First Quarter

Fiscal Year 2014

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Except for the historical information contained herein, this news release contains forward-looking statements concerning WD-40 Company's outlook for sales, earnings, dividends and other financial results. These statements are based on an assessment of a variety of factors, contingencies and uncertainties considered relevant by WD-40 Company. Forward-looking statements involve risks and uncertainties, which may cause actual results to differ materially from the forward-looking statements, including impacts of promotional programs, impacts of line extensions and the uncertainty of market conditions, both in the United States and internationally. The Company's expectations, beliefs and projections 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 projections will be achieved or accomplished. The risks and uncertainties are detailed from time to time in reports filed by WD-40 Company with the SEC, including Forms 8-K, 10-Q, and 10-K, and readers are urged to carefully review these and other documents. The information contained in this presentation is a review of the Company’s first quarter fiscal year 2014 results ended November 30, 2013 and fiscal year 2013 results ended August 31, 2013. We urge investors to stay informed and updated on the Company’s developments by reviewing the Company’s quarterly press releases and conference calls as they are posted on the website: www.wd40company.com (Investor Relations).

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WHO ARE WE?

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What does a good business look like?

Simple and easy to understand business model. Dominant in its industry and has been through periods of recession and emerged stronger. Superior returns on capital achieved through high margins and relatively low capital reinvestment requirements. Sustainable competitive advantage protecting the business from competition through strong end user loyalty. Significant cash flow generation. Creates excess cash over and above the business’ annual capital requirements. Strong balance sheet with prudent leverage. High quality management with a proven track record of solid performance - with honesty, intelligence and integrity.

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Guiding Principles

Vision • Create positive lasting memories by solving problems in

homes and factories around the world. • (“Problem Solved, Job Done Right”)

Values

• We value doing the right thing. (Trust) • We value creating positive lasting memories in all our relationships.

(Relationships) • We value making it better than it is today. (Creative Innovation) • We value succeeding as a tribe while excelling as individuals. (Teamwork) • We value owning it and passionately acting on it. (Action) • We value sustaining the WD-40 Company economy. (Economic Value)

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STRATEGIC INITIATIVES

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Refreshed Strategic Initiatives

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OUR PEOPLE

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People - Products - Passion

Typhoon Zone

Servant leadership with edge

Review

Values

P lanning

Execution

Vision

Learning Moment

Learning Don’t mark my

paper help me get an “A”

Results in a tribal culture that values:

•Caring

•Candor

•Accountability

•Responsibility

What mountain do we want to climb?

Values are principles that guide our

behavior

© 2010 The Learning Moment Inc. All rights reserved. Do not duplicate.

thelearningmoment.net

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OUR BRANDS

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11 11

Celebrating 60 years

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Identify & establish geographic WD-40 MUP User Base

Channel development – multi trade channel distribution – execute “The Secret”

WD-40 MUP end user trust established with multi platform usage – “Memories” = EQUITY

General Maintenance

Products

Lawn & Garden

Landscaping Motor Bike New Category New Category New Category

Flanker & new category products – WD-40 Specialist product line

Bundle Bundle Bundle

Grow the core

Bundle Bundle Bundle

Bundle Bundle Bundle

Bundle Bundle Bundle

Bundle Bundle Bundle

Bundle Bundle Bundle 13 13

Mental Awareness

Physical Awareness

Make the end user aware and make it easy to buy

The Power of the Shield Leveraging the trust of the brand

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Physical Awareness Make it easy to buy

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OUR END USERS

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Auto Pro MRO

At-Home – “Non-Enthusiast”

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INVESTMENT PERFORMANCE

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Five Year Comparison of Total Shareholder Return

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$40

$60

$80

$100

$120

$140

$160

$180

$200

FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013

Value of $100 invested on August 31, 2008

WD-40 Company S&P 500 Russell 2000

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WHAT DROVE THAT PERFORMANCE?

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Success Factors for WD-40 Company

• Solid Financial Foundation Strong Balance Sheet and predictable cash flow

• Efficient business model Asset light strategy

• High ROIC • Strong Brands with Global reach Long runway of growth in front of us

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$- $20 $40 $60 $80

$100 $120 $140 $160 $180 $200 $220 $240 $260 $280 $300 $320 $340

FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13

Global MPMP Revenue 10 Year View - All Years at FY13 FX Rates

Global MPMP

Strong Brands with a Global Reach

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$-

$20

$40

$60

$80

$100

$120

$140

$160

FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13

MPMP Revenue by Trade Bloc 10 Year View - All Years at FY13 FX Rates

Americas EMEA AsiaPac

Strong Brands with a Global Reach

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Investment Snapshot

Global, diverse business… WD-40 sold in 188 countries worldwide as of Q1 FY14. More than half of revenues were outside the US. Brands sold in multiple channels: retail, industrial, institutional. Portfolio of 10 brands.

Efficient Operation… 369 employees during FY13. Sales per employee of $1.0M. Net income per employee of $0.1M in FY13.

Asset-light strategy… Average annual capex needs of $3.2M FY11-FY13. Outsourced manufacturing and distribution.

Current and long-term return to shareholders... Dividend yield of 1.7%.* Dividend payout ratio of 48%.* Four consecutive years of dividend increases since FY11 Share repurchases of $41M in FY11, $40M in FY12, and $31M in FY13 Existing $60M share buy-back plan through August 2015.

Focused on creating value… ROIC emphasis. ROIC was 21.9% in FY11, 23.1% in FY12 and 22.0% in FY13. Employee bonuses tied to profit targets.

Priority in new product development (NPD) investment… NPD has touched every brand. New products delivered more than $33M in sales from FY11-FY13. NPD priority is MPMP category

Small Market Cap… $1.12B* 15.3M shares outstanding**

Ownership*** Insiders: 6% Institutions: 70% Institutions holding 5% or more shares : Parnassus Investments, Kayne Anderson Rudnick, Blackrock, The Vanguard Group, Suntrust Banks

Statistics as of FY13 unless noted otherwise *as of 12/4/2013 Source: Nasdaq Online

** per 11/30/13 Balance Sheet ***13F Report 9/30/13

Financial Foundation… Strong balance sheet Strong free cash flow Strong liquidity & access to capital

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A WORD ABOUT CAPITAL ALLOCATION

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Capital Allocation Strategy

Organic Growth

Initiatives Acquisitions Repurchase

Shares

Determine Liquidity Objectives & Debt/Cash Balance:

Liquidity: Adequate to support growth strategy. Supported by strong balance sheet & available lines of credit Cash /Debt - Neutral Position

F

Excess Capital allocated to the

Highest Return Alternative

Long-term Growth and Return Targets: Revenue and Earnings growth range: 6-8% ROIC : 20% +

STEP 1

STEP 2

STEP 3 Maintenance Cap Ex and Regular Dividends: Minimal Cap Ex: $2-4M per year Dividends: 50% of Earnings ≈ $20M per year STEP 4

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50 / 30 / 20 RULE

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50 Gross margin – At or above 50% of net sales

-30 Cost of doing business – At or below 30% of net sales1

=20 EBITDA – At or above 20% of net sales1

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

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The 50 / 30 / 20 Rule

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•The “50” or Gross margin improvement

• Product Development • New Product introductions • Product reformulations

• Operational efficiencies

• Mix - product mix and market mix • Pricing - as needed to offset input cost increases

The 50 / 30 / 20 Rule

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FY14 >51%

FY13 51%

FY12 49%

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•The “30” or Leveraging our global infrastructure

• 75% of the “30” in 3 areas

Our People – Investments in our tribe Investments in marketing, advertising and promotion Freight – the cost of getting our products to our customers

Advertising & Sales

Promotion

Freight

Personnel

Professional Services

Office Overhead

Travel & Meeting Expenses

R&D Project Expenses

Broker Commissions

Insurance

All Other

% COB

The 50 / 30 / 20 Rule

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Revenue growth is key to achieving the “30” target

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What makes up the cost of a can?

Approximate Cost Breakdown of a can of WD-40

39%

11%29%

19%

2%Petroleum-based products

Manufacturing Fees

Can

Plastic

Corrugate

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*As of November 2013

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RESULTS

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• Net sales increased $0.3 million, or less than 1%. Sales growth in Multi-purpose maintenance products slightly offset sales declines in Homecare & cleaning products.

• Gross margin was 52.0% compared to 50.1% in the prior fiscal year period. The increase was driven by price increases and lower promotional discounts, as well as the favorable impact from changes in foreign currency exchange rates. We also benefitted from lower input costs along with lower manufacturing costs stemming from our supply chain related initiatives.

• Higher gross profit more than offset higher employee related costs and other SG&A expenses.

• Net income increased $0.6 million, or 5%. Diluted earnings per common share were $0.74 versus $0.69 in the prior fiscal year period.

Q1 FY14 Highlights

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Q1 FY14 vs. Q1 FY13

($M) FY14 FY13 Change

Sales 95.5$ 95.3$ 0%Gross Profit % 52.0% 50.1% 190 bpOp Income 16.8$ 15.9$ 6%Net Income 11.5$ 10.9$ 5%EPS (Diluted) 0.74$ 0.69$ 7%

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Q1 FY14 vs. Q1 FY13 Constant Currency Basis*

($M) FY14CC FY13 Change

Sales 96.5$ 95.3$ 1%Op Income 17.0$ 15.9$ 7%Net Income 11.6$ 10.9$ 6%EPS (Diluted) 0.76$ 0.69$ 10%

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*Q1 FY14 results translated at Q1 FY13 exchange rates

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Q1 FY14 Compared to Q1 FY13

Sales – $95.5M, flat to prior year •Multi-purpose maintenance products up 3% • Homecare & cleaning products down 15% •Americas down 3%, EMEA up 3%, and Asia

Pacific up 4%

Operating Expenses - $32.9M, Up 3% • SG&A up $1.4M driven by higher employee-

related costs and higher bonus accruals • A&P investment down $0.5M primarily due

to lower costs in the Americas and lower promotional activity in EMEA period versus period.

Gross Margin – 52.0% vs. 50.1% (+1.9pp) • Price increases (+0.4pp) • Lower discounts (+0.7pp) • Changes in petroleum-based material costs and

aerosol can costs (+0.5pp) • Changes in other raw material costs (-0.2pp) • Lower manufacturing costs in the Americas

(+0.2pp) • Lower manufacturing costs in China (+0.1pp) • FX Impact in Europe (+0.5pp) • Sales mix and other miscellaneous (-0.3pp)

FX Impact – Constant Currency vs. Reported • At FY13 FX rates, sales would have been higher

by $0.9M

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Fiscal Year Results 2013 vs. 2012

($M) FY13 FY12 Change

Sales 368.5$ 342.8$ 8%Gross Profit % 51.3% 49.2% 210 bpOp Income 56.6$ 51.7$ 9%Net Income 39.8$ 35.5$ 12%EPS (Diluted) 2.54$ 2.20$ 15%

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Fiscal Year Results 2013 vs. 2012 Constant Currency Basis*

($M) FY13CC FY12 Change

Sales 370.5$ 342.8$ 8%Op Income 57.0$ 51.7$ 10%Net Income 40.0$ 35.5$ 13%EPS (Diluted) 2.55$ 2.20$ 16%

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*FY13 results translated at FY12 exchange rates

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Fiscal Year Results 2013 Compared to 2012

Sales – $368.5M, Up 8% •Multi-purpose maintenance products up 12% •Homecare & cleaning products down 15% •Americas up 2%, EMEA up 16%, and Asia

Pacific up 7% Operating Expenses - $132.5M, Up 14% • SG&A up $15.5M driven by higher bonus and

other employee-related costs, as well as travel and meeting expenses

• A&P investment down $0.9M driven by lower investment in homecare and cleaning products in the Americas

Gross Margin – 51.3% vs. 49.2% (+2.1pp) • Price increases (+1.1pp) • Lower discounts (+0.4pp) • Changes in petroleum-based material costs and

aerosol can costs (+0.2pp) • Changes in other raw material costs and

manufacturing costs (-0.1pp) • COG areas impacted by the North American

supply chain architecture project (+0.3pp) • Lower COGS in China due to local sourcing

(+0.2pp) • Impact from changes in sales mix and other

misc was negligible

FX Impact – Constant Currency vs. Reported • At FY12 FX rates, sales would have been higher

by $2.0M

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3 Year Trend

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$320

$330

$340

$350

$360

$370

$380

FY11 FY12 FY13

Net Sales $M

48.0%

48.5%

49.0%

49.5%

50.0%

50.5%

51.0%

51.5%

FY11 FY12 FY13

Gross Margin %

$34.0

$35.0

$36.0

$37.0

$38.0

$39.0

$40.0

FY11 FY12 FY13

Net Income $M

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FISCAL YEAR 2014 GUIDANCE AS OF JANUARY 2014

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• Sales growth between 4% and 8%, with Net Sales of $383-$398 million

• Gross margin close to 51%

• A&P investment in the range of 6.5% and 7.5% of Net Sales • Net Income of $40.5-$42.8 million

• Diluted EPS of $2.65 to $2.80 based on estimated 15.3 million

shares outstanding

Fiscal Year 2014 guidance

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Conditions that impact our outlook

•Continuing global economic recovery and expansion or ….at least stability

•Initiatives to maximize multi-purpose maintenance products • Continued geographic expansion of WD-40 Multi-Use Product

and WD-40 Specialist product lines •Gross Margin

• Maintain gross margin above 50% of net sales • Stability in key input costs – petroleum-based spirits & steel

•Harvest Homecare & Cleaning product profits •Current foreign currency exchange rates

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FavorableUncertainUnfavorable

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LAST WORD

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WD-40 Company Business Score card

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

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Key Takeaways

• RESULTS FOR Q1 FY14

Net sales increased $0.3 million, or less than 1%. Sales growth in Multi-purpose maintenance products slightly offset sales declines in Homecare & cleaning products.

Gross margin was 52.0% compared to 50.1% in the prior fiscal year period. Higher gross margin more than offset higher employee related costs and other SG&A expenses.

Net income increased $0.6 million, or 5%. Diluted earnings per common share were $0.74 versus $0.69 in the prior fiscal year period.

We increased our regular quarterly dividend by 10% to 34 cents per share.

• OUR PERSPECTIVE

We are cautiously optimistic and are maintaining our guidance, with sales growth of 4% to 8% for fiscal year 2014.

We are excited about the future opportunities we see!

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APPENDIX

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50 / 30 / 20 Rule

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

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Measure of Net Sales Target Q1 FY14 FY13 FY12

Gross Margin 50% 52% 51% 49%Cost of Doing Business* 30% 33% 35% 33%EBITDA* 20% 19% 17% 16%

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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 shareholders 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 WD-40 Company’s financial statements as prepared under GAAP are as follows:

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Three Months Three MonthsCost of Doing Business Ended 11/30/13 Ended 11/30/12Total Operating Expenses- GAAP $32,906 $31,862Amortization of definite-l ived intangible assets ($592) ($466)Depreciation (in Operating Departments) ($485) ($418)Cost of doing business $31,829 $30,978

Net Sales $95,541 $95,264Cost of doing business as % of net sales 33% 33%

Three Months Three MonthsEBITDA Ended 11/30/13 Ended 11/30/12Net Income- GAAP $11,482 $10,944Income Tax Expense $4,987 $4,910Interest income ($131) ($62)Interest expense $215 $125Amortization of definite-l ived intangible assets $592 $466Depreciation $786 $737EBITDA $17,931 $17,120

Net Sales $95,541 $95,264EBITDA as % of net sales 19% 18%

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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 shareholders 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 WD-40 Company’s financial statements as prepared under GAAP are as follows:

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Twelve Months Twelve MonthsCost of Doing Business Ended 8/31/13 Ended 8/31/12Total Operating Expenses- GAAP $132,526 $116,753Amortization of definite-lived intangible assets ($2,260) ($2,133)Impairment of definite-lived intangible assets ($1,077)Depreciation (in Operating Departments) ($1,851) ($1,597)Cost of doing business $127,338 $113,023

Net Sales $368,548 $342,748Cost of doing business as % of net sales 35% 33%

Twelve Months Twelve MonthsEBITDA Ended 8/31/13 Ended 8/31/12Net Income- GAAP $39,813 $35,485Income Tax Expense $17,054 $15,428Interest income ($506) ($261)Interest expense $693 $729Amortization of definite-lived intangible assets $2,260 $2,133Depreciation $3,099 $2,736EBITDA $62,413 $56,250

Net Sales $368,548 $342,748EBITDA as % of net sales 17% 16%

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