NOTES TO FINANCIAL STATEMENTS

1.	DESCRIPTION OF THE PLAN

The following brief description of The Procter & Gamble Savings Plan (the “Plan”) is provided for general information only. Participants should refer to the Plan document for more complete information.

The Gillette Company Employee Stock Ownership Plan (the “Gillette ESOP”), another qualified plan sponsored by the Company, transferred balances for terminated employees who were not eligible for retiree medical coverage under the Company’s health care plan(s) to the Plan, as allowed under both the Gillette ESOP and the Plan. Balances are also transferred to the Gillette ESOP when certain employees retire and are eligible to pay the same rate as P&G retirees.   Transfers between the Plan and the Gillette ESOP are shown in Transfers from Other Qualified Plans - Net.

Zenlen, Inc. was acquired by the Company in 2017 and the Zenlen, Inc. 401(k) plan assets amounting to $730,706 merged into the Plan in September 2022.  The merged amount is included as transfers from other qualified plans – net on the Statement of Changes in Net Assets Available for Benefits, for the year ended June 30, 2023.

The recordkeeper for the Plan is Alight Solutions, LLC.  The custodian for the Plan is Northern Trust.

A participant may withdraw any portion of after‑tax contributions, which were derived from previously merged plans, once in any three‑month period. Participants who have attained age 59 1/2 or have demonstrated financial hardship may withdraw all or any portion of their before‑tax contributions once in any six month period. Account balances attributable to non-active employees are $1,956,168,816 and $1,734,393,659 as of June 30, 2023 and 2022, respectively.

2.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Purchases and sales of securities are recorded on a trade‑date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex‑dividend date. Net appreciation (depreciation) includes the Plan’s gains (losses) on investments bought and sold as well as held during the year.

Management fees and operating expenses charged to the Plan for investments are deducted from income earned daily and are not separately reflected. Consequently, management fees and operating expenses are reflected as a reduction of investment return for such investments.

During the fiscal year 2022 plan year, the Plan’s fiduciaries retained a third-party benefits consultant to benchmark the fees participants pay for the Plan.  The result of the benchmarking for the Plan was that the Plan fees were reasonable, trending below the average of the benchmark group.L

3.	FAIR VALUE MEASUREMENTS

ASC 820, Fair Value Measurements and Disclosures, provides a framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value, as follows: Level 1, which refers to securities valued using unadjusted quoted prices from active markets for identical assets; Level 2, which refers to securities not traded on an active market but for which observable market inputs are readily available; and Level 3, which refers to securities valued based on significant unobservable inputs.  There are no Level 2 or Level 3 investments in this plan. Assets are valued in their entirety based on the lowest level of input that is significant to the fair value measurement.

The significance of transfers were evaluated between levels based upon the nature of the financial instrument and size of the transfer relative to total net assets available for benefits. For the years ended, June 30, 2023 and 2022, there were no transfers between levels.

The SL program for the Small Cap Equity SL Fund has been designed by BlackRock to largely mitigate SL financial risks. SL could result in a loss, if either a) the borrower fails to timely return the on-loan securities or does not return the on-loan securities at all, or b) the collateral for the security on loan is reinvested and declines in value. These two risks have been in principle mitigated as the Fund Manager (BlackRock) of the Small Cap Equity SL Fund provides a full indemnification to replace on loan securities if borrowers default, and the SL agreement requires BlackRock to hold received collateral, thereby eliminating the reinvestment risk. The remaining financial risk is estimated to be very small as is requires simultaneously that a) the borrower of the securities defaults, b) the posted collateral is insufficient to purchase replacement securities and c) the Fund Manager (BlackRock) defaults at the same time, and hence would be unable to honor its indemnification and other contractual requirements. This already small risk is further mitigated as BlackRock requires collaterals to be marked-to-market daily. If the value of the collateral declines, the borrower is required to provide additional collateral until the collateral covers 102% to 105% of the value of the loaned securities.

The following table sets forth by level within the fair value hierarchy a summary of the Plan’s investments measured at fair value on a recurring basis at June 30, 2023 and 2022.

4.	EXEMPT PARTY‑IN‑INTEREST TRANSACTIONS

Certain Plan investments are shares of P&G common stock and funds managed by Northern Trust, BlackRock, and State Street Global Advisors. Transactions with the recordkeeper, trustee, custodian, and investment manager qualify as party‑in‑interest transactions. Fees paid by the Plan for investment management services were included as a reduction of the return earned on each fund.

At June 30, 2023 and 2022, the Plan held 8,782,276 and 9,021,937 shares, respectively, of common stock of the Company, the sponsoring employer, with a cost basis of $665,252,358 and $647,011,465, respectively. During the years ended June 30, 2023 and 2022, the Plan recorded dividend income on Company common stock of $32,787,373 and $32,385,050, respectively.

During the years ended June 30, 2023 and 2022, the Plan’s investment in Company common stock, including gains and losses on investments bought and sold as well as held during the year, appreciated in value by $70,729,342 and $85,641,406, respectively.

5.	PLAN TERMINATION

Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue contributions at any time and to terminate the Plan subject to the provisions set forth in ERISA. In the event of Plan termination, the net assets of the Plan will be distributed to the participants in an order of priority determined in accordance with ERISA and its applicable regulations and the Plan document.

6.	FEDERAL INCOME TAX STATUS

The Internal Revenue Service has determined and informed the Company by a letter dated September 20, 2017, that the Plan and related trust were designed in accordance with the applicable regulations of the Internal Revenue Code. The Plan has been amended since receiving the determination letter from the IRS. The Plan is subject to routine audits by taxing jurisdictions at any time. The Plan has been amended since receiving the determination letter. However, the Company and Plan management have concluded that the Plan, as designed and operated, complies with the applicable requirements of the Internal Revenue Code and the Plan and related trust remain tax‑exempt. Therefore, no provision for income taxes has been included in the Plan’s financial statements.

The following is a reconciliation of investment income on notes receivable from participants per the financial statements for the year ended June 30, 2023, to Form 5500:

The following is a reconciliation of the increase in net assets per the financial statements for the year ended June 30, 2023, to Form 5500 net income:

Net increase in assets available for benefits per the financial
statements prior to net transfers	$         427,961,634
Plus: previously deemed distribution of participant loans	275,754
Less: certain deemed distributions of participant loans and related interest	(233,764)
Net income per the Form 5500	$         428,003,624

  The following is a reconciliation of benefits paid to participants per the financial statements for the year ended June 30, 2023 to Form 5500:

******

SUPPLEMENTAL SCHEDULE

THE PROCTER & GAMBLE SAVINGS PLAN
FORM 5500, SCHEDULE H, PART IV, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)
AS OF JUNE 30, 2023
EIN: 31-0411980
PLAN: 042
	Identity of Issuer	Description of Investment	Fair Value
	INVESTMENTS AT FAIR VALUE:
	The Procter & Gamble Company*	Common stock	$      1,332,057,550
	The J.M. Smucker Company	Common stock	1,457,196
	BlackRock*	Procter & Gamble Savings Plan – Russell 2000 Index SMA***	347,045,062
	BlackRock*	P&G Savings Short-Term Invested Unitized Account (money market fund)	201,112,791
	Common Collective Trusts
	BlackRock*	US Debt Index Non-Lendable Fund	291,575,319
	BlackRock*	ACWI EX-US Index Non-Lendable	223,280,205
	BlackRock*	Global Equity Index Fund	615,365,165
	BlackRock*	Blackrock Equity Non-Lending Class	1,243,654,876
	State Street Global Advisors*	SSgA US Short Term Government/Credit Bond Index	96,290,459
	State Street Global Advisors*	SSgA Real Return Ex-Natural Resources Equity Non-Lending Series Fund	162,084,769
	Northern Trust*	Short Term Investment Fund	1,462,788
	Total Common Collective Trusts		2,633,713,581
	Loans to participants*	Various participants, interest rates ranging from
		4.25% to 10.5% various maturities through December 2032**	18,949,836
	TOTAL INVESTMENTS		$      4,534,336,016
	* Denotes party-in-interest.
	** Net of loans deemed distributed of $2,075,927
	*** See underlying holdings on pages 15-59