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