Q1  FY16  

January 7, 2016

Earnings  Results  

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Historical financial and operating data in this presentation reflect the consolidated results of WD-40 Company, its subsidiaries and its legal entities. WD-40 Company markets maintenance products (“MP”) under the WD-40®, 3-IN-ONE® and GT85® brand names. Currently included in the WD-40 brand are the WD-40 Multi-Use Product and the WD-40 Specialist® and WD-40 BIKETM product lines. WD-40 Company markets the following homecare and cleaning (”HCCP”) brands: X-14® mildew stain remover and automatic toilet bowl cleaners, 2000 Flushes® automatic toilet bowl cleaners, Carpet Fresh® and no vac® rug and room deodorizers, Spot Shot® aerosol and liquid carpet stain removers, 1001® household cleaners and rug and room deodorizers and Lava® and Solvol® heavy-duty hand cleaners. Except for the historical information contained herein, this presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements reflect the Company’s current expectations with respect to currently available operating, financial and economic information. These forward-looking statements are subject to certain risks, uncertainties and assumptions that could cause actual results to differ materially from those anticipated in or implied by the forward-looking statements. Our forward-looking statements include, but are not limited to, discussions about future financial and operating results, including: growth expectations for maintenance products; expected levels of promotional and advertising spending; plans for and success of product innovation, the impact of new product introductions on the growth of sales; anticipated results from product line extension sales; and forecasted foreign currency exchange rates and commodity prices. Our forward-looking statements are generally identified with words such as “believe,” “expect,” “intend,” “plan,” “could,” “may,” “aim,” “anticipate,” “estimate” and similar expressions. The Company's expectations, beliefs and forecasts are expressed in good faith and are believed by the Company to have a reasonable basis, but there can be no assurance that the Company's expectations, beliefs or forecasts will be achieved or accomplished. Actual events or results may differ materially from those projected in forward-looking statements due to various factors, including, but not limited to, those identified in Part I―Item 1A, “Risk Factors,” in the Company’s Annual Report on Form 10-K for the fiscal year ended August 31, 2015 which the Company filed with the SEC on October 22, 2015 and in the Company’s Quarterly Report on Form 10-Q for the period ended November 30, 2015 which the Company which was filed with the SEC on January 7, 2016. All forward-looking statements included in this presentation should be considered in the context of these risks. All forward-looking statements speak only as of January 7, 2016 and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Investors and prospective investors are cautioned not to place undue reliance on our forward-looking statements.

Forward-­‐Looking  Statements  

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Q1 FY16 Q1 FY15 % Change

Net Sales $92.5 $96.4 -4%

Gross Profit (%) 55.6% 51.6% 400 bps

Operating Income $17.1 $15.6 10%

Net Income $12.1 $10.8 12%

EPS (Diluted) $0.83 $0.73 14%

Q1  FY16  Results  

•  Top-line sales growth was challenged by negative foreign currency impacts in Q1 FY16

•  When you take both translation (or “constant currency”) and transaction exposure into consideration, the impacts of foreign currency exchange rates reduced our total net sales by approximately $4.3 million

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STRATEGIC  INITIATIVES  

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1. Grow WD-40 Multi-Use Product Maximize the WD-40 product line through geographic expansion and increased market penetration. More places, more people, more uses, more frequently.

Double our WD-40 Multi-Use Product net sales over the next 10 years

2. Grow the WD-40 Specialist Product Line Leverage the WD-40 brand to grow specialist by developing new products and product categories within identified geographies and platforms.

Grow WD-40 Specialist to $125 million in net sales over the next 10 years

3. Broaden Product and Revenue Base Leverage the recognized strengths of WD-40 Company to derive revenue from new sources and brands.

Continue to develop or acquire maintenance products that fit well with our unique multi-channel distribution

network

4. Attract, Develop and Retain Outstanding Tribe Members Succeed as a tribe while excelling as individuals.

Grow employee engagement to greater than 95 percent

5. Operational Excellence Continuous improvement by optimizing resources, systems and processes as well as rigorous commitment to quality assurance, regulatory compliance, and intellectual property protection.

Execute the 55/30/25 business model while safeguarding the “Power of the

Shield”

Strategic  Initiatives  Target

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SALES  UPDATE  

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Functional currency Main currency in which subsidiaries conduct

business; typically the same as that of the country in which the subsidiary is

headquartered

Transaction currency

Currency in which sales, costs, expenses are

transacted; typically the same as that of the country in which the sales transaction

takes place

Reporting currency As a U.S. based company the reporting currency of WD-40 Company is the

U.S. dollar Conversion from

transaction currency to

subsidiaries’ functional currency

Translation from

functional currency to

WD-40 Company’s reporting currency

Foreign  Currency  Impact        

Translation Impact

 

Transaction Impact

 

Subsidiary

(Functional Currency)

UK – GBP CANADA- CAD

AUSTRALIA- AUD CHINA- CNY

Subsidiary

(Non-Functional Currency)

UK – USD & EUR

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Q1 FY16 net sales at Q1 FY16 FX rates Q1 FY16 net sales at Q1 FY15 FX rates Q1 FY16 net sales at Q1 FY15 FX rates

Foreign  Currency  Exchange  Impact        

In Q1 FY16 changes in

foreign currency exchange

rates reduced net sales by ~

$4.3M  

$92.5 $96.2 $96.8

Reported Net Sales Translation Impact Transaction Impact

Translation Impact (Functional Currency)

Translation and

Transaction Impact

Reporting Currency

Q1 FY16 Net Sales (In millions)

(constant currency) (constant currency plus transaction impacts) (as reported)

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$37.1 $36.9

$7.3 $7.9

Q1 FY16 Q1 FY15

Americas Net Sales (in millions)

Maintenance Products Homecare and Cleaning Products

Americas  Segment  Americas – Q1 FY16 vs. Q1 FY15

$44.4 $44.8

•  Total reported segment sales ▼1% •  Segment makes up 48% of global sales

•  Changes in foreign currency exchange rates had an unfavorable impact on sales

•  On a constant currency basis sales were flat

•  Maintenance product sales ▲ 1%

•  HCCP sales ▼ 7%

•  Maintenance product sales: •  U.S. sales ▲ 4%

•  Represents 81% of segment sales

•  Latin America sales ▼ 6% •  Driven by timing of customer orders

•  Canadian sales ▼ 15% •  In functional currency (CAD)

maintenance product sales ▲ 2%

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$30.8 $33.0

$1.3 $1.6

Q1 FY16 Q1 FY15

EMEA Net Sales (in millions)

Maintenance Products Homecare and Cleaning Products

EMEA  Segment  EMEA – Q1 FY16 vs. Q1 FY15

$34.6 $32.1

•  Total reported segment sales ▼ 7% •  Segment makes up 35% of global sales

•  Changes in foreign currency exchange rates had an unfavorable impact on sales

•  On a constant currency basis sales ▼ 1%

•  Maintenance product sales ▼ 7%

•  HCCP sales ▼ 18%

•  EMEA direct market reported sales flat at $19.4M

•  61% of segment sales came from direct markets

•  In GBP-based markets sales ▲ 13%

•  In EUR-based markets sales ▲ 13%

•  EMEA distributor markets sales ▼ 17% •  39% of segment sales came from

distributor markets

•  Sales decline due to unstable market conditions in Russia

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$14.4 $15.1

$1.6 $1.9

Q1 FY16 Q1 FY15

Asia-Pacific Net Sales (in millions)

Maintenance Products Homecare and Cleaning Products

Asia-­‐PaciFic  Segment  Asia-Pacific – Q1 FY16 vs. Q1 FY15

$17.0 $16.0

•  Total reported Asia-Pacific sales ▼ 6% •  Segment makes up 17% of global sales

•  Changes in foreign currency exchange rates had an unfavorable impact on sales

•  On a constant currency basis sales ▲ 1%

•  Maintenance product sales ▼ 4%

•  HCCP sales ▼ 16%

•  Australia sales ▼ 18% •  In functional currency (AUD) sales ▲ 4%

•  China sales ▼ 1% •  In functional currency (RMB) sales ▲ 3%

•  Asia distributor market sales ▼ 1% •  Driven by timing of customer orders

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THE  55/30/25  RULE  New

V

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Gross  Margin  

Gross margin can be impacted positively and negatively by things not under the Company’s control like changes in foreign currency exchange rates and input costs

FY15 53%

FY14 52%

FY13 51%

Gross Margin – 51.6% Q1 FY15 vs. 55.6% Q1 FY16 (+4.0pp) •  Changes in petroleum-based specialty chemicals and aerosol

cans (+2.6pp) •  Sales mix and miscellaneous costs (+0.5pp) •  Price increases in Asia-Pacific and EMEA (+0.4pp) •  Lower advertising and promotional discounts (+0.4pp) •  Warehouse and in-bound freight costs (+0.4pp) •  Changes in foreign currency exchange rates in EMEA (-0.2pp)

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55/30/25  Results  

* See appendix for descriptions and reconciliations of these non-GAAP measures. Note: Percentages may not aggregate to EBITDA percentage due to rounding

55/30/25 Business Model Target Q1 FY16 Actuals

Q1 FY15 Actuals

Q1 FY14 Actuals

Gross Margin 55% 56% 52% 52%Cost of Doing Business 30% 35% 34% 33%EBITDA 25% 20% 18% 19%

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GUIDANCE  

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Diluted EPS

Net Income

A&P Investment

Gross Margin

Net Sales

Sales Growth Between 4% and 6%

Between $393 and $401 million

Above 54%

Between 6.0% to 7.0% of net sales

Between $47.5 and $48.5 million

Between $3.30 and $3.37 based on 14.4 million shares outstanding

* As of 1/7/16. This guidance does not include any future acquisitions or divestitures and assumes that foreign currency exchange rates and crude oil prices will remain close to current levels.

Fiscal  Year  2016  Guidance*  

Changes to guidance indicated in BLUE.

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APPENDIX  

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Foreign  Currency  Translation  Impact  or  “Constant  Currency”  –  Q1  FY16  

Q1 FY16 CC* Q1 FY15 % Change

Net Sales $96.2 $96.4 0%

Operating Income $17.9 $15.6 15%

Net Income $12.6 $10.8 17%

EPS (Diluted) $0.87 $0.73 19%

Q1 FY16 Q1 FY15 % Change

Net Sales $92.5 $96.4 -4%

Gross Profit (%) 55.6% 51.6% 400 bps

Operating Income $17.1 $15.6 10%

Net Income $12.1 $10.8 12%

EPS (Diluted) $0.83 $0.73 14%

Financial Results As reported

Financial Results Constant currency basis

*Q1 FY16 results translated at Q1 FY15 foreign currency exchange rates

($ in millions; except % change and EPS)

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(1) This presentation contains certain non-GAAP (accounting principles generally accepted in the United States of America) measures, that our management believes provide our stockholders with additional insights into WD-40 Company’s results of operations and how it runs its business. Our management uses these non-GAAP financial measures in order to establish financial goals and to gain an understanding of the comparative performance of the Company from year to year or quarter to quarter. The non-GAAP measures referenced in this presentation, which include EBITDA (earnings before interest, income taxes, depreciation and amortization) and the cost of doing business, are supplemental in nature and should not be considered in isolation or as alternatives to net income, income from operations or other financial information prepared in accordance with GAAP as indicators of the Company’s performance or operations. Reconciliations of these non-GAAP financial measures to the WD-40 Company financials as prepared under GAAP are as follows:

Non-­‐GAAP  Reconciliation  –  Q1  FY16  

Cost of doing business:Total operating expenses - GAAP $ 34,263 $ 34,108

Amortization of definite-lived intangible assets (755) (769) Depreciation (in operating departments) (687) (673)

Cost of doing business $ 32,821 $ 32,666 Net sales $ 92,522 $ 96,353 Cost of doing business as a percentage of net sales 35% 34%

EBITDA:Net income - GAAP $ 12,062 $ 10,786

Provision for income taxes 4,808 4,749 Interest income (148) (134) Interest expense 372 294 Amortization of definite-lived intangible assets 755 769 Depreciation 906 864

EBITDA $ 18,755 $ 17,328 Net sales $ 92,522 $ 96,353 EBITDA as a percentage of net sales 20% 18%

Three Months Ended 11/30/2015 11/30/2014

Note: Percentages may not aggregate to EBITDA percentage due to rounding