Leggett & Platt : Presentation for 4Q 2020 Conference Call

Fourth Quarter

Summary Financial Information

February 8, 2021

Forward-Looking Statements

Statements in this presentation that are not historical in nature are "forward-looking." These statements include future EPS, sales, volume, consumer demand for home-related items and global automotive, progress with supply chain constraints, modest improvement in COVID-19 impacted businesses, raw material price increases, currency benefits, acquisition and divestitures impacts, LIFO impacts, EBIT margin, depreciation and amortization, net interest expense, tax rate, diluted shares outstanding, operating cash, capital expenditures, amount of dividends, and debt repayments. All such forward-looking statements are expressly qualified by the cautionary statements described in this provision. We do not have, and do not undertake, any duty to update any forward-looking statement. Forward-looking statements should not be relied upon as a prediction of actual future events or results. Any forward-looking statement reflects only the beliefs of Leggett at the time the statement is made. All forward-looking statements are subject to risks and uncertainties which might cause actual events or results to differ materially from the forward-looking statements. These risks and uncertainties include: the adverse impact caused by the COVID-19 pandemic, including demand for our products, our manufacturing facilities' ability to stay fully operational, the functioning of our supply and distribution chains, employee costs, inability to collect receivables, goodwill and long-lived asset impairment, inability to issue commercial paper or borrow under the credit facility; COVID-19 vaccination timing and effectiveness; uncertainty of financial performance; changes in our capital needs; market conditions; price and product competition; cost and availability of raw materials and labor and energy costs; disruption to our rod mill; restructuring-related costs; our ability to manage working capital; anti-dumping duties; cybersecurity breaches; customer losses; climate change regulations, ESG risks; foreign currency fluctuation; cash repatriation; litigation risks; and other risk factors in Leggett's most recent Form 10-K and subsequent 10-Qs.

2

Overview

4th Quarter:

 Sales increased 3%, to $1.182 billion  Volume was up 1%; exited business -1%

 Raw material-related price increases and currency benefit added 2%  Acquisitions and divestitures offset

 EBIT of $150 million, up $10 million vs. Q4-19 adj.¹ EBIT

 EBIT margin 12.7%, up 50 bps vs. Q4-19 adj.¹ EBIT margin of 12.2%  Q4 record EPS of $.76, up $.08 vs. adj.¹ EPS of $.68 in Q4-19

 Fixed cost savings ~$25 million

Full Year:

 Sales were down 10%, to $4.28 billion

 Acquisitions, net of divestitures, added 1%

 Adj.¹ EBIT of $446 million, down $83 million vs. 2019  Adj.¹ EPS of $2.13, down 17% vs. 2019

 Fixed cost savings ~$90 million

 Cash from operations was $603 million

 2021 EPS guidance of $2.30-$2.60 on sales of $4.6-$4.9 billion

1 See slides 4 and 24 for calculation for adjusted EPS, adjusted EBIT and adjusted EBIT margin	3

Q4 2020 Financial Highlights

		Reported	Adj	Reported		Adj
$'s in millions (except EPS)	Q4-20 Adj ¹	Q4-20	Q4-19	Adj ¹	Q4-19	Change
Sales	$1,182	$1,182	$1,145		$1,145	3%
EBIT	150	150	135	5	140	7%
EBIT Margin	12.7%	12.7%	11.8%		12.2%	50 bps
EPS	.76	.76	.64	.04	.68	12%
Cash from Operations	$219	$219	$251		$251	(13%)
EBITDA	198	198	182	5	187	6%
EBITDA margin	16.8%	16.8%	15.9%		16.4%	40 bps

¹ See slide 24 for non-GAAP adjustments	4

Q4 2020 Sales & EBIT Bridge

	Sales:	mln $'s		% change
	4th Qtr 2019	$1,145
	Approx volume growth 1	15	1%
	Approx raw material-related pricing and
	currency benefit	27		2%
	Organic Sales	42	3%
	Acquisitions, net of divestitures	(5)		─%
	4th Qtr 2020	$1,182	3%
	EBIT:			margin
	Adjusted 2 4th Qtr 2019	$140	12.2%
	Other: primarily fixed cost reductions partially	10
	offset by LIFO change
	4th Qtr 2020	$150	12.7%
	¹ (1%) from exited business
	2 See slide 4 for calculation of adjusted EBIT and adjusted EBIT margin	5

Q4 2020 Non-Operating & Taxes

	Reported	Adj	Reported		Adj
$'s in millions	Q4-20	Adj ¹	Q4-20	Q4-19	Adj ¹	Q4-19	Change
EBIT	$150		$150	$135	$5	$140	7%
Net interest	19		19	20		20
Pre-tax earnings	131		131	115	5	120	9%
Income taxes	28		28	28		28
Tax rate	21.2%		21.2%	24.3%		23.4%
Earnings	103		103	87	5	92	12%
Net earnings	103		103	87	5	92	12%
Non-controlling interests	-		-	-		-
Net earnings attributable to L&P	103		103	87	5	92	12%
EPS	.76		.76	.64	.04	.68	12%

¹ See slide 24 for non-GAAP adjustments	6

Adjusted Working Capital

		12/31		9/30		12/31
$	's in millions	2020		2020		2019
Cash & equivalents	$349		$245		$248
Accounts receivable, net	564		642		592
Inventories, net	646		585		637
Other current assets		54	46	62
	Total current assets		1,612			1,518	1,538
Current debt maturities	(51)		(51)		(51)
Current operating lease liabilities	(42)		(42)		(39)
Accounts payable	(552)		(494)		(463)
Accrued and other current liabilities	(361)	(360)		(374)
	Total current liabilities	(1,006)		(947)		(928)
Working capital	606		571		610
% of annualized sales ¹	12.8%		11.8%		13.3%
W/C, excl. cash & current debt/lease	351	419	453
% of annualized sales ¹	7.4%		8.7%		9.9%

¹ Annualized sales: 4Q20: $1,182x4=$4,728; 3Q20: $1,208x4=$4,830; 4Q19: $1,145x4=$4,580

7

Net Debt to Adjusted EBITDA

			12/31	9/30		12/31
$'s in millions	2020	2020		2019¹
	Long-term debt	$1,849		$1,909	$2,067
Current maturities		51				51		51
	Total debt		1,900		1,960	2,118
Less: Cash & equivalents	(349)		(245)	(248)
	Net debt	1,551			1,715		1,870
EBIT, trailing 12 months	401			386		513
Depreciation & amortization		189				188			192
EBITDA		590				574			705
Non-GAAP adjustments (pretax)		46		51	16
	Leggett reported adjusted EBITDA, trailing 12 months		636				625			721
		ECS pre-acquisition adjusted EBITDA 2													1
	Leggett & ECS pro forma adjusted EBITDA, trailing 12 months													722
Net debt to Leggett reported 12-month adjusted EBITDA 3			2.44x			2.74x			2.59x
Net debt to Leggett & ECS 12-month pro forma adjusted EBITDA 3														2.59x
1	Leggett's reported adjusted EBITDA includes ECS from January 16, 2019
2	12/31/2019: January 1, 2019 to January 16, 2019
3	These debt to adjusted EBITDA ratios are calculated differently than the Company's credit facility covenant ratio.	8
	For additional non-GAAP reconciliation information, see page 8 of the press release.