Annual Strategic Decisions Conference

Bernstein 34th

Annual Strategic Decisions Conference June 1, 2018

June 2018

Notice for Investor Presentation

Our presentation and the related webcast contain non-GAAP financial measures, which differ from our reported results prepared

in accordance with U.S. generally accepted accounting principles (GAAP). These non-GAAP financial measures of operating

results, such as gross profit margin and operating profit, exclude items that, either by their nature or amount, management would

not expect to occur as part of the Company’s normal business on a regular basis, such as restructuring charges, charges for certain

litigation and tax matters, gains and losses from certain divestitures and certain unusual, non-recurring items. We may also refer to

organic sales growth, which is Net sales growth excluding the impact of foreign exchange, acquisitions and divestments, or to

free cash flow before dividends, which we define as Net cash provided by operations less Capital expenditures. A complete,

quantitative reconciliation between our reported results and these non-GAAP financial measures is available in the “Investor Center”

section of our website at https://www.colgatepalmolive.com.

Our presentation and the related webcast are integrally related and are intended to be presented and understood together.

In addition, they may contain forward-looking statements (as that term is defined in the U.S. Private Securities Litigation Reform Act

of 1995 or by the Securities and Exchange Commission (the SEC) in its rules, regulations and releases) that set forth anticipated

results based on management’s current plans and assumptions. These statements are made on the basis of our views and

assumptions as of this time and we undertake no obligation to update these statements whether as a result of new information,

future events or otherwise, except as required by law or by the rules and regulations of the SEC. Moreover, we do not, nor does

any other person, assume responsibility for the accuracy and completeness of those statements. We caution investors that forward-

looking statements are not guarantees of future performance and that actual events or results may differ materially from those

statements. For information about factors that could impact the Company’s business and cause actual results to differ materially

from forward-looking statements, refer to the Company’s filings with the SEC (including, but not limited to, the information set forth

under the captions “Risk Factors” and “Cautionary Statement on Forward-Looking Statement” in the Company’s Annual Report on

Form 10-K for the year ended December 31, 2017 and subsequent Quarterly Reports on Form 10-Q). Copies of these filings are

available in the “Investor Center” section of our website at https://www.colgatepalmolive.com or may be obtained by request from

the Company’s Investor Relations Department.

https://www.colgatepalmolive.com/

https://www.colgatepalmolive.com/

Today

Our Focused Strategy

Home Care

Oral Care

Personal

Care

Pet

Nutrition

The Market Environment

2017

A difficult year

2018

Improving, but still challenging

2018 – Environment

Developed markets improving

Less inflation in emerging markets

Raw materials and logistics costs higher

Continued fragmentation in channels

Dollar has strengthened recently

Our Priorities

Driving Organic Sales Growth

Maximizing Productivity across the P&L

Effective Deployment of Cash Flow

Leading to Win


Growing market share through superior marketing

and brand engagement

Innovating across the business

Maximizing growth in e-Commerce

Working with our retail partners for profitable growth

Investing to drive penetration in growing populations

BRAND SUMMIT 2017

Build Purpose-Driven

Brands that Enrich the

Lives of People, and

Drive Growth for Colgate

The Purpose of Purpose

Give people not just something to buy,

but something to buy into

Communication In Store

Communication On Pack

Delivering on Advertising Commitment

Increased advertising spend and consistency

Digital: 30% of global media spend

Meaningful Innovation

Naturals Positioning

Distinctive to each region


Whitening


Artificial Intelligence Powered Toothbrush

Improved Brushing Habits

Users brushing longer

Average surface coverage increased

Awareness of missed areas

*after brushing for 15 weeks


New:

Anti-Pollution BW

New:

Compressed UAP

For Young and Older Consumers

Delicious new taste

to grow on

Designed for dogs and cats

with early kidney problems


New:

Anti-Pollution BW

New:

Compressed UAP

Sanex Zero% Relaunch


Fabuloso Complete – Entering New Segments

Highly incremental,

adding more than one share point

to overall share


Growing market share through superior marketing and

brand engagement





e-Commerce Sales

Have nearly tripled since 2014

U.S e-Commerce sales doubled

in 2017 alone

U.S.

#1 market share in toothpaste online

Source: 10/10 (Colgate Company)

China

28

Transparent

tube

Heart shape

strip

Personal comments

Express Yourself.

Dare to Love.

“Dare to Love” Performance

#1 selling SKU in the Colgate store for this

e-tailer on 11/11

Helping to drive our total sales up 55%

for this important event

Increasing total toothpaste market share

China

Established elmex partnership with Alibaba

Face-to-face and online

communication

– Switzerland experience

zone with sampling

China

Established elmex partnership with Alibaba

Face-to-face and online

communication

– “elmex landing”

Hill’s Global e-Commerce Net Sales

>+300%*

Hill’s U.S. Subscription

>50%

PurePlay e-Commerce only

*2017 vs. 2013

Hill’s

Hill’s

On site search Digital advertising

Hill’s

Increased home page placements

Hill’s Therapeutic Share e-Commerce

2015 – 2017

2015 2016 2017

+8.2 share pts5

Sensitive toothpaste

Paid Search

Giving People Solutions for Their Lives

Wisdom Teeth

How to Brush

Tooth Whitening

Giving People Solutions for Their Lives

Colgate content on 1st page of results

for >40K oral health search terms

Same number of search results

as WebMD

Mobile


Growing market share through superior marketing and

brand engagement





Profitable Growth

Customer engagement

Pricing

Revenue Growth Management

Increased Customer Engagement

Customers are seeking partners to help them profitably

grow their businesses

– Investment in their strategies and shoppers

– Insight-based actions

– Innovation

Increasingly important to engage all levels of customer

management… collaboratively

Customer Engagement Center

High-tech, collaborative environment

Distribution Analytics

Identifying opportunities

for incremental sales

Example: Brazil – Indirect Distribution Mapping

São Paulo

State


Stores

selling

Colgate

Toothpaste


…but not

Colgate

Toothbrushes

Profitable Growth

Customer engagement

Pricing


Pricing

Planning for pricing to increase in 2018

Consistent with our long-term commitment to pricing

Commitment to Pricing

0.5%

1.5% 1.2%

5.4%

6.0%

0.0%

1.3%

3.1%

0.8%

1.9%

3.1%

2.4%

0.5%

0.0%

2.0%

4.0%

6.0%

8.0%

'05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17

Pricing



Aided by return to volume growth in developed markets

Inflation in emerging markets historically has provided

support

Example: Brazil Inflation Trend

6.5% 5.8% 5.9%

6.4%

10.7%

6.3%

2.9%

0.7%

0%

2%

4%

6%

8%

10%

12%

2011 2012 2013 2014 2015 2016 2017 2018Q1

Toothpaste Market Shares

Brazil

70.6 71.2 71.5 71.5 72.7 73.1 72.5 72.9

6.2

5.6 4.8

8.4

0

20

40

60

80

100

2011 2012 2013 2014 2015 2016 2017 2018YTD

Source: Nielsen March 2018

Cash and carry added to data 2015

Comp 1 Comp 2

Colgate

Manual Toothbrush Market Shares

Brazil

31.7 30.6

31.5 32.3

26.8 27.0 27.1

25.4

24

28

32

36

2015 2016 2017 2018YTD



Comp

Colgate

Mouthwash Market Shares

Brazil

33.1 34.7

36.1 38.1

44.1 42.7

41.9 41.5

30

35

40

45

50

2015 2016 2017 2018YTD



Comp

Colgate

Pricing



Aided by return to volume growth in developed markets

Inflation in emerging markets historically has provided

support

Raw materials inflation historically leads to pricing

Profitable Growth

Customer engagement

Pricing


Re-launched two entry-level products: Herbal and

Maximum Cavity Protection

To differentiate and separate our offerings within

this end of our portfolio

– Called out new ingredients on the pack

– Slightly increased prices

Created a new mid-tier price point

Tiering Our Base Business

Example: South Africa

Double-digit, profitable net sales growth for South Africa

in 2017

South Africa reached its highest toothpaste market share

in a decade

Base: > 65% in 2015 to < 20% in 2017

Mid-Tier: From 0% in 2015 to >55% in 2017

Tiering Our Base Business

Example: South Africa

Results

Elevating Premium Pricing

Example: North America Toothpaste

Significant pricing actions

– Optic White >25%

– Colgate Total Advanced >10%

Customer engagement focused on multi-year growth strategy

– Increased brand media investment

– Retail price and portfolio simplification

60

Elevating Premium Pricing

Example: North America Toothpaste

Category growth has accelerated

Led by Colgate premium segments

Driving healthier pricing/mix for Colgate and category

Results

Premiumizing and Shifting Mix

Example: UK Colgate Total Toothpaste

Significant relaunch of Colgate Total premium tier

to drive pricing and mix

Introduction of new variant, relaunch of two others

Results:

– Drove category growth

– Increased Colgate Total net sales and average

selling price while delivering record shares

62

Toothpaste Growth Opportunity

Significant consumption

growth potential

Less than 1x per day

0 365 730


Colgate

Share

Between 1x – 2x per day

*Markets where we do business

Grams

0 365 730

Less than 1x per day


Grams

Colgate

Share

Between 1x – 2x per day

68% of population*

32% of population*

*Markets where we do business

Bright Smiles, Bright Futures

Worldwide Community Health Initiative

Provides children world-wide

with free dental screenings and

oral health education

One billion kids reached to date

Goal: 1.3 billion kids by 2020

BSBF Investment Drives Growth

100% 121%

318%

Media Professional BSBF

Brazil, Mexico, Malaysia and Thailand (2011-2015)

Relative ROI

Availability and Affordability

Our Priorities




Leading to Win

Maximizing Productivity Across the P&L

Global Growth and Efficiency Program

Funding the Growth


Expand commercial hubs

Extend shared business services and

streamline global functions

Optimize Global Supply Chain and Facilities

Focus Areas


Savings are projected to be in the range

of $500–575MM after-tax, once all projects

are approved and implemented

Rate of return greater than 30%

Payback averaging 3–4 years


With Hubs and Colgate Business Services (CBS)

in place, now a platform to help us drive growth

Platform to Drive Global Growth

Analytics/Insights


Analytics/Insights out of

Colgate Business Services (CBS) Mumbai

Analytics – CBS Mumbai

Cost-effective access to top analytic talent

Lower cost compared to external partners

Direct access to data on Colgate systems

Ability to leverage co-located IT solutions seamlessly

Driving Cost Savings, Speed, Agility


Analytics/Insights

Faster speed to market

Example: Europe Hubbing

Five

Colgate Hubs

33

Countries

Faster Speed to Market

Roll-out of Colgate Max White Expert Complete

across Europe in 6 months


Analytics/Insights

Faster speed to market

SKU productivity


SKU productivity –

“Grow the Head, Cut the Tail”

Portfolio SKU Productivity (Hypothetical Case )

Weighted Distribution

0.5

0.4

0.3

0.2

0.1

0.0

0 25 50 75 100%

Head SKUs:

Higher

Productivity

Rate of Sales

€M/WD point per month

Tail SKUs:

Lower

Productivity

0.5

0.4

0.3

0.2

0.1

0.0

0 25 50 75 100%

Portfolio SKU Productivity

Grow

the Head

24 SKUs

60% of sales

Average 85%

distribution


Rate of Sales


0.5

0.4

0.3

0.2

0.1

0.0

0 25 50 75 100%


Grow

the Head

Product “AA”


Rate of Sales


0.5

0.4

0.3

0.2

0.1

0.0

0 25 50 75 100%


Target 65%

Grow

the Head

Product “AA”


Rate of Sales


0.5

0.4

0.3

0.2

0.1

0.0

0 25 50 75 100%


Grow

the Head

+10%

distribution


Rate of Sales


0.5

0.4

0.3

0.2

0.1

0.0

0 25 50 75 100%


Grow

the Head

Improve

promotions

and support


Rate of Sales


Starve the Tail

Cut unproductive

SKUs

0.5

0.4

0.3

0.2

0.1

0.0

0 25 50 75 100%



Rate of Sales


Tail SKUs:

Lower

Productivity

0.5

0.4

0.3

0.2

0.1

0.0

0 25 50 75 100%


Starve the Tail

Cut unproductive

SKUs


Rate of Sales


Europe Simplification

Number of SKUs -3.3%

Sales/SKU +20.8%

Organic Sales/SKU +5.0%

Q1 2018

vs. Q1 2017

Note: SKU=Stock-Keeping Units

Maximizing Productivity Across the P&L


Funding the Growth

Funding the Growth Overview

Key component of Colgate’s financial strategy

Sustained global process with systematic tracking

of savings initiatives

Generates funds to reinvest in the business for growth

Deeply ingrained way of working that gives Colgate

a competitive advantage

Funding the Growth

Savings on land

Savings on Land

U.S. fuel purchasing program – savings: $3.3MM

Funding the Growth

Savings on land

Savings at sea

Savings at Sea

Global ocean freight – savings $19MM

Our Priorities




Leading to Win


Capital expenditure for growth and savings

3.2% 3.3%

3.8%

4.4% 4.3%

3.9% 3.6%

0%

5%

2011 2012 2013 2014 2015 2016 2017

Capital Expenditure

% to Sales

State-of-the-Art Toothbrush Lab

Image of Tech Center TB Lab (May 1)

High-Speed Manufacturing Lines

Cost-Saving Capital Spending

‟11 ‟12 ‟13 ‟14 „15 „16 „17

Cash

Capital

Spending

$537 $565 $670 $757 $691 $593 $553

% of

Savings

Projects

50% 49% 53% 58% 61% 51% 50%

($MM)

Cost-Saving Capital Spending

‟11 ‟12 ‟13 ‟14 „15 „16 „17

Cash

Capital

Spending

$537 $565 $670 $757 $691 $593 $553

% of

Savings

Projects

50% 49% 53% 58% 61% 51% 50%

After-Tax

IRR

69% 56% 71% 70% 52% 45% 64%

($MM)



Mergers and acquisitions

– GABA (2004)

– Tom’s of Maine (2006)

– Sanex (2011)

6.7

10.1

3

4

5

6

7

8

9

10

11

12

'06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17

GABA Market Share

Nielsen: Includes TP, MTB and MW

1.3

2.7

0

1

2

3

'11 '12 '13 '14 '15 '16 '17

Tom’s Toothpaste Market Share

Nielsen: Total U.S. All Outlets XAOC

6.5

7.8 7.7

9.7

5

10

2012 2013 2014 2015 2016 2017

Sanex Market Shares

Underarm

Protection

Bodywash

Nielsen EU, Sanex Countries




Dividends

Dividends Paid

$0.24 $0.27 $0.28 $0.30 $0.32

$0.34 $0.36

$0.45 $0.48

$0.56

$0.63

$0.70

$0.78

$0.86

$1.02

$1.14

$1.22

$1.33

$1.42

$1.50 $1.55

$1.59

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

$1.40

$1.60

'96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17

Amounts adjusted for two-for-one stock split in 1997, 1999 and 2013

Increased for 55 consecutive years

Per Common Share




Dividends

Shareholder Return

+301% +309%

+509%

S&P Peer Group Colgate

Total Return 20 Years

12/31/97 – 12/29/17

+126% +125% +145%



12/31/07 – 12/29/17

+108%

+81%

+61%



12/31/12 – 12/29/17

+21.8%

+14.8%

+17.9%


Total Return 2017

Our Priorities




Leading to Win

Colgate Values

Caring

Global Teamwork

Continuous Improvement

www.colgatepalmolive.com

Colgate’s Sustainability Commitments 2015 –2020

Delighting Consumers and Sustaining Our World with Our

Brands

Making Every Drop

of Water Count

Reducing Our Impact on Climate

and the Environment

Contributing to the

Communities Where We Live

and Work

Helping Colgate

People and Their Families

Live Better

Performance People Planet

Colgate’s Sustainability Commitments 2015 –2020

Making Every Drop

of Water Count

Reducing Our Impact on Climate

and the Environment

Contributing to the

Communities Where We Live

and Work

Helping Colgate

People and Their Families

Live Better

Delighting Consumers and Sustaining Our World with Our

Brands

Performance People Planet

Making Every Drop of Water Count

Promote water conservation awareness

to all of our global consumers

2020 Goal

World Water Day

“A” score in both

WATER

Our Priorities




Leading to Win

Annual Strategic Decisions Conference

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