Procter & Gamble : CAGNY Conference 2020 Presentation

CAGNY

February 20, 2020

TOTAL SHAREHOLDER RETURN (TSR)

BALANCE ACROSS KEY DRIVERS

	Sales Growth		BT Margin		Free Cash Flow		TSR
		Improvement		Productivity
	CAGR		bps/year	%	%
High Margin
0%		+200 bps	90%+		Target
Growth
High Sales
+8%		+0 bps	90%+		Target
Growth

Balanced Growth	Low to	30-50 bps	90%+	Target
Across 3 Drivers	Mid-singles

MARKET GROWTH

P&G DRIVING 28% OF GLOBAL CATEGORY GROWTH

	FYTD thru NOVEMBER 2019 - GLOBAL
100%	P&G CATEGORY MARKET GROWTH CONTRIBUTION
	P&G Share	P&G Share Contribution to Market Growth
75%

50%

25%

0%

1

2

3

4

5

6

7

8

9

10

P&G CATEGORY

MARKET GROWTH

P&G DRIVING 45% OF U.S. CATEGORY GROWTH

		FYTD thru NOVEMBER 2019 - UNITED STATES
100%		P&G CATEGORY MARKET GROWTH CONTRIBUTION
		P&G Share	P&G Share Contribution to Market Growth
75%

50%

25%

0%

1

2

3

4

5

6

7

8

9

10

P&G CATEGORY

FY 2020

FRONT HALF RESULTS

	GOING IN	1H FY '20	CURRENT
	GUIDANCE	GUIDANCE*
Organic Sales	3 to 4%	+6%	4 to5%
Core EPS	4 to 8%	+18%	8 to11%
Currency		+19%
Neutral Core EPS
Adjusted Free	90%	96%	100%
Cash Flow Productivity
Cash Returned	$13.5 to	~$10bn	~$14.5 to
to Shareholders	$14.5bn	$15.5bn

*Updated in Q2 FY '20 Earnings Call on 1/23/20

ORGANIC SALES GROWTH

QUARTERLY PROGRESSION

			7%	7%
		5%			5%
4%	4%
Q1 FY '19	Q2 FY '19	Q3 FY '19	Q4 FY '19	Q1 FY '20	Q2 FY '20

ORGANIC SALES

FY 2020 FRONT HALF

Skin & Personal Care	+13%
Personal Health Care	+11%
Oral Care	+7%
Feminine Care	+7%
Home Care	+7%
Fabric Care	+6%
Hair Care	+5%
Family Care	+5%

10of10

CATEGORIES

Growing/Holding

ORGANIC SALES

FY 2020 FRONT HALF

	6of6		15of15
	REGIONS		TOPMARKETS
	Growing		Growing

MARKET SHARE TRENDS

FY 2020 FRONT HALF

TOP 50 Category/

Country Combinations

33 33

23 26

17

FY'16 FY'17 FY'18 FY'19 1H FY'20

• Growing/Holding Value Share

8 of10

Global Categories

Holding/Growing

VALUE SHARE*

*Reflects value share data through November '19

CORE EPS

FY 2020 FRONT HALF

	1H FY '20
Core EPS Growth	+18%
Core Constant Currency EPS Growth	+19%

A HIGHLY PROFITABLE & CASH GENERATIVE COMPANY

30%

20%

10%

0%

30%

20%

10%

0%

Core Operating Margin 3rd

Highest in Peer Group

Core Effective Tax Rate Among Industry's Lowest

5%

4%

3%

2%

1%

0%

20%

15%

10%

5%

0%

Interest Rates Among

the Most Favorable

Core After Tax Profit Margin 2ndHighest in Peer Group

Data source: P&G FY '19; Peer group P12 month ending June '19

WE'RE COMMITTED TO RETURNING

VALUE TO OUR SHAREHOLDERS

129	63	$135+
YEARS	YEARS	BILLION
Of Dividend	Of Dividend	Value Returned
to Shareholders
Payments	Increases	Share Repurchase
		(P10YR Dividends,
		& Exchange)

DIVIDEND PER SHARE OVER TIME

$1.64

$2.90

FY'09

FY'10

FY'11

FY'12

FY'13

FY'14

FY'15

FY'16

FY'17

FY'18

FY'19

FY 2020

FRONT HALF RESULTS

	GOING IN	1H FY '20	CURRENT
	GUIDANCE	GUIDANCE*
Organic Sales	3 to 4%	+6%	4 to5%
Core EPS	4 to 8%	+18%	8 to11%
Currency		+19%
Neutral Core EPS
Adjusted Free	90%	96%	100%
Cash Flow Productivity
Cash Returned	$13.5 to	~$10bn	~$14.5 to
to Shareholders	$14.5bn	$15.5bn

*Updated in Q2 FY '20 Earnings Call on 1/23/20

DYNAMICMARKET REALITIES

STRATEGIC CHOICES

PORTFOLIO:DAILY USE, PERFORMANCE DRIVES BRAND CHOICE

New Standard

Of Excellence

SUPERIORITY

TO WIN WITH

CONSUMERS

Products

Packaging

Communication

Retail Execution

Value

PRODUCTIVITYTO FUEL INVESTMENTS

LEADINGCONSTRUCTIVE DISRUPTION

FOCUSED & AGILE ORGANIZATION

FOCUSEDPORTFOLIO

170	65*	Daily Use
Brands	Brands
16
10	Products that Solve Problems
Categories	Categories

*Brand count ending FY '17

FOCUSEDPORTFOLIO

ORGANICALLY

DEVELOPED

ACQUIRED /

LICENSED

MERCKCONSUMER HEALTH CARE

HOW TO WIN:

SUPERIORITY

New Standard

Of Excellence

~30%

Superior	Superior	Superior Brand	Superior Retail	Superior Consumer
Products	Packaging	Communication	Execution	& Customer
				Value Equation
75%	70%	80%	70%	55%

HOW TO WIN:

SUPERIORITY

New Standard

Of Excellence

FY 2016

~30%

Superior	Superior	Superior Brand	Superior Retail	Superior Consumer
Products	Packaging	Communication	Execution	& Customer
				Value Equation
75%	70%	80%	70%	55%

HOW TO WIN:

SUPERIORITY

New Standard

Of Excellence

FY 2019

~70%

~70%

Superior	Superior	Superior Brand	Superior Retail	Superior Consumer
Products	Packaging	Communication	Execution	& Customer
				Value Equation

WHERE TO PLAY CHOICES

U.S.PROGRESS

ORGANIC SALES

+5%

+4%

+1% +1%

+0%

FY'16 FY'17 FY'18 FY'19 1H

FY'20

7of10

Global Categories

Growing/Holding

VALUE SHARE

CHINAPROGRESS

ORGANIC SALES

7+13%

+10%

of+7%

Global

FY'16 +1%

VALUEFY'17 FY'18SHAREFY'19 FY'201H

-5%

E-COMMERCE	Online Organic Sales
		+30%in 1H FY '20

PRODUCTIVITY

PRODUCTIVITY INVESTMENTPRODUCTIVITY INVESTMENT

$10Bn	+	Up to
$10Bn
GROWTH &		GROWTH &
VALUE CREATION		VALUE CREATION

FY '12 - FY '16

FY '17 - FY '21

ORGANIZATION DESIGN

NEW STRUCTURE	Provide greater clarity	Strengthen	Enable P&G people
designed to	onRESPONSIBILITIES	LEADERSHIP	to accelerate
"de-matrix"	& REPORTING LINES	ACCOUNTABILITY	GROWTH & VALUE
			CREATION

SECTOR BUSINESS UNITS

BABY		FAMILY CARE	HEALTH	GROOMING	FABRIC
FEMININE	BEAUTY	P&G
CARE	HOME CARE
CARE		VENTURES

FOCUS MARKETS / MARKET OPERATIONS	ENTERPRISE MARKETS

GBS and CORPORATE RESOURCES

STRATEGIC CHOICES

PORTFOLIO:DAILY USE, PERFORMANCE DRIVES BRAND CHOICE

New Standard

Of Excellence

SUPERIORITY

TO WIN WITH

CONSUMERS

Products

Packaging

Communication

Retail Execution

Value

PRODUCTIVITYTO FUEL INVESTMENTS

LEADINGCONSTRUCTIVE DISRUPTION

FOCUSED & AGILE ORGANIZATION

U.S. FABRIC CARE

MARKET SIZE

	Past 40+ Years
P&G	5X
MARKET CONTRIBUTION	80%
SHARE GROWTH	+5 pts

4x

Current

Mid-1970's

PRODUCTSUPERIORITY

Unit Dose is driving

U.S. Category

Growth

• of Laundry Category Growth from Unit Dose
  +90%

Household Penetration

2016 2019

16%28%

PRODUCTSUPERIORITY	Laundry Unit
	Dose

P12M

SEGMENT SHARE

74%GLOBALLY

80%U.S.

PRODUCTSUPERIORITY

Power PODS

PACKAGINGSUPERIORITY

Fabric Scent

Beads

Scent Beads

driving FE

CATEGORY

GROWTH

BRAND COMMUNICATION SUPERIORITY

661 MILLION VIEWS

27%INCREASE IN SEARCH

RETAIL EXECUTION SUPERIORITY

BEFORE

AFTER

	RETAIL EXECUTION SUPERIORITY
		#1
	45		P&G is ranked
	40	+9 pts.	#1 GLOBALLY &
Score	35		+9 POINTS AHEAD
	of the #2 Suppliers
Net Favorable	30
25
20
		#16
	15
	10

Source: 2018 Global Scorecard

RETAIL EXECUTION SUPERIORITY

Supplier

of the

Year

PRODUCTSUPERIORITY

PACKAGINGSUPERIORITY

BRAND COMMUNICATIONSUPERIORITY

BRAND COMMUNICATION
SUPERIORITY
Mr. Clean Eraser
U.S. Sales Growth
INFOMERCIAL
ADS START
Aug 16 Nov 16 Feb 17 May 17 Aug 17	Nov 17	Feb 18 May 18

BRAND COMMUNICATION
SUPERIORITY
				Febreze Fabric
Swiffer Wet				Refresher
U.S. Sales Growth				U.S. Sales Growth
INFOMERCIAL				INFOMERCIAL
ADS START				ADS START
Dec 16 Apr 17 Aug 17	Dec 17	Apr 18	Aug 18 Dec 18	Jul 17 Nov 17	Mar 18	Jul 18	Nov 18

BRAND COMMUNICATIONSUPERIORITY

RETAIL EXECUTIONSUPERIORITY

RETAIL EXECUTIONSUPERIORITY

CLUB

BEFORE

AFTER

RETAIL EXECUTION	MASS
SUPERIORITY

BEFOREAFTER

SUPERIORITY WORKS

LEADING DISRUPTIONACROSS THE VALUE CHAIN

EARLY RESULTS

8+BN4,160 5thMOST500+7

EARNED MEDIA	TOTAL MEDIA	SEARCHED	CUSTOMER	CES AWARDS
IMPRESSIONS	PLACEMENTS	EXHIBITOR	& PARTNER
			INQUIRIES

CONSTRUCTIVE DISRUPTION

INNOVATING HOW WE INNOVATE

KINDRABODEWELL

REINVENT

BRAND BUILDING

FROM WASTEFUL MASS MARKETING

TO

MASS ONE-TO-ONE BRAND BUILDING FUELED BY DATA AND TECHNOLOGY

CONSTRUCTIVE DISRUPTION

PROGRAMMATIC MEDIA BUYING

50%

People

Reached

30%

Digital

Waste

80%of China Digital Media bought through Programmatic

Data through FY 2019

CONSTRUCTIVE DISRUPTION
SMART AUDIENCEDemoAPPROACHW25-54	SmartAudience High

Single

Digit

Sales

Growth

10%

Less Cost

65 Million High Potential Users Reached

Data through FY 2019

CONSTRUCTIVE DISRUPTION

INNOVATING HOW WE COMMUNICATE

CONSTRUCTIVE DISRUPTION

MONETIZING TECHNOLOGY TO FUND INNOVATION & INCREASE SOCIETAL VALUE

STRATEGIC CHOICES

PORTFOLIO:DAILY USE, PERFORMANCE DRIVES BRAND CHOICE

New Standard

Of Excellence

SUPERIORITY

TO WIN WITH

CONSUMERS

Products

Packaging

Communication

Retail Execution

Value

PRODUCTIVITYTO FUEL INVESTMENTS

LEADINGCONSTRUCTIVE DISRUPTION

FOCUSED & AGILE ORGANIZATION

BALANCED GROWTH

& VALUE CREATION

SALES	CASH	MARGIN
Growth	Generation	Expansion

TSR

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, except to the extent required by law.

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, for example, reduced market growth rates and other business disruptions related to the coronavirus outbreak, 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, acts of war or terrorism, or epidemics; (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, contract manufacturers, distributors, contractors and external business partners;

1. 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, product and packaging composition, intellectual property, antitrust, data protection, 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 recent10-K,10-Q and 8-K reports.

REGULATIONS FD

AND G DISCLOSURE

For a full reconciliation, please visit:

www.pginvestor.com

The Procter & Gamble Company Regulation G Reconciliation of Non-GAAP Measures

In accordance with the SEC's Regulation G, the following provides definitions of the non-GAAP measures used in Procter & Gamble's February 20, 2020 CAGNY conference, associated slides, and other materials and the reconciliation to the most closely related GAAP measure. We believe that these measures provide useful perspective on underlying business trends (i.e. trends excluding non-recurring or unusual items) and results and provide a supplemental measure of year-on-year results. The non-GAAP measures described below are used by Management in making operating decisions, allocating financial resources and for business strategy purposes. These measures may be useful to investors as they provide supplemental information about business performance and provide investors a view of our business results through the eyes of management. Certain of these measures are also used to evaluate senior management and are a factor in determining their at-risk compensation. These non- GAAP measures are not intended to be considered by the user in place of the related GAAP measure, but rather as supplemental information to our business results. These non-GAAP measures may not be the same as similar measures used by other companies due to possible differences in method and in the items or events being adjusted. The Company is not able to reconcile its forward-lookingnon-GAAP adjusted free cash flow productivity measure because the Company cannot predict the timing and amounts of discrete items such as acquisition and divestitures, which could significantly impact GAAP results.

The measures provided are as follows:

1. Organic sales growth - page 3
2. Core EPS andcurrency-neutral Core EPS - page 3
3. Core gross margin - page 4
4. Core operating margin - page 4
5. Coreafter-tax profit margin - page 4
6. Core effective tax rate - page 5
7. Adjusted free cash flow productivity - page 5

Organic sales growth*:Organic sales growth is a non-GAAP measure of sales growth excluding the impacts of acquisitions and divestitures, the impact from the July 1, 2018 adoption of new accounting standards for "Revenue from Contracts with Customers", and foreign exchange from year-over-year comparisons. Management believes this measure provides investors with a supplemental understanding of underlying sales trends by providing sales growth on a consistent basis.

The Core earnings measures included in the following reconciliation tables refer to the equivalent GAAP measures adjusted as applicable for the following items:

• Incremental restructuring:The Company has had and continues to have an ongoing level of restructuring activities. Such activities have resulted in ongoing annual restructuring related charges of approximately $250 - $500 million before tax. In 2012 the Company began a $10 billion strategic productivity and cost savings initiative that included incremental restructuring activities. In 2017, the Company communicated details of an additional multi-year productivity and cost savings plan. This results in incremental restructuring charges to accelerate productivity efforts and cost savings. The adjustment to Core earnings includes only the restructuring costs above what we believe are the normal recurring level of restructuring costs.
• Gain on Dissolution of the PGT Healthcare Partnership:The Company dissolved our PGT Healthcare partnership, a venture between the Company and Teva Pharmaceuticals Industries, Ltd (Teva) in the OTC consumer healthcare business, during the year ended June 30, 2019. The transaction was accounted for as a sale of the Teva portion of the PGT business; the Company recognized an after-tax gain on the dissolution of $353 million.
• Shave Care Impairment: In the fourth quarter of fiscal 2019, the company recognized a one-time,non-cash,after-tax charge of $8.0 billion ($8.3 billion before tax) to adjust the carrying values of the Shave Care reporting unit. This was comprised of a before and after-tax impairment charge of $6.8 billion related to goodwill and an after-tax impairment charge of $1.2 billion ($1.6 billion before tax) to reduce the carrying value of the Gillette indefinite-lived intangible assets.

We do not view the above items to be part of our sustainable results, and their exclusion from core earnings measures provides

1. more comparable measure ofyear-on-year results. These items are also excluded when evaluating senior management in determining their at-risk compensation. Management views the following non-GAAP measures as useful supplemental measures of Company performance and operating efficiency over time.

1

Core EPS andcurrency-neutralCore EPS*:Core earnings per share, or Core EPS, is a measure of the Company's diluted net earnings per share from continuing operations adjusted as indicated. Currency-neutral Core EPS is a measure of the Company's Core EPS excluding the incremental impact of foreign exchange.

Core operating margin*:Core operating margin is a measure of the Company's operating margin adjusted for items as indicated.

Coreafter-taxprofit margin: Core after tax profit margin is a measure of the Company's after-tax profit margin adjusted for items as indicated.

Core effective tax rate:Core effective tax rate is a measure of the Company's effective tax rate adjusted for items as indicated.

Adjusted free cash flow:Adjusted free cash flow is defined as free cash flow adjusted for items as indicated. Adjusted free cash flow represents the cash that the Company is able to generate after taking into account planned maintenance and asset expansion. Management views adjusted free cash flow as an important measure because it is one factor used in determining the amount of cash available for dividends, share repurchases, acquisitions and other discretionary investment.

Adjusted free cash flow productivity*:Adjusted free cash flow productivity is defined as the ratio of adjusted free cash flow to net earnings. Management views adjusted free cash flow productivity as a useful measure to help investors understand P&G's ability to generate cash. Adjusted free cash flow productivity is used by management in making operating decisions, allocating financial resources and for budget planning purposes. The Company's long-term target is to generate annual free cash flow productivity at or above 90 percent.

* Measure is used to evaluate senior management and is a factor in determining their at-risk compensation.

2

1. Organic sales growth:
					Acquisition &
	Net Sales		Foreign Exchange		Divestiture		Organic Sales
Total Company	Growth		Impact		Impact/Other*		Growth
1H FY 2020	6%	1%	(1)%	6%

• Acquisition & Divestiture Impact/Other includes the volume and mix impact of acquisitions and divestitures, the impact from the July 1, 2018 adoption of new accounting standards for "Revenue from Contracts with Customers" and rounding impacts necessary to reconcile net sales to organic sales.

		Organic Sales
		Quarters
				Acquisition/
	Net Sales		Foreign	Divestiture		Organic Sales
Total Company	Growth		Exchange Impact	Impact/Other*		Growth
JAS 2018	-%	3%	1%	4%
OND 2018	-%	4%	-%	4%
JFM 2019	1%	5%	(1%)	5%
AMJ 2019	4%	4%	(1)%	7%
JAS 2019	7%	2%	(2)%	7%
OND 2019	5%	1%	(1)%	5%

• Acquisition & Divestiture Impact/Other includes the volume and mix impact of acquisitions and divestitures for all periods, the impact from the July 1, 2018 adoption of new accounting standards for "Revenue from Contracts with Customers" and rounding impacts necessary to reconcile net sales to organic sales.

Organic Sales

Guidance

				Combined Foreign Exchange &		Organic Sales
Total Company		Net Sales Growth		Acquisition/Divestiture Impact/Other*		Growth
FY 2020 (Estimate)		4% to 5%	-%		+4% to +5%

• Acquisition & Divestiture Impact/Other includes the volume and mix impact of acquisitions and divestitures and rounding impacts necessary to reconcile net sales to organic sales.

2. Core EPS and currency-neutral Core EPS:

Six Months Ended

December 31

	2019		2018
Diluted Net Earnings Per Share	$2.77	$2.44
Incremental Restructuring	0.02	0.06
Gain on Dissolution of PGT Partnership			(0.14)
Core EPS	$2.79	$2.36
Percentage change vs. prior period	18%
Currency Impact to Earnings	0.03
Currency-Neutral Core EPS	$2.82
Percentage change vs. prior period Core EPS	19%

Note - All reconciling items are presented net of tax. Tax effects are calculated consistent with the nature of the underlying transaction.

3

	Core EPS
	Guidance
		Impact of Incremental
Total Company	Diluted EPS Growth	Non-Core Items*	Core EPS Growth
FY 2020 (Estimate)	+235% to +245%	(227)% to (234)%	+8% to +11%

• Includes the gain on the dissolution of the PGT Healthcare partnership and Shave Care impairment in fiscal 2019 andyear-over-year changes in incremental non-core restructuring charges.

3. Core gross margin:

	Six Months Ended
	December 31
	2019		2018
Gross Margin	51.2%		49.0%
Incremental Restructuring	0.3%		0.5%
Rounding	(0.1)%
Core Gross Margin	51.4%		49.5%
Basis point change vs. prior year Core margin	190
4. Core operating margin:
	Six Months Ended
	December 31
	2019		2018
Operating Margin	24.3%		21.8%
Incremental Restructuring	0.1%		0.5%
Rounding	0.1%
Core Operating Margin	24.5%		22.3%
Basis point change vs. prior year Core margin	220
	FY 2019
Operating Margin	8.1%
Incremental Restructuring	0.6%
Shave Care Impairment	12.3%
Core Operating Margin	21.0%
5. Core after-tax profit margin
	FY 2019
Net Earnings Margin attributable to Procter & Gamble	5.8%
Incremental Restructuring	0.5%
Gain on PGT Dissolution	(0.5)%
Shave Care Impairment	11.8%
Rounding	(0.1)%
Core After Tax Profit Margin	17.5%

4

6. Core effective tax rate:
	FY 2019
Effective Tax Rate	34.7%
Incremental Restructuring	(1.2)%
Gain on PGT Dissolution	1.9%
Shave Care Impairment	(17.8)%
Rounding	(0.1)%
Core Effective Tax Rate	17.5%

7. Adjusted free cash flow productivity (dollar amounts in millions):

Six Months Ended December 31, 2019

Operating Cash	Capital	U.S. Tax Act	Adjusted Free Cash Flow	Net Earnings	Adjusted Free Cash
Flow	Spending	Payments	Flow Productivity
$8,533	$(1,684)	$215	$7,064	$7,360	96%

5