While the P&G Board and management team will review Trian’s ‘white paper’ in more detail, it remains clear Trian has an outdated view of our Company. The fact is P&G is a profoundly different Company than it was just a few years ago. We are much better positioned from all angles: portfolio, cost and productivity, innovation and with a more agile and accountable organization and culture. We are successfully executing a winning strategy, as evidenced by our strong fiscal year 2017 results. We remain focused on delivering our plan, while preventing anything from derailing the progress we are making to create value for all P&G shareholders. https://www.sec.gov/Archives/edgar/data/80424/000119312517278205/d442779ddefa14a.htm