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Colgate Comments on Venezuelan Currency Devaluation



  Colgate Comments on Venezuelan Currency Devaluation

Business Wire

NEW YORK -- February 11, 2013

On Friday, February 8, 2013 the Venezuelan government announced its intention
to devalue its currency (bolivar fuerte). Although no official rules have yet
been issued, the official exchange rate is expected to move from 4.30 to 6.30
per dollar, effective with the publishing of the next Official Gazette on
February 13, 2013.

It was also announced that the currency market administered by the central
bank known as SITME that traded at 5.30 bolivar fuertes per dollar will be
eliminated. As previously disclosed, under applicable regulations the
Company’s Venezuelan subsidiary was not permitted to access this currency
market. Since January 1, 2010, Venezuela has been designated
hyper-inflationary and as such all foreign currency fluctuations are recorded
in income.

The Company’s preliminary assessment of the impact of the devaluation is that
the Company will incur a one-time aftertax loss of approximately $120 million
($0.25 per share) in the first quarter of 2013, related to the remeasurement
of the local balance sheet at the date of the devaluation.

There will also be ongoing impacts primarily related to the translation of the
local financial statements at the new exchange rate. It is the Company’s
preliminary estimate that these impacts will be in the range of $0.05 to $0.07
per share per quarter in 2013 taking into account both the Company’s ability
to take actions in Venezuela and elsewhere to mitigate the effect of the
devaluation and ongoing price control regulations in Venezuela.

The devaluation will not have any impact on the Company’s 2012 results of
operations or financial position.

                                     ***

About Colgate-Palmolive: Colgate-Palmolive is a leading global consumer
products company, tightly focused on Oral Care, Personal Care, Home Care and
Pet Nutrition. Colgate sells its products in over 200 countries and
territories around the world under such internationally recognized brand names
as Colgate, Palmolive, Mennen, Speed Stick, Lady Speed Stick, Softsoap, Irish
Spring, Protex, Sorriso, Kolynos, elmex, Tom’s of Maine, Sanex, Ajax, Axion,
Fabuloso, Soupline and Suavitel, as well as Hill’s Science Diet and Hill’s
Prescription Diet. For more information about Colgate’s global business, visit
the Company’s web site at http://www.colgatepalmolive.com. To learn more about
Colgate Bright Smiles, Bright Futures® oral health education program, please
visit http://www.colgatebsbf.com. CL-E

Cautionary Statement on Forward-Looking Statements

This press release may contain forward-looking statements. Such statements may
relate, for example, to sales or volume growth, organic sales growth, profit
or profit margin growth, earnings growth, financial goals, the impact of
currency devaluations, exchange controls, price controls and labor unrest,
including in Venezuela, cost-reduction plans including the 2012 Restructuring
Program, tax rates, new product introductions or commercial investment levels.
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. We caution
investors that any such forward-looking statements are not guarantees of
future performance and that actual events or results may differ materially
from those statements. Investors should consult the Company’s filings with the
Securities and Exchange Commission (including the information set forth under
the caption “Risk Factors” in the Company’s Annual Report on Form 10-K for the
year ended December 31, 2011) for information about certain factors that could
cause such differences. Copies of these filings may be obtained upon request
from the Company’s Investor Relations Department or on the Company’s web site
at http://www.colgatepalmolive.com.

Contact:

Colgate-Palmolive Company
Bina Thompson, 212-310-3072
or
Hope Spiller, 212-310-2291
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