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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": 28,
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  "slideType": "expose_contradiction",
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  "nDataPoints": 8,
  "notes": "The slide uses a 'before-after' style comparison across multiple time periods to demonstrate a decline in performance expectations.",
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      "kind": "callout",
      "text": "Latest 3-year target of 2.8% organic growth was set lower than expected market growth of 3-4% for P&G categories",
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      "text": "Organic Sales Growth Target",
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      "text": "EPS Growth Target",
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      "kind": "paragraph",
      "text": "Despite promises of transformational change, improved organizational design, and large headline cost savings meant to fuel reinvestment and earnings growth, P&G has generally lowered the bar for performance over the past decade",
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      "kind": "quote",
      "text": "Why do you only expect 2% to 3% organic sales growth in fiscal '18? And does that really signal that the ultimate payoff from all these areas is unlikely to move P&G above that 2% to 3% range longer term? I guess, to put it simply, [is P&G] now a structurally lower top line growth company, more in that 2% to 3% range?",
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      "kind": "source-note",
      "text": "Source: Company filings, presentations, and investor calls. (1) Expected market growth of P&G categories per P&G management (3-3.5% as of November 2016 Analyst Day near the time targets were set) and recent Wall Street research (~4%).",
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      "text": "P&G Has Lowered the Bar for Performance Over Time",
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