Investor

Presentation

Financial Informationas of December 31, 2016

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

Gustavo Calvo Paz

President,

Europe, Middle East and Africa

Maria Henry

Senior Vice President and

Chief Financial Officer

Sergio Cruz

President, Latin America

Sandra MacQuillan

Senior Vice President and

Chief Supply Chain Officer

Anthony Palmer

President, Global Brands

and Innovation

Thomas Mielke

Senior Vice President

and General Counsel

Kim Underhill

President, Kimberly-Clark

Professional

Thomas Falk

Chairman and CEO

Achal Agarwal

President, Asia-Pacific

Michael Hsu

President and

Chief Operating Officer

Larry Allgaier

Group President, Kimberly-

Clark North America

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%19% 19%

2016 SALES 2016 OPERATING PROFIT 2016 OPERATING MARGIN

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

$9.0billion

$6.0billion

$3.2billion

17%

33%50%

17%

31%52%

Geographic Breakdown

7

North America

Outside North America

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

48%52%

35%

65%

2016 SALES

2016 OPERATING PROFIT 2016 OPERATING MARGIN

24%

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

3 percent

4 percent

EPS*Mid- to high-

single digits6 percent

ROIC*20 to 40

basis points80 basis points

Dividend In line with EPS 8 percent

Annual

Improvement

Objective

2004 – 2016

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 strong brands

• Innovation supported by integrated marketing campaigns

• Long track record of success

– Organic sales CAGR +5 percent since launch of Global

Business Plan

39%

50%

PERSONAL CARE SALES % OF TOTAL COMPANY

2003 2016

Deliver Targeted Growth and Improve Margins in Consumer Tissue

• Launch value-added innovations

• Focus on net realized revenue, mix, cost reduction

• Excellent progress with margin improvement

• Operating profit up about 45 percent over last 5 years

12

2012 2013 2014 2015 2016

14%15%

16%18%

19%

OPERATING MARGIN

2012 2013 2014 2015 2016

Grow in Higher Margin Segments in KCP

• Provide essentials for a healthy,

safe and productive workplace

• Invest in high-growth, higher

margin Safety and Wiper

businesses

• Expand in D&E markets where industrialization and economic

development are occurring

• Improve mix and margin to

fund growth

13

17%

19%

3%

9%

ORGANIC SALES GROWTH(2012-2016 CAGR)

TOTAL KCP OPERATING MARGIN

KCP

SEGMENT

KCP

D&E MARKETS

2012 2016

Drive Rapid Growth in D&E Markets

• Excellent performance over last

several years

– 2011 to 2015 organic sales CAGR: 11 percent

• 2016 organic sales growth 4 percent

– Market positions remain broadly healthy

• 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%

29%

D&E SALES % OF TOTAL COMPANY

2003 2016

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

• Approximately 50 percent of

D&E business

• Organic sales growth

– 2011 to 2015 CAGR: 15 percent

– 2016: 5 percent (some category

slowdown; diaper pricing in China)

• Continue to execute long-term

growth plans

– Innovation

– Selling and marketing investments

– Focused distribution expansion

– Production capacity increases

15

Adult Care and Feminine Care in D&E Markets

16

• Excellent progress over last several years

• Driving category development

• Leveraging well-known brands

• Launching steady stream

of innovations

16%12%

ADULT CAREORGANIC SALES GROWTH

11%9%

FEMININE CAREORGANIC SALES GROWTH

2011-2015CAGR

2016

2011-2015CAGR

2016

Marketing in a Digital World

• Supporting innovation and

building brand equity

• Increasing use of digital /

non-traditional channels

– More targeted

communication

– 1x1 relationship with

consumers

– More efficient reach

– Easier to track ROI

• Traditional advertising still has important role to play

17

$200

$320

$435

Sustainable Cost Reduction – FORCE

18

• Ongoing program

– Delivered $3.3 billion over past

13 years

– Performance has accelerated,

including record savings in 2016

• End-to-end supply chain focus

– Procurement, lean manufacturing

practices, product design

– Global supply chain organization

created in 2015 continuing to build

capability

• Important component of gross

margin improvement

* Adjusted

ANNUAL SAVINGS($ Millions)

2004-2011Avg.

2012-2015Avg.

2016

2012 2013 2014 2015 2016

33.4%34.1% 34.3%

35.9%36.6%

GROSS MARGIN*

2012 2013 2014 2015 2016

2014 Organization Restructuring

19

• Announced October 2014;

completed December 2016

• Offset impact of stranded

overhead costs from health care

business spin-off and improve

efficiency

– More flexibility to invest

– Further evidence of cost discipline

• Restructuring costs totaled $164

million (after tax)

• Cumulative annualized savings of

$140 million

– Achieved savings target one year

ahead of original commitment of

$120 to $140 million by end of 2017

$5

$70

$140

CUMULATIVE ANNUALIZEDRESTRUCTURING SAVINGS

($ Millions)

2014 2015 2016

73

Working Capital Improvement

20

• Strong improvement since

2008

– Extending payables terms

– Inventory management

– Health care spin-off

• Expect continued progress

going forward

– Building further capabilities

– Global supply chain

organization focus

(70%)

22

2008 2016

PRIMARY WORKING CAPITAL CASH CONVERSION CYCLE

(Days)

22

Return on Invested Capital

21

• Key component of long-term

incentive compensation

program

• Excellent progress since GBP

introduction

• Expect additional

improvement in 2017

* Adjusted.

13.7%

23.9%

ROIC*

2003 2016

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

• 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

22

Strategies

Dividends

• Top-tier dividend in CPG industry

• Announced 5.4 percent increase for 2017 dividend

– 83rd consecutive year K-C has paid a dividend, 45th consecutive

annual increase

• Paid $13.5+ billion in cash dividends over past 13 years

23

2003 2016

$1.36

$3.68

PER SHARE DIVIDEND(Declared)

2003 2016

41%

61%

DIVIDEND PAYOUT(Based on adjusted EPS)

2003 2016 2003 2016

24

Share Repurchases

• Cumulative share repurchases of $15.4 billion

2004-2016

• Strong track record of

reducing share count

• Targeting $800 million to

$1 billion in 2017

SHARES OUTSTANDING(Millions)

502

(29%)

Year-end2003

Year-end2016

357

Total Shareholder Returns Since Launch of GBP (July 2003)

25

266%

203%

268%

KMB S&P 500S&P Consumer

Staples Index

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 2016 Annual Report on Form 10-K, SEC filings or news releases, call (800) 639-1352

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Safe Harbor Statement

27

Forward-Looking Information

Certain matters in this presentation, including our 2017 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, the anticipated cost savings from the company’s FORCE 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 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, 2016 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 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 also impact the year-over-year change in net sales.