Instructions Refer to P&G's financial statements and the accompanying notes to answer the following questions. (a) What kinds of pension plans does P&G provide its employees? (b) What was P&G's pension expense for 2019, 2018, and 2017 related to its defined benefit plan? (c) What is the impact of P&G's pension plans for 2019 on its financial statements? (d) What information does P&G provide on the target allocation of its pension assets? (Compare the asset allocation for Pensions and Other Retiree Benefits.) How do the allocations relate to the expected returns on these assets?

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The Preber & Gamble Company 35 Consolidated Statements of Earnings $ 67,684 $ 66,832 $ 65,058 34,768 34,432 32,638 19,084 19,037 18,654 8.445 5,487 509 13,363 506 13,766 465 Ammonite NET SALES Cost of products sold Selling, general and administrative expense Goodwill and indefinite lived intangibles inpaiment charges OPERATING INCOME Interest expense Interest income Other non-operating income/(expense), net EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES Income taxes on continuing operations NET EARNINGS FROM CONTINUING OPERATIONS NET EARNINGS FROM DISCONTINUED OPERATIONS NET EARNINGS Less: Net earnings attributable to non controlling interests NET EARNINGS ATTRIBUTABLE TO PROCTER & GAMBLE 6,069 2,103 1966 13,326 3.465 9.86 3.966 9.861 $ 3.897 $ 9.750 BASIC NET EARNINGS PER COMMON SHARE: Eamings from continuing operations 145 $ 3.75 $ 3.79 Eamings from discontinued operations 2.01 BASIC NET EARNINGS PER COMMON SHARE 145 S 3.75 S 5.80 DILUTED NET EARNINGS PER COMMON SHARE: Eamings from continuing operations $ 143 $ 3.67 $ 3.69 Earings from discontinued operations 1.000 DILUTED NET EARNINGS PER COMMON SHARE $ 143 S 3.67 S 5 .59 Basket car masure and Dilee camins per common share are calculated on Nearest stable to Practer & Camille $ 4,239 6,048 4,951 2,569 9,281 4,686 Consolidated Balance Sheets Amen n e:20 Assets CURRENT ASSETS Cash and cash equivalents Available for sale investment securities Accounts receivable INVENTORIES Materials and supplies Work in process Finished goods Total inventories Prepaid expenses and other current assets TOTAL CURRENTASSETS PROPERTY, PLANT AND EQUIPMENT, NET GOODWILL TRADEMARKS AND OTHER INTANGIBLE ASSETS, NET OTHER NONCURRENT ASSETS TOTAL ASSETS 1,289 612 3.116 5,017 2,218 22.473 21,271 40,273 24.215 6,863 $ 115,095 $ 1,335 588 2,815 4,738 2,046 23,320 20,600 45,175 23,902 5,313 118,310 $ 10,344 11.260 9.454 9.697 30,011 20,395 6,899 10.211 67.516 Liabilities and Shareholders Equity CURRENT LIABILITIES Accounts payable Accrued and other liabilities Debt due within one year TOTAL CURRENT LIABILITIES LONG-TERM DEBT DEFERRED INCOME TAXES OTHER NONCURRENT LIABILITIES TOTAL LIABILITIES SHAREHOLDERS' EQUITY Convertible Class A preferred stock, stated value S1 per share (600 shares authorized) Non-Voting Class B preferred stock, stated value S1 per share (200 shares authorized Common stock, stated value S1 per share 10,000 shares authorized: shares issued: 2019 - 4.0092, 2018 - 4.0092) Additional paid-in capital Reserve for ESOP debt retirement Accumulated other comprehensive income (loss) Treasury stock, at cost shares held: 2019-1 504.5, 2018-1.511.2) Retained camings Noncontrolling interest TOTAL SHAREHOLDERS' EQUITY TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 928 4,009 63.827 (1.146) (14,936) (100.406) 94,918 385 47.579 $115.095 S 4,009 63,846 (1.204) (14.749) 199,217) 98,641 50%) TIR310 2.168.074 84,00 Dinh sharthousands BALANCE JUNE 30,2016 Net camings Other comprehensive incomeless) Diyos and dividend equivalent ($2.691 per Total Rare the Ne Share- med N SOPD TRR are dore Ca Rai Karlslutar y $10M $81.714 31,290) (315,907) ($82,176) $87,053 5642 557,983 15,126 85 15,411 1,275 1,275 Common (6,989) (247) (6,989) (247) (14.625) (14,625) 3,058 21 (2) 81 122 $4.009 S100651/64 $12 ) 514 12) (01.715) 996.124 5994 555.778 9,750 111 (2) 9,861 (119) (117) Preferred metaf tax benefits Treasury stack purchases" (164X66) Employee stock plans 4 5,848 Preferred stock conversion 4.241 ESOP debt mpacts Noncontrolling interest, net BALANCE JUNE 30, 2017 2.551.297 Net carings Other comprehensive income Dividends and dividend equivalen (52.760 per Share: Common Preferred metaftan benefits Treasury Mack purchases (1439 Employee stock plans 21 ASS Preferred stock conversion 4.580 ESOP debt mpacts Nanotolling interest met BALANCE JUNE 2013 2.49093 Impact of adoption of new accounting and (265) (7,004) 7.004) 1.665 (113) (113 $4.99 $9676 5130) $14.79) 0212) 6 9 90552 2009 (27) Other comm e Dividends and dividend ileti (52 75 per share 17.2561 Preferred metofta benefits Treasury stock purchases Employee stack plans Prelerred stock conversion 4.638 ESOP dompact Noncontrolling interest.net BALANCE JUNE 10, 2016 3.504.751 S. 592 511 (1496) In de 59421 of Weasury shares todas part of the sharechange in the beauty 157 (24N) LIN S owe Note 3 (366) 547.579 100.406) and t 2019 2018 2017 $ 2,569 $ 5,569 $ 8,098 3,966 2.824 9,861 2834 346 395 (1.844) (176) 1 5411 2.820 543 351 (601) (5.490) (322) 515 (411) (678) 8,145 (276) (2:39) 1156 (973) 313 15,242 71 (177) (188) 1,385 2,000 431 1 4,867 (149) (43) 162 12,753 Consolidated Statements of Cash Flows Amountsin millions Years ended June 10 CASH, CASH EQUIVALENTS AND RESTRICTED CASH, REGINNING OF YEAR OPERATING ACTIVITIES Net earnings Depreciation and amortization Loss on early extinguishment of debt Share-based compensation expense Deferred income taxes Gain on sale of assets Goodwill and indefinite-lived intangible impairment charges Change in accounts receivable Change in inventories Change in accounts payable, accrued and other liabilities Change in other operating assets and liabilities Other TOTAL OPERATING ACTIVITIES INVESTING ACTIVITIES Capital expenditures Proceeds from asset sales Acquisitions, net of cash acquired Purchases of short-term investments Proceeds from sales and maturities of short-term investments Cash transferred at closing related to the Beauty Brands divestiture Change in other investments TOTAL INVESTING ACTIVITIES FINANCING ACTIVITIES Dividends to shareholders Change in short-term debt Additions to long-term debt Reductions of long-term debt Treasury stock purchases Impact of stock options and other TOTAL FINANCING ACTIVITIES EFFECT OF EXCHANGE RATE CHANGES ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF YEAR (3,717) 269 (3.347) 394 03.945) (158) 3,628 (109) (3,909) 3,928 (3,384) 571 (16) (4,843) 1.488 (475) (26) (6,685) (62) 03.490) 27 (3,511) (7.498) (2.215) 2.367 (969) (5.00) 1.324 (9.994) (7,310) (3437) 5.072 (2.873) 7004) 1.177 (143751 (7.236) 2.727 3,603 (4,931) (5,204) 2.473 (8.568) 1.670 (29) 25291 5,569 $ 4,239 S 2560 $ SUPPLEMENTAL DISCLOSURE Cash payments for interest Cash payment for income taxes Divesture of Beauty business in exchange for shares of P&G stock and assumption of debt A sequired through non-cash capital anesa in material for all poids Includes ally extinguishmento de costs of 16 and 553 358 and 2017 respectively 497 55295518 3,064 2.330 3,714 11.360 The Preber & Gamble Company 35 Consolidated Statements of Earnings $ 67,684 $ 66,832 $ 65,058 34,768 34,432 32,638 19,084 19,037 18,654 8.445 5,487 509 13,363 506 13,766 465 Ammonite NET SALES Cost of products sold Selling, general and administrative expense Goodwill and indefinite lived intangibles inpaiment charges OPERATING INCOME Interest expense Interest income Other non-operating income/(expense), net EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES Income taxes on continuing operations NET EARNINGS FROM CONTINUING OPERATIONS NET EARNINGS FROM DISCONTINUED OPERATIONS NET EARNINGS Less: Net earnings attributable to non controlling interests NET EARNINGS ATTRIBUTABLE TO PROCTER & GAMBLE 6,069 2,103 1966 13,326 3.465 9.86 3.966 9.861 $ 3.897 $ 9.750 BASIC NET EARNINGS PER COMMON SHARE: Eamings from continuing operations 145 $ 3.75 $ 3.79 Eamings from discontinued operations 2.01 BASIC NET EARNINGS PER COMMON SHARE 145 S 3.75 S 5.80 DILUTED NET EARNINGS PER COMMON SHARE: Eamings from continuing operations $ 143 $ 3.67 $ 3.69 Earings from discontinued operations 1.000 DILUTED NET EARNINGS PER COMMON SHARE $ 143 S 3.67 S 5 .59 Basket car masure and Dilee camins per common share are calculated on Nearest stable to Practer & Camille $ 4,239 6,048 4,951 2,569 9,281 4,686 Consolidated Balance Sheets Amen n e:20 Assets CURRENT ASSETS Cash and cash equivalents Available for sale investment securities Accounts receivable INVENTORIES Materials and supplies Work in process Finished goods Total inventories Prepaid expenses and other current assets TOTAL CURRENTASSETS PROPERTY, PLANT AND EQUIPMENT, NET GOODWILL TRADEMARKS AND OTHER INTANGIBLE ASSETS, NET OTHER NONCURRENT ASSETS TOTAL ASSETS 1,289 612 3.116 5,017 2,218 22.473 21,271 40,273 24.215 6,863 $ 115,095 $ 1,335 588 2,815 4,738 2,046 23,320 20,600 45,175 23,902 5,313 118,310 $ 10,344 11.260 9.454 9.697 30,011 20,395 6,899 10.211 67.516 Liabilities and Shareholders Equity CURRENT LIABILITIES Accounts payable Accrued and other liabilities Debt due within one year TOTAL CURRENT LIABILITIES LONG-TERM DEBT DEFERRED INCOME TAXES OTHER NONCURRENT LIABILITIES TOTAL LIABILITIES SHAREHOLDERS' EQUITY Convertible Class A preferred stock, stated value S1 per share (600 shares authorized) Non-Voting Class B preferred stock, stated value S1 per share (200 shares authorized Common stock, stated value S1 per share 10,000 shares authorized: shares issued: 2019 - 4.0092, 2018 - 4.0092) Additional paid-in capital Reserve for ESOP debt retirement Accumulated other comprehensive income (loss) Treasury stock, at cost shares held: 2019-1 504.5, 2018-1.511.2) Retained camings Noncontrolling interest TOTAL SHAREHOLDERS' EQUITY TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 928 4,009 63.827 (1.146) (14,936) (100.406) 94,918 385 47.579 $115.095 S 4,009 63,846 (1.204) (14.749) 199,217) 98,641 50%) TIR310 2.168.074 84,00 Dinh sharthousands BALANCE JUNE 30,2016 Net camings Other comprehensive incomeless) Diyos and dividend equivalent ($2.691 per Total Rare the Ne Share- med N SOPD TRR are dore Ca Rai Karlslutar y $10M $81.714 31,290) (315,907) ($82,176) $87,053 5642 557,983 15,126 85 15,411 1,275 1,275 Common (6,989) (247) (6,989) (247) (14.625) (14,625) 3,058 21 (2) 81 122 $4.009 S100651/64 $12 ) 514 12) (01.715) 996.124 5994 555.778 9,750 111 (2) 9,861 (119) (117) Preferred metaf tax benefits Treasury stack purchases" (164X66) Employee stock plans 4 5,848 Preferred stock conversion 4.241 ESOP debt mpacts Noncontrolling interest, net BALANCE JUNE 30, 2017 2.551.297 Net carings Other comprehensive income Dividends and dividend equivalen (52.760 per Share: Common Preferred metaftan benefits Treasury Mack purchases (1439 Employee stock plans 21 ASS Preferred stock conversion 4.580 ESOP debt mpacts Nanotolling interest met BALANCE JUNE 2013 2.49093 Impact of adoption of new accounting and (265) (7,004) 7.004) 1.665 (113) (113 $4.99 $9676 5130) $14.79) 0212) 6 9 90552 2009 (27) Other comm e Dividends and dividend ileti (52 75 per share 17.2561 Preferred metofta benefits Treasury stock purchases Employee stack plans Prelerred stock conversion 4.638 ESOP dompact Noncontrolling interest.net BALANCE JUNE 10, 2016 3.504.751 S. 592 511 (1496) In de 59421 of Weasury shares todas part of the sharechange in the beauty 157 (24N) LIN S owe Note 3 (366) 547.579 100.406) and t 2019 2018 2017 $ 2,569 $ 5,569 $ 8,098 3,966 2.824 9,861 2834 346 395 (1.844) (176) 1 5411 2.820 543 351 (601) (5.490) (322) 515 (411) (678) 8,145 (276) (2:39) 1156 (973) 313 15,242 71 (177) (188) 1,385 2,000 431 1 4,867 (149) (43) 162 12,753 Consolidated Statements of Cash Flows Amountsin millions Years ended June 10 CASH, CASH EQUIVALENTS AND RESTRICTED CASH, REGINNING OF YEAR OPERATING ACTIVITIES Net earnings Depreciation and amortization Loss on early extinguishment of debt Share-based compensation expense Deferred income taxes Gain on sale of assets Goodwill and indefinite-lived intangible impairment charges Change in accounts receivable Change in inventories Change in accounts payable, accrued and other liabilities Change in other operating assets and liabilities Other TOTAL OPERATING ACTIVITIES INVESTING ACTIVITIES Capital expenditures Proceeds from asset sales Acquisitions, net of cash acquired Purchases of short-term investments Proceeds from sales and maturities of short-term investments Cash transferred at closing related to the Beauty Brands divestiture Change in other investments TOTAL INVESTING ACTIVITIES FINANCING ACTIVITIES Dividends to shareholders Change in short-term debt Additions to long-term debt Reductions of long-term debt Treasury stock purchases Impact of stock options and other TOTAL FINANCING ACTIVITIES EFFECT OF EXCHANGE RATE CHANGES ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF YEAR (3,717) 269 (3.347) 394 03.945) (158) 3,628 (109) (3,909) 3,928 (3,384) 571 (16) (4,843) 1.488 (475) (26) (6,685) (62) 03.490) 27 (3,511) (7.498) (2.215) 2.367 (969) (5.00) 1.324 (9.994) (7,310) (3437) 5.072 (2.873) 7004) 1.177 (143751 (7.236) 2.727 3,603 (4,931) (5,204) 2.473 (8.568) 1.670 (29) 25291 5,569 $ 4,239 S 2560 $ SUPPLEMENTAL DISCLOSURE Cash payments for interest Cash payment for income taxes Divesture of Beauty business in exchange for shares of P&G stock and assumption of debt A sequired through non-cash capital anesa in material for all poids Includes ally extinguishmento de costs of 16 and 553 358 and 2017 respectively 497 55295518 3,064 2.330 3,714 11.360