to face. Still, we are clear-eyed about the trials ahead. The operational, cost and currency challenges we dealt with over the last two years will continue in fiscal year 2023, and we begin the new fiscal year with consumers facing inflation levels not seen in the last 40 years. The best response to the uncertainties and challenges — double down on the integrated set of strategies that are delivering very strong results. We are focused on delighting and serving consumers, customers, society and shareowners through five strategic and integrated choices: a portfolio of daily- use products in categories where performance drives brand choice; superiority across product, package, brand communication, retail execution and value; productivity in everything we do; constructive disruption across the value chain; and an agile, accountable and empowered organization. These are not independent strategic choices. They reinforce and build on each other, and when executed well, they lead to balanced top- and bottom-line growth and value creation. There is still meaningful opportunity for improvement and leverage in every facet of this strategy, and we continue to work to strengthen our execution of these choices. A Portfolio of Superior, Da ily-Use Products P&G has a focused portfolio of daily-use products — many providing cleaning, health and hygiene benefits — in 10 categories where performance drives brand choice: Fabric Care, Home Care, Baby Care, Feminine Care, Family Care, Hair Care, Skin & Personal Care, Oral Care, Personal Health Care and Grooming. We know how to win in these categories — by delivering irresistibly superior propositions to our consumers and retail partners across product performance, packaging, brand communication, retail execution and value. Continued investment in these five vectors of superiority is critical to drive sustainable business growth. Even when our costs are rising sharply, we will not diverge from this strategy, especially when consumers are ever more focused on the performance and value of the brands they choose. Superiority to Win wit h Consumers We continue to raise the bar on all aspects of superiority — product, package, brand communication, retail execution and value — in all price tiers where we compete. INTEGRA TED GR OWTH STRATEGY PORTFOLIO performance drives br and choice SUPERIORITY to win with consumers PRODUCTIVITY to fuel investments CONSTRUCTIVE DISRUPTION across our business ORGANIZATION empowered, agile, accountable ii • The Procter & Gamble Company