High brand equity with strong global market position in oral care category Majority of products are generally non-cyclical, which translates into consistent profitability History of good product innovation Negligible private label competition in oral care, though natural and organic start-ups could increasingly appeal to consumers and win more market share Diversified geographic footprint, but much less product diversity than global consumer product peers given focus on oral care Conservative financial policy, which underpins our forecast for debt to EBITDA in the mid- to high-1x area, notwithstanding high shareholder payments. Solid cash flow generation, which we expect to be used entirely for shareholder-friendly purposes, mainly dividends and share repurchases. Our stable outlook on Colgate-Palmolive Co. reflects our belief that the company
