#1Investor Presentation FY2021 Fourth Quarter Steelcase#2Steelcase Q4, 2021 Investment thesis We believe the office will continue to be very relevant for innovation, culture, and collaboration ➤ Industry leader in a changing workplace environment that we believe provides growth opportunities Experienced management team has led the company through similar previous cycles ➤ Liquidity position is very strong Ideation Studio Today 7 Free until 12:00p 59. m Reserve 2#3Steelcase Q4, 2021 We are a respected leader Greatest global market share $2.6 billion revenue in FY2021 Business Newsweek Tech & Science Culture LOGIN SUBSCRIBE > reddot winner 20 POINTS THE OF LIGHT CIVIC 50 - $185 million adjusted EBITDA in FY2021 - 2.6x total debt/adjusted EBITDA (FY2021 year-end) - ~11,100 employees (FY2021 year-end) - ~800 Steelcase dealer locations America's Responsible Companies AMERICA'S MOST RESPONSIBLE COMPANIES 2020 Newsweek 2020 statista 0000000 Making a book, aer come that they reduce That by giving back to the communes they Recognized for innovative design, sustainability leadership and civic engagement - - - - - Named one of the World's Most Admired Companies by Fortune for fifteen years Seven-time perfect score recipient of the Human Rights Campaign's Best Places to Work for LGBTQ Equality Named a 2020 Most Responsible Company by Newsweek Recognized by WSJ as a Most Sustainably-Managed Company in 2020 FORTUNE RANKINGS MAGAZINE NEWSLETTERS VIDEO PODCASTS CONFERENCES COVID-19 World's Most Admired Companies Multinational Finalist in the Circulars Awards from the World Economic Forum for circular economy leadership The Steelcase Flex Collection TM received a Product Design Award in the prestigious Red Dot Awards 2019 Breakfast of Corporate Champions recognition for gender parity on our board of directors For an astounding 13th straight year, Apple claims the top spot in Fortune's annual ranking of corporate reputation, based on a survey of almost 3,800 executives, directors, and analysts. 20% BY 2020 2020 WOMEN ON O BOARDS < 2020 2019 2018 2017 The Top 50 □ BEST = HUMAN RIGHTS CAMPAIGN FOUNDATION PLACES TO WORK 2020 for LGBTQ Equality 100% CORPORATE EQUALITY INDEX SEARCH SIGN IN Subscribe Now 2016 2015 2014 > WSJ 100 MOST SUSTAINABLY MANAGED COMPANIES 2020 3#4Steelcase Q4, 2021 We have a proven track record of managing through a cycle Adjusted Operating Income (Million) $300 $3.4B $250 $200 $2.3B $150 Financial crisis $100 $50 $0 FY08 FY09 FY10 FY11 FY12 Revenue (Billion) $3.7B $4.0 $3.0B $3.5 $2.6B $3.0 $2.5 COVID-19 $2.0 Pandemic $1.5 FY15 FY16 FY17 Revenue ($ Billion) FY18 FY19 FY20 FY21 FY14 FY13 Adjusted Operating Income ($ Million) $1.0 $0.5 4#5Steelcase Q4, 2021 Our global scale makes us a preferred partner for leading organizations STEELCASE FY21 SEGMENT REVENUE (%) GLOBAL OFFICE FURNITURE MARKET REVENUE* ($ IN BILLIONS) $3.0 EMEA 20% Other Category 9% $2.5 $2.0 $1.5 Americas $1.0 71% $0.5 $- Steelcase Herman Miller Haworth HNI** *Most recently published trailing four quarters data and/or internal estimates **Only furniture segments included Knoll Kokuyo** LO#6Steelcase Q4, 2021 Our global capability allows us to serve customers wherever they are ~800 Steelcase dealer locations Over 65 locations in 17 countries 15 Manufacturing locations, including 8 outside North America WorkLife Centers Manufacturing Facilities Business Centers Learning + Innovation Sales Offices Distribution Centers Innovation Centers Centers 6#7Steelcase Q4, 2021 We employ user-based research to drive innovation Create a robust research network Develop insights on work, workers and the workplace UNDERSTAND OBSERVE Provide products, strategies and customer solutions Six-step research and design process B Select Research Partners - Center for Healthcare Design - Built Environment Network - G3ict ― Huddly - IFTF Institute of the Future Illinois Institute of Technology, Institute of Design - MaRS Innovation Hub · Microsoft (Research, Global Real Estate and Envisioning Group) - Oregon Institute of Technology ― Philips (Virtual Care) - Signify (UVC air purification) Spectrum Health - University of Florida Health - Université Gustave Eiffel - University of Melbourne Virginia Tech - MIT (Fluid Dynamics of Disease Transmission Lab, Pathogen research) MEASURE Example of research leading to insights BRE SYNTHESIZE Sneeze cloud particle transmission 7#8Steelcase Q4, 2021 Our brands serve leading organizations by creating places that amplify the performance of their people, teams and enterprise Steelcase coalesse AMQ Smith System Steelcase® EDUCATION Revenue Mix by Vertical Market Corporate/Other 72% Education 16% Healthcare 12% orangebox Steelcase HEALTH DESIGNTEX Chart represents Americas FY21 percentage of revenue by vertical market 8#9Steelcase Q4, 2021 Sustainability is a lens for innovation and growth contributing to the financial wellbeing of our company Our Core Values We believe every team member, in every location, lives our shared Steelcase values. Act with integrity Tell the truth Keep commitments Treat people with dignity and respect Promote positive relationships Protect the environment Excel Environmental Healthy Planet Create products and operations that are good for the world. We're carbon neutral now and pushing to go beyond net zero • . Science based targets aligned with a 1.5°C climate scenario. Goal to reduce our own carbon emissions by 50% by 2030. Social Healthy People Cultivate opportunities for people and communities to thrive. We've set goals to increase diversity at Steelcase by 2025 • • Build diverse teams that reflect our communities Ensure equitable development opportunities • Create a culture of inclusion Governance Healthy Culture Curate a culture of trust and integrity. 50% of our board members are women We're using social innovation to do good in the world 4 QUALITY EDUCATION 10 REDUCED INEQUALITIES 11 SUSTAINABLE CITIES AND COMMUNITIES Source: Steelcase 2020 Impact Report, United Nations Sustainable Development Goals 9#10Steelcase Q4, 2021 U.S. industry macro-factors have mostly begun to be more supportive of growth after worsening during COVID-19 pandemic CORPORATE PROFITS AFTER-TAX (U.S.) With IVA and CCA adjustments (Year-over-Year % change) 10% UNEMPLOYMENT (U.S.) Unemployment Rate (%) THE CONFERENCE BOARD MEASURE OF CEO CONFIDENCE (U.S.) 80 5% 0% -5% -10% -15% -20% -25% Q1 2015 ARCHITECTURAL BILLING INDEX (U.S.) (Billings & Inquiries) 70 60 50 n 40 30 20 Jan 2015 20% T 15% 10% 5% 0% Q3 2020 Jan 2015 Sources: BEA, BLS, CEO Conference Board, AIA, Our World in Data 660 40 40 20 20 NON-RESIDENTIAL FIXED INVESTMENT (U.S.) Equipment (In US$, billions) 1,500 र्ल 1,000 500 0 0 Feb 2021 Jan 2015 Jan 2021 Q1 2015 COVID-19 NEW CASES PER DAY COVID-19 TOTAL ADMINISTERED VACCINES (in millions) Q3 2020 (per million) 800 120 700 100 600 80 Inquiries 500 N 400 60 Billings 300 40 200 20 100 0 0 Feb 2021 Jan 2020 Feb 2021 Jan 2020 Jan 2020 10#11Steelcase Q4, 2021 EMEA industry macro-factors have declined since the COVID-19 pandemic, but were previously supportive of growth 25% 20% 15% 10% 5% GERMANY REAL GDP GROWTH 5% 0% -5% -10% -15% -20% -25% Q1 2015 HARMONIZED UNEMPLOYMENT RATE (seasonally adjusted) 0% Jan 2015 FRANCE REAL GDP GROWTH 5% 0% ײן -5% -10% -15% -20% -25% Q4 2020 Q1 2015 COVID-19 NEW CASES PER DAY UK REAL GDP GROWTH 5% 0% -5% -10% -15% -20% -25% Q4 2020 Q1 2015 (per million) 1,000 900 800 700 Spain 600 500 400 France Eurozone 300 200 Germany 100 0 Jan 2020 Feb2021 Jan 2021 Sources: Eurostat, Energy Information Administration, Our World in Data COVID-19 TOTAL ADMINISTERED VACCINES (in millions) 30 25 20 20 15 France 10 5 Spain U.K. Germany 0 Jan 2020 Q3 2020 U.K. Germany France Spain Feb 2021 11#12Steelcase Q4, 2021 The conversation around the outlook for the physical office is changing Morgan Stanley CEO Sees a Future for the Bank With 'Much Less Real Estate' Half of Facebook workers could work remotely within 10 years Twitter makes WFH a permanent change for some employees At JP Morgan, productivity falls for staff working at home Facebook will buy REI's unused Bellevue HQ; Bets Big on Future of N.Y.C., and Offices, With New Lease Amazon invests $1.4B into new offices in U.S. tech hubs Google to Invest $7 Billion in Bet on Post- Pandemic Office Amazon plans to create 3,000 jobs in Boston with new office expansion Adobe CEO says offices provide some boost to productivity that remote work lacks Google commits to vast London office despite rise of remote work Early COVID Sources: Bloomberg, Wall Street Journal, The Guardian More recent 12#13Steelcase Q4, 2021 Extreme work from home (WFH) strategies are not viable Productivity Collaboration Wellbeing Productivity decreased by: ➤ Lower employee engagement Lack of proximity and social accountability ➤ Suboptimal home offices Collaboration decreased by: Less time spent working with others ➤ Unnatural conversation flow during virtual meetings ➤ Lack of serendipitous interactions Wellbeing decreased by: ➤ Non-ergonomic home workspaces Longer workdays Feeling socially isolated Sources: Steelcase COVID-19 Global Study, April 2020, Gensler's U.S. Work from Home Survey 2020 13#14Steelcase Q4, 2021 Global leaders anticipate more of their workforce will be working in a hybrid model 23% 72% In Office Hybrid Sources: Steelcase Global Report: Changing Expectations and the Future of Work 5% Work From Home 14#15Steelcase Q4, 2021 Five key things people need emerged from our research Safety to be safe and feel safe Belonging inclusion, trust and shared purpose Productivity to focus and collaborate Comfort physical, cognitive and emotional Control more control over where and how they work Steelcase research... since March 2020 8+ Primary Studies 10 Countries Steelcase Research March 2020- Ongoing 32,000 Surveys + Conversations 8,000 Floorplans Analyzed Sources: Steelcase Global Report: Changing Expectations and the Future of Work 15#16Steelcase Q4, 2021 We have identified a new set of design principles to create compelling environments C Me + We Equally support team and individual work Allow for quick shifts between working alone and together Fixed to Fluid Multi-modal spaces support multiple purposes + modes of work Adaptable spaces: Highly mobile furniture, power, technology and space division Open + Enclosed More enclosed "me" and more open "we" spaces Provide a range of individual privacy control options Braiding Digital + Physical Increased video use in "me" and "we" spaces for those remote and physically present Sources: Steelcase Global Report: Changing Expectations and the Future of Work 16#17Steelcase Q4, 2021 Our product development efforts are focused on supporting our customers as they return to the office or the classroom, or as they connect from home Open Space Collaboration Closed Personal Space Home Office Learning 17#18Steelcase Q4, 2021 Our international markets provide opportunities for revenue growth and profit improvement EMEA ● ● We believe we can gain market share as customers return to the office and we leverage our product development investments We continue to focus on gross margin improvement initiatives We have fitness initiatives aimed at improving our operating expense leverage We have built new capabilities to serve the work from home market Asia Pacific (APAC) . Certain APAC markets are leading the global economic recovery and return to the office We are leveraging our global product development portfolio to bring new solutions to our APAC customers • We are increasing our marketing investments to support our Work Better research . We have built new capabilities to serve the work from home market 18#19Steelcase Q4, 2021 Our investments in the business generated strong return on invested capital before impact of COVID-19 pandemic in fiscal 2021 ADJUSTED RETURN ON INVESTED CAPITAL (ROIC) & ADJUSTED EBITDA ($M) (% Adjusted Net Income of Average Capital) 16.0% 13.8% 14.0% 13.3% 12.0% 10.0% 8.0% 6.0% 4.0% Adj ROIC Adj EBITDA 12.0% 10.9% $400 14.3% $350 $300 $250 $200 $150 5.0% $100 2.0% $50 0.0% $0 FY16 FY17 FY18 FY19 FY20 FY21 19#20Steelcase Q4, 2021 We have generated strong cash flows to fund growth investments and shareholder return CASH FLOW FROM OPERATIONS AND ADJUSTED EBITDA MARGIN ($ MILLIONS) CAPITAL EXPENDITURES VS. DEPRECIATION AND AMORTIZATION ($ MILLIONS) $400 Cash Flow From Operations Adjusted EBITDA Margin 10% $100 $300 $200 $100 $0 FY16 FY17 FY18 mbl. 8% 6% 4% 2% $0 0% FY19 FY20 FY21 QUARTERLY DIVIDENDS PAID PER SHARE $0.16 $0.12 $0.08 $0.04 $0.00 Q1 FY16 FY16 FY17 FY18 ■Capital Expenditures ■D&A FY19 FY20 FY21 * Includes $26 for Replacement Corporate Aircraft DIVIDENDS AND SHARE REPURCHASES ($ MILLIONS) $100 Dividends Repurchases Q4 $0 FY16 FY17 FY18 FY19 FY20 FY21 FY21 20 20#21Steelcase Q4, 2021 Our balance sheet remained strong in Q4 and provides stability through business cycles $1,500 Q4 FY20 and Q4 FY21, $ MILLION Liquidity Profile Capital Allocation Philosophy - Reinvestment in the business Capital Base - Acquisitions - Dividends $1,000 Credit I Facility I Credit Facility COLI COLI $500 Cash Cash Debt Opportunistic share repurchases Equity Credit facility covenant information (1) maximum leverage ratio covenant, which is measured by the ratio of indebtedness less liquidity to trailing four quarter adjusted EBITDA (as defined in the credit agreement) and is required to be less than 3:5:1 (2) minimum interest coverage ratio covenant, which is measured by the ratio of trailing four quarter adjusted EBITDA (as defined in the credit agreement) to trailing four quarter interest expense and is required to be no less than 3:0:1. As of February 26, 2021, we were in compliance with all covenants under the facility. 40 $0 FY20 FY21 FY21 21#22Appendix Learn more 22 22#23Appendix Forward-looking statements From time to time, in written and oral statements, we discuss our expectations regarding future events and our plans and objectives for future operations. These forward-looking statements discuss goals, intentions and expectations as to future trends, plans, events, results of operations or financial condition, or state other information relating to us, based on current beliefs of management as well as assumptions made by, and information currently available to, us. Forward-looking statements generally are accompanied by words such as "anticipate," "believe," "could," "estimate," "expect," "forecast," "intend,” “may,” “possible,” “potential,” “predict," "project," or other similar words, phrases or expressions. Although we believe these forward-looking statements are reasonable, they are based upon a number of assumptions concerning future conditions, any or all of which may ultimately prove to be inaccurate. Forward-looking statements involve a number of risks and uncertainties that could cause actual results to vary from our expectations because of factors such as, but not limited to, competitive and general economic conditions domestically and internationally; acts of terrorism, war, governmental action, natural disasters, pandemics and other Force Majeure events; the COVID-19 pandemic and the actions taken by various governments and third parties to combat the pandemic; changes in the legal and regulatory environment; changes in raw material, commodity and other input costs; currency fluctuations; changes in customer demands; and the other risks and contingencies detailed in this Report and our other filings with the SEC. We undertake no obligation to update, amend or clarify forward-looking statements, whether as a result of new information, future events or otherwise. 23 23#24Appendix Segment revenue and earnings AMERICAS - REVENUE (US$ millions) EMEA - REVENUE (US$ millions) OTHER CATEGORY - REVENUE (US$ millions) $2,673 $2,470 $2,256 $2,232 $2,194 $670 $617 III $1,849 $381 $521 $504 $524 $511 $338 $356 $283 $297 $236 FY16 FY17 FY18 FY19 FY20 FY21 FY16 FY17 FY18 FY19 FY20 FY21 FY16 FY17 FY18 FY19 FY20 FY21 AMERICAS - ADJUSTED OPERATING INCOME MARGIN * (Percent of Revenue) - ADJUSTED OPERATING INCOME (LOSS) EMEA MARGIN * (Percent of Revenue) OTHER CATEGORY -OPERATING INCOME MARGIN (Percent of Revenue) 11.4% 10.8% 8.2% 8.5% 9.0% 6.8% 1.5% 6.3% 4.7% 4.0% 4.0% -2.9% -1.1% -2.7% -3.7% -8.5% FY16 FY17 FY18 FY19 FY20 FY21 FY16 FY17 FY18 FY19 FY20 FY21 10.3% 0.1% FY16 FY17 FY18 FY19 FY20** FY21 *Operating income restated due to implementation of ASU No. 2017-07, Compensation - Retirement Benefits (Topic 715). Please see Q1 FY19 10-Q for more information. Q4 FY20 included a ~ $21M gain on the sale of Poly Vision in the Other Category ** 24#250% 15% 10% 5% Education Financial Services Appendix END OF FISCAL YEAR 2021 Number of Steelcase dealer locations Select segment statistics (as of February 26, 2021) Employees - non-manufacturing Employees manufacturing Number of primary manufacturing locations FY21 VERTICALS IN THE AMERICAS SEGMENT Healthcare Manufacturing Insurance Services Information Technology Technical/ Professional Federal Government Energy State/Prov/Local Gov Other AMERICAS ~ 400 ~2,700 ~ 4,200 Michigan - 2 Alabama - 1 Mexico - 2 Texas - 1 Maine - 1 EMEA ~ 340 ~ 1,400 ~ 1,200 France - 1 Germany - 1 Spain - 1 Czech Republic - 1 U.K. 1 - FY21 PRODUCT MIX 25% Other 30% Seating OTHER CATEGORY - 60 - 800 - 800 China - 1 Malaysia - 1 India ― 1 FY21 LONG-TERM EMPLOYEE BENEFIT OBLIGATIONS FUNDING STATUS ($ millions) Total Obligation $164 Deferred Tax AssetI $170 $119 45% Systems/ Storage After-tax Obligation Product Mix Assets (COLI) Liabilities 25#26Appendix Historic shares outstanding SHARES (IN MILLIONS) 180 160 140 120 100 80 660 40 20 20 0 14.1 139.2 ■Class A Shares ■Class B Shares 88.6 26.3 FY98 FY99 FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 26 26#27Appendix Historical market data ESTIMATED U.S. OFFICE FURNITURE SHIPMENTS (USD billions) $20.0 $15.0 $10.0 $5.0 $- 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 EUROPEAN OFFICE FURNITURE CONSUMPTION (EUR billions) € 12 € 10 € 8 € 6 € 4 € 2 € 0 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Sources: 1997-2015: internal Steelcase estimates, 2015-2020: BIFMA, CSIL | | | | | | | | | 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 27#28Appendix Non-GAAP financial measures This presentation contains certain non-GAAP financial measures. A "non- GAAP financial measure" is defined as a numerical measure of a company's financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with GAAP in the statement of income, balance sheet or statement of cash flows of the company. Pursuant to the requirements of Regulation G, the company has provided a reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measure. The non-GAAP financial measures used within this presentation are: (1) adjusted operating income (loss), which represents operating income (loss), excluding restructuring costs and goodwill and intangible asset impairment charges, (2) adjusted operating income (loss) margin, which represents operating income (loss) margin, excluding restructuring costs and goodwill and intangible asset impairment charges, ADJUSTED OPERATING INCOME (3) adjusted Earnings Before Interest, Taxes and Depreciation and Amortization (EBITDA), which represents EBITDA, excluding restructuring and goodwill and intangible asset impairment charges, (4) adjusted Earnings Before Interest Taxes and Depreciation and Amortization (EBITDA) margin, which represents adjusted EBITDA as a percentage of revenue, (5) total debt to adjusted EBITDA ratio, which represents total debt divided by adjusted EBITDA and (6) adjusted return on invested capital (ROIC), which represents income before income tax expense, excluding interest expense, restructuring costs and goodwill and intangible asset impairment charges, less income tax expense at an assumed long-term effective tax rate, divided by average capital (defined as the average of total debt and shareholders' equity at the beginning and end of the applicable period). These measures are presented because management uses this information to monitor and evaluate financial results and trends. Therefore, management believes this information also useful for investors. $ Million FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 Operating Income/(Loss) $203 $1 ($12) $52 $97 $59 $166 $137 $170 $196 $155 $184 $257 $43 as Restated* Restructuring Costs $38 $35 $31 $31 $35 $7 $41 $20 $5 $28 Goodwill and intangible $21 $65 $60 $13 $18 asset impairment charges Adjusted Operating Income $225 $107 $27 $83 $124 $151 $180 $178 $190 $201 $155 $184 $257 $89 * Operating income restated due to implementation of ASU No. 2017-07, Compensation - Retirement Benefits (Topic 715). Please see Q1 FY19 10-Q for more information. 28#29Appendix Non-GAAP financial measures AMERICAS ADJUSTED OPERATING INCOME MARGIN (Percent of Revenue) * FY16 FY17 FY18 FY19 FY20 FY21 Operating Income 11.4% 10.7% 8.2% 8.5% 9.0% 5.2% Margin as Restated * Restructuring Costs 0.1% 1.6% (Benefits) Adjusted Operating Income Margin 11.4% 10.8% 8.2% 8.5% 9.0% 6.8% * Operating income restated due to implementation of ASU No. 2017-07, Compensation - Retirement Benefits (Topic 715). Please see Q1 FY19 10-Q for more information. 29 29#30Appendix Non-GAAP financial measures EMEA ADJUSTED OPERATING INCOME (LOSS) MARGIN * (Percent of Revenue) FY16 FY17 FY18 FY19 FY20 FY21 Operating Income (Loss) Margin as Restated * (12.4%) (4.1%) (2.7%) (1.1%) 1.5% (6.3%) Goodwill and intangible asset 3.4% impairment charges Restructuring Costs 3.9% 0.4% Adjusted Operating Income (Loss) Margin (8.5%) (3.7%) (2.7%) (1.1%) 1.5% (2.9)% *Operating income restated due to implementation of ASU No. 2017-07, Compensation - Retirement Benefits (Topic 715). Please see Q1 FY19 10-Q for more information. 30 30#31Appendix Non-GAAP financial measures ADJUSTED EBITDA MARGIN and TOTAL DEBT / ADJUSTED EBITDA $ Million Revenue FY16 FY17 FY18 FY19 FY20 FY21 $3,060 $3,032 $3,055 $3,443 $3,724 $2,596 Income before income tax expense $175 $196 $162 $164 $245 $26 Interest Expense $18 $17 $18 $38 $27 $27 Depreciation and amortization $66 $60 $66 $82 $86 $86 Restructuring costs $20 $5 $28 5 Goodwill and intangible asset impairment charges $18 Adjusted EBITDA $278 $279 $245 $283 $358 $185 Adjusted EBITDA Margin (% of Revenue) Total Debt 9.1% 9.2% 8.0% 8.2% 9.6% 7.1% $299 $297 $295 $487 $484 $484 1.1 1.1 1.2 1.7 1.4 2.6 Total Debt Adjusted EBITDA 31#32Appendix Non-GAAP financial measures ADJUSTED RETURN ON INVESTED CAPITAL (ROIC) $ Million FY16 FY17 FY18 FY19 FY20 FY21 Income before income tax expense $175 $196 $162 $164 $245 $26 Interest Expense $18 $17 $18 $38 $27 $27 Restructuring costs $20 $5 $28 $18 Goodwill and intangible asset impairment charges Adjusted Income before income tax expense $213 $218 $180 $201 $273 $99 Assumed Long-Term Effective Income Tax Rate % 36.0% 36.0% 34.5%(1) 27.0% 27.0% 27.0% Adjusted Net Income $136 $140 $118 $147 $199 $72 Total Debt Total shareholders' equity Total Capital Prior Year Total Capital Average Capital Adjusted Return on Invested Capital (ROIC) (Adjusted Net Income as a % of Average Capital) (1) Assumes 10 months at 36% and 2 months at 27% as after U.S. Tax Reform $299 $297 $295 $487 $484 $484 $737 $767 $813 $850 $970 $962 $1,036 $1,064 $1,108 $1,337 $1,455 $1,446 $946 $1,036 $1,064 $1,108 $1,337 $1,455 $991 $1,050 $1,086 $1,223 $1,396 $1,451 13.8% 13.3% 10.9% 12.0% 14.3% 5.0% 32#33© 2020 Steelcase Inc. Trademarks used herein are the property of Steelcase Inc. or of their respective owners. Steelcase 33 33