##### **The Clorox Company**News Release

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Clorox AnnouncesHenkel Transaction Completed

OAKLAND, Calif., Nov.22, 2004 – The Clorox Company (NYSE: CLX) (PSE: CLX) todayannounced that it has completed a previously communicated agreementwith major shareholder Henkel KgaA, under which Clorox exchangedfull ownership interest in a subsidiary for Henkel’sapproximately 61.4 million shares, or 29 percent, of Clorox commonstock.
The subsidiary nowtransferred to Henkel contains Clorox’s previous ownershipinterest in its insecticides and Soft Scrub®cleanser businesses,its 20 percent interest in the Henkel Iberica, S.A., joint venture,and cash.
As previouslycommunicated, the transaction was initially financed withcommercial paper. The company expects to refinance the commercialpaper by issuing $1.5 billion to $1.7 billion of long-term debtover the next few weeks.
**The CloroxCompany**
The Clorox Company isa leading manufacturer and marketer of consumer products withfiscal year 2004 revenues of $4.3 billion. Clorox markets some ofconsumers’ most trusted and recognized brand names, includingits namesake bleach and cleaning products, ArmorAll® and STP® auto care products,Fresh Step® and Scoop Away® catlitters, Kingsford® charcoal briquets, HiddenValley® and K C Masterpiece®dressings and sauces, Brita® water-filtrationsystems, and Glad® bags, wraps and containers. With8,600 employees worldwide, the company manufactures products in 25countries and markets them in more than 100 countries. Clorox iscommitted to making a positive difference in the communities whereits employees work and live. Founded in 1980, The Clorox CompanyFoundation has awarded cash grants totaling more than $58.3 millionto nonprofit organizations, schools and colleges; and in fiscal2004 alone made product donations valued at $5 million. For moreinformation about Clorox, visit www.TheCloroxCompany.com.
**Forward-LookingStatements**
Except for historical information,matters discussed above, including statements about future volume,sales and earnings growth, profitability, costs, cost savings orexpectations, are forward-looking statements based on management'sestimates, assumptions and projections. Important factors thatcould cause results to differ materially from management'sexpectations are described in "Forward-Looking Statements and RiskFactors" and "Management's Discussion & Analysis" in thecompany's SEC Form 10-K for the year ended June 30, 2004, asupdated from time to time in the company's SEC filings. Thosefactors include, but are not limited to, general economic andmarketplace conditions and events; competitors' actions; thecompany's costs, including changes in the company’s exposureto commodity cost increases; the effects on cash flow of taxpayments and share repurchases, including interest costs andrepayment of debt incurred to finance repurchases; the ability tomanage and realize the benefits of joint ventures and othercooperative relationships; risks inherent in litigation andinternational operations; the success of new products; theintegration of acquisitions; and environmental, regulatory andintellectual property matters.
**CloroxContacts**
*MediaRelations:                                                     Investor Relations:*
Kathryn Caulfield(510)271-7209                              Steve Austenfeld (510) 271-2270
Dan Staublin (510)271-1622                                    Michael Iracondo (510) 271-2156
**Henkel Contacts**
*CorporateCommunications:                                     Investor Relations:*
Ernst Primosch +49-211-797-3533                           Oliver Luckenbach + 49-211-797-1631
Lars Witteck +49-211-797-2606
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