Colgate Palmolive : Presentation at the Consumer Analyst Group of NY Virtual Conference Presentation

Colgate-Palmolive Company

Consumer Analyst Group of New York

February 19, 2021

Noel Wallace

Chairman, President and Chief Executive Officer

February 2021

Notice for Investor Presentation

Our presentation contains 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 atwww.colgatepalmolive.com.

Our presentation 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 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, 2020 and subsequent Quarterly Reports on Form 10-Q). Copies of these filings are available in the "Investor Center" section of our website atwww.colgatepalmolive.com or may be obtained by request from the Company's Investor Relations Department.

Pat Verduin, PhD

Chief Technology Officer

Our Focused Strategy

In 2020, We:

• ▪ Focused on keeping our people safe

• ▪ Kept our supply chain up and running

• ▪ Delivered best annual organic sales growth since 2008

• ▪ Delivered high-single-digit base business EPS growth despite Fx

• ▪ Invested in brands and capabilities for future growth

Broad-Based Organic Sales Growth

• ▪ Another step towards our goal of sustainable, profitable growth

• ▪ Delivered pricing and volume growth

• ▪ Growth in every division

• ▪ Growth in developed and emerging markets

• ▪ Growth in all four categories

What We Said on Q4 Call

• ▪ Our investment choices are delivering growth

• ▪ Believe right strategies in place to deliver long-term profitable growth

• ▪ Expect high levels of uncertainty due to impacts of the COVID-19 pandemic, as well as volatility in raw material and logistics costs and foreign exchange

• ▪ Organic sales growth: 3-5%

• ▪ Net sales growth: 4-7%

• ▪ Gross profit margin up year-over-year

• ▪ EPS growth* of mid-to-high single digits

*Base Business

Our 2021 Priorities

• ▪ Deliver more breakthrough and disruptive innovation

• ▪ Continue to build capabilities to increase our effectiveness

• ▪ Deliver on pricing and productivity to drive margins while funding investment

• ▪ Maximizing Efficiency In Our P&L

• ▪ Effective Deployment of Cash Flow

• ▪ Demonstrating Our Purpose

Growth Drivers

• ▪ Accelerating growth through improved brand building and core innovation

• ▪ Innovating to gain share in high growth segments and adjacencies

• ▪ Expanding in new channels and markets

• ▪ Maximizing growth online

• ▪ Investing to drive penetration in growing populations

INNOVATION

Pat Verduin, PhD

Chief Technology Officer

• ▪ Drive consumer loyalty and lifetime value

• ▪ Deliver incremental growth

• ▪ Create a platform for new opportunities

20%

Line Extensions

Transformative

/Disruptive Innovation

Transformative

Line Extensions

/Disruptive Innovation

Balance our portfolio of opportunities

Continuously Improving Our Culture and Capabilities

• ▪ Shift priorities to programs that drive incrementality

• ▪ Empower teams dedicated to disruptive innovation

• ▪ Apply new analytics/validation tools to improve speed

• ▪ Real-time optimization

• ▪ Targeted trend tracking + deep consumer insights

• ▪ Targeted trend tracking + deep consumer insights

• ▪ Design-led innovation

• ▪ Targeted trend tracking + deep consumer insights

• ▪ Design-led innovation

• ▪ Best-in-class science applied to people-centric innovation

Superior Science applied to the #1 global oral disease

% Improvement in Early Caries (Cavities)

*results from a 6 month study to assess improvement in white spot lesions using the QLFTM method vs. a regular fluoride toothpaste, both with 1450 ppm fluoride

In 24 hrs, after a single application

Skin Recovery visibly minimizes the appearance of

redness & irritation caused by skin damage

New Approach

• ▪ Targeted trend tracking + deep consumer insights

• ▪ Design-led innovation

• ▪ Best-in-class science applied to people-centric innovation

• ▪ Sustainable solutions built into every product

We Are Committed

• ▪ Fostering an ever evolving, always inspiring innovation culture

• ▪ Elevating experiences with our brands

• ▪ Truly delighting people with differentiated innovation

• ▪ Providing real benefits supported by real science

• ▪ Delivering incremental growth

• ▪ Driving Organic Sales Growth

• ▪ Effective Deployment of Cash Flow

• ▪ Demonstrating Our Purpose

• ▪ Pricing is key to balanced growth

• ▪ Revenue growth management is working

Pricing Benefit to Gross Margin

Key RGM Levers Drive Increased Average Selling Price

Innovation

Trade Up Large Sizes

• ▪ Pricing alone won't cover raw material inflation

• ▪ Funding the Growth is a key enabler

Funding the Growth Benefit to Gross Margin

BPS

• ▪ Digital media increasing as a % of our spend, and driving increased returns

Margin ROI - Science Diet

Driving Productivity in Media Spending

• ▪ Digital media increasing as a % of our spend, and driving increased returns

• ▪ Driving subscription in eCommerce

• ▪ Equity advertising boosts entire portfolio

Equity ROI vs. Brand Adv. ROI

In one of our largest markets, testing shows equity advertising drives almost 2x the lift of brand advertising- including toothbrushes and

mouthwash

• ▪ SAP/S4 Hana

• ▪ Colgate Business Planning

• ▪ Predictive Analytics

• ▪ Virtual Tools

• ▪ Driving Organic Sales Growth

• ▪ Maximizing Efficiency In Our P&L

• ▪ Demonstrating Our Purpose

• ▪ Capital expenditure for growth and productivity

• ▪ Mergers and acquisitions

• ▪ Dividends and share repurchase

% to Sales

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

Increased for 58 consecutive years

Per Common Share

• ▪ Driving Organic Sales Growth

• ▪ Maximizing Productivity Across the P&L

• ▪ Effective Deployment of Cash Flow

We are Colgate, a caring, innovative growth company reimagining a healthier future

for all people, their pets and our planet

Driving Social Impact

Helping Millions of Homes

Preserving our Environment

"80% less plastic when compared to similarly sized Colgate toothbrushes