Investor

Presentation

Financial Informationas of December 31, 2017

www.kimberly-clark.com

Leading the world in

essentials for a better life

Highlights

• $18 billion global company founded in 1872

• Products used by one-quarter of world’s population

• Strong legacy of innovation – created 5 of the 8 major

product categories in which we compete

• Products sold in more than 175 countries

• #1 or #2 position in 80 countries

• Strong global brands, including five billion-dollar brands:

2

Our Values

33

Authentic

Our heritage is

one of honesty,

integrity and

doing the

right thing

Accountable

We take

ownership for

our business and

our future

Innovative

Our commitment

is to new ideas

that add value

Caring

We respect each

other and care for

the communities

where we live

and work

Commitment to Sustainability

4

• Sustainability 2022 (K-C’s 150th anniversary) is a commitment to:

Harness innovations to

reduce our impact on

natural forests

Improve social and

physical well-being in

communities around

the world

Set our sights on

zero waste

Build powerful

partnerships to create

a leading sustainable

and responsible

supply chain

Increase our energy efficiency and

use of alternative energy sources

each year

Read more about our sustainability strategy and performance at kimberly-clark.com/sustainability

Senior Leadership Team

5

J. Scott Boston

Senior Vice President and

Chief Human Resources

Officer

Maria Henry

Senior Vice President and

Chief Financial Officer

Sergio Cruz

President, Latin AmericaSandra MacQuillan

Senior Vice President and

Chief Supply Chain Officer

Anthony Palmer

President, Global Brands

and Innovation

Jeffrey Melucci

Senior Vice President

and General Counsel

Aaron Powell

President, Kimberly-Clark

Professional

Thomas Falk

Chairman and CEOAchal Agarwal

President, Asia-Pacific

Michael Hsu

President and

Chief Operating Officer

Kim Underhill

Group President, Kimberly-

Clark North America

Tristram Wilkinson

President, Europe, Middle

East and Africa

Three Global Segments

6

Personal Care Consumer Tissue K-C Professional (KCP)

• Diapers

• Training/Youth/Swim Pants

• Baby Wipes

• Feminine Care

• Incontinence Care

• Facial Tissue

• Bathroom Tissue

• Paper Towels

• Facial Tissue, Bathroom

Tissue and Paper Towels for

away-from-home use

• Wipers

• Safety Products

21%18%

20%

2017 SALES 2017 OPERATING PROFIT 2017 OPERATING MARGIN

Operating profit and margin exclude corporate and other (income) and expense, net.

$9.1billion

$5.9billion

$3.3billion

18%

32%50%

18%

29%53%

Geographic Breakdown

7

North America

Outside North America

Operating profit and margin exclude corporate and other (income) and expense, net.

49%51%

36%

64%

2017 SALES

2017 OPERATING PROFIT 2017 OPERATING MARGIN

25%

14%

Global Business Plan (GBP)

8

Strategies

Invest in brands,

innovation, growth

initiatives

Manage portfolio to

balance growth,

margin, cash flow

Deliver

sustainable

cost reduction

Disciplined

capital

management to

improve ROIC and

return cash to

shareholders

• GBP is our strategic plan that prioritizes growth opportunities

and applies greater financial discipline to our operations

– Launched in mid-2003 and designed to generate sustainable

growth and improved shareholder returns

GBP Objectives and Results

9* EPS and ROIC are adjusted.

Sales

Organic Sales

3 to 5 percent

3 to 5 percent

2 percent

4 percent

EPS*Mid- to high-

single digits5 percent

ROIC*20 to 40

basis points75 basis points

Dividend In line with EPS 8 percent

Annual

Improvement

Objective

2004 – 2017

CAGR

Business Unit Strategies

10

Drive rapid growth in Developing &

Emerging Markets (D&E)

– Focus on China, Eastern Europe and

Latin America

Deliver targeted growth and improve

margins in Consumer Tissue

Win globally in Personal Care

Grow in higher margin segments in KCP

D&E MARKETS

K-C PROFESSIONAL

CONSUMER TISSUE

PERSONAL CARE

D&E = K-C’s business in Latin America, Eastern Europe, the Middle East and Africa, and Asia-Pacific, excluding Australia and South Korea.

Win Globally in Personal Care

11

• Leverage powerful brands

and strong market positions

• Innovation supported by integrated marketing

campaigns

• Long track record of success

– Organic sales CAGR +5 percent

since launch of GBP

• Near-term performance

impacted by category

slowdown and competitive

activity

– Organic sales CAGR +1 percent

(2016 – 2017)

39%

50%

PERSONAL CARE SALES % OF TOTAL COMPANY

2003 2017

Deliver Targeted Growth and Improve Margins in Consumer Tissue

• Launch innovations, leverage advantaged technologies

and iconic brands

• Focus on net realized revenue, mix, cost reduction

• Drive trade-up strategies in D&E markets

• Excellent progress with margin improvement

– 2017 margins remain healthy despite input cost inflation

12

2013 2014 2015 2016 2017

15%16%

18%19%

18%

OPERATING MARGIN

2014 2015 2016 20172013

Grow in Higher Margin Segments in KCP

• Provide essentials for a healthy,

safe and productive workplace

• Invest in Safety and Wiper businesses, differentiated tissue

offerings

• Expand in D&E markets where

industrialization and economic development are occurring

• Improve mix and margin to

fund growth

13

18%20%

2%

7%

ORGANIC SALES GROWTH(2013-2017 CAGR)

TOTAL KCP OPERATING MARGIN

KCP

SEGMENT

KCP

D&E MARKETS

2013 2017

Drive Rapid Growth in D&E Markets

• Excellent long-term performance

• Near-term growth has

moderated – macro factors

• 2017 volumes +5 percent

• Optimistic about long-term

potential

– Attractive market dynamics

– Significant opportunities to increase penetration and frequency of usage

– Targeted geographic expansion and growth plans

14

14%

30%

D&E SALES % OF TOTAL COMPANY

2003 2017

2011 – 2015 CAGR +11%

2016 +4%

2017 +3%

ORGANIC SALES

D&E Focus Area:China, Eastern Europe, Latin America – Personal Care

• Approximately 50 percent of

D&E business

• Near-term environment

– Some category slowdown in Latin America

– Pricing down somewhat (improving currencies, competition)

• Encouraged by volume

performance in 2017

• Execute long-term growth plans

through focused investments

– Grow diapers, diaper-pants, baby wipes, feminine care, adult incontinence

– Innovation, selling and marketing, distribution expansion

15

8%

4%

6%

ORGANIC SALES ANDVOLUME GROWTH

2013-2015 CAGR

2016 2017

Organic Sales Volume

+14% +5% +4%

Illustrating the Diaper Opportunity in D&E Markets

16

• Significant growth

opportunity

– Number of babies

– Middle class

expansion

– Frequency of

usage increases

• Innovation and

brand strength

critical to winning

2016 births and current category size per Euromonitor.

Potential category size assuming U.S. penetration rate.

Category size includes diapers and pants.

U.S. 4 $6

China 18 $7 $27

Eastern

Europe4 $3 $6

Brazil 3 $2 $5

India 25 $0.5 $38

ANNUAL

BIRTHS(mm)

CURRENT

CATEGORY

SIZE (B)

POTENTIAL

CATEGORY

SIZE (B)

Adult Care and Feminine Care in D&E Markets

17

• Excellent progress over last

several years

• Driving category development

• Leveraging well-known brands

• Launching steady stream

of innovations

13%11%

ADULT CAREORGANIC SALES GROWTH

11%9%

FEMININE CAREORGANIC SALES GROWTH

2013-2016CAGR

2017

2013-2016CAGR

2017

Marketing in a Digital World

• Supporting innovation and

building brand equity

• Increasing use of digital /

non-traditional channels

– Targeted and direct digital

marketing programs

– 1x1 relationship with

consumers

– More efficient reach

– Easier to track ROI

• Traditional advertising still has important role to play

18

Selling in a Digital / Omni-channel World

19

• Investing to further improve

capabilities

• Building strong presence wherever

consumers want to shop

• Many categories are well positioned for online environment

– High frequency product usage

– Long-term relationship with

consumers

– Strong brand / product awareness

• K-C sales online growing rapidly

– High-single digit percent of

company sales

– Sales growing at double-digit rates

$210

$360

$450

Sustainable Cost Reduction – FORCE

20

• Ongoing program

– Delivered $3.8 billion over past

14 years

– Performance has accelerated,

including record savings in 2017

• End-to-end supply chain focus

– Procurement, lean manufacturing

practices, product design, distribution

• Global supply chain organization

created in 2015 tightly linked to

businesses

– Improving capabilities and

long-term visibility

• Multi-year savings commitment

established January 2018

– Targeting more than $1.5 billion over

next four years (2018 – 2021)

ANNUAL SAVINGS($ Millions)

2004-2012Avg.

2013-2016Avg.

2017

2018 Global Restructuring Program

21

• Action announced in January 2018 to accelerate return to

delivering GBP growth objectives over time

• Latest example of proactive and strategic approach to

improving K-C and creating long-term shareholder value

• Biggest restructuring undertaken since GBP launched in 2003

• Will generate annual savings of $500 to $550 million by end

of 2021

– More flexibility to invest and improve margins

• Investment priorities

– Strengthen and grow core businesses

– Accelerate personal care growth opportunities in D&E markets

– Build further digital and e-commerce capabilities

2018 Global Restructuring Program

22

• Streamline and simplify overhead organization and

manufacturing supply chain, better leverage scale

opportunities and technology

– Shift more routine work and transactional activities to shared

services centers; drive more process discipline, efficiencies, best

practices sharing

– Expect to close or sell approximately 10 manufacturing facilities

and expand several others

– Anticipated workforce reductions 5,000 to 5,500

• Exit or divest lower margin businesses equivalent to about 1

percent of company net sales, concentrated in consumer tissue

• Total cash spending of $1.5 to $1.7 billion by end of 2020

– Pre-tax charges of $900 million to $1 billion

– Incremental capital spending of approximately $600 to $700 million

• Total pre-tax charges $1.7 to $1.9 billion, including non-cash

charges of $800 to $900 million

Disciplined Between-the-Lines Spending

23

BTL SPENDING* (% Sales)

2013 2014 2015 2016 2017

18.8%

18.0% 18.1%17.9%

17.5%

13.2%

12.4% 12.5% 12.5%

12.2%

Excluding advertising and R&D

• Long track record of

efficient SG&A spending

– Tightly managing

overhead spending in

current environment

• Continuing to invest in

advertising and R&D

• 2018 Global

Restructuring Program

will lower overhead spending further

* Adjusted. Between-the-lines spending defined as marketing, research and general expenses between gross profit and operating profit.

Working Capital Improvement

24

• Strong improvement since

2008

– Extending payables terms

– Inventory management

• Continued focus going forward

– Building further capabilities

– Global supply chain

organization efforts

PRIMARY WORKING CAPITAL CASH CONVERSION CYCLE

(Days)

73

(78%)

22

2008 2017

16

Return on Invested Capital

25

• Key component of long-term

incentive compensation

program

• Excellent progress since GBP

introduction

• Expect additional

improvement in 2018

– Above long-term GBP target

* Adjusted.

13.7%

24.1%

ROIC*

2003 2017

Capital Allocation Strategy

• Maintain ‘A’ credit rating and balance sheet flexibility

• Fund business needs (growth, innovation, cost savings)

– Capital spending 4.5 to 5.5 percent of net sales

Expect somewhat higher capital spending in 2018 and 2019 due to 2018

Global Restructuring Program and other long-term investments

• Grow dividend

– Top-tier payout in Consumer Packaged Goods industry

• Consider M&A

– Not core part of growth strategy

• Return excess cash to shareholders via

share repurchases

26

Strategies

Dividends

• Top-tier dividend in CPG industry

• Announced 3.1 percent increase for 2018 dividend

– 84th consecutive year K-C has paid a dividend, 46th consecutive

annual increase

• Paid $15+ billion in cash dividends over past 14 years

27

2003 2017

$1.36

$3.88

PER SHARE DIVIDEND(Declared)

2003 2017

41%

62%

DIVIDEND PAYOUT(Based on adjusted EPS)

2003 2017 2003 2017

28

Share Repurchases

• Cumulative share

repurchases of $16.3 billion 2004-2017

• Strong track record of

reducing share count

• Targeting $700 to $900

million in 2018

SHARES OUTSTANDING(Millions)

502

(30%)

Year-end2003

Year-end2017

351

Total Shareholder Returns Since Launch of GBP (July 2003)

29

299%

270%

317%

KMB S&P 500S&P Consumer

Staples Index

As of December 31, 2017.

To Learn More About Kimberly-Clark

• Contact Investor Relations with your questions

– Paul Alexander, Vice President at (972) 281-1440

• Visit www.kimberly-clark.com/investors to view our annual report, SEC filings or news releases

• To obtain copies of our 2017 Annual Report on Form 10-K,

SEC filings or news releases, call (800) 639-1352

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Safe Harbor Statement

31

Forward-Looking Information

Certain matters in this presentation, including our 2018 outlook, expectations and planning assumptions, and any estimates, projections, and statements relating to our business plans or objectives, constitute forward-looking statements and are based upon management’s expectations and beliefs concerning future events impacting the company. These statements are subject to risks and uncertainties, including currency rates and exchange risks, cost savings and reductions, raw material, energy, and other input costs, competition, market demand and economic and political conditions, effective tax rate, the anticipated cost savings from the company’s FORCE program, charges and savings from the 2018 Global Restructuring Program, and contingencies. There can be no assurance that these future events will occur as anticipated or that the company’s results will be as estimated. Forward-looking statements and guidance speak only as of the date they were made, and we undertake no obligation to publicly update them. For a more complete listing and description of other factors that could cause the company’s future results to differ materially from those expressed in any such forward-looking statements, see Item 1A of the company’s Annual Report on Form 10-K for the year ended December 31, 2017 entitled “Risk Factors.”

Non-GAAP Financial Measures

This presentation contains some financial measures that have been adjusted to exclude certain items and differ from reported results using Generally Accepted Accounting Principles (GAAP). Management believes that reporting in this manner enhances investors’ understanding and analysis of the company’s performance. For additional information on why we make these adjustments and reconciliations to comparable measures under GAAP, see the supplemental information for this presentation posted to the Investors section of our website (www.kimberly-clark.com/investors). This presentation also includes information on organic net sales, which describes the impact of changes in volume, net selling prices and product mix on net sales. Changes in foreign currency exchange rates and acquisitions and divestitures also impact the year-over-year change in net sales.