1

FORWARD-LOOKING STATEMENTS
From time to time, in written and oral statements, the company discusses its expectations regarding future
events and its plans and objectives for future operations. These 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 Forward
may, possible, potential, predict, project, words, expressions. Forward-
looking statements involve a number of risks and uncertainties that could cause actual results to vary from
the company’s 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 and other Force Majeure events; changes in the legal and regulatory environment; restructuring
activities; currency fluctuations; changes in customer demands; and the other risks and contingencies
detailed in the company’s most recent Annual Report on Form 10-K and its other filings with the Securities
and Exchange Commission. Steelcase undertakes no obligation to update, amend, or clarify forward-looking
statements, whether as a result of new information, future events, or otherwise.
, , ,
March 2009
2

our storyline
WHO WE ARE 4
WHAT WE SEE 12
WHY INVEST IN US 19
APPENDIX 33
3

WHO WE ARE
4

WHO WE ARE
we are passionate
We strive to unlock the potential of people at work.
It’s the fundamental principle on which our company was founded in 1912 and it
remains our single-minded focus in the 21st century.
A
F T
1912 2009
5

WHO WE ARE
we are curious
We start by being externally focused, understanding the world of work, workers and workplaces.
Then
Th we take our insights and create solutions th t help people h
t k i i ht d t l ti that h l l have a b tt experience at work.
better i t k
This user-centered research is the science behind our products.
OUR GLOBAL NETWORK OF RESEARCH PARTNERS
Universities & Academic Research Independent Research Corporate Research Industrial Consortia
MIT * Institutions Organizations OERC,
OERC Office Ergonomics
Technical University of Denmark Santa Fe Institute IBM Research * Research Committee
Georgia Institute of Technology Academy for Neuroscience for Xerox PARC CBE, Center for the Built
xclusive relationship
Architecture Fuji Xerox Environment
Illinois Institute of Technology
Fraunhofer Institute Arup Comfort Council
Harvard School of Architecture
Social Technologies Ubisense MIT, Things That Think
Michigan State University
University of Michigan * DEGW
Michigan Tech
g Hewlett Packard Labs
*Indicates an ex
University of California Intel Research
University of Munich IDEO
Royal College of Art
Ohio State University
Kyushu University Japan
1.8%
$61 1.6%
1 6% Based in Palo Alto CA IDEO
Alto, CA,
1.4%
helps organizations innovate
$50
through design. Independently
$44 STEELCASE R&D EXPENSE
ranked by global business
($ million, % of revenue)
leaders as one of the world’s
most innovative companies,
IDEO is majority-owned by
Steelcase.
FY07 FY08 FY09
6

WHO WE ARE
our R&D process
UNDERSTAND >> OBSERVE >> SYNTHESIZE >> REALIZE >> PROTOTYPE >> MEASURE
7

WHO WE ARE
we are scaled globally
GLOBAL OFFICE FURNITURE MARKET SALES BUSINESS SEGMENT REVENUE MIX
($ in billions) (fiscal 2009)
$4.6
International
Outside Home Country
Home Country
29%
$2.3
North America
55%
Other
16%
$0.0
iller
orth
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ura
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ll
uyo
ball
se
HN
K no
rou
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m
M
K ok
Kim
H aw
as G
Oka
man
Ste
S am
H er
Most recently published annual data and/or internal estimates
8

WHO WE ARE
we are globally local
We have a unique ability to satisfy workplace needs of customers wherever they do work
INDEPENDENT AND
COMPANY-OWNED DEALERS
North America: ~230
International: ~430
Manufacturing Locations Joint Ventures Worklife Centers
9

WHO WE ARE
“ DO ALL THE GOOD
we are socially responsible YOU CAN DO FOR AS
MANY PEOPLE AS
YOU CAN FOR AS
LONG AS YOU CAN.”
At Steelcase, we believe in a balanced approach to profit, people and planet.
Beginning
B i i nearly 100 years ago, we committed t a social contract with th
l itt d to i l t t ith the PETER WEGE*
communities in which we lived and served. We would produce great furniture,
be a great place to work, share profits with our shareholders and the
community and leave the world a better place. Steelcase continues to make
significant progress in each of these areas, but we’re always aware there’s
more we can do.
BALANCE
planet / people / profit
PASSION MATERIALS LIFECYCLE RECYCLE +
CHEMISTRY ANALYSIS REUSE
Sustainability is part of our social contract. Steelcase knows that the only way
to provide the best products in the world is to ensure that they’re the best
they re
products for the world. That’s why every step of the way… through design,
manufacture, delivery and product lifecycle… we consider the impact of our
work on the environment and uncover opportunities to make things better.
*Peter Wege is the son of one of our company’s founders and a long-time environmental champion.
10

WHO WE ARE
we are environmentally responsible
Sustainable environments begin with sustainable communities. Caring about people and caring
about
abo t the planet At Steelcase our approach to s stainabilit is holistic scientific meas rable
planet. Steelcase, o r sustainability holistic, scientific, measurable
and long-term in its focus.
49%
64%
71%
95%
CY01 CY08 CY01 CY08 CY01 CY08 CY01 CY08
Global VOC Air Emissions Global Greenhouse Gas Emissions Global Water Consumption Global Waste
MORE CRADLE-TO-CRADLESM CERTIFIED PRODUCTS THAN ANYONE IN ANY INDUSTRY
Steelcase Details PolyVision Nurture Designtex textiles
Think® seating Enviro™ and 19” e3 Environmental Ceramicsteel™ Viridian™ casegoods Eco-Intelligent Polyester™
Amia™ seating Keyboard Platforms Premium Series whiteboards Climatex® Lifecyle™
Move™ seating Details Slatwall and 100 and 500 Series markerboards, Turnstone Crypton® Green
®
Slatrail Worktools chalkboards and tackboards
Leap seating Tour™
Montage® systems furniture C, F, G and SB Series marker and Groupwork Tables
chalkboards
Answer® systems furniture
A t f it Scoop Stool
êno Interactive Whiteboards, from
Privacy Wall PolyVision
11

WHAT WE SEE
12

WHAT WE SEE
macro drivers
CORPORATE PROFITS AFTER-TAX (U.S.) NON-RESIDENTIAL FIXED INVESTMENT (U.S.)
With IVA and CCA adjustments Equipment and Software
$2,000 $1,200
$1,100
$1,500
$ billions
$1,000
$ billions
$1,000
b
Sources: BEA, Economy.com, BLS; BIFMA; www.imf.org
$900
$500
$800
$0
$700
2001 2002 2003 2004 2005 2006 2007 2008
2001 2002 2003 2004 2005 2006 2007 2008
JOB GROWTH (U.S.) WORLD GDP PROJECTIONS
600 9% 12%
8%
400 10%
7%
Unemployment Ra (%)
200 8%
ate
total non-farm jobs
s
6%
S
2009
(in thousands)
0 6% 2,010
5%
J-01
J-02
J-03
J-04
J-05
J-06
J-07
J-08
-200 4% 4%
3%
2%
-400
2%
Non-Farm Payroll 0%
-600
Unemployment Rate 1%
a
a
EU
n
y
ly
ce
UK
n
a
ia
l
ld
ico
.
st
E
i
S
an
in
pa
az
r ic
di
ai
Ita
EC
or
Ea
ss
an
U.
In
Sp
Ch
ex
Br
m
Ja
Af
W
Ru
Fr
e
M
-2%
er
dl
G
id
-800 0%
M
The economy gained an estimated 2.5 million jobs in 2005; 2.1 million jobs in
2006; and 1.1 million jobs in 2007; Economy lost ~3 million jobs in 2008;
Economy has lost 1.2 million jobs in first 2 months of 2009.
13

WHAT WE SEE
U.S. contract furniture industry
U.S. OFFICE FURNITURE SHIPMENTS (TTM, $billions) 2008 U.S. CONTRACT
FURNITURE PRODUCT MIX
100
$15,000
WOOD: 30%
80
$12,000 60
CAGR = 5%
CAGR = 7%
40 NON-WOOD: 70%
$9,000 20
0
CAGR = 9%
$6,000
BIFMA shipment growth (%)
$3,000
Increase in PCs become CY2004 5.1%
white-collar
white collar dominant in CY2005 12.7%
Web 2.0
workforce workforce
CY2006 7.4%
CY2007 5.5%
$-
CY2008 (2.3%)
Forecast CY2009 (19.3%)
Jan Jan Jan Jan
1980 1990 2000 2009
Source: BIFMA
14

WHAT WE SEE
the market
OUR CORE BRANDS
U.S. ISSUES-BASED SEGMENTATION* Coalesse: Insight-led inspiration for
premium and productive lifestyles.
For businesses and mobile work
Premium communities where work and life blend.
design-oriented
International
Performance-
oriented
Steelcase: Insight-led
performance for the world’s
insights / capabilities
leading organizations.
organizations
Supports how people work,
wherever that may be.
Simplicity- Nurture
oriented
Price/
Turnstone: Insight-led
convenience-
simplicity for great
oriented emerging businesses.
Great, simple, smart
design accessible to all.
*Qualitative; discussion purposes only
15

WHAT WE SEE
emerging trends… connecting and collaborating
Ever-changing technology
Globalization/distributed work
Growing amount of collaborative work
Diversity in workforce
War for talent
16

WHAT WE SEE
work happens everywhere
17

18

WHY INVEST IN US?
19

WHY INVEST IN US?
where we’re headed…
WELL POSITIONED FOR GROWTH
Global leader strategically positioned for growth in:
- Existing markets: leverage installed base
- Adjacent/new markets and customers: for example: healthcare,
j p
higher education, emerging businesses
- Emerging markets: China, India, Eastern/Central Europe, Middle East
MARGIN EXPANSION OPPORTUNITIES
Continue modernization of industrial system
Complete two business turnarounds
Reinvent SG&A processes
FINANCIAL PRIORITIES
Maintain strong balance sheet
Disciplined cash management
20

WHY INVEST IN US?
…and how we’ll get there FY11 Lead
Solutions
FY10 Lead
Products
FY09 Reinvent
Create and serve Build global ability to serve growth
FY08 Realign Achieve diversity from common platforms
new market growth
FY07 Modernize
FY06 Recover
GM* 30.7% 31.3% 32.9% 30.5%
OPEX 26.4% 26.8% 27.0% 29.3%
OI* 4.3% 4.5% 5.9% 1.2%
*Before restructuring charges; see appendix for reconciliation
Before
21

WHY INVEST IN US?
grow the business: existing markets
Continue to support and evolve our installed customer base
22

WHY INVEST IN US?
grow the business: adjacent/new markets
Moving the healthcare environment forward
~$1.5B opportunity in North America
(office and clinical spaces)
Differentiated approach
- Insight-led
- Strong networks
- Integrated solutions improve experience
23

WHY INVEST IN US?
grow the business: adjacent/new markets
Higher education
24

WHY INVEST IN US?
grow the business: adjacent/new customers
Increase breadth of offering and extend reach to smaller customers
PRODUCTS
CUSTOMERS
SMALLER
20-250 employees Leverage existing channel
Increase distribution points to pursue emerging businesses
Increase transactions through catalogs, retail stores and the web
LARGER
Continue to leverage existing dealer channel to pursue leading organizations
> 250 employees
25

WHY INVEST IN US?
grow the business: adjacent/new customers
An insight-led, inspired premium brand; ~$1B opportunity in North America
It’s about a belief that…
boundaries between work and life have blurred
the solution is more than the pretty object
materiality and craft are important
experience matters
spaces should be inspiring
26

WHY INVEST IN US?
grow the business: emerging markets
A changing landscape Steelcase International
INTERNATIONAL SEGMENT REVENUE MIX (constant currency)
Rest of world
Western Europe
Western Europe:
Germany, France,
U.K., Spain/Portugal,
Benelux, Italy
FY02 FY09
27

WHY INVEST IN US?
margin expansion opportunity
Continue modernization of industrial system
Global
Lean
Simplicity supply chain
Principles
• 10+ years • Product platforms • Third-party sourcing
• Ongoing journey • Valued features • In-house best shoring
• Common parts
NORTH AMERICA AND INTERNATIONAL STORAGE PRODUCT LINE EXAMPLE THIRD-PARTY SOURCING
MANUFACTURING CONSOLIDATION
20
~ 17.4
16
Number of parts
eet)
~80%
(Million square fe
p
reduction
12
~ 8.0
8
4 ~ 54% reduction
0
FY00 FY09 Before After Today Tomorrow
directional
28

WHY INVEST IN US?
margin expansion opportunity
Complete business turnarounds Reinvent SG&A processes
Wood PolyVision
• Leverage technology
• Consolidate functions
SHRINK TO GROW as appropriate
• Reinvent processes
• Rebalance global
workforce
29%
FY07 FY08 FY07 FY08
WOOD CATEGORY POLYVISION
OPERATING INCOME TREND OPERATING INCOME TREND
(Excluding non-cash impairment charges) FY09 Future
OPERATING EXPENSE RATIO
(% of revenue)
29

WHY INVEST IN US?
financial priorities: maintain strong balance sheet
Manage capital mix consistent with investment grade companies
FY09: 1.6 FY09: 45%
0 1 2 35% 45%
Debt to EBITDA (TFQ) less than 2 to 1 Adjusted Debt* to Total Capital 35% to 45%
*Includes capitalization of operating leases
FY09: NM
FY09: $194
0 $150 35% 40%
Cash Requirements Longer-term dividend payout ratio 35%–40%
- Core operating needs $ 50 million
- Minimum cash cushion $100 million • Excludes special cash dividend of $1.75/share paid January 2008
• Trailing Four Quarter (TFQ)
30

WHY INVEST IN US?
financial priorities: continue disciplined cash management
CASH FLOW FROM OPERATIONS DEPRECIATION AND AMORTIZATION VS CAPEX
VS.
$350
$300
$300
$250
Capital Expenditures D&A
$250
$200
$200
($ millions)
$150 $150
$100 $100
$50
$50
$0
FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 $0 CASH PRIORITIES
FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09
• Business reinvestment
• Quarterly dividends
• Share repurchases
QUARTERLY DIVIDENDS PAID PER SHARE* DIVIDENDS* and SHARE REPURCHASES
$0.16
$0.14 $300
($ millions)
$0.12 $250
Repurchases
$0.10
$0 10
$200 Dividends
$0.08
$150
$0.06
$100
$0.04
$0.02 $50
$0.00 $0
Q199 Q499 Q402 Q206 Q1FY10 FY99 FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09
* Excludes special cash dividend of $1.75/share paid January 2008 * Excludes special cash dividend of $1.75/share paid January 2008
31

WHY INVEST IN US?
summary: investment merits
Global leader, well-positioned for growth with margin expansion opportunity
12%
MARGIN EXPANSION
8%
THROUGH
Growth and diversification
5.9% Margin expansion
Strong balance sheet
4%
Restructuring costs
1.2%
1 2%
As Reported
0%
FY99 FY04 FY05 FY06 FY07 FY08 FY09 FUTURE
-4%
32

APPENDIX
33

APPENDIX
improving fundamentals
Operating income percentage, excluding specific items
12%
• Revenue Decline
9% • Inflation
• Decline in cash-
surrender value of
company-owned life
6.3% insurance policies
6%
5.9%
4.7%
3.7%
3.1%
3%
0.0%
0%
FY07 Restructuring Intangible Related FY07 FY08 Intangible Related FY08 FY09 Restructuring Intangible Related FY09
reported costs asset and decrease in excluding reported asset and decrease in excluding reported costs asset and decrease in excluding
goodwill variable specific goodwill variable specific items goodwill variable specific items
impairment compensation items impairment compensation impairment compensation
34

APPENDIX
segment performance
STEELCASE INC. INTERNATIONAL SEGMENT
40% $4,000
$3,421 40% $922 $1,000
$3,097 $3,184 $894
$2,869
35% $2,614 $3,000 $736 $800
$2,346 32.9% 35%
$645 33.4%
31.8%
30.6% $591
29.8% 33.0%
$539 $600
30% 29.5% $2,000 30.0%
28.5%
30%
30.4%
26.2% $400
25.1%
25% $1,000
25%
$200
20% $0 20% $0
FY04 FY05 FY06 FY07 FY08 FY09 FY04 FY05 FY06 FY07 FY08 FY09
Gross margin
Revenue
NORTH AMERICA SEGMENT OTHER CATEGORY
$1,937
40% $1,796 $2,000
$1,740
40% $700
$1,697
37.7% $590
$1,514 37.1% 37.0% $565
$1,342 $1,600 $600
35% $522
$510 $528
35% 36.6%
$465 $500
31.6% 34.3%
$1,200
28.2% 31.3%
$400
30% 28.4% 30%
27.0% $800 $300
24.9%
25% $200
25%
22.7% $400
$100
20% $0 20% $0
FY04 FY05 FY06 FY07 FY08 FY09 FY04 FY05 FY06 FY07 FY08 FY09
35

APPENDIX
our evolving business model
Restructuring costs
($ millions, pre-tax)
$60
$
$16
$42
$30
$45
$24
$33
$21 Cost of sales
$20 Operating expenses
$14
$8
$11
$5 $6 $
$2
$0
FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09
FY02-FY03 FY04 and beyond
Rightsizing the Building a new
business business model
36

APPENDIX
non-GAAP financial measures
CONSOLIDATED GROSS MARGIN, EXCLUDING RESTRUCTURING CHARGES (% of revenue)
FY04 FY05 FY06 FY07 FY08 FY09
Gross Margin as Reported 26.2% 28.5% 29.5% 30.6% 32.9% 29.8%
Restructuring Costs 1.8% 0.3% 1.2% 0.7% 0.0% 0.7%
Gross Margin without Restructuring Costs 28.0% 28.8% 30.7% 31.3% 32.9% 30.5%
CONSOLIDATED OPERATING INCOME, EXCLUDING RESTRUCTURING CHARGES (% of revenue)
FY04 FY05 FY06 FY07 FY08 FY09
Operating Income as Reported -3.2% 0.7% 2.9% 3.7% 5.9% 0.0%
Restructuring Costs 2.3% 0.5% 1.4% 0.8% 0.0% 1.2%
Operating Income without Restructuring Costs -0.9% 1.2% 4.3% 4.5% 5.9% 1.2%
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 are: consolidated gross margin, excluding restructuring costs as a percentage of net revenue; and consolidated operating income, excluding restructuring costs as a percentage of revenue.
These measures are presented because management uses this information to monitor and evaluate financial results and trends. Therefore, management believes this information is also useful for investors.
37

APPENDIX
non-GAAP financial measures
CONSOLIDATED OPERATING INCOME, EXCLUDING SPECIFIC CHARGES (% of revenue)
FY07 FY07 FY08 FY08 (% of FY09 FY09 (% of
($ MM) (% of ($ MM) Revenue) ($ MM) Revenue)
Revenue)
Revenue $3,097.4 100.0% $3,420.8 100.0% $3,183.7 100.0%
Operating Income as Reported $113.7 3.7% $202.8 5.9% $1.0 0.0%
Restructuring Charges (Credits) $23.7 0.8% $(0.4) 0.0% $37.9 1.2%
Intangible Asset and Goodwill Impairments $10.7 0.3% $21.1 0.6% $64.7 2.1%
Related Variable Compensation Impact $(3.7)
$(3 7) (0.1)%
(0 1)% $(6.5)
$(6 5) (0.2)%
(0 2)% $(5.5)
$(5 5) (0.2)%
(0 2)%
Operating Income Excluding Specific Items $144.4 4.7% $217.0 6.3% $98.1 3.1%
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, h
G the company h provided a reconciliation of non-GAAP financial measures to the most directly comparable GAAP fi
has id d ili i f GAAP fi i l h di l bl financial measure.
i l
The non-GAAP financial measures used are: consolidated operating income, excluding restructuring costs, intangible asset and goodwill-related impairment charges and incremental variable compensation expense due to
favorable tax valuation allowance and reserve adjustment as a percentage of revenue. These measures are presented because management uses this information to monitor and evaluate financial results and trends. Therefore,
management believes this information is also useful for investors.
38

39

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love how you work.™
About Steelcase Inc.
Steelcase, the global leader in the office furniture industry, helps people have a better work experience by providing products, services and
insights into the ways people work. The company designs and manufactures architecture, furniture and technology products. Founded in 1912
and headquartered in Grand Rapids, Michigan, Steelcase (NYSE: SCS) serves customers through a network of over 600 independent dealers
and approximately 13,500 employees worldwide. Fiscal 2008 revenue was $3.4 billion. Learn more at www.steelcase.com.
pp y p y
© 2008 Steelcase Inc.
Printed in U.S.A.
40