2. Safe Harbor
Except for historical information, matters discussed in this presentation, including statements about the success of the Company’s
future volume, sales, costs, cost savings, earnings, foreign currencies, and foreign currency exchange rates, cash flows, plans,
objectives, expectations, growth or profitability, are forward-looking statements based on management’s estimates, assumptions
and projections. Important factors that could affect performance and 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, risks related to competition in the Company’s markets;
economic conditions and financial market volatility; the Company’s ability to drive sales growth and increase market share;
international operations, including price controls, foreign currency fluctuations, labor claims and labor unrest, potential harm and
liabilities from use, storage and transportation of chlorine in certain markets and discontinuation of operations in Venezuela;
volatility and increases in commodity, energy and other costs; supply disruptions; dependence on key customers; government
regulations; political, legal and tax risks; information technology security breaches or cyber attacks; risks relating to acquisitions,
new ventures and divestitures; the success of the Company’s business strategies and products; product liability claims, labor claims
and other legal proceedings; the Company’s business reputation; environmental matters; the Company’s ability to assert and
defend its intellectual property rights; and the impacts of potential stockholder activism.
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 Appendix hereto, the Supplemental Schedules of the Company’s quarterly financial results and in the
Company’s SEC filings, including its Form 10-K and its exhibits furnished to the SEC, which are posted at
www.TheCloroxCompany.com in the Investors/Financial Information/Financial Results and SEC Filings sections, respectively.
3. Key Messages
• Strategy 2020 is continuing to produce strong shareholder
returns
• Strong progress on Strategy Accelerators and investments in
profitable growth
• Long-term investment case remains solid
4. International: 19% Cleaning : 32%
Household : 32%Lifestyle: 17%
Cleaning 32%
Household 32%
Lifestyle 17%
International
19%
Advantaged Portfolio
Over 80% of Sales From #1 or #2 Share Brands
Latin America – 12%
Canada – 3%
Australia / NZ – 2%
Rest of World – 2%
9%
4%
4%
15%
11%
6%
2%
Home Care – 17%
Laundry – 10%
Professional – 5%
FY15 Company Sales: $5.7B
NOTE: Renew Life Acquisition is expected to add 1pt of growth in FY16 & 2pts of growth in FY17 on a pro forma basis. Remaining Clorox Business’ are
based on actual FY15 Results
5. Advantaged Portfolio
Big Share Brands in Mid-Sized Categories
Clorox
23%
Private
Label
19%
Competitor A
8%
Competitor B
5%
Competitor C
5%
Competitor D
4%
Competitor E
3%
Smaller
Players
33%
Clorox is
~3X
the size of next
branded competitor
Source: IRI Infoscan Data - Total U.S. Multi-Outlet (Food/Drug/Mass + Walmart + Sam's + BJ's + Family Dollar + Dollar General + Fred's + DeCA.) for 52
weeks ending 3/31/2016
7. Advantaged Portfolio
Driving Significant Synergies
Over 80% of sales from #1 or #2 share brands
Lower SG&A as a % of Sales vs. Peers(1)
Top tertile ROIC
Strong cash flow
Customer
Scaled teams,
capabilities, and
broker network
Supply Chain
Scale across Buy,
Make, Ship
Brand Building
Common consumer
trends, insights, 3D
demand creation
Health & Wellness Sustainability Fragmentation Affordability
(1) As of June 30th, 2015, Clorox’s S&A/Sales was ~14% vs. peer average of 20% . This number does not include R&D or marketing expenses and excludes peers that do
not disclose S&A separately from SG&A in their reported financial statements (Kimberly-Clark, Reckitt-Benckiser). Peer group consists of CHD, CL, PG, NWL, CPB, GIS,
HSY, K, KHC, DPS, KO, PEP, COTY, EL, KMB, RB-GB.
8. Strategic Continuity: 2020 Strategy
Mission
Strategy
Strategy
Objectives
• We make everyday life better, every day
• Maximize economic profit across categories, channels, and countries
• Big-share brands in midsized categories and countries
• Engage our people as business owners
• Increase brand investment behind superior value and more targeted
3D plans
• Keep the core healthy and grow into new categories, channels, and
existing countries
• Reduce waste in work, products, and supply chain to fund growth
9. Strong Long-Term Shareholder Return
869%
359%
831 %
0
100
200
300
400
500
600
700
800
900
1,000
Mar
96
Mar
98
Mar
00
Mar
02
Mar
04
Mar
06
Mar
08
Mar
10
Mar
12
Mar
14
Mar
16
CLX S&P 500 Peer Companies Average
Total Shareholder Return
20 Year Ending 3/31/2016TSR %
CLOROX
S&P 500
Peers
Peer includes 13 companies: CPB, KMB, K, RB-GB, KO, GIS, NWL, EL, PEP, CHD, CL, PG and HSY
10. Leading Through Strategic Change in CPG
Digital
Revolution
Consumer
Focus on Value
Challenging
Retail
Environment
International
Macro
Headwinds
11. Increasing Investments in Profitable Growth
Focus on Core:
Better Value
Increased
Demand
Investment
Investments in
Innovation
12. Strong Product & Commercial Innovation
Burt’s Natural Lipsticks
Fresh Step with
Febreze Hidden Valley with Greek Yogurt
Clorox Wipes with Micro-Scrubbers
Glad with
Clorox Antimicrobial
Clorox Bleach Crystals
Stephen Curry
Partnership
Brita Infinity
“Connected” Pitcher
Clorox Clothes
(International)
17. 1 point of Household Penetration = $50M+ Sales
$22M $20M $10M
Cleaning Household Lifestyle
Opportunity by Segment
18. New Usage Occasions → Household Penetration
New Faces
New Demographic or
Behavioral Group
New Spaces
Consumes Product in a
New Way
New Places
New Channel or
Location in Store
19. Burt’s Bees: Growth With New Faces, Spaces & Places
Drive
Trial & Awareness
on Core
Expand into
Adjacencies
International
Expansion
20. Increasing Household Penetration
Mar 2014 Mar 2015
% Household Penetration
vs YA
+8%
Increase vs
YA
Source: IRI Panel Data, Total U.S. All Outlets, NBD Weighted
21. “Balmlike texture plus long-
lasting pigment equals our
favorite lipstick ever.”
-Cosmopolitan Magazine
#5 Lipstick Brand1
+$25M - Year 1 Sales
Successful Expansion into Cosmetics
Source: IRI MULO Lip Cosmetics + Tinted Lip Balm 13 Weeks Ending 3/27/16
22. Renew Life Acquisition
• Closed May 2, 2016
• Purchase Price – $290M (2.5x Sales)
• Calendar 2015 Sales – About $115M
• #1 Brand in probiotics and herbal
cleansing products in Natural Channel
Source: SPINS with Vitamin Shoppe, IR MULO 52 weeks sending Nov 29, 2015, and Whole Foods 52 weeks ending Nov 1, 2015
23. Probiotics: An Attractive Category
Two-thirds of US consumers
experience digestive health issues
50% of purchases are based
on a Doctor recommendation
+15% expected category growth
Source: Mintel Group, Ltd. (2015), Estimates based on Mintel (2015), Nutrition Business Journal (2014), and Euromonitor (2015) total market estimates in food, drug, mass,
natural, eCommerce, specialty and other channels
24. Renew Life: Strong Strategic Fit
Health &
Wellness
US Centric Clear Plan for
Value Creation
26. Leading the Industry in Digital Consumer Engagement
More
Targeted
More
Personal
More
Real-Time
Driving Consumer Engagement
27. Accelerating Investments in Digital Media
Clorox now
invests over 40%
of our media in
digital
22%
25%
34%
41%
FY13 FY14 FY15 FY16
Source: Clorox Internal
32. Strong U.S. Category Growth & Share Momentum
Clorox Share & Category Performance
(Last 3 years)
Source: IRI Infoscan Data - Total U.S. Multi-Outlet (Food/Drug/Mass + Walmart + Sam's + BJ's + Family Dollar + Dollar General + Fred's + DeCA.), 52 Weeks Ending
.
-5%
-4%
-3%
-2%
-1%
0%
1%
2%
3%
4%
(0.5)
(0.4)
(0.3)
(0.2)
(0.1)
-
0.1
0.2
0.3
0.4
Mar 13 Jun 13 Sep 13 Dec 13 Mar 14 Jun 14 Sep 14 Dec 14 Mar 15 Jun 15 Sep 15 Dec 15 Mar 16
Category%Change
$ShareChg
Total Clorox Products $ Share chg Total Clorox Categories % chg
33. Strong Results Are Recognized by Shareholders
14% 11%
3%
3%
Clorox Peers SP500
Share Price Appreciation Dividend Paid
17%
2%
14%
Total Shareholder Return
1 Year Ending 3/31/16
Source: Factset
35. With a Highly Engaged Workforce
86%
77%
85%
70%
80%
90%
2015
Clorox
CPG Norm Global High
Performing
Co.
Top 5%
CPG Norm: The Towers Watson global fast-moving consumer goods norm is based on responses from more than 126,346 employees from 61 global organizations.
Global High Performing Companies: The Towers Watson Global High Performance Norm is comprised of a weighted average of employee survey results. Companies qualify for
the norm by meeting two criteria: (a) superior financial performance, defined by a net profit margin and/or return on invested capital that exceeds industry averages; and (b) superior
human resource practices, defined by employee opinion scores near the top among the most financially successful companies surveyed by Towers Watson. This norm includes
responses from over 145,000 employees at 28 global organizations.
“I am empowered to make the decisions
needed to do my job well.”
“Clorox has established a
climate where one can
challenge our traditional
ways of doing things.”
“I understand how my work contributes
to Clorox's strategy.”
36. Key Messages
• Strategy 2020 is continuing to produce strong shareholder
returns
• Strong progress on Strategy Accelerators and investments in
profitable growth
• Long-term investment case remains solid
38. Key Messages
• Strategy 2020 is continuing to produce strong shareholder
returns
• Strong progress on Strategy Accelerators and investments in
profitable growth
• Long-term investment case remains solid
39. FY16 YTD Performance (Q3)
Sales
EBIT Margin
Diluted EPS
(cont. ops)
YTD FY16 Vs. Year Ago
$4.2B +2%
(+5% FX Neutral)
19.1% +190 bps
$3.67 +17%
EBIT (a non-GAAP measure) represents earnings from continuing operations before income taxes (a GAAP measure), excluding interest income & interest expense.
EBIT margin is a measure of EBIT as a percentage of sales. See reconcilation on our website (http://investors.thecloroxcompany.com/results.cfm?q=3)
40. FY16 Outlook
Based on May 3rd Earnings Call
• Categories: about +2%
• Innovation: +3pts
• FX: about -3pts
• Trade: about -1pt
• Gross Margin: about +150bps
• Selling & Admin: about 14% of Sales
• Advertising & Sales Promotion: about 10% of Sales
• Raised from $4.75 to $4.90 to $4.85 to $4.95
• Includes -$0.03 to -$0.05 impact from Renew Life Acquisition
• Reflects impact from higher advertising in Q4
• Tax rate: 34% to 35%
Sales
+1% to +2%
EBIT Margin
about +50bps
Diluted EPS
$4.85 to $4.95
(+6% to +8%)
42. International: 19% Cleaning : 32%
Household : 32%Lifestyle: 17%
Cleaning 32%
Household 32%
Lifestyle 17%
International
19%
Latin America – 12%
Canada – 3%
Australia / NZ – 2%
Rest of World – 2%
9%
4%
4%
15%
11%
6%
2%
Home Care – 17%
Laundry – 10%
Professional – 5%
FY15 Company Sales: $5.7B
NOTE: Renew Life Acquisition is expected to add 1pt of growth in FY16 & 2pts of growth in FY17 on a pro forma basis. Remaining Clorox Business’ are
based on actual FY15 Results
International is a Key Component of our Portfolio
43. Why We Like International
Leading
Brands
Midsized
Countries
Faster
Category
Growth Rates
Strong
Operational
Performance
Peru
44. Strong Growth in Local Currency, However FX Weighs
4%
7%
10%
7%
2%
-3%
-1%
-8%-10%
-5%
0%
5%
10%
FY 2013 FY 2014 FY 2015 FYTD 2016
Sales Growth
Currency Neutral As Reported
Exchange Rate
vs YAGO
Canada -10%
Argentina -40%
Australia -8%
Chile -11%
Colombia -24%
Mexico -17%
Source: Foreign Exchange Rates based on FY16Q3 Avg Rates vs FY15Q3 Avg Rates
46. 2020 Strategy
Strategy
• Engage our people as business owners
• Increase brand investment behind superior value and more
targeted 3D plans
• Keep the core healthy and grow into new categories,
channels, and existing countries
• Reduce waste in work, products, and supply chain
to fund growth
48. Opportunities Exist Within SG&A
14.1%
5%
15%
25%
35%
45%
KHC CHD KMB GIS CLX PG K HSY RB-
GB
NWL CL COTY KO DPS PEP EL
%ofSales
Goal:
< 14% Sales
SG&A % of Sales as of Latest Fiscal Year End
CLX as of June 30th, 2015
49. Top-Tier ROIC
28%
0%
10%
20%
30%
40%
CL CLX EL RB-GB HSY DPS CPB PEP CHD KO NWL KMB GIS PG COTY K KHC
Peer Average: 15%
Return on invested capital (ROIC), a non-GAAP measure, is calculated as earnings from continuing operations before income taxes and interest expense,
computed on an after-tax basis as a percentage of average invested capital. Average invested capital represents a five quarter average of total assets less
non-interest bearing liabilities. ROIC is a measure of how effectively the company allocates capital. Information on the Peer ROIC is based on publicly
available Fiscal-end data (FactSet) as of 6/30/2015
51. Use of Cash Priorities
Business Growth
(includes targeted M&A)
Support Dividend
Share RepurchasesDebt Leverage1
(Target: 2.0 – 2.5x)
Free
Cash
Flow
1. Debt Leverage = Gross Debt / EBITDA
52. M&A Criteria
• Target areas with tailwinds in categories, countries, and channels
Categories: Health & Wellness, Food Enhancers, and Natural Personal Care
Countries: US-Centric, with possible International expansion
Channels: Current retail and professional markets
• Strong fit with Clorox strategy and capabilities
• #1 (or strong #2) position in a defensible niche of a growing, sustainable category
• Accretive margin to the company average
• Dry Powder available
Transaction Size: Targeting companies/brands/technologies with $50M to $250M in sales (“bolt-on”)
Gross Debt/EBITA is 1.8x (low end of targeted range of 2.0x to 2.5x)
53. Nearly $2B Returned to Shareholders
in the Last 4 Years
$433
$590
$649
$733
$454
$330
$532 $568
FY12 FY13 FY14 FY15
$M
FCF Cash Returned to Shareholders
FY15
Payout
Ratio = 64%
54. Healthy Dividend Growth…
Dividends Have Increased Each Year Since 1977
0%
1%
2%
3%
4%
PG KHC GIS KO PEP KMB K HSY CLX RB-GB CPB DPS CL NWL CHD EL
2.4% Peer Average: 2.4%
Dividend Yield as of Mar 31st, 2016
55. …and Long Track Record of Share Repurchases
$40
$60
$80
$100
Shares Outstanding 214M 133M
Repurchased Nearly 40% of Shares over last 10 Years
56. Long-Term Investment Case Remains Solid
• Investing behind leading brands to grow categories and share
− 3%+ annual growth from innovation
− Advertising projected at about 10% of Sales in FY16
• Margin improvement opportunities continue to exist
− Strong cost savings track record
− Driving SG&A to below 14% of sales
• Strong cash flow generation
− Goal to generate Free Cash Flow of 10-12% of sales
− Recently announced +4% dividend increase
57. Long-Term Growth Algorithm Remains Unchanged
~80% of Clorox Sales
+2-4% annual growth
1.5 - 3.0 pts
company growth
U.S. Domestic
~20% of Clorox Sales
+5-7% annual growth
1.0 - 1.5 pts
company growth
International
Annual EBIT Margin Improvement: +25 to +50 bps
Annual Free Cash Flow: 10% to 12% of Sales
= +3 to +5pts
company
growth
59. Areas We Are Watching Carefully
• F/X is expected to improve slightly but still have a material impact of
about -2pts on Sales in FY17
• Starting in Q4 FY16, we expect gross margins to expand at a slower rate
due to less commodity benefit and continued trade investment
• Consistent with Strategy 2020, expect EBIT Margin to expand by +25bps
to +50bps in FY17
60. Key Messages
• Strategy 2020 is continuing to produce strong shareholder
returns
• Strong progress on Strategy Accelerators and investments in
profitable growth
• Long-term investment case remains solid
63. $ in B FY11 FY12 FY13 FY14 FY15
EBITDA $1.1 $1.1 $1.2 $1.1 $1.2
Total Debt / EBITDA 2.2x 2.5x 2.1x 2.0x 1.8x
EBITDA Interest Coverage 9.3x 8.7x 9.5x 11.3x 11.9x
EBIT / Interest 7.9x 7.3x 8.0x 9.6x 10.2x
Free Cash Flow / Debt 18% 16% 25% 28% 33%
FCF after Dividends / Debt 6% 4% 10% 12% 15%
FCF as % of sales 9% 8% 10% 12% 13%
FCF after Dividends as % of Sales 3% 2% 4% 5% 6%
Long Term Credit Ratings
BBB+
/Baa1
BBB+
/Baa1
BBB+
/Baa1
BBB+/Baa1 BBB+/Baa1
CP Ratings A-2/P-2 A-2/P-2 A-2/P-2 A-2/P-2 A-2/P-2
Key Credit Metrics
Note: In Q1 FY11, the Company reclassified its Auto Care businesses to Discontinued Operations. In Q2 FY11, the Company took a noncash impairment charge related to its Burt’s Bees business. For purposes of EBIT
and EBITDA calculation exclude gain from sale of Auto business and asset impairment charge. The figures above do NOT reflect the reclassification of Clorox Venzuela to discontinued operations on Sept. 22, 2014.