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Fellow P&Gers,

P&G’s Purpose, Values and Principles are the foundation of everything we do as a company. Building and sustaining a robust business for more than 180 years depends on maintaining strong ethical, compliance, and quality standards across everything we do.

Our PVPs set a high standard for each of us. High standards are good. They require that we hold ourselves and each other accountable for results, and, equally important, for how we achieve those results.

Doing the right thing, every time, is the reason consumers trust us, partners do business with us, governments and community leaders want to associate with us, and shareholders invest in us. This trust provides us with real competitive advantage. That trust can easily be lost through a single illegal or unethical act. We simply cannot afford to do anything that causes people to lose trust in our Company, our brands, or our people. We must be fully committed to our high standards at all times.

Our Worldwide Business Conduct Manual describes our mandatory, consistent, global principles for doing the right thing. Please read it carefully. Take responsibility and accountability for following the behaviors and policies referenced in it. Bookmark the website so it is available for day-to-day consultation.

We are committed to a work environment that fosters open communication and supports employees in reporting concerns about business conduct. If you have questions or concerns about the business conduct of our Company or any individual, please talk with your manager, your Human Resources contact, your P&G Legal counsel, the Company’s Ethics & Compliance Office, or contact me directly. You may also report any concerns through the Worldwide Business Conduct Helpline.

Thank you for following the Worldwide Business Conduct Manual and for doing the right thing every day, in principle and in practice, as we work together to serve consumers and customers and deliver for shareholders.

Jon R. Moeller

President and Chief Executive Officer