January 2019

2

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 BIKE® 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 certain 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; the impacts of the “Tax Cuts

and Jobs Act”; 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, 2018 which the Company filed with the SEC on October 22, 2018 and in the Company’s Quarterly Report on Form 10-Q for the period

ended November 30, 2018 which the Company filed with the SEC on January 9, 2019.

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 9, 2019 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.

4

• Simple and easy to understand business model

• Dominant in its industry

• Superior returns on capital

• Sustainable competitive advantage

• Significant cash flow generation

• Strong balance sheet

• Growth opportunities

• Proven management team

5

In the 1950’s a chemist in San Diego set out to

create a compound that would prevent rust and

corrosion. It took him 40 attempts to get the water

displacing formula right, but the end result became

the original secret formula for WD-40 Multi-Use

Product.

1958WD-40 Multi-Use

Product makes

appearance on

store shelves in

San Diego

1953Rocket Chemical

Company

Incorporated

1970The name

WD-40

Company

was

adopted

1973WD-40 Company

goes public on

the NASDAQ;

stock increases

61% on first

trading day

2008International

sales exceed

domestic

sales for the

first time in

Company’s

history

In 2018…Company celebrates 65th

anniversary, flagship WD-40

brand is more popular than

ever, achieved over $408

million in net sales and

products are available in over

176 countries and territories

worldwide

2011WD-40

Specialist

product line

successfully

launched

1953 - 1958WD-40 MUP is used by

aerospace industry and

on the SM-65 Atlas

missile

1997Garry

Ridge

named

president

and CEO

2005WD-40

Smart Straw

successfully

launched

2015WD-40 EZ-

REACH

successfully

launched

6

• Currently make up ~90% of net sales

• Core strategic focus and primary growth engine

• Available in niche segments and geographies

• Generate positive cash flows but are not core

strategic focus

7

8

9

11

12

The “shield” carries with it positive brand equity - the brand is memorable,

easily recognizable, and known for its superiority in quality and reliability.

Similar to Coca-Cola, Kentucky Fried Chicken and Google, the formula for

WD-40 Multi-Use Product is a trade secret so protected that there was never

a patent filed for it.

13

Question Result

Average of all questions 93.3

I love to tell people that I work for WD-40 Company. 99.0

I feel my opinions and values are a good fit with the WD-40 Company culture. 98.1

I understand how my job contributes to achieving WD-40 Company’s goals. 97.9

I know what results are expected of me. 97.4

I am clear on the company’s goals. 97.2

I respect my coach. 96.4

WD-40 Company’s vision and mission motivates me to help the company succeed. 95.9

I feel like I am a valued member of my functional team. 94.5

I am excited about WD-40 Company’s future direction. 93.4

WD-40 Company encourages employees to continually improve in their job. 92.9

My definition of success is having the opportunity to enjoy what I do for a living

and I have found that here. I am inspired by every tribe member and our ability

to make a difference in our end-users’ life every day.”

- Claudia Fenske, Sales Director

14

Our products are currently available in 176 countries and territories worldwide

and in over 62 unique trade channels

The Company’s unique infrastructure enables it to take its products to more places,

with more people, who have more uses, more frequently.

• Aircraft Supplies

• Appliance Repair

• Automotive

• Bicycle

• Big Box

• Body Shop

• Building Supplies

• Chemicals

• Drug Store

• E-Commerce

• Electrical Equipment

• Farming Equipment

• Grocery

• Hardware

• HVAC

• Industrial Supplies

• Janitorial

• Lawn and Garden

• Locksmith

• Marine

• Motorcycle

• Office Supplies

• Plumbing

• Refrigeration

• Sporting Goods

• Welding Equipment

15

16

• 8 out of 10 U.S. households have at least

one can of WD-40 Multi-Use Product in their

home

• The majority of sales of maintenance

products come from end-users in workshops

and factories

Annual usage amounts vary dramatically among our end users

$70.00 per year $0.40 per year

18

1. Grow WD-40 Multi-Use Product

Maximize the product line through geographic expansion, increased

market penetration and development of new and unique delivery

systems. More places, more people, more uses, more frequently.

Grow WD-40 Multi-Use Product to $530

million in net sales by the end of 2025

2. Grow the WD-40 Specialist Product Line

Leverage the WD-40 Specialist line to create growth through

continued geographic expansion as well as by developing new

products and product categories within identified platforms.

Grow WD-40 Specialist to $100 million in net

sales by the end of 2025

3. Broaden Product and Revenue Base

Leverage the recognized strengths of WD-40 Company to derive

revenue from existing brands as well as from new sources and

products.

Continue to grow, nurture, develop or

acquire products that fit well with our unique

multi-channel distribution network and grow

to $70 million in net sales by the end of 2025

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 applying 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”

19

Anticipated Target

Anticipated targets for revenue are projected by the end of FY2025 and are based on the Company's expectations, beliefs and forecasts. They are expressed in good faith and are believed by the Company to

have a reasonable basis, but there can be no assurance that they will be achieved or accomplished.

20

21

1) FY18 presented as reported, all prior years presented on a constant currency basis using FY18 foreign currency exchange rates.

Our 2025 brands have grown at a compounded annual

growth rate of 5.3% over the last 10-years

2025 Brands Revenue(1)

(In millions)

$248

$278 $287 $298$326 $335 $342

$359$377

$397

FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18

$100China

India

Brazil

Russia

Germany

Mexico

Saudi

Arabia

Indonesia

Iran

South

Korea

Italy

Venezuela Eqypt

Algeria

Columbia

Nigeria

Thailand

Turkey

Spain Canada

$0

1) Based on Industrial Value Added (IVA) / Purchase Price Parity (PPP) third-party benchmarking. WD-40 Company’s estimated IVA/PPP figure is calculated using country GDP

(PPP) data, which is a country's GDP converted into ‘international dollars’ using the PPP index, then multiplied by the country's IVA (% GDP) figure.

We estimate the potential global market opportunity for WD-40 Multi-Use Product to be ~$1.0B (1)

22

23

‘Premiumization’ of the blue and yellow can with the little red top creates

opportunities for revenue growth and gross margin expansion

CLASSIC CAN EZ-REACH

24

25

General Maintenance

Lawn and Garden

Make it EASY TO BUY by maximizing store placement and shelf space

26

Continue to derive revenue from existing brands as well as from new sources and products

27

$56M

$219M

28

FY 2008

Reported Revenue

$317M

Revenue Generated by Strategic Initiative #1

FY 2018

Reported Revenue

$408M

FY 2025

Anticipated Revenue Target

~$700M(1)

$314M

$52M

$31M

~$530M

~$100M

~$70M

Revenue Generated by Strategic Initiative #2 Revenue Generated by Strategic Initiative #3(2)

1) Anticipated targets for revenue are projected by the end of FY2025 and are based on the Company's expectations, beliefs and forecasts. They are expressed in good faith and are believed by the Company

to have a reasonable basis, but there can be no assurance that they will be achieved or accomplished. Historical revenue numbers have not been adjusted for changes in foreign currency exchange rates.

2) Strategic Initiative #3 includes WD-40 Company products under the following brands: 3-IN-ONE, GT85, WD-40 BIKE, no vac, Spot Shot, 1001, Lava and Solvol.

29

The Americas

~50% of global

sales

Targeting a

compound annual

growth rate of

2-5%

EMEA

~35% of global

sales

Targeting a

compound annual

growth rate of

8-10%

Asia-Pacific

~15% of global

sales

Targeting a

compound annual

growth rate of

10-12%

Total

Company

Targeting a

compound annual

growth rate of

~8%

Primary Growth Drivers:

• Increased penetration of WD-40 Multi-Use Product

• Increased penetration of WD-40 Specialist

• Conversion to Smart Straw delivery system

• Heightened focus on e-commerce and digital channels

• Increased penetration of WD-40 EZ-REACH

• Channel development opportunities

Anticipated targets for revenue are projected by the end of FY2025 and are based on the Company's expectations, beliefs and forecasts. They are expressed in good faith and are believed by the Company to

have a reasonable basis, but there can be no assurance that they will be achieved or accomplished.

31

Value of $100 Invested on August 31, 2013

$80

$100

$120

$140

$160

$180

$200

$220

$240

$260

$280

$300

$320

$340

FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018

WD-40 Company S&P 500 Russell 2000

*$100 invested on 8/31/13 in stock or index, including reinvestment of dividends.

Fiscal year ending August 31.

Copyright© 2018 Standard & Poor's, a division of S&P Global. All rights reserved.

Copyright© 2018 Russell Investment Group. All rights reserved.

32

EFFICIENT BUSINESS MODEL WITH

ASSET-LIGHT STRATEGY

• Average annual maintenance CAPEX needs

of about 1% to 2% of net sales

• Outsourced manufacturing and distribution

• Sales per employee of $0.85M in FY18

FOCUSED ON CREATING VALUE

• High Returns on Invested Capital

• ROIC was 27% in FY15, 33% in FY16,

32% in FY17 and 31% in FY18

• Employee earned incentives tied to EBITDA

growth

SOLID FINANCIAL FOUNDATION

• Strong balance sheet

• Predictable free cash flow

• Strong liquidity & access to capital

We invest in brands and people, not factories and warehouses

GROWTH PLATFORM SUPPORTED BY

STRONG BRANDS

• Brand portfolio includes many well-known

brands and products

• Global diversification reduces risk

• Long runway of growth ahead

$210

$241$254

$264

$298$308 $314

$333$352

$372

$

$50

$100

$150

$200

$250

$300

$350

FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18

33

1) FY18 presented as reported, all prior years presented on a constant currency basis using FY18 foreign currency exchange rates.

Maintenance product sales continue to increase despite

global macroeconomic challenges

Maintenance Product Sales (In millions)

34

MP Sales by Segment

1) FY18 presented as reported, all prior years presented on a constant currency basis using FY18 foreign currency exchange rates.

(In millions)

$

$20

$40

$60

$80

$100

$120

$140

$160

$180

FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18

Americas EMEA Asia Pac

36

Gross Margin

55% of net sales55

Cost of Doing Business(1)

30% of net sales30Maintenance CAPES & Regular Dividends

Maintenance CAPEX of between $2M to $4M per fiscal year

Annual dividends targeted at ~50% of earnings or ~$20M25 EBITDA(1)

25% of net sales

1) See appendix for descriptions and reconciliations of these non-GAAP measures.

WD-40 Company’s business is guided by the 55/30/25 business model

We target gross margin at or above 55%, cost of doing business of 30%, and an EBITDA of 25%

37

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

52%

53%

56% 56%

55%

FY14 FY15 FY16 FY17 FY18

5-Year Gross Margin Trend

55% Gross Margin Target

• In FY18 the Company achieved gross margin of 55.1% down

from 56.2% in FY17

• Changes in petroleum-based specialty chemicals and aerosol

cans in all three segments (-1.3pp)

• Warehousing and distribution costs (-0.2pp)

• Higher discounts given to our customers (-0.1pp)

• Price increases in EMEA (+0.5pp)

• Continued focus on driving gross margin improvement over the

long-term

• New product development, innovations and reformulations

• Operational efficiencies

• Product mix and market mix

• Pricing adjustments, as needed, to offset input cost increases

3%

38

Approximate Cost Breakdown of a Typical Can of

WD-40 MUP Manufactured in the United States

Data as of September 2018. Represents average input costs over 6-month period of a typical 12 ounce can of WD-40 Multi-Use Product manufactured in the United States.

Current manufacturing and input costs typically take approximately 90-120 days to be reflected in the Company’s consolidated statement of operations due to production and

inventory life cycles.

Petroleum-Based

Specialty Chemicals

Manufacturing Fees

Can

Plastic

Corrugate

30%

19%

35%

13%

39

• FY 2018 cost of doing business was at 34% of net

sales down from 35% compared to FY 2017

• In FY 2018 cost of doing business came from three

primary areas:

• People costs, including earned incentive accruals

• Marketing, advertising and promotion

• Freight costs to get products to customers

• Additional investments in research and

development, brand development and protection,

as well as regulatory and quality assurance remain

a high priority

Revenue growth is the most important factor in achieving the “30” target

Cost of Doing Business

People A&P Investment Freight Other

40

* See appendix for descriptions and reconciliations of these non-GAAP measures.

Note: Percentages may not aggregate to EBITDA percentage due to rounding and because amounts recorded in other income (expense), net on the Company’s

consolidated statement of operations are not included as an adjustment to earnings in the Company’s EBITDA calculation.

55/30/25 Business Model Target FY18

Actuals

FY17

Actuals

FY16

Actuals

Gross Margin 55% 55% 56% 56%

Cost of Doing Business 30% 34% 35% 36%

EBITDA 25% 21% 22% 21%

42

43

• Paid dividends without interruption

for over 40 years

• 2018 represents the ninth

consecutive year the Company has

raised its annual dividend

• Future increases expected to grow

in-line with earnings over-time

• Current share repurchase plan

provides authorization to acquire up

to $75 million in shares through

August 2020

• Company repurchased ~175K

shares at a total cost of $22.6 million

during FY18

• Over the last five years Company

has repurchased nearly $160 million

in WDFC stock

Share Repurchases(in millions)

$42.8

$30.3 $32.1 $31.1

$22.6

FY14 FY15 FY16 FY17 FY18

Share Repurchases

$1.33 $1.48

$1.64

$1.89 $2.11

46%

49%

45%

51%

45%

FY14 FY15 FY16 FY17 FY18FY Dividend per Share Dividend Payout Ratio

Dividends

FY18 FY17 % Change

Net Sales $408.5 $380.5 7%

Gross Profit (%) 55.1% 56.2% -110 bp

Operating Income $78.6 $75.9 4%

Net Income $65.2 $52.9 23%

EPS (Diluted) $4.64 $3.72 25%

45

• Overall, changes in foreign currency exchange rates had a favorable impact on net sales

in FY18.

• Translation of our foreign subsidiaries’ results from their functional currencies to

U.S. dollars increased total net sales by approximately $10.5 million.

• Unfavorable transaction-related impacts slightly offset these favorable translation

impacts by approximately $0.2 million.

• Net income and diluted earnings per share were positively impacted by the U.S. Tax Cuts

and Jobs Act in FY18.

($ in millions; except EPS, gross profit and % change)

47

• Continue to live our values and enrich our tribal culture

• High levels of employee engagement

• Steady growth of WD-40 Multi-Use Product across all markets

• Growth of WD-40 Specialist product line

• Innovation and development to support growth

• Maintain gross margin of 55% or greater

• Manage cost of doing business as a % of revenue towards 30%

• Protect “the power of the shield” and mitigate regulatory impact

48

• Not continuing to live our values or enriching our tribal culture

• Loss of focus – not executing against our strategic drivers

• Overwhelming complexity of operating a business that operates in 176

countries and 62 trade channels

• Misaligned compensation – moving away from ‘pay for performance’

• Not being deliberate and focused – deviating away from best-in-class

products that generate positive lasting memories for our end-users

• Temptation to ‘di-worsify’ – bad capital allocation

• Developing products that need more support than our business model allows

• Targeting end-users that don’t fit our existing distribution model

• Global volatility, uncertainty, complexity, ambiguity

FY18 CC* FY17 % Change

Net Sales $398.0 $380.5 5%

Operating Income $76.1 $75.9 0%

Net Income $63.3 $52.9 20%

EPS (Diluted) $4.51 $3.72 21%

FY18 FY17 % Change

Net Sales $408.5 $380.5 7%

Gross Profit (%) 55.1% 56.2% -110 bp

Operating Income $78.6 $75.9 4%

Net Income $65.2 $52.9 23%

EPS (Diluted) $4.64 $3.72 25%

Financial ResultsAs reported

Financial ResultsConstant currency basis

*FY18 results translated at FY17 foreign currency exchange rates

($ in millions; except EPS, gross profit and % change)

50

(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:

Note: Percentages may not aggregate to EBITDA percentage due to rounding and because amounts recorded in other income (expense), net on the Company’s

consolidated statement of operations are not included as an adjustment to earnings in the Company’s EBITDA calculation.

51

Total operating expenses - GAAP $ 146,659 $ 137,976 $ 143,021

Amortization of definite-lived intangible assets (2,951) (2,879) (2,976)

Depreciation (in operating departments) (3,725) (2,789) (2,744)

Cost of doing business $ 139,983 $ 132,308 $ 137,301

Net sales $ 408,518 $ 380,506 $ 380,670

Cost of doing business as a percentage of net sales - non-GAAP 34% 35% 36%

EBITDA:

Net income - GAAP $ 65,215 $ 52,930 $ 52,628

Provision for income taxes 9,963 21,692 20,161

Interest income (454) (508) (683)

Interest expense 4,219 2,582 1,703

Amortization of definite-lived

intangible assets 2,951 2,879 2,976

Depreciation 4,849 3,890 3,489

EBITDA $ 86,743 $ 83,465 $ 80,274

Net sales $ 408,518 $ 380,506 $ 380,670

EBITDA as a percentage of net sales - non-GAAP 21% 22% 21%

Fiscal Year Ended August 31,

2018

2017 20162018

Fiscal Year Ended August 31,

2017 2016