COLGATE PALMOLIVE CO — Director's Dealing 2006

May 3, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COLGATE PALMOLIVE CO (CL)
CIK: 0000021665
Period of Report: 2006-05-01

Reporting Person: TERUEL JAVIER G (Vice Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-05-01	Common Stock	M	15706	$54.2813	Acquired	283749	Direct
2006-05-01	Common Stock	F	14453	$58.99	Disposed	269296	Direct
2006-05-01	Common Stock	F	473	$58.99	Disposed	268823	Direct
2006-05-02	Common Stock	S	125	$59.3744	Disposed	268698	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-05-01	Stock Option (Right to Buy)	$54.2813	M	15706	Disposed	2006-09-05	Common Stock (15706)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	9098	Indirect

Footnotes

F1: Exercise of stock options awarded under the issuer's employee stock option plan.

F2: Payment of exercise price of stock option by delivering or withholding shares of stock incident to the exercise of the option under the issuer's employee stock option plan.

F3: Payment of tax liability by delivering or withholding shares of stock incident to the exercise of the option under the issuer's employee stock option plan.

F4: Sale of shares (with proceeds delivered to the Company) for payment of tax liability above minimum required statutory withholding (but not in excess of full applicable statutory tax rates) incident to the exercise of the option under the issuer's employee stock option plan..

F5: As a result of the reported transactions, the reporting person's Common Stock ownership has increased by 655 shares.