growth IYA  By Category  Global  Developed  Developing  Fabric Care  +  +  +  Home Care  +  +  +  Oct – Dec 17 (Q2 FY 18) ResultsFabric & Home Care Highlights 

 *  *  -1% Pricing, Flat MixOrganic Sales: h Low single digits in Developed markets, i Mid-single digits in Developing marketsGlobal value share declined 0.9 points versus year agoNet Earnings: Productivity savings were more than offset by commodity headwinds and value investments.  Oct – Dec 17 (Q2 FY 18) ResultsBaby, Feminine & Family Care Segment 

 *  *  Baby Care organic sales declined mid-single digits versus year ago. Developed markets were down low single digits with consumer value investments on Taped Diapers and competitive activity in Europe partially offset by strong growth on Pants across markets. Developing markets were down high single digits driven by competitive activity, trade inventory decline and volume declines related to pricing. Feminine Care organic sales increased mid-single digits versus year ago in developed markets and grew low single digits in developing markets led by growth on premium innovation and Always Discreet.Family Care organic sales grew low single digits versus year ago driven by innovation, increased distribution and increased marketing activities partially offset by value investments and unfavorable mix.  By Category  Organic Sales Growth IYA  Organic Sales Growth IYA  Organic Sales Growth IYA  By Category  Global  Developed  Developing  Baby Care  -  -  -  Feminine Care  +  +  ~=  Family Care  ~=  ~=  N.A.   + represents growth above 1%, ~= represents growth of 1% to decline of 1%; - represents decline greater than 1%.  Oct – Dec 17 (Q2 FY 18) ResultsBaby, Feminine and Family Care Highlights 

 *  *  FY 2018 Guidance 

 *    FY ‘18  Organic Sales Growth  +2% to +3%  All-in Sales Growth   Around 3%  Organic sales up 2% to 3%Expect all-in sales of around 3%. This includes a modest net benefit from the combination of foreign exchange and acquisitions & divestitures.   FY 2018 GuidanceSales 

 *    FY ‘18  Core EPS Growth  5% to 8%  All-in EPS Growth  -30% to -32%  Raising the top end of Core EPS growth range to 5% to 8%Core effective tax rate range of 22.5 to 23%~2% EPS benefit due to discrete share repurchases and carryover benefit from the beauty transaction share exchange  FY 2018 GuidanceCore EPS 

 *  Adjusted Free Cash Flow Productivity: 90%+Capital Spending, % Sales: 5% to 5.5%Dividends: ~$7.5BDirect Share Repurchase: $6 to $8B  FY 2018 GuidanceCash Generation & Usage 

 *  Significant strengthening of the U.S. DollarFurther commodity cost increasesFurther political and economic volatilitySignificant deceleration of market growth rates  FY 2018 GuidancePotential Headwinds Not Included in Guidance 

 * 

 *  Forward Looking Statements  Certain statements in this release or presentation, other than purely historical information, including estimates, projections, statements relating to our business plans, objectives, and expected operating results, and the assumptions upon which those statements are based, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are based on current expectations and assumptions, which are subject to risks and uncertainties that may cause results to differ materially from those expressed or implied in the forward-looking statements. We undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise.Risks and uncertainties to which our forward-looking statements are subject include, without limitation: (1) the ability to successfully manage global financial risks, including foreign currency fluctuations, currency exchange or pricing controls and localized volatility; (2) the ability to successfully manage local, regional or global economic volatility, including reduced market growth rates, and to generate sufficient income and cash flow to allow the Company to affect the expected share repurchases and dividend payments; (3) the ability to manage disruptions in credit markets or changes to our credit rating; (4) the ability to maintain key manufacturing and supply arrangements (including execution of supply chain optimizations and sole supplier and sole manufacturing plant arrangements) and to manage disruption of business due to factors outside of our control, such as natural disasters and acts of war or terrorism; (5) the ability to successfully manage cost fluctuations and pressures, including prices of commodities and raw materials, and costs of labor, transportation, energy, pension and healthcare;  (6) the ability to stay on the leading edge of innovation, obtain necessary intellectual property protections and successfully respond to changing consumer habits and technological advances attained by, and patents granted to, competitors; (7) the ability to compete with our local and global competitors in new and existing sales channels, including by successfully responding to competitive factors such as prices, promotional incentives and trade terms for products; (8) the ability to manage and maintain key customer relationships; (9) the ability to protect our reputation and brand equity by successfully managing real or perceived issues, including concerns about safety, quality, ingredients, efficacy or similar matters that may arise; (10) the ability to successfully manage the financial, legal, reputational and operational risk associated with third party relationships, such as our suppliers, distributors, contractors and external business partners; (11) the ability to rely on and maintain key company and third party information technology systems, networks and services, and maintain the security and functionality of such systems, networks and services and the data contained therein; (12) the ability to successfully manage uncertainties related to changing political conditions (including the United Kingdom’s decision to leave the European Union) and potential implications such as exchange rate fluctuations and market contraction; (13) the ability to successfully manage regulatory and legal requirements and matters (including, without limitation, those laws and regulations involving product liability, intellectual property, antitrust, privacy, tax, environmental, and accounting and financial reporting) and to resolve pending matters within current estimates; (14) the ability to manage changes in applicable tax laws and regulations including maintaining our intended tax treatment of divestiture transactions; (15) the ability to successfully manage our ongoing acquisition, divestiture and joint venture activities, in each case to achieve the Company’s overall business strategy and financial objectives, without impacting the delivery of base business objectives; and (16) the ability to successfully achieve productivity improvements and cost savings and manage ongoing organizational changes, while successfully identifying, developing and retaining key employees, including 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 and events to differ materially from those projected herein, please refer to our most recent 10-K, 10-Q and 8-K reports.