H B Fuller : Q4 2019 H.B. Fuller Company Earnings Call Presentation

Fourth Quarter 2019 Conference Call

Investor Presentation

St. Paul, MN

January 23, 2020

2

Safe Harbor & Regulation G

Safe Harbor Statement

Certain matters discussed today may include 'forward looking statements' as that term is defined under the Private Securities Litigation Reform Act of 1995. Since such statements reflect our current expectations, actual results may differ as they are subject to the kinds of risks that are enumerated in the Company's Securities and Exchange Commission (SEC) filings.

The Company disclaims any obligation to subsequently revise any forward-looking statements to reflect actual events or circumstances after the date of such statements.

Regulation G

The information presented during today's meeting regarding adjusted gross profit, adjusted selling, general and administrative expense, adjusted diluted earnings per share, earnings before interest, taxes, depreciation, and amortization (EBITDA) and constant currency revenue does not conform to generally accepted accounting principles (GAAP) and should not be construed as an alternative to the reported results determined in accordance with GAAP. Management has included this non-GAAP information to assist in understanding the operating performance of the Company and its operating segments as well as the comparability of results. The non-GAAP information provided may not be consistent with the methodologies used by other companies. All non-GAAP information is reconciled with reported GAAP results in the tables below with the exception of our forward looking non-GAAP measures contained in our fiscal 2020 outlook, which are unknown or have not yet occurred.

Additional Information

Please refer to our annual report on Form 10-K, filed with the Securities and Exchange Commission, and available on our website at www.hbfuller.com in the Investor Relations section.

Q4 2019 Investor Presentation

Q4'19 Quarterly Results

Highlights

• Share gains in strategic segments amidst continued slow industrial production
• Sequential improvement in Q4'19 FUL volume trends vs. Q3'19
• Increased FY19 profitability in a challenging manufacturing environment
• Strong cash flow conversion andde-levering faster than planned
• Completed GBU realignment including $25 - $35 million of cost savings
• Company actions in place to deliver organic revenue and strong earnings and cash flow growth in FY20

3

FY 2019 Imperatives

• EBITDA
• • Adj EPS & EBITDA up YoY @ constant currency
  • Share gains in strategic markets
• Realized $15M Royal synergies, on- track to target
• Increased cash flow & exceeded $200M debt paydown target
• • $268M debt paydown also exceeded Q3'19upwardly-revised target of $260M
  • FY'19 FCF of $207M up 12% YoY

Q4 2019 Investor Presentation

4

Q4 2019 Segment Summary	Global vision
Better accountability	Stronger teamwork

Americas Adhesives

• Organic sales growth +3%year-over-year against significantly lower US PMI
• Growth driven by increased volume; now annualized against 2018 pricing actions
• Improving volume trends sequentially vs. Q3

EIMEA	Asia Pacific
• PMI slowdown in core Europe	• Organic sales growth +2%
• Improving volume trends sequentially vs. Q3	• Korea, SEA and China results offset weak A/NZ
• EBITDA margin increased year-over-year	• +8% adjusted EBITDA increase year-over-year

Construction Adhesives

Engineering Adhesives

• Ongoing headwinds - lower construction & industrial spending
• New GBU leadership
• Plant inefficiencies being addressed through M&A integration activities
• Organic sales growth vs. very strong Q4'18
• Slow Automotive market
• Strong adjusted EBITDA margin of 21%

Q4 2019 Investor Presentation

5

Completed Realignment to Three GBUs

Benefits

• Enhances strategic alignment of business strategies
• Accelerates global coordination across regions and end markets
• Simplifies business and reduces costs

		Engineering
		Adhesives
Near-term growth
▪	Mid single digits
Long-term growth	▪	Double-digit
Targeted EBITDA % ▪	High teens to 20%

Estimated FY19 Revenue

Hygiene, Health

and Consumables

Adhesives

45%

Engineering

Adhesives

40%

Construction

Adhesives

15%

	HHC			Construction
	Adhesives			Adhesives
▪	Low single digits	▪	Low single digits
▪	Low to mid single digits	▪	Above market rates
▪	Mid teens	▪	High teens

Q4 2019 Investor Presentation

6

Q4 2019 Key Financial Results Summary

• Net Revenue down 3.8%year-over-year; organic sales down 0.9%
• Adjusted gross margin of 27.6% down 20 bps YOY
• Adjusted SG&A approximately flat YoY
• Adjusted EPS of $0.88; up ~4% YoY excluding FX and divestiture
• Adjusted EBITDA of $112M; EBITDA margin flat YoY excluding FX and divestiture
• Full Year Free Cash Flow of $207M up 12% YoY
• Paid down $268M of debt YTD; up $64 million versus 2018 debt paydown

Q4 2019 Investor Presentation

7

FY 2020 Guidance

	FY'20 Guidance
Net Revenue	Flat to +1% YoY
Organic Growth	1% to 2%
FX impact	-0.5% approximately
Divestiture	-0.5% approximately
Adjusted EPS	$3.15 to $3.35
Adjusted EBITDA	$440M to $460M
Debt paydown	$200M

Key Guidance Assumptions:

• Loss of $5M EBITDA and $0.05 adjusted EPS in FY'20 due to surfactants divestiture
• Approx.17-18% of EBITDA achieved in Q1'20 based on seasonality
• Interest expense of ~$80M
• Core effective tax rate between 26% and 28%
• Capital expenditures of ~$85 million
• Excludespre-tax expenses of $6 to 10M for business realignment and integration costs, $12M - $15M of ERP costs

Q4 2019 Investor Presentation

6

Wrap-Up

• Margin and cash flow resilience amidst challenging external conditions
• Winning new customer business in highly engineered applications
• Expect 2020 macroeconomic environment to be similar to 2019
• Business realignment drives cost savings and organic growth
• Company actions support strong earnings and cash flow increases in FY20
• Accelerating debt deleverage commitments

Q4 2019 Investor Presentation

APPENDIX

Q4 2019 Investor Presentation

9

Regulation G - EPS & EBITDA Reconciliation

		13 Weeks Ended				52 Weeks Ended
	November 30, 2019		December 1, 2018		November 30, 2019		December 1, 2018
Net income attributable to H.B. Fuller	$	32,214	$	41,345	$	130,817	$	171,208
Adjustments:
Acquisition project costs		45			616			2,204			2,833
Tonsan call option agreement		-			3,555			-			1,496
Organizational realignment		6,535			469			7,647			2,836
Royal restructuring and integration		1,957			5,930			787			20,351
Tax reform		76			(7,138)			132			(43,276)
Project One		937			451			4,115			4,780
Other		4,520			1,336			7,964			(4,266)
Adjusted net income attributable to H.B. Fuller1		46,284			46,564			153,666			155,962
Add:
Interest expense		23,933			27,468			103,287			110,624
Interest income		(2,987)			(3,005)			(12,178)			(11,774)
Income taxes		10,246			13,580			47,465			49,541
Depreciation and amortization expense A		34,702			35,964			140,105			144,400
Adjusted EBITDA1		112,178			120,571			432,345			448,753
Diluted Shares		52,423			52,017			51,983			51,975
Adjusted diluted income per common share
attributable to H.B. Fuller1	$	0.88		$	0.90		$	2.96		$	3.00
Revenue	$	739,106	$	768,429	$	2,897,000	$	3,041,002
Adjusted EBITDA margin1		15.2%			15.7%			14.9%			14.8%

1Adjusted net income attributable to H.B. Fuller, adjusted diluted income per common share attributable to H.B. Fuller, adjusted EBITDA and adjusted EBITDA margin are non-GAAP financial measures. Adjusted net income attributable to H.B. Fuller is defined as net income before the specific adjustments shown above. Adjusted diluted income per common share is defined as adjusted net income attributable to H.B. Fuller divided by the number of diluted common shares. Adjusted EBITDA is defined as net income before interest, income taxes, depreciation, amortization and the specific adjustments shown above. Adjusted EBITDA margin is defined as adjusted EBITDA divided by net revenue. The table above provides a reconciliation of adjusted net income attributable to H.B. Fuller, adjusted diluted income per common share attributable to H.B. Fuller, adjusted EBITDA and adjusted EBITDA margin to net income attributable to H.B. Fuller, the most directly comparable financial measure determined and reported in accordance with GAAP.

ADepreciation and amortization expense added back for Adjusted EBITDA is adjusted for amounts already included in Adjusted net income attributable to H.B. Fuller totaling $34 and ($1,101) for the three and twelve months ended November 30, 2019, respectively, and $0 and ($726) for the three and twelve months ended December 1, 2018, respectively.

Q4 2019 Investor Presentation

10

Regulation G - Q4 Segment Information

		13 Weeks Ended			13 Weeks Ended
		November 30, 2019			December 1, 2018
Net Revenue:
Americas Adhesives	$	261,366	$	265,434
EIMEA		164,669			174,790
Asia Pacific		71,476			71,172
Construction Adhesives		93,294			106,921
Engineering Adhesives		148,301			150,112
Total H.B. Fuller	$	739,106		$	768,429
Segment Operating Income:
Americas Adhesives	$	21,723	$	26,173
EIMEA		3,802			6,875
Asia Pacific		6,514			6,737
Construction Adhesives		823			6,008
Engineering Adhesives		19,834			18,704
Total H.B. Fuller	$	52,696		$	64,497
Adjusted EBITDA1
Americas Adhesives	$	36,834	$	42,263
EIMEA		18,159			18,702
Asia Pacific		10,044			9,295
Construction Adhesives		12,457			17,980
Engineering Adhesives		31,152			32,516
Corporate unallocated		3,532			(185)
Total H.B. Fuller	$	112,178		$	120,571
Adjusted EBITDA Margin1
Americas Adhesives		14.1%			15.9%
EIMEA		11.0%			10.7%
Asia Pacific		14.1%			13.1%
Construction Adhesives		13.4%			16.8%
Engineering Adhesives		21.0%			21.7%
Corporate unallocated		0.5%			(0.0%)
Total H.B. Fuller		15.2%			15.7%

Q4 2019 Investor Presentation

11

Regulation G - Full Year Segment Information

		52 Weeks Ended			52 Weeks Ended
		November 30, 2019			December 1, 2018
Net Revenue:
Americas Adhesives	$	1,022,775	$	1,051,365
EIMEA		640,913			697,448
Asia Pacific		271,585			278,162
Construction Adhesives		394,912			452,046
Engineering Adhesives		566,815			561,981
Total H.B. Fuller	$	2,897,000		$	3,041,002
Segment Operating Income:
Americas Adhesives	$	92,195	$	98,966
EIMEA		22,256			29,589
Asia Pacific		22,165			17,742
Construction Adhesives		11,971			30,418
Engineering Adhesives		77,407			61,176
Total H.B. Fuller	$	225,994		$	237,891
Adjusted EBITDA1
Americas Adhesives	$	148,492	$	159,907
EIMEA		66,020			73,153
Asia Pacific		34,435			29,101
Construction Adhesives		56,696			78,461
Engineering Adhesives		119,255			103,423
Corporate unallocated		7,447			4,708
Total H.B. Fuller	$	432,345		$	448,753
Adjusted EBITDA Margin1
Americas Adhesives		14.5%			15.2%
EIMEA		10.3%			10.5%
Asia Pacific		12.7%			10.5%
Construction Adhesives		14.4%			17.4%
Engineering Adhesives		21.0%			18.4%
Corporate unallocated		0.3%			0.2%
Total H.B. Fuller		14.9%			14.8%

Q4 2019 Investor Presentation

12

Regulation G - Adjusted Income Reconciliation

		13 Weeks Ended				52 Weeks Ended
	November 30, 2019		December 1, 2018		November 30, 2019		December 1, 2018
Income before income taxes and income from equity
method investments	$	40,580	$	42,863	$	172,828	$	156,726
Adjustments:
Acquisition project costs		63			848			2,703			3,957
Tonsan call option agreement		-			3,555			-			1,496
Organizational realignment		9,280			544			10,168			2,840
Royal restructuring and integration		2,327			8,094			713			28,566
Tax reform		106			305			180			305
Project One		1,293			601			5,275			6,867
Other		741			1,364			1,867			(3,380)
Adjusted income before income taxes and income
from equity method investments ²	$	54,390	$	58,174	$	193,734	$	197,377

• Adjusted income before income taxes and income from equity investments is anon-GAAP financial measure. Adjusted income before income taxes and income from equity investments is defined as income before income taxes and income from equity investments before the specific adjustments shown above. The table above provides a reconciliation of adjusted income before income taxes and income from equity investments to income before income taxes and income from equity investments, the most directly comparable finanacial measure determined and reported in accordance with GAAP.

Q4 2019 Investor Presentation

13

Regulation G - Adjusted Income Tax Reconciliation

		13 Weeks Ended				52 Weeks Ended
	November 30, 2019		December 1, 2018		November 30, 2019		December 1, 2018
Income Taxes	$	(10,506)	$	(3,488)	$	(49,408)	$	6,356
Adjustments:
Acquisition project costs		(17)			(232)			(500)			(1,124)
Tonsan call option agreement		-			-			-			-
Organizational realignment		(2,746)			(75)			(2,521)			(4)
Royal restructuring and integration		(371)			(2,164)			74			(8,215)
Tax reform		(29)			(7,444)			(49)			(43,582)
Project One		(356)			(150)			(1,159)			(2,087)
Other		3,779			(27)			6,098			(885)
Adjusted income taxes ³	$	(10,246)	$	(13,580)	$	(47,465)	$	(49,541)
Adjusted income before income taxes and income
from equity method investments	$	54,390	$	58,174	$	193,734	$	197,377
Adjusted effective income tax rate ³		18.8%			23.3%			24.5%			25.1%

• Adjusted income taxes and adjusted effective income tax rate arenon-GAAP financial measures. Adjusted income taxes is defined as income taxes before the specific adjustments shown above. Adjusted effective income tax rate is defined as adjusted income taxes divided by adjusted income before income taxes and income from equity method investments. The table above provides a reconciliation of adjusted income taxes and adjusted effective income tax rate to income taxes, the most directly comparable financial measure determined and reported in accordance with GAAP.

Q4 2019 Investor Presentation

14

Regulation G - Adjusted Gross Margin Reconciliation

		13 Weeks Ended			52 Weeks Ended
	November 30, 2019	December 1, 2018	November 30, 2019	December 1, 2018
Net revenue		739,106		768,429		2,897,000		3,041,002
Gross profit	$	201,217	$	207,429	$	806,922	$	828,158
Gross profit margin		27.2%		27.0%		27.9%		27.2%
Adjustments:
Acquisition project costs		-		526		-		2,522
Tonsan call option agreement		-		-		-		-
Organizational realignment		506		235		381		1,533
Royal restructuring and integration		2,065		2,810		6,316		5,026
Tax reform		-		-		-		-
Project One		-		-		-		-
Other		199		2,407		191		2,407
Adjusted gross profit ⁴	$	203,987	$	213,407	$	813,810	$	839,646
Adjusted gross profit margin ⁴		27.6%		27.8%		28.1%		27.6%

• Adjusted gross profit and gross profit margin arenon-GAAP financial measures. Adjusted gross profit and gross profit margin is defined as gross profit and gross profit margin excluding the specific adjustments shown above. The table above provides a reconciliation of adjusted gross profit and gross profit margin to gross profit and gross profit margin, the most directly comparable financial measure determined and reported in accordance with GAAP.

Q4 2019 Investor Presentation

15

Regulation G - Adjusted SG&A Reconciliation

		13 Weeks Ended				52 Weeks Ended
	November 30, 2019		December 1, 2018		November 30, 2019		December 1, 2018
Selling, general and administrative expenses	$	(148,521)	$	(142,932)	$	(580,928)	$	(590,267)
Adjustments:
Acquisition project costs		63			323			2,703			1,437
Tonsan call option agreement		-			3,450			-			1,127
Organizational realignment		8,746			309			13,300			1,307
Royal restructuring and integration		4,551			5,114			15,296			23,370
Tax reform		105			305			180			305
Project ONE		1,293			601			5,275			6,867
Other		363			380			1,497			407
Adjusted selling, general and administrative expenses ⁵	$	(133,400)	$	(132,450)	$	(542,677)	$	(555,447)

• Adjusted selling, general and administrative expenses is anon-GAAP financial measure. Adjusted selling, general and administrative expenses is defined as selling, general and administrative expenses excluding the specific adjustments shown above. The table above provides a reconciliation of adjusted selling, general and administrative expenses to selling, general and administrative expenses, the most directly comparable financial measure determined and reported in accordance with GAAP.

Q4 2019 Investor Presentation

16

Regulation G - Q4'19 Segment EBITDA Reconciliation

		Americas						Asia		Construction		Engineering					Corporate		H.B. Fuller
		Adhesives			EIMEA			Pacific		Adhesives		Adhesives			Total		Unallocated	Consolidated
13 Weeks Ended November 30, 2019	$	23,703	$	4,352	$	6,555	$	1,536	$	19,908	$	56,054	$	(23,840)	$	32,214
Net income attributable to H.B. Fuller
Adjustments:
Acquisition project costs			16			10			25			5			6			62			(17)			45
Tonsan call option agreement			-			-			-			-			-			-			-			-
Organizational realignment			2,866			3,827			852			778			929			9,252			(2,717)			6,535
Royal restructuring and integration			1,242			2,678			390			840			1,465			6,615			(4,658)			1,957
Tax reform			40			26			13			12			15			106			(30)			76
Project One			493			314			159			146			181			1,293			(356)			937
Other			199			363			-			-			-			562			3,958			4,520
Adjusted net income attributable to
H.B. Fuller ¹			28,559			11,570			7,994			3,317			22,504			73,944			(27,660)			46,284
Add:
Interest expense			-			-			-			-			-			-			23,933			23,933
Interest income			-			-			-			-			-			-			(2,987)			(2,987)
Income taxes			-			-			-			-			-			-			10,246			10,246
Depreciation and amortization expense			8,275			6,589			2,050			9,140			8,648			34,702			-			34,702
Adjusted EBITDA ¹	$		36,834	$	18,159	$	10,044	$	12,457	$	31,152	$	108,646	$	3,532	$	112,178

____________________

Note: Adjusted EBITDA is a non-GAAP financial measure. The table above provides a reconciliation of adjusted EBITDA for each segment to net income attributable to H.B. Fuller for each segment, the most directly comparable financial measure determined and reported in accordance with U.S. GAAP.

Q4 2019 Investor Presentation

17

Regulation G - FY'19 Segment EBITDA Reconciliation

		Americas						Asia		Construction		Engineering					Corporate		H.B. Fuller
		Adhesives			EIMEA			Pacific		Adhesives		Adhesives			Total		Unallocated	Consolidated
52 Weeks Ended November 30, 2019	$	100,101	$	24,752	$	22,328	$	14,741	$	77,734	$	239,656	$	(108,839)	$	130,817
Net income attributable to H.B. Fuller
Adjustments:
Acquisition project costs			1,000			649			378			302			375			2,704			(500)			2,204
Tonsan call option agreement			-			-			-			-			-			-			-			-
Organizational realignment			5,942			4,889			1,040			655			1,155			13,681			(6,034)			7,647
Royal restructuring and integration			4,578			6,975			1,679			4,261			4,093			21,586			(20,799)			787
Tax reform			68			44			22			21			25			180			(48)			132
Project One			1,993			1,288			652			598			744			5,275			(1,160)			4,115
Other			1,113			598			-			-			-			1,711			6,253			7,964
Adjusted net income attributable to
H.B. Fuller ¹			114,795			39,195			26,099			20,578			84,126			284,793			(131,127)			153,666
Add:
Interest expense			-			-			-			-			-			-			103,287			103,287
Interest income			-			-			-			-			-			-			(12,178)			(12,178)
Income taxes			-			-			-			-			-			-			47,465			47,465
Depreciation and amortization expense			33,697			26,825			8,336			36,118			35,129			140,105			-			140,105
Adjusted EBITDA ¹	$		148,492	$	66,020	$	34,435	$	56,696	$	119,255	$	424,898	$	7,447	$	432,345

____________________

Note: Adjusted EBITDA is a non-GAAP financial measure. The table above provides a reconciliation of adjusted EBITDA for each segment to net income attributable to H.B. Fuller for each segment, the most directly comparable financial measure determined and reported in accordance with U.S. GAAP.

Q4 2019 Investor Presentation

18

Regulation G - Q4'18 Segment EBITDA Reconciliation

		Americas						Asia	Construction	Engineering								H.B. Fuller
		Adhesives			EIMEA			Pacific		Adhesives		Adhesives			Total	Unallocated	Consolidated
13 Weeks Ended December 1, 2018	$	28,576	$	8,153	$	6,945	$	7,015	$	19,067	$	69,756	$	(28,411)	$	41,345
Net income attributable to H.B. Fuller
Adjustments:
Acquisition project costs			796			22			10			10			11			849			(233)			616
Tonsan call option agreement			-			-			-			-			3,449			3,449			106			3,555
Organizational realignment			12			361			4			163			4			544			(75)			469
Royal Restructuring			1,688			3,053			391			1,506			1,287			7,925			(1,995)			5,930
Tax reform			120			75			35			36			39			305			(7,443)			(7,138)
Project One			236			148			70			71			76			601			(150)			451
Other			1,796			(8)			(169)			(77)			(179)			1,363			(27)			1,336
Adjusted net income attributable to H.B.
Fuller ¹			33,224			11,804			7,286			8,724			23,754			84,792			(38,228)			46,564
Add:
Interest expense			-			-			-			-			-			-			27,468			27,468
Interest income			-			-			-			-			-			-			(3,005)			(3,005)
Income taxes			-			-			-			-			-			-			13,580			13,580
Depreciation and amortization expense			9,039			6,898			2,009			9,256			8,762			35,964			-			35,964
Adjusted EBITDA ¹	$		42,263	$	18,702	$	9,295	$	17,980	$	32,516	$	120,756	$	(185)	$	120,571

________________________

Note: Adjusted EBITDA is a non-GAAP financial measure. The tables above provide a reconciliation of adjusted EBITDA for each segment to net income attributable to H.B. Fuller for each segment, the most directly comparable financial measure determined and reported in accordance with U.S. GAAP.

Q4 2019 Investor Presentation

19

Regulation G - FY'18 Segment EBITDA Reconciliation

		Americas						Asia	Construction	Engineering								H.B. Fuller
		Adhesives			EIMEA			Pacific		Adhesives		Adhesives			Total	Unallocated	Consolidated
52 Weeks Ended December 1, 2018	$	106,955	$	33,742	$	18,063	$	33,908	$	62,094	$	254,762	$	(83,554)	$	171,208
Net income attributable to H.B. Fuller
Adjustments:
Acquisition project costs			3,679			94			45			45			95			3,958			(1,125)			2,833
Tonsan call option agreement			-			-			-			-			1,126			1,126			370			1,496
Organizational realignment			200			1,702			8			922			9			2,841			(5)			2,836
Royal Restructuring			9,002			7,597			1,874			5,843			4,081			28,397			(8,046)			20,351
Tax reform			121			75			35			36			39			306			(43,582)			(43,276)
Project One			2,700			1,690			797			809			871			6,867			(2,087)			4,780
Other			1,817			(7)			(168)			(76)			(178)			1,388			(5,654)			(4,266)
Adjusted net income attributable to H.B.
Fuller ¹			124,474			44,893			20,654			41,487			68,137			299,645			(143,683)			155,962
Add:
Interest expense			-			-			-			-			-			-			110,624			110,624
Interest income			-			-			-			-			-			-			(11,774)			(11,774)
Income taxes			-			-			-			-			-			-			49,541			49,541
Depreciation and amortization expense			35,433			28,260			8,447			36,974			35,286			144,400			-			144,400
Adjusted EBITDA ¹	$		159,907	$	73,153	$	29,101	$	78,461	$	103,423	$	444,045	$	4,708	$	448,753

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Note: Adjusted EBITDA is a non-GAAP financial measure. The tables above provide a reconciliation of adjusted EBITDA for each segment to net income attributable to H.B. Fuller for each segment, the most directly comparable financial measure determined and reported in accordance with U.S. GAAP.

Q4 2019 Investor Presentation

20

Revenue Performance Components

	13 Weeks Ended	52 Weeks Ended
	November 30, 2019	November 30, 2019
	Total	Total
Price	(0.5%)	1.0%
Volume	(0.4%)	(2.1%)
Organic Growth (Decline)	(0.9%)	(1.1%)
M&A	(0.8%)	(0.3%)
F/X	(2.1%)	(3.3%)
Total H.B. Fuller Net Revenue Decline	(3.8%)	(4.7%)
		13 Weeks Ended			52 Weeks Ended
	November 30, 2019			November 30, 2019
			Organic			Organic
			Growth			Growth
	Net Revenue	F/X and M&A	(Decline)	Net Revenue	F/X and M&A	(Decline)
Americas Adhesives	(1.5%)	(4.7%)	3.2%	(2.7%)	(3.8%)	1.1%
EIMEA	(5.8%)	(2.3%)	(3.5%)	(8.1%)	(5.4%)	(2.7%)
Asia Pacific	0.4%	(1.8%)	2.2%	(2.4%)	(3.5%)	1.1%
Construction Adhesives	(12.7%)	(0.4%)	(12.3%)	(12.6%)	(0.6%)	(12.0%)
Engineering Adhesives	(1.2%)	(2.4%)	1.2%	0.9%	(3.3%)	4.2%
Total H.B. Fuller	(3.8%)	(2.9%)	(0.9%)	(4.7%)	(3.6%)	(1.1%)

Q4 2019 Investor Presentation

21

Investor contact:

Vice President, Investor Relations H.B. Fuller

Barbara Doyle

[phone]

Q4 2019 Investor Presentation