February 2020

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 and in the Company’s Quarterly Report on Form 10-Q for the period ended November 30, 2019 which the Company filed with the SEC on January 9, 2020.

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, 2020 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 createa compound that would prevent rust and corrosion.It took him 40 attempts to get the water displacingformula right but the end result became the originalsecret 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 2019…Company celebrated 66th

anniversary, flagship WD-40 Brand is more popular than ever, achieved over $423 million in net sales and products are available in more than 176 countries and territories worldwide

2011WD-40 Specialist product line successfully launched

1953 - 1958WD-40 Multi-Use Product 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

MAINTENANCE PRODUCTS

• Currently make up ~90% of net sales

• Core strategic focus and primary growth engine

HOMECARE & CLEANING PRODUCTS

• Available in niche segments and geographies

• Generate positive cash flows but are not core strategic focus

7© 2019 Learning Moment, Inc. All rights reserved. Do not duplicate. thelearningmoment.net

LEARNINGMOMENTS

PEOPLETRIBAL CULTURE

PURPOSEWHY

EXECUTION(TACTICS)

TYPHOONZONE

VALUESFREEDOM

PLANNING(STRATEGY)

CARE - CANDOR - ACCOUNTABILITY - RESPONSIBILITY

8

9

12

This intense focus on playing to his strengths — and largely ignoring

everything else — lies at the heart of Buffett’s success. He once remarked:

“You have to stick within what I call your circle of competence. You have

to know what you understand and what you don’t understand. It’s

not terribly important how big the circle is. But it’s terribly important that you

know where the perimeter is.”

- Warren Buffett

CULTURE

END USERS GLOBAL

DISTRIBUTION

13

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.

14

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

15

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

16

17

$70.00 per year $0.40 per year

Annual usage amounts vary dramatically among our end-users

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 LineLeverage 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 deriverevenue 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 MembersSucceed as a tribe while excelling as individuals.

Grow employee engagement to greater than 95 percent

5. Operational ExcellenceContinuous 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”

20

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..

21

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

1001® Spot Shot ® Solvol ® Lava ® no vac ®3-IN-ONE ® WD-40 BIKE ® GT85 ®

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

Our 2025 brands have grown at a compounded annual growth rate of 5.5% over the last 10-years

2025 Brands Revenue(1)

(In millions)

$272 $280 $291

$319 $327 $334 $351

$368 $388

$413

FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19

$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)

23

Americas

EMEA

Asia-Pacific

Thailand

Columbia

24

‘Premiumization’ of the blue and yellow can with the little red top creates opportunities for revenue growth and gross margin expansion

Classic Can Smart Straw®Next Generation

Smart Straw®

EZ-Reach®

Flexible Straw

25

• Benefits of the Next Generation Smart Straw

Permanently attached straw so you’ll never lose the straw again (Similar to original Smart Straw.)

Sprays two ways – flip up for stream, down for spray (Similar to original Smart Straw.)

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 (New)

• 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 Smart Straw 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 Smart Straw (as of 8/31/19)

Increased Smart Straw penetration is expected to drive accelerated revenue growth and help us achieve our 2025 objectives

26

27

• WD-40 Multi-Use Product’s iconic assets (blue and yellow can with a red cap) are trusted, prominent and noticeable

• New WD-40 Specialist packaging leverages these iconic assets allowing end-users to identify the our products up to 26% faster and decreases potential ‘walk-away’

28

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

29

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

30

3-IN-ONE WD-40 BIKE GT85

Spot Shot / Lava 1001 Novac / Solvol

311) 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 2009Reported Revenue

$292M

Revenue Generated by Strategic Initiative #1

FY 2019Reported Revenue

$423M

FY 2025Anticipated Revenue Target

~$700M(1)

$326M

$52M

$35M

~$530M

~$100M

~$70M

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

32

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 Smart Straw 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

33

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%

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

Maintenance Product Sales (In millions)

Our maintenance products have grown at a compounded annual growth rate of 6.5% over the last 10-years

$206

$235 $248

$259

$291 $301 $307 $325

$344 $364

$387

FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19

$80

$100

$120

$140

$160

$180

$200

$220

$240

$260

$280

$300

FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019

WD-40 Company S&P 500 Russell 2000

36

Value of $100 Invested on August 31, 2014

*$100 invested on 8/31/14 in stock or index, including reinvestment of dividends.Fiscal year ending August 31.

Copyright© 2019 Standard & Poor’s. All rights reserved.Copyright© 2019 Russell Investment Group. All rights reserved.

37

EFFICIENT BUSINESS MODEL WITH ASSET-LIGHT STRATEGY• Average annual maintenance CAPEX needs

of about 1% to 2% of net sales(1)

• Outsourced manufacturing and distribution

• Sales per employee of $0.86M in FY19

FOCUSED ON CREATING VALUE• High Returns on Invested Capital

• ROIC was 33% in FY16, 32% in FY17, 31% in FY18, and 27% in FY19

• 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

(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 and make improvements to its proprietary delivery systems.

39

Gross Margin55% of net sales55

Cost of Doing Business(1)

30% of net sales30Maintenance CAPES & Regular Dividends

Maintenance CAPEX of between $2M to $4M per fiscal yearAnnual 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 modelWe target gross margin at or above 55%, cost of doing business of 30%, and EBITDA of 25%

40

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

• In FY19 the Company achieved gross margin of 54.9% down from 55.1% in FY18

• Changes in petroleum-based specialty chemicals and aerosol cans in all three segments (-1.1pp)

• Sales mix changes and miscellaneous costs (-0.4pp)

• Higher discounts given to our customers (-0.2pp)

• Price increases in all three trade segments (+1.1pp)

• FX Impact in EMEA (+0.4pp)

• 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

5-Year Gross Margin Trend

55% Gross Margin Target53%

56% 56%

55% 55%

FY15 FY16 FY17 FY18 FY19

41

Approximate Cost Breakdown of a Typical Can ofWD-40 MUP Manufactured in the United States

Data as of September 2019. 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 lifecycles.

Petroleum-Based Specialty Chemicals

Manufacturing Fees

Can

Plastic

Corrugate

33%33%

12%

33%

19%

3%

42

• FY19 cost of doing business was 34%, flat compared to F18

• In FY19 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

• Investments in research and development, brand development and innovation, intellectual property protection, information systems, and regulatory and quality assurance remain a high priority

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

43* 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%

45(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

46

• Paid dividends without interruption for over 40 years

• 2019 was the tenth 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 ~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

48

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)

49

Functional currencyMain currency in which subsidiaries conduct

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

headquartered

Transaction currencyCurrency in which sales,

costs, expenses are transacted; typically the

same as that of the country in which the sales transaction

takes place

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

U.S. dollarConversion

from transaction currency to subsidiaries’

functional currency

Translation from

functional currency to

WD-40 Company’s reporting currency

Translation Impact

Transaction Impact

Subsidiary (Functional Currency)

UK – GBPCANADA – CAD

AUSTRALIA – AUDCHINA – CNY

Subsidiary(Non-Functional Currency)

UK – USD & EUR

In total changes in FX rates

decreased net sales by ~$9.3M

in FY19

FY19 Net Sales(In millions)

50

$432.7 $423.4

FY19 Net Sales at Transaction Translation FY19 Net Sales

FY18 FX Rates Impact Impact As Reported

$1.2 $10.5

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)

51

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.

53

• 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

54

• 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

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

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.

56

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 20172019Fiscal Year Ended August 31,

2018 2017