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Driving Global Growth Smarter and Faster Colgate-Palmolive Company • 2011 Annual Report Driving Global Growth Smarter and Faster

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Driving Global Growth Smarter and Faster Colgate-Palmolive Company • 2011 Annual Report Driving Global Growth Smarter and Faster Driving Global Growth Smarter And Faster Colgate-Palmolive Company • 2011 Annual Report Driving Global Growth Smarter And Faster w Engaging To Build Our Brands w Innovation For Growth w Effectiveness And Efficiency w Leading To Win Colgate-Palmolive Company is a $16.7 billion global company serving people in more than 200 countries and territories with consumer products that make lives healthier and more enjoyable. The Company focuses on strong global brands in its core businesses – Oral Care, Personal Care, Home Care and Pet Nutrition. Colgate follows a tightly defined strategy to grow market shares for key products, such as toothpaste, toothbrushes, bar and liquid soaps, deodorants/antiperspirants, dishwashing detergents, household cleaners, fabric conditioners and specialty pet food. Cover: Photo taken in San Miguel de Allende, Mexico. Contents: 2 Financial Highlights 4 Dear Colgate Shareholder 8 Engaging To Build Our Brands 14 Innovation For Growth 16 Effectiveness And Efficiency 18 Leading To Win 20 Colgate’s Sustainability Strategy 21 Reconciliation Of Non-GAAP Financial Measures 22 Your Board Of Directors 23 Your Management Team 24 Global Financial Review/Form 10-K IBC Shareholder Information r France 2011 Annual Report 1 Financial Highlights Net Sales ($ millions) 2007 $13,790 2008 $15,330 2009 $15,327 2010 $15,564 2011 $16,734 (Dollars in Millions Except Per Share Amounts) 2011 2010 Change Worldwide Net Sales $ 16,734 $ 15,564 +7.5% Advertising ($ millions) Unit Volume, Excluding Divested Businesses +4.0% 2007 $1,546 Gross Profit Margin 57.3% 59.1% -180 basis points 2008 $1,650 Operating Profit $ 3,841 $ 3,489 +10% 2009 $1,534 Operating Profit Margin 23.0% 22.4% +60 basis points 2010 $1,656 Net Income Attributable to Colgate-Palmolive Company*† $ 2,431 $ 2,203 +10% 2011 $1,734 Net Income Attributable to Colgate-Palmolive Company Percent to Sales 14.5% 14.2% +30 basis points Diluted Earnings Per Share*† $ 4.94 $ 4.31 +15% Dividends Paid Per Share $ 2.27 $ 2.03 +12% Dividends Paid (per common share) Operating Cash Flow $ 2,896 $ 3,211 -10% 2007 $1.40 Number of Registered Common Shareholders 28,900 29,900 -3% 2008 $1.56 Number of Common Shares Outstanding (in millions) 480 495 -3% 2009 $1.72 Year-end Stock Price $ 92.39 $ 80.37 +15% 2010 $2.03 2011 $2.27 r South Africa Highlights Net Sales ($ millions) Gross Profit Margin and Additional Information* (% of sales) * 2011 excludes costs associated with business realignment and other cost-saving initiatives. Years 2007 and 2008 exclude restructuring u Worldwide net sales rose 7.5% to an all-time 2007 $13,790 2007 56.2% 57.3%* and implementation-related charges related to the 2004 record level. 2008 $15,330 2008 56.3% 56.7%* Restructuring Program. A complete reconciliation between reported results (GAAP) and results excluding these items (Non-GAAP), u The excellent top-line growth was driven by 2009 $15,327 2009 58.8% including a description of such items, is available on Colgate’s web double-digit growth in emerging markets. 2010 $15,564 2010 59.1% site and on page 21 of this report. u Global advertising increased 5% to $1,734 2011 $16,734 2011 57.3% 57.6%* million. u The quarterly dividend increased by 9% in 2011, on top of the 20% increase in 2010. Advertising ($ millions) Operating Profit and Additional Information* ($ millions) * 2011 excludes a gain resulting from the sale of the Company’s laundry detergent business in Colombia and certain other 2011 2007 $1,546 2007 $2,720 $2,959* items. 2010 excludes a one-time charge related to the transition * Net income attributable to Colgate-Palmolive Company and 2008 2008 $3,101 $3,265* to hyperinflationary accounting in Venezuela and certain other diluted earnings per share in 2011 include an aftertax gain of $1,650 2010 items. Years 2007 and 2008 exclude restructuring and $135 million ($0.27 per diluted share) resulting from the sale 2009 2009 $3,615 $1,534 implementation-related charges related to the 2004 Restructuring of the Company’s laundry detergent business in Colombia and Program and other items that pertain only to 2007. A complete certain other items totaling to $177 million ($0.36 per diluted 2010 $1,656 2010 $3,489 $3,796* reconciliation between reported results (GAAP) and results excluding share) of aftertax charges. 2011 $1,734 2011 $3,841 $3,858* these items (Non-GAAP), including a description of such items, is † Net income attributable to Colgate-Palmolive Company and available on Colgate’s web site and on page 21 of this report. diluted earnings per share in 2010 include a one-time aftertax charge of $271 million ($0.53 per diluted share) related to the transition to hyperinflationary accounting in Venezuela as of Dividends Paid (per common share) Diluted Earnings Per Share and Additional Information* * 2011 excludes a gain resulting from the sale of the Company’s January 1, 2010 and certain other items which fully offset and laundry detergent business in Colombia and certain other 2011 2007 $1.40 2007 $3.20 $3.38* had no aftertax impact on earnings. items. 2010 excludes a one-time charge related to the transition A complete reconciliation between reported results (GAAP) and 2008 $1.56 2008 $3.66 $3.87* to hyperinflationary accounting in Venezuela and certain other 2010 items. Years 2007 and 2008 exclude restructuring and results excluding the above noted items (Non-GAAP), including 2009 $1.72 2009 $4.37 a description of such items, is available on Colgate’s web site implementation-related charges related to the 2004 Restructuring and on page 21 of this report. 2010 $2.03 2010 $4.31 $4.84* Program and other items that pertain only to 2007. A complete reconciliation between reported results (GAAP) and results excluding 2011 $2.27 2011 $4.94 $5.03* these items (Non-GAAP), including a description of such items, is available on Colgate’s web site and on page 21 of this report. Gross Profit Margin and Additional Information* (% of sales) 2007 56.2% 57.3%* 2 2011 Annual Report 2008 56.3% 56.7%* 2011 Annual Report 3 2009 58.8% 2010 59.1% 2011 57.3% 57.6%* Operating Profit and Additional Information* ($ millions) 2007 $2,720 $2,959* 2008 $3,101 $3,265* 2009 $3,615 2010 $3,489 $3,796* 2011 $3,841 $3,858* Diluted Earnings Per Share and Additional Information* 2007 $3.20 $3.38* 2008 $3.66 $3.87* 2009 $4.37 2010 $4.31 $4.84* 2011 $4.94 $5.03* Dear Colgate Shareholder On the following pages, Ian Cook, Chairman, President and Q. Please comment on the Company’s 2011 global business by a growing array of new influencers. Engaging to Build Our Colgate’s growth strategy in these markets focuses on driv- Chief Executive Officer, answers questions often asked by results. Brands means increased engagement with our consumers, ing consumption. For example, we educate consumers about our shareholders regarding our business results, key strategic A. We are delighted to have delivered another year of strong customers, the profession and other influencers with powerful the benefits of good oral health care and provide product initiatives and the Company’s prospects for future growth.* performance in 2011. Net sales grew 7.5% and global unit integrated marketing campaigns that take full advantage of samples with programs such as “Bright Smiles, Bright Futures”. volume from continuing businesses grew 4.0%. Pleasingly, we digital and social media. We are also focusing on identifying With this global initiative, Colgate has reached over 650 million succeeded on the bottom line as well. We achieved our profit deeper, more meaningful insights in order to establish stronger children, and every year we partner with dental professionals goals, with diluted earnings per share increasing 4%, despite connections with all of our constituencies and create a deeper and our retail partners to sponsor an oral health month in each continuing increases in material costs, an intense competitive level of commitment to our brands. of our geographies. environment and volatile macroeconomic conditions worldwide. Innovation for Growth is as important as ever. We Advertising spending behind the Company’s brands rose 5%, continue to encourage all Colgate people to find inno- leading to market share gains across many of our core catego- vative solutions to business challenges, but we will put ries. Notably, Colgate’s global market shares in toothpaste, man- special emphasis on two areas, (1) innovative products ual toothbrushes, mouthwash, bar soap, body wash, shampoo, that are incremental, breakthrough and transforma- household cleaners and fabric conditioners all increased during tional and (2) tailored go-to-market strategies that can the year. accelerate and sustain our growth. We also maintained our strong balance sheet and cash flow, Effectiveness and Efficiency remain a key priority, which, along with the Company’s positive growth momentum, reflecting the importance of changing the way we led the Board of Directors to authorize a 9% increase in the work together to generate new funds for growth. By quarterly dividend, effective in the second quarter of 2011, and focusing on a number of specific areas such as pricing a new share repurchase program providing for the repurchase of excellence and simplification, and exploring new areas, up to 50 million shares. we will continue to grow funds to invest in our new products and the marketing activities behind them. Q. During 2011, Colgate refined its global business strategies to Colgate has long believed that personal and col- accelerate growth worldwide. Can you please elaborate on this? laborative leadership of all Colgate people around the Ian Cook A.
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