December 10, 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 maintenance products; expected levels of promotional and advertising spending; anticipated input costs for manufacturing

and the costs associated with distribution of our products; 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; expected tax rates and the impact of tax legislation and regulatory

action; 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,” “target,” “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, 2019 which the Company filed with the SEC on October 22, 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 December 10, 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.

5

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

“The values we share at WD-40 Company cross boundaries, cultures and time

zones. They enable us to connect and work together cohesively from every

corner of the world – no matter where we are.”

- Mandy Chiu, Associate Brand Manager, Australia

6

7

10

WD-40® Multi-Use Product WD-40 Specialist®

1001 Spot Shot Solvol Lava novac3-IN-ONE WD-40 BIKE GT85

11

Our products are currently available in more than 176 countries and territories

worldwide and in over 62 unique trade channels

• 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

12

13

$70.00 per year $0.40 per year

Annual usage amounts vary dramatically among our end-users

15

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, and develop

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”

16

2025 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..

$100 China

India

Brazil

Russia

Germany

Mexico

Saudi

Arabia

Indonesia

South

Korea

ItalySpain

Egypt

Turkey

Algeria

Nigeria

MalaysiaCanada

$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)

17

Americas

EMEA

Asia-Pacific

Thailand

Columbia

18

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

opportunities for revenue growth and gross margin expansion

Classic Can SmartStraw Next Generation

SmartStraw®EZ-Reach®

Flexible Straw

19

• Benefits of the Next Generation SmartStraw

• Permanently attached straw so you’ll never lose the

straw again (Similar to original SmartStraw.)

• Sprays two ways – flip up for stream, down for spray

(Similar to original SmartStraw.)

• Better actuator making it easier to spray (New)

• More ergonomic design (New)

• More durable (New)

• Improved spray pattern (New)

• First of its kind lockable “toolbox proof” design reduces

accidental discharge (Available only in select markets)

• Design and utility patents applications have been filed

in many places around the globe

• Anticipated launch beginning in Canada second half

of calendar year 2020

• Our objective is to grow

SmartStraw penetration

to 60% of global WD-40

Multi-Use Product sales by

2025

• We believe this growth

represents ~$50M in

incremental revenue

which will help us to

achieve our “probably

wrong and roughly right”

2025 revenue objectives

54%

41%

5%

41%

Americas EMEA Asia-Pacific TotalCompany

Penetration of SmartStraw (as of 8/31/19)

Increased SmartStraw penetration is expected to drive accelerated revenue

growth and help us achieve our 2025 objectives

20

211) 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.

$55M

$209M

FY 2009

Reported Revenue

$292M

Revenue Generated by Strategic Initiative #1

FY 2019

Reported Revenue

$423M

FY 2025

Anticipated Revenue Target

~$700M(1)

$326M

$52M

$35M

~$530M

~$100M

~$70M

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

22

Americas

Currently 46%* of

global sales

Targeting a

compound annual

growth rate of

3-6%

EMEA

Currently 38%* of

global sales

Targeting a

compound annual

growth rate of

8-11%

Asia-Pacific

Currently 16%* of

global sales

Targeting a

compound annual

growth rate of

10-13%

Total

Company

Targeting a

compound annual

growth rate of

8-9%

Primary Growth Drivers:

• Increased penetration of WD-40 Multi-Use Product

• Increased penetration of WD-40 Specialist

• Conversion to Next Generation SmartStraw

delivery system

• Heightened focus on e-commerce and digital channels

• Increased penetration of WD-40 EZ-REACH

• Channel development opportunities

* Percentage of sales number as of 8/31/19.

1) CAGR assumptions for revenue 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.

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

$200

FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19

Americas EMEA Asia Pacific

23

MP Sales by Segment

1) FY19 presented as reported, all prior years presented on a constant currency basis using FY19 foreign currency exchange rates.

(In millions)

Maintenance Products

10-Year CAGR by Segment

Americas 4.3%

EMEA 7.7%

Asia Pacific 12.0%

4%

8%

12%

25

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%

26

* 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 Long-Term

Target

FY19

Actuals

FY18

Actuals

FY17

Actuals

Gross Margin 55% 55% 55% 56%

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

EBITDA 25% 21% 21% 22%

28

(1) Fiscal years 2017 – 2020 include capital investments above this range due to investments the Company has made in new facilities in San Diego, Milton

Keynes and Pine Brook. In addition, the Company has been making investments in new manufacturing equipment to increase capacity of and make

improvements to its proprietary delivery systems.

$1.48 $1.64

$1.89 $2.11

$2.37

49%45%

51%

45%

59%

0%

10%

20%

30%

40%

50%

60%

$-

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

FY15 FY16 FY17 FY18 FY19

FY Dividend per Share Dividend Payout Ratio

29

• Paid dividends without interruption

for over 40 years

• 2019 is ninth consecutive year

Company has raised its annual

dividend, representing an increase

of 144% over that period

• 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 ~176K

shares at a total cost of $29.6 million

during FY19

• Over the last five years Company

has repurchased over $145 million

in WDFC stock

Share Repurchases(in millions)

Dividends

$30.3 $32.1 $31.1

$22.6

$29.6

FY15 FY16 FY17 FY18 FY19

Share Repurchases

31

• 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

32

• 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

35

FY19 FY18 % Change

Net Sales $423.4 $408.5 4%

Gross Profit (%) 54.9% 55.1% -20 bp

Operating Income $82.4 $78.6 5%

Net Income $55.9 $65.2 -14%

EPS (Diluted) $4.02 $4.64 -13%

• Overall, changes in foreign currency exchange rates had an unfavorable

impact on net sales in FY19

• 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 $9.3 million

• Net income and diluted earnings per share were unfavorably impacted as a

result of a reserve for an uncertain tax position recorded in Q4 FY19 in the

amount of $8.7 million or $0.63 per share

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

FY19 CC(2) FY18 % Change

Net Sales $433.8 $408.5 6%

Operating Income $84.7 $78.6 8%

Net Income(1) $57.5 $65.2 -12%

EPS (Diluted)(1) $4.13 $4.64 -11%

FY19 FY18 % Change

Net Sales $423.4 $408.5 4%

Gross Profit (%) 54.9% 55.1% -20 bp

Operating Income $82.4 $78.6 5%

Net Income(1) $55.9 $65.2 -14%

EPS (Diluted)(1) $4.02 $4.64 -13%

Financial ResultsAs reported

Financial ResultsConstant currency basis

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

36

1) Net income and diluted earnings per share were unfavorably impacted as a result of a reserve for an uncertain tax position recorded in Q4 FY19 in

the amount of $8.7 million.

2) FY19 results translated at FY18 foreign currency exchange rates.

(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.

37

Total operating expenses - GAAP $ 149,958 $ 146,659 $ 137,976

Amortization of definite-lived intangible assets (2,706) (2,951) (2,879)

Depreciation (in operating departments) (3,829) (3,725) (2,789)

Cost of doing business $ 143,423 $ 139,983 $ 132,308

Net sales $ 423,350 $ 408,518 $ 380,506

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

EBITDA:

Net income - GAAP $ 55,908 $ 65,215 $ 52,930

Provision for income taxes 24,862 9,963 21,692

Interest income (155) (454) (508)

Interest expense 2,541 4,219 2,582

Amortization of definite-lived

intangible assets 2,706 2,951 2,879

Depreciation 4,886 4,849 3,890

EBITDA $ 90,748 $ 86,743 $ 83,465

Net sales $ 423,350 $ 408,518 $ 380,506

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

Fiscal Year Ended August 31,

2019

2018 20172019

Fiscal Year Ended August 31,

2018 2017