 Burt’s Bees Acquisition Investor Overview Oct. 31, 2007 Exhibit 99.4 |
 Safe Harbor Statement Except for historical information, matters discussed in the attached document, including statements about the success of the company’s strategy and acquisitions as well as future volume, sales and earnings growth, profitability, costs, cost savings, innovation or expectations, are forward-looking statements based on management’s estimates, assumptions and projections. Important factors that could cause results to differ materially from management’s expectations are described in the company’s most recent Form 10-K filed with the SEC, as updated from time to time in the company’s SEC filings. Those factors include, but are not limited to, the completion of the acquisition of Burt’s Bees; the continuation of Burt’s Bees growth trajectory and other valuation assumptions; including the ability to increase distribution; the company’s success in retaining key Burt’s Bees employees, suppliers and customers; the company’s ability to achieve the projected strategic and financial benefits from the acquisition, including its ability to achieve synergies; general economic and marketplace conditions and events; competitors’ actions; the company’s actual cost performance; price changes; the effect on cash flow of tax payments and the success of new products. The company may also use non-GAAP financial measures, which could differ from reported results using Generally Accepted Accounting Principles (GAAP). The most directly comparable GAAP financial measures and reconciliation to non-GAAP financial measures are set forth in the Form 10-K and its exhibits furnished to the SEC, which is posted at www.TheCloroxCompany.com in the Investors/Financial Information/SEC Filings section. |
 Transaction Summary Clorox entered into a merger agreement on Oct. 30, 2007, to acquire Burt’s Bees for $925 million¹ in cash, funded through cash and short-term borrowings The transaction is expected to be EPS accretive to Clorox as of FY’09 and neutral in FY’08, excluding purchase - accounting adjustments, one-time transaction and integration costs as well as noncash expenses At closing, debt to EBITDA ratio will be 3.5/1x. We intend to pay down debt and return to long-term target of 3.0/1x by mid-FY’09 Close of transaction is targeted for December 2007, subject to regulatory approval 1 Net of an additional $25 million payment for anticipated tax benefits |
 Extending Our Reach The Burt’s Bees Opportunity Consistent with consumer megatrends Ability to build or buy a big-share brand Economically attractive target category Midsized category where global CPG players do not dominate 3D capabilities create a right to win Consumer insights, retail relationships, R&D/innovation Our Framework At the center of wellness and sustainability trends A leading Natural Personal Care brand that consumers love No. 1 or No. 2 in 5 categories High-growth $6.4 billion category 9.3% growth (vs. 3.2% for PC) 1 NPC is highly fragmented “Natural” formulation competency creates challenges to entry Sustainable growth drivers Food/Drug/Mass channels, international, new categories The Burt’s Bees Opportunity 1 Source: Euromonitor; Datamonitor; Nutrition Business Journal |
 Enabling Transaction to Begin Portfolio Reshaping & Drive Centennial Strategy Advantaged brand Market leadership and strong brand equity Advantaged category Sustainable long-term growth drivers No global incumbents At the Core of Our Strategic Positioning Address investor demand for sustainable top-line growth Consistency with stated objectives of Centennial strategy Immediate, albeit limited, value creation through synergies Cost synergies: procurement, channel management Revenue synergies (long-term): new geographies, category expansion Shareholder Value Creation Transferable core competencies Core technologies / “know-how” At the forefront of environmental sustainability / “natural” push Managerial talent with extensive expertise in Natural Personal Care (NPC) and broader Personal Care Market entry in attractive category and springboard for Personal Care and wellness/sustainability expansion Platform for Expansion |
 Burt’s Bees Overview A leading brand in the growing $6.4 billion Natural Personal Care (NPC) segment Products across many Natural Personal Care categories, including lip care, facial care and body care Unique capability in developing and manufacturing products with natural ingredients $170 million (est.) in 2007 net sales with roughly 90% in U.S. and balance concentrated in Canada, UK and Taiwan Profitability metrics at the high-end of Personal Care 30%+ EBITDA margin 385 employees, 1 manufacturing facility, 1 distribution center and headquarters in Raleigh-Durham, North Carolina |
 Lip Lip Balm Lip Shimmers Lip Gloss Face Day Creams Night Creams Eye Creams Serums Cleaners Toners Scrubs Acne Body Body Lotions Hand Creams Foot Creams Oils Moisturizing Mists Body Wash Soaps Scrubs Hair Shampoos Conditioners Hair Treatment Baby Powder Oil Lotions Ointments Bath Shampoo Soap Outdoor & Natural Remedies Ointments Insect Relief Sun Care Lip Balm Gifts Kits Burt’s Bees Overview |
 Competitive Advantage Instability of natural materials requires steep learning curve to reproduce natural formulations Natural material properties are key to product performance & stability Processing is central to scalability of concept formulations Business Challenges Experienced R&D/product development team Professional background in R&D/product development at leading Personal Care companies Leverage core knowledge basis beyond Natural Personal Care In-depth understanding of consumer demands Establish core corporate competencies in broader Personal Care Core Competencies Unique knowledge of natural formulations Understanding of natural material properties Proprietary and scalable process technologies Competitive Advantage |
 Energizes Centennial Strategy 1. Natural Personal Care (NPC) is a fast-growing, high-margin category that is highly fragmented 2. The convergence of wellness and sustainability megatrends should drive long-term growth 3. Burt’s Bees ® is an authentic, natural brand with leading share position in several NPC segments 4. Clorox brand-building, customer-facing and supply-chain capabilities will drive value creation |
 NPC Is Large & Growing Rapidly U.S. Personal Care Product Category Growth Rates, 2003-2006 Projected growth of Natural Personal Care is 7.7% for 2006-2010 U.S. Personal Care market was $62 billion in 2006, with historical growth rate of 3.2% (2003-2006) Natural Personal Care (NPC) is large ($6.4 billion) and one of the fastest-growing subcategories NPC is also global –- NPC growing at double-digit rates across Europe and Asia Source: Euromonitor; Datamonitor; Nutrition Business Journal 11.0% 9.3% 5.9% 5.7% 4.3% 3.6% 3.1% 1.7% 1.5% 1.5% 0.9% -0.1% -0.5% -3% 0% 3% 5% 8% 10% 13% |
 U.S. Natural Personal Care Market Is Highly Fragmented & Lacks Entrenched Scale Players |
 Health & Wellness Sustainability Megatrend Convergence The convergence of megatrends — wellness and sustainability — anticipated to drive growth for years to come |
 Burt’s Bees Market Share by Category, Natural Food Channel Only Source: SPINS Burt’s Bees Has Leading Presence Lip Care Foot Care Kits/Gifts Baby Care Other Skin Care 45.2% 42.7% 39.6% 17.8% 10.2% 0% 10% 20% 30% 40% 50% Market Position #1 #1 #1 #2 #2 |
 Burt’s Bees ® Brand Has Strong Aided Awareness Aided awareness of Burt’s Bees ® brand has grown to competitive levels while well ahead of other natural players Significant upside exists Aided Brand Awareness (Percent Aware) Source: Burt’s Bees ® Brand Tracking Study May 2007 Neutrogena Aveeno Nivea Garnier Aveda Burt's Bees Tom's of Maine Avalon Nature's Gate Alba Jason Dr. Hauska 99% 96% 87% 81% 67% 54% 32% 31% 19% 16% 6% 3% 0% 20% 40% 60% 80% 100% |
 Note: Only consumers who were aware of the personal care product company were asked this question Source: Clorox Commissioned US Consumer Survey (n=1022) Burt’s Bees ® Is Viewed as the Most Natural Brand by Consumers Consumers who have purchased natural personal care in the last 12 months: Q: Please rate each of the following brands on a scale of 1 to 7, where 1 is not at all natural and 7 is 100% natural: 77.9% 74.5% 67.5% 63.4% 61.7% 54.5% 54.2% 50.1% 49.6% 48.9% 47.7% 45.8% 45.2% 44.6% 44.0% 39.1% 0% 20% 40% 60% 80% 100% |
 Burt’s Bees Has Superior Attribute Ratings vs. Natural and Mass Brands Source: Clorox Commissioned US Consumer Survey (n=1022) Consumers who have purchased natural personal care in the last 12 months: Q: Please indicate the importance of the following factors when purchasing natural personal care products, on a scale of 1 to 7, where 1 is not at all important and 7 is extremely important Q: On a scale of 1 to 7, where 1 is extremely poor and 7 is extremely strong, please rate the performance of [BRAND] on following factors Note: Burt’s Bees performance asked of all consumers who indicated they have purchased at least one Burt’s Bees product; for all other competitors, each consumer was asked about one other random company from which they had purchased personal care items; Core is a weighted average of Tom’s (n=81), Kiss My Face (n=28), Dr. Bronner’s (n=13) and Jason (n=31); Mass is a weighted average of Aveeno (15), Olay (n=181) and Neutrogena (n=201) Core Natural Competitors Mass Brand Competitors Burt's Bees Effective High Quality Non-toxic Made with Natural Ingredients Good Value for the Money Made with Natural Process Looks/ Smells Good Brand I Trust Made with Organic Ingredients Low Price Attractive Packaging 87.0% 79.3% 79.2% 72.8% 72.1% 64.4% 64.2% 63.7% 61.9% 52.1% 20.3% 0% 20% 40% 60% 80% 100% |
 Utilize Clorox capabilities to expand depth and breadth of distribution and in-store presence New distribution in Mass and Grocery channels Additional placements in Baby, Health & Beauty Care and Camping departments Expansion of holiday gift program Burt’s Bees distribution exists in 54% ACV of Food, Drug and Mass Channels Clorox has 100% ACV Current Burt’s Bees ACV Distribution Opportunity to Expand Distribution % ACV levels based on Burt’s Bees and Clorox current U.S. distribution as of 10/31/07 Food Drug Mass Distribution Upside Exists |
 Expanding In-Store Presence 2005 Power Wing 2006 Power Wing Power Wing + Son 2007-2008 4’ In-Line Holiday Off-Shelf Source: Burt’s Bees internal data |
 Delight Desire Decide Build a truly authentic brand with sustained marketing support Enhance product innovation and expand into new segments Expand distribution and in-store presence How We Will Grow the Business International Component: Continue to grow in existing markets; look to enter new, high-potential markets |
 How We Will Manage the Business Burt’s Bees has a strong management team, strategy, culture and execution track record, which we intend to retain We will operate the business from its current North Carolina headquarters We will integrate selectively to maximize revenue and cost synergies and create the best opportunities for all employees Beth Springer, Clorox EVP – Strategy & Growth, will oversee the business |
 Conclusion We believe Burt's Bees provides a new platform to build a high-growth, high-margin, Natural Personal Care business GREAT BRAND: Opportunity to acquire leading brand that consumers love HIGH GROWTH: The brand participates in high-growth Natural Personal Care (NPC) anchored in wellness and sustainability megatrends MARGIN ACCRETIVE: The brand’s margin structure is at the upper range of Personal Care and strongly accretive to Clorox NEW BUSINESS PLATFORM: NPC and Burt's Bees benefit from significant wellness and natural/green tailwinds. Combined with Green Works and Brita businesses and future “tuck-in” acquisitions, we can establish a robust new growth platform for Clorox LEVERAGE CLOROX CAPABILITY: Clorox’s strong brand-building and customer- facing capabilities will enable strong growth on a sustained basis |
 |