A CO slip catalyst, for treating an exhaust gas from a lean burn internal combustion engine, is disclosed. The CO slip catalyst comprises palladium and a ceria-containing material. The invention also includes a method for oxidizing excess CO in an exhaust gas, wherein the excess CO results from the periodic contact of an upstream catalyst under rich exhaust conditions. The method comprises contacting the excess CO in the exhaust gas with a CO slip catalyst at a temperature in the range of 100 to 700° C.