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  "documentTitle": "Trian Partners | Activist Presentation Deck | 94 slides",
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  "authorName": "Trian Partners",
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  "presentationDate": "2017-09-01 00:00:00",
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  "pageNumber": 19,
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  "notes": "Includes a footnote regarding P&G's stock performance relative to the Consumer Staples Select Sector SPDR Fund.",
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      "text": "P&G peer group: Companies in U.S./Europe, >$4bn market cap, >50% sales in health/personal care. Peers: Beiersdorf, Church & Dwight, Clorox, Colgate-Palmolive, Edgewell, Henkel, Kimberly-Clark, L'Oreal, Reckitt Benckiser, Unilever.",
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      "text": "Core EPS growth: Argues for using reported FY 2011 EPS ($3.95) rather than adjusted ($3.48) to compare real earnings power, criticizing P&G's methodology of backing out divested business earnings.",
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      "text": "Relevant time frame: TSR measured over 1-10 years through June 15, 2017. Business performance measured from FY 2011-2017 to align with P&G's productivity programs.",
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      "text": "(1) P&G's stock outperformed the Consumer Staples Select Sector SPDR Fund by 130bps that day.",
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      "kind": "title",
      "text": "Context on Key Assumptions, Peer Group & Time Frames",
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