CL Colgate CAGNY Conference

Consumer Analyst Group
of New York Conference

February 23, 2018
February 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, 2016 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.
Today
Our Focused Strategy

Pet
Nutrition
Home Care
Personal
Care
Oral Care
The Market Environment
2017
A difficult year
The Market Environment
2018
Improving, but still challenging
Our Priorities
 Driving Organic Sales Growth
 Maximizing Productivity across the P&L
 Growing Cash Flow and Increasing Returns
 Leading to Win
Our Priorities
 Leading to Win
Driving Organic Sales Growth
 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


With Me Today
Julie Dillon
Vice President and General Manager
South Pacific Hub
Global Journey
Sydney
Global Journey
New York
Sydney
Global Journey
Geneva
New York
Sydney
Global Journey
Geneva
Rome
New York
Sydney
Global Journey
London
Geneva
Rome
New York
Sydney
Global Journey
London
Geneva
Rome
New York
Sydney
Global Journey
London
Geneva
Rome
New York
Sydney
Build Purpose-Driven
Brands that Enrich the
Lives of People, and
Drive Growth for Colgate
BRAND SUMMIT 2017

The Purpose
Give people not just
of something to buy,
Purpose but something to buy into
 Impactful brand experiences
Meaningful
 Innovation
brands
drive growth
To deliver short- and
long-term growth
Australia
Equity Advertising Is More
Effective And Efficient
$5.00
2.3X more 4X more
$4.50
efficient Volume
$4.00
Short-Term
$3.50
Long Term Component

$3.00
$2.50
$2.00
$1.50
$1.00
$0.50
$0.00
C-P TV ROI C-P Equity ROI C-P TV Lift C-P Equity Lift
Market Mix Modeling, Analytic Partners, 2017`
Gives people
solutions
for their lives
Wisdom Teeth Tooth Whitening
How to Brush
Colgate content on
1st page of results for
Gives people >40K oral health
solutions search terms
for their lives

Same number of
searches as WebMD
Mobile
Europe
Russia
Meaningful
Innovation India
Naturals
Positioning
Meaningful
Innovation
Whitening
Meaningful
Innovation
Artificial Intelligence
Powered Toothbrush
 Users brushing longer and
more frequently
Improved
Brushing  Average surface coverage
Habits increased by 27%*
 Awareness of missed areas
**after brushing for 4 weeks

IT’S OUR
DUTY
TO GIVE EVERY
ANIMAL THE
BEST CARE
HUMANLY
POSSIBLE
Meaningful  Cats with chronic kidney
disease have a suppressed
Innovation appetite
 Prescription Diet® k/d®

Hill's® food is formulated with
Prescription Diet® breakthrough appetite
technology targeted
k/d® with E.A.T.™ specifically at cats with
Technology kidney disease"
Keeps Skin
Healthy
Meaningful
Innovation
Sanex Zero%
Relaunch
New: New:
Anti-Pollution BW Compressed UAP
Effective and
Impactful
Advertising
Delivering on Advertising Commitment
Increased advertising spend and consistency
Digital: 25% of global media spend

 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
Winning in Key Markets
#1 Market Share in Toothpaste
 U.S. – Pure Play and omnichannel
Source: 10/10
U.S.
Designed and developed specifically for e-Commerce

 China – Social/e-Commerce integrated

marketplace
Source: 10/10, Nielsen

China
Heart shape
strip
Express Yourself.
Dare to Love.
Transparent
tube
Personal comments
“Dare to Love” Personalized Pack
 Type personalized message

on the card
 Record voice message

on QR code
 Gift recipient listens to the voice

message by scanning QR code
“Dare to Love” Performance Update
 #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
 China – Social/e-Commerce integrated

marketplace
 UK – Brick and Mortar e-Commerce sites

Source: 10/10, Nielsen, Kantar
U.K.
 “123 Smile” health partnership with

Tesco
 Educate shoppers on the

importance of regimen
 Delivered highest Colgate market

share in Tesco online in 2017
Hill’s
Hill’s Global e-Commerce Net Sales
>+300%*
Hill’s U.S. Subscription

>50%
*2017 vs. 2013
PurePlay e-Commerce only
Hill’s
On site search Digital advertising

Hill’s
Increased home page placements
Hill’s
In Chewy TV Commercials
Hill’s Therapeutic Share
e-Commerce
2015 – 2017
+8.2 share pts5
2015 2016 2017

 Growing market share through superior marketing and
brand engagement

Profitable Growth
 Customer engagement
 Pricing
 Revenue Growth Management

Profitable Growth
 Pricing

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

Customer Engagement Center
 Joint business planning
 Share merchandising/
marketing expertise
 Virtual store capabilities

Profitable Growth
 Pricing

Pricing
 Planning for pricing to increase in 2018
 Consistent with our long-term commitment to pricing

Commitment to Pricing
8.0%
6.0%
6.0% 5.4%
4.0%
3.1% 3.1%
2.4%
1.9%
2.0% 1.5%
1.2% 1.3%
0.8%
0.5% 0.5%
0.0%
0.0%
'05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17
Pricing
 Planning for pricing to increase in 2018
 Consistent with our our long-term commitment to pricing
 Aided by return to volume growth in developed markets
 Inflation in emerging markets provides support
 Raw materials inflation historically leads to pricing

Profitable Growth
 Pricing

Revenue Growth Management
 More than just about “pricing”
 Driving improved profitability for ourselves and our retail partners
 Closing price gap versus the category
– Build brand equity
– Drive premium innovation
– Tiering our base business

Tiering Our Base Business
Example: South Africa
 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

C-P South Africa Toothpaste Base Business
1H 2015
Created New Mid-Tier Price Point
1H 2015
Base
1H 2015 2H 2015
Base
1H 2015 2H 2015
Mid-Tier
Base
Base
1H 2015 2H 2015 1H 2017
Mid-Tier
Base
Base
1H 2015 2H 2015 1H 2017
Mid-Tier
Base Mid-Tier
Base
Base
Tiering Our Base Business
Example: South Africa
Results
 Double-digit, profitable net sales growth for South Africa
in 2017
 South Africa reached its highest toothpaste market share

in a decade
 Base: > than 65% in 2015 to < 20% in 2017
 Mid-Tier: From 0% in 2015 to >55% in 2017


Significant Population Growth
9.0
Emerging Markets
Developed Markets
8.4B
6.0 by 2030
With
7.6B in
3.0 Emerging
Markets
0.0
1980 1990 2000 2010 2020 2030
95% of population growth from Emerging Markets

Source: Euromonitor
Emerging Middle Class
EUROPE
664
NORTH AMERICA
338
2009
MIDDLE EAST &
2009 NORTH AFRICA
105
525
2009
CENTRAL &
SOUTH AMERICA SUB-SAHARAN
181
AFRICA 2009
ASIA-PACIFIC
32
2009
1.8 billion 2009 Middle Class

2009
population
Source: OECD
Emerging Middle Class
3228
EUROPE
680
664
NORTH AMERICA
338 322
2009 2030
MIDDLE EAST &
2009 2030 NORTH AFRICA
234
105
525
2009 2030
CENTRAL &
SOUTH AMERICA SUB-SAHARAN
313 AFRICA 2009 2030
181
107 ASIA-PACIFIC
32
2009 2030
1.8 billion 2009 Middle Class

2009 2030
2030 Middle Class

4.9 billion
population population
Source: OECD
Toothpaste Growth Opportunity
Significant consumption
growth potential
Less than 1x per day Between 1x – 2x per day
Colgate
Share
0 365 730 Grams

*Markets where we do business
Less than 1x per day Between 1x – 2x per day
32% of
population*
Colgate 68% of
Share population*
0 365 730 Grams

*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
 900MM kids reached to date
 Goal: 1.3 billion kids by 2020

BSBF Investment Drives Growth
Relative ROI
318%
121%
100%
Media Professional BSBF
Brazil, Mexico, Malaysia and Thailand (2011-2015)

Availability and Affordability
Our Priorities
 Leading to Win
Maximizing Productivity Across the P&L
 Global Growth and Efficiency Program
 Funding the Growth


Global Growth and Efficiency Program
Focus Areas
 Expand commercial hubs
 Extend shared business services and

streamline global functions
 Optimize Global Supply Chain and Facilities

Global Growth and Efficiency Program
 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

Global Growth and Efficiency
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
Driving Cost Savings, Speed, Agility
 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

 SKU productivity
SKU productivity – “Grow the Head, Cut the Tail”

Portfolio SKU Productivity
(Hypothetical Case )
Rate of 0.5
Sales
€M/WD
Head SKUs:
point
per
0.4 Higher Productivity
month
0.3
Tail SKUs:
Lower
Productivity
0.2
0.1
0.0
0 25 50 75 100%
Weighted Distribution
Rate of 0.5
Sales Grow
€M/WD
point
the Head
per
0.4
month
0.3
0.2
0.1
0.0
0 25 50 75 100%
Rate of 0.5
Sales Grow
€M/WD
point
the Head
0.4
per 24 SKUs
month
60% of sales
0.3
Average 85%
0.2 distribution
0.1
0.0
0 25 50 75 100%
Rate of 0.5
Sales Grow
€M/WD
point
the Head
0.4
per Product “AA”
month
0.3
0.2
0.1
0.0
0 25 50 75 100%
Rate of 0.5
Sales Grow
€M/WD
point
the Head
0.4
per Product “AA”
month
0.3
0.2
Target 65%
0.1
0.0
0 25 50 75 100%
Rate of 0.5
Sales Grow
€M/WD
point
the Head
0.4
per +10%
month
distribution
0.3
0.2
0.1
0.0
0 25 50 75 100%
Rate of 0.5
Sales Grow
€M/WD
point
the Head
0.4
per +10%
month
distribution
0.3
0.2
0.1
0.0
0 25 50 75 100%
Rate of 0.5
Sales Grow
€M/WD
point
the Head
0.4
per Improve
month
promotions
0.3
and support
0.2
0.1
0.0
0 25 50 75 100%
Rate of 0.5
Sales Grow
€M/WD
point
the Head
0.4
per Improve
month
promotions
0.3
and support
0.2
0.1
0.0
0 25 50 75 100%
Rate of 0.5
Sales Starve the Tail
€M/WD
point
0.4 Cut unproductive
per
month SKUs
0.3
Tail SKUs:
0.2Lower
Productivity
0.1
0.0
0 25 50 75 100%
Rate of 0.5
Sales Starve the Tail
€M/WD
point
0.4 Cut unproductive
per
month SKUs
0.3
0.2
0.1
0.0
0 25 50 75 100%
Europe Q4
 Net Sales $608.8MM
 Organic Sales Growth +4.0%
 SKU % change -8.0%
 Sales/SKU % change +22.5%

 SKU productivity
 Faster speed to market

Hubs allowing faster speed to market

Faster Speed to Market in Europe
Roll-out of Colgate Max White Expert Complete

across all 6 hubs in 6 months

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
2010 2011 2012 2013 2014 2015 2016 2017

Excl. Venezuela
Funding the Growth: Digitized Procurement
Total spend globally of POS and

Co-packing materials >$300MM
 Company-wide project to digitize procurement

– Global Catalog
– Development workflow
– Library of executions
 Creation of a standardization and workflow tool for

POS/co-packing management
 Standardization leads to greater efficiencies
 Consistency of imagery improves brand-building

Our Priorities
 Leading to Win
Growing Cash Flow and Increasing Returns
 Capital Expenditure for Growth

Capital Expenditure
% to Sales
5%
4.4% 4.3%
3.8% 3.9%
3.6%
3.2% 3.3%
0%
2011 2012 2013 2014 2015 2016 2017
2004-2008, 2010-2016 exclude restructuring charges and/or other items
Cost-Saving Capital Spending
($MM)
’07 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ‘15 ‘16 ‘17
Cash $583 $684 $575 $550 $537 $565 $670 $757 $691 $593 $553
Capital
Spending
% of 62% 63% 69% 64% 50% 49% 53% 58% 61% 51% 50%
Savings
Projects
Cost-Saving Capital Spending
($MM)
’07 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ‘15 ‘16 ‘17
Cash $583 $684 $575 $550 $537 $565 $670 $757 $691 $593 $553
Capital
Spending
% of 62% 63% 69% 64% 50% 49% 53% 58% 61% 51% 50%
Savings
Projects
After-Tax 40% 40% 58% 63% 69% 56% 71% 70% 52% 45% 64%
IRR
 Mergers and Acquisitions
– GABA (2004)
– Tom’s of Maine (2006)
– Sanex (2011)
GABA Market Share
12
11
10.1
10
7
6.7
6
3
'06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17
Nielsen:
Includes TP, MTB and MW
Tom’s Toothpaste Market Share
3
2.7
1.3
1
0
'11 '12 '13 '14 '15 '16 '17
Nielsen Total U.S. All Outlets XAOC

Sanex Market Shares
10 9.7 Bodywash
7.7 7.8 Underarm

Protection
6.5
5
2012 2013 2014 2015 2016 2017
Nielsen EU, Sanex Countries

 Dividends
Dividends Paid
$1.59
$1.60
Per Common Share $1.50
$1.55
$1.42
$1.40 $1.33
Increased for 55 consecutive years $1.22
$1.20 $1.14
$1.02
$1.00
$0.86
$0.78
$0.80
$0.70
$0.63
$0.60 $0.56
$0.48
$0.45
$0.40 $0.34 $0.36

$0.30 $0.32
$0.27 $0.28
$0.24
$0.20
$0.00
'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
 Dividends
 Shareholder Return
Total Return
20 Years
12/31/97 – 12/29/17
+509%
+301% +309%
S&P Peer Group Colgate

Total Return
10 Years
12/31/07 – 12/29/17
+145%
+126% +125%

Total Return
5 Years
12/31/12 – 12/29/17
+108%
+81%
+61%

Total Return
2017
+21.8%
+17.9%
+14.8%

Our Priorities
 Leading to Win
Colgate Values
 Caring
 Global Teamwork
 Continuous Improvement
Colgate’s Sustainability Commitments
2015 –2020
People Performance Planet
Helping Contributing Brands that Making Reducing

Colgate to the Delight Every Drop Our Impact
People and Communities Consumers and of Water on Climate
Their Families Where We Live Sustain Our Count and the
Live Better and Work World Environment
Consumers Care
72% of Generation Z is willing to pay more for

brands that are committed to positive social and
environmental impact
59% of Millennials are willing to pay more for a

brand that portrays the right self-image
CDP “A” List
WATER
Only U.S. Company to score “A”

on both Water and Climate
Making Every Drop of Water Count
2020 Goal
Promote water conservation awareness
to all of our global consumers
MICHAEL PHELPS
2018 Plans
Save Water activation to change

people’s behavior
Join Us!
By taking a SIMPLE step to turn off

the faucet while brushing we can have
a BIG impact
Our Priorities
 Leading to Win

CL Colgate CAGNY Conference

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Consumer Analyst Group

of New York Conference

Notice for Investor Presentation

Our Focused Strategy

 Maximizing Productivity across the P&L

 Growing Cash Flow and Increasing Returns

 Maximizing Productivity across the P&L

 Growing Cash Flow and Increasing Returns

 Innovating across the business

 Maximizing growth in e-Commerce

 Working with our retail partners for profitable growth

 Investing to drive penetration in growing populations

 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

Long Term Component

for their lives

 Awareness of missed areas

**after brushing for 4 weeks

 Prescription Diet® k/d®

Increased advertising spend and consistency

Digital: 25% of global media spend

 Innovating across the business

 Maximizing growth in e-Commerce

 Working with our retail partners for profitable growth

 Investing to drive penetration in growing populations

Have nearly tripled since 2014

U.S e-Commerce sales doubled

 U.S. – Pure Play and omnichannel

Designed and developed specifically for e-Commerce

 U.S. – Pure Play and omnichannel

 China – Social/e-Commerce integrated

Source: 10/10, Nielsen

 Type personalized message

 Record voice message

 Gift recipient listens to the voice

 #1 selling SKU in the Colgate store for

 Helping to drive our total sales up 55%

 U.S. – Pure Play and omnichannel

 China – Social/e-Commerce integrated

 UK – Brick and Mortar e-Commerce sites

 “123 Smile” health partnership with

 Educate shoppers on the

 Delivered highest Colgate market

Hill’s U.S. Subscription

On site search Digital advertising

+8.2 share pts5

2015 2016 2017

 Innovating across the business

 Maximizing growth in e-Commerce

 Working with our retail partners for profitable growth

 Investing to drive penetration in growing populations

 Revenue Growth Management

 Revenue Growth Management

 Customers are seeking partners to help them profitably

 Increasingly important to engage all levels of customer

High-tech, collaborative environment

 Joint business planning

 Virtual store capabilities

 Revenue Growth Management

 Planning for pricing to increase in 2018

 Consistent with our long-term commitment to pricing