8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report: July 11, 2011

(Date of earliest event reported)

H.B. FULLER COMPANY

(Exact name of registrant as specified in its charter)

Commission File Number: 001-09225

Minnesota	41-0268370
(State or other jurisdiction of incorporation)	(IRS Employer Identification No.)

1200 Willow Lake Boulevard

P.O. Box 64683

St. Paul, MN 55164-0683

(Address of principal executive offices, including zip code)

(651) 236-5900

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01. Regulation FD Disclosure

On July 11, 2011, H.B. Fuller Company (the “Company”) issued a press release announcing its 2011 Analyst and Investor Day presentation to be held and simultaneously webcast on Thursday, July 14, 2011 from 8:00 a.m. to 12:00 p.m., EDT, in New York City. The press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference into this Item 7.01. The slides from the 2011 Analyst and Investor Day presentation are furnished as Exhibit 99.2 to this Current Report on Form 8-K and are incorporated by reference into this Item 7.01.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

99.1	Press release, dated July 11, 2011, issued by H.B. Fuller Company
99.2	2011 H.B. Fuller 2011 Analyst and Investor Day presentation slides, dated July 14, 2011

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

Date: July 14, 2011

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

H.B. FULLER COMPANY
By:	/s/ Debra L. Hovland
	Debra L. Hovland Assistant Secretary

Date: July 14, 2011

EXHIBIT INDEX

99.1	Press release, dated July 11, 2011, issued by H.B. Fuller Company
99.2	2011 H.B. Fuller 2011 Analyst and Investor Day presentation slides, dated July 14, 2011

EX-99.1

Exhibit 99.1

Worldwide Headquarters 1200 Willow Lake Boulevard St. Paul, Minnesota 55110-5101 Maximillian Marcy Investor Relations 651-236-5062

NEWS For Immediate Release July 11, 2011

H.B. Fuller Announces 2011 Analyst And Investor Day

And Webcast

ST. PAUL, Minn.—July 11, 2011—H.B. Fuller Company (NYSE: FUL) announced today that it will host its 2011 Analyst and Investor Day and webcast on Thursday, July 14, from 8:00 a.m. to 12:00 p.m., EDT, in New York City. The conference will feature remarks by CEO James Owens and key members of H.B. Fuller’s management team. Topics discussed will include the company’s approach to achieving strategic growth, success in innovation and commercialization, the EIMEA transformation and a financial review.

The analyst and investor day audio and accompanying synchronized presentation slides will be available to all interested parties via a simultaneous webcast at www.hbfuller.com under the Investor Relations section. For those unable to listen live, an audio replay of the event along with the accompanying presentations will be archived on the company’s website.

About H.B. Fuller Company:

For nearly 125 years, H.B. Fuller has been a leading global adhesives provider focusing on perfecting adhesives, sealants and other specialty chemical products to improve products and lives. Recognized for unmatched technical support and innovation, H.B. Fuller brings knowledge and strength to help its customers find precisely the right formulation for the right performance. With fiscal 2010 net revenue of $1.36 billion, H.B. Fuller serves customers in packaging, hygiene, paper converting, general assembly, woodworking, construction, and consumer businesses. For more information, visit HBFuller.com, HBFullerStrength.com, read our blog or follow GlueTalk on Twitter.

EX-99.2

February 1, 2011

Le Parker Meridien, New York

H.B. Fuller Analyst and

Investor Day

July 14, 2011

Exhibit 99.2

Today’s Agenda

1.

Growth Strategy

2

3.

Europe Transformation

Steve Kenny

Sr. VP, EIMEA

4.

Financial Targets

Jim Giertz

Sr. VP & CFO

Barry Snyder

VP & CTO

Traci Jensen

VP, North America

Adhesives

Kevin Gilligan

VP, Asia Pacific

2.

Innovation and Market Opportunities

Jim Owens

President & CEO

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

During

today’s

meeting,

we

will

be

discussing

certain

non-GAAP

financial

measures,

specifically,

operating

income,

earnings

before

interest,

taxes,

and

depreciation

and

amortization

expense

(EBITDA),

and

return

on

invested

capital(ROIC).

Operating

income

is

defined

as

gross

profit

less

SG&A

expense;

EBITDA

is

defined

as

gross

profit

less

SG&A

expense,

plus

depreciation

and

amortization;

adjusted

financials

are

defined

according

to

the

earnings

release

issued;

and

ROIC

is

defined

as

Operating

Income

less

Taxes

Plus

Equity

Earnings

divided

by

Debt

plus

Equity.

Management

believes

that

a

discussion

of

these

measures

is

useful

to

investors

because

it

assists

in

understanding

the

operating

performance

of

the

Company

and

its

operating

segments

and

in

understanding

the

comparability

of

results.

The

non-GAAP

information

discussed

may

not

be

consistent

with

the

methodologies

used

by

other

companies.

All

non-GAAP

information

is

reconciled

with

reported

GAAP

results

on

the

last

pages

of

this

presentation.

Additional Information

For

more

information,

please

refer

to

our

10-Q

filings

of

March

28,

2011,

June

24,

2011,

and

annual

report

for

the

year

ended

November

27,

2010,

on

form

10K,

filed

with

the

Securities

and

Exchange

Commission;

all

of

which

are

available

on

our

website

at

www.hbfuller.com

under

the

“Investor

Relations”

section.

3

Our Transformation Continues

4

•2006 –

2007:

New pricing tools

developed

Cost structure

addressed

Margins improved

•

2008 –

2009:

New talent acquired

Organize for growth

Manage through

recession

Where We Were

2006 -

2009

Where We Are

2010 -

2011

•

2010:

Top line up 10%

EPS + 9%

2011:

Revenue growth of

13-15%

Operating income up

25%

EPS moves from $1.60

to $1.85-$1.95

Controlled investment

continues

Profitability improved

•

Focus Areas:

Revenue and profit

growth

Innovation delivery

Continued investment

for growth

Cash deployment

Metrics Defined;

Organic Growth 5-8%

EBITDA –

14-16%

EPS Growth –

15%

ROIC –

15%

Note:  (1) Income from continuing operations before cumulative effect of accounting change per diluted share.

(2) EBITDA

is

a

non-GAAP

financial

measure

defined

as

gross

profit

less

SG&A

expense

plus

depreciation

expense

plus

amortization

expense.

(3) Return on Invested Capital(ROIC) is defined as gross profit less SG&A expense less (1-tax rate) plus equity earnings divided by Debt plus Equity. Please refer to the

Company’s Form 10-K statements for more detailed information.

Where We Are Going

2012 –

2015

Stock Price Appreciation

Increase revenue from $1.4 billion to $2.0 billion

Improve EBITDA margin from 10.9% to 15%

5

Year

Revenue

EBITDA

Margin

EBITDA $

EBITDA

Multiple

Stock Price

EPS

2010

$1.4

Billion

10.9%

$148 M

7X EBITDA

$18-$24

$1.60 EPS

13X EPS

2015

$2.0

Billion

15 %

$300 M

7 -

9X EBITDA

$44-$52

$3.60 EPS

12-18X EPS

$43-$65

Growth

Organic growth of 5-8% per year

Gain share in targeted market segments

Invest in and leverage market and sales expertise

Expand geographically in Asia/Middle East/Latin America

Commercialize innovative solutions

EBITDA  Margin Improvement

Move from 10.9% to 15% EBITDA margin

Execute EIMEA transformation

Accelerate growth and leverage infrastructure in Asia Pacific and

Latin America

6

Execution of these two priorities doubles EBITDA from

$148 million in 2010 to $300 million in 2015.

Strategic Priorities

$40 Billion global market

80  different  market

segments

H.B. Fuller operates in

22 Segments

Market growth rates vary

from 1% to 9%

Some sub-segments/

applications have much

higher rates of growth

Global Adhesive Market Summary

7

Targeted Growth:

Key Markets –

8

HYGIENE

Baby diapers, Feminine products,

Adult incontinence

PACKAGING

Consumer Packaging, Labeling,

Flexible Packaging, Packaging Integrity

DURABLE ASSEMBLY

Water Filters, Panel Assembly,

Engineered Textiles, Insulating Glass

Attractive Market

Market growth accelerating and above global GDP

Changing product design drives changes in adhesives

Stretch materials

Thinner products

Customized products for low-cost market segments

Limited competition capable of delivering product, innovation and

technical support

H.B. Fuller’s Strength

Global alliances with leading multinationals

Innovator with broadest platform of adhesive

technology

A leader in polyolefin adhesive technology

Regional expertise supporting regional and local

manufacturers

9

Hygiene

Opportunity

10

Hygiene

Capturing the Opportunity

China facility

Further investments planned

“Be where the babies are”

Egypt acquisition

India plant

Product and supply chain innovation

Unparalleled support through recent supply shortages

Formulating flexibility unmatched in industry

Leverage global raw material supply

Win through innovation on “Big Opportunities”

Work with multi-nationals as platforms and products evolve

Align with raw material providers to develop solutions

Support start-ups in emerging economies

Help customers drive speed and output of their

production lines

11

Attractive Market

Market growth above global GDP as consumers move to packaged goods

Changing market demands drive changes in adhesives

Sustainable packages

Reduced packaging

Attractive package design

Move toward global, technically superior solutions

H.B. Fuller’s Strength

End-of-line packaging

Technology leader, superior service provider, unparalleled global/local coordination

Adalis reinforcement products offer improved performance with less material

Reduced packaging amount (sustainability) and cost

Market penetration opportunities in labeling and flexible packaging

H.B. Fuller has technology and Infrastructure

Packaging

Opportunity

Specialized solution through innovation

Liquamelt

®

adhesive system

Advantra Encore™

adhesive

Flextra Quiet™

adhesive

EZ open tape

Global leverage

Global account management

Innovation launches

OEM relationships

Raw material supply

Supply chain

Service model with local expertise

Delivering productivity improvements on our

customers’

packaging lines

12

Packaging

Capturing the Opportunity

Attractive Market

Requires high performing, highly specified adhesives

Changing product design drives changes in adhesives

Lighter weight, more complex composite materials

Sustainability trends

Environmental trends

Strong R&D combined with technical know-how and segment expertise

H.B. Fuller’s Strength

World leader in reactive hot melt technology

Offers strong adhesive performance at high

production speeds

Market segment expertise

Water filters, insulated glass, structural panels,

door/floor productivity

Broad palette of technological solutions

13

Durable Goods Assembly

Opportunity

14

Leverage reactive hot melt technology capability

Strong patent portfolio

Only manufacturer producing on three continents

Formulating expertise

Identify market trends and specify new innovations

Water filter advances

North America residential glazing

New regulations leading to changes in window design

Panel/Door trends

Higher throughput on automated lines

Reduced use of solvented adhesives

Select projects in high growth markets

Electronics

Solar

Durable Goods Assembly 

Capturing the Opportunity

15

2010

Revenue

Target

2015

Revenue

HBF

CAGR

2010

Market

Size

Value Proposition

Hygiene

$250

$420

10-12%

$1,100

Partner with growing

market leaders to

enable innovation

Packaging

$290

$490

10-12%

$2,500

Local service through

global infrastructure

Durable

Assembly

$300

$500

10-12%

$2,000

Specified adhesives

for high performing

applications

Construction

Materials and

Other Adhesives

$516

$590

2-3%

$1,356

$2,000

8%

H.B. Fuller’s Growth Plan

•

$40 Billion Market

•

Targeted focus on attractive

market segments that leverage

H.B. Fuller’s strengths

*All amounts in $ millions, except percentages

(1) HBF targeted market, excluding Japan

1

16

2010

EBITDA%

2015

EBITDA%

2010

EBITDA

2015

EBITDA

Margin Improvement Actions

North America

17%

17%

$95

$128

Maintain strong margin in

North America Adhesives

Europe, India,

Middle East, Africa

7%

14%

$28

$92

Detailed  transformation

initiative

Asia Pacific

6%

14%

$9

$42

Grow into cost structure

Latin America

7%

12%

$16

$38

Improve GM% in LA

Adhesives and manage cost

structure in Central America

Paints

H.B. Fuller

1

10.9%

15%

$148

$300

EBITDA Margin Improvement

*All amounts in $ millions, except percentages

(1) 2010 results adjusted for PS exit

17

EBITDA Margin Improvement

2010

EBITDA%

2015

EBITDA%

2010

EBITDA

2015

EBITDA

Margin Improvement Actions

North America

17%

17%

$95

$128

Maintain strong margin in

North America Adhesives

Europe, India,

Middle East, Africa

7%

14%

$28

$92

Detailed  transformation

initiative

Asia Pacific

6%

14%

$9

$42

Grow into cost structure

Latin America

7%

12%

$16

$38

Improve GM% in LA

Adhesives and manage cost

structure in Central America

Paints

H.B. Fuller

1

10.9%

15%

$148

$300

*All amounts in $ millions, except percentages

(1) 2010 results adjusted for PS exit

North America

Strong brands

Strong products

Strong team

18

EBITDA Margin Improvement

2010

EBITDA%

2015

EBITDA%

2010

EBITDA

2015

EBITDA

Margin Improvement Actions

North America

17%

17%

$95

$128

Maintain strong margin in

North America Adhesives

Europe, India,

Middle East, Africa

7%

14%

$28

$92

Detailed  transformation

initiative

Asia Pacific

6%

14%

$9

$42

Grow into cost structure

Latin America

7%

12%

$16

$38

Improve GM% in LA

Adhesives and manage cost

structure in Central America

Paints

H.B. Fuller

1

10.9%

15%

$148

$300

*All amounts in $ millions, except percentages

(1) 2010 results adjusted for PS exit

EIMEA

Multi-year multi-step profit improvement initiative

Drive complexity from the business

Capital expenditures and other investments for

productivity

Extend growth momentum

19

EBITDA Margin Improvement

2010

EBITDA%

2015

EBITDA%

2010

EBITDA

2015

EBITDA

Margin Improvement Actions

North America

17%

17%

$95

$128

Maintain strong margin in

North America Adhesives

Europe, India,

Middle East, Africa

7%

14%

$28

$92

Detailed  transformation

initiative

Asia Pacific

6%

14%

$9

$42

Grow into cost structure

Latin America

7%

12%

$16

$38

Improve GM% in LA

Adhesives and manage cost

structure in Central America

Paints

H.B. Fuller

1

10.9%

15%

$148

$300

*All amounts in $ millions, except percentages

(1) 2010 results adjusted for PS exit

Asia Pacific

Leverage investments in technical center, ex-pats,

Malaysia acquisition and Nanjing plant

Grow into cost structure

Reduce SG&A by 500 basis points

Continued investment in local customer facing resources

20

EBITDA Margin Improvement

2010

EBITDA%

2015

EBITDA%

2010

EBITDA

2015

EBITDA

Margin Improvement Actions

North America

17%

17%

$95

$128

Maintain strong margin in

North America Adhesives

Europe, India,

Middle East, Africa

7%

14%

$28

$92

Detailed  transformation

initiative

Asia Pacific

6%

14%

$9

$42

Grow into cost structure

Latin America

7%

12%

$16

$38

Improve GM% in LA

Adhesives and manage cost

structure in Central America

Paints

H.B. Fuller

1

10.9%

15%

$148

$300

*All amounts in $ millions, except percentages

(1) 2010 results adjusted for PS exit

Latin America

Improve gross margin in Latin America Adhesives by

300 basis points

Reduce operating expenses in Central America Paints

by 300 basis points

Grow in Brazil and Mexico

21

2010

EBITDA%

2015

EBITDA%

2010

EBITDA

2015

EBITDA

Margin Improvement Actions

North America

17%

17%

$95

$128

Maintain strong margin in

North America Adhesives

Europe, India,

Middle East, Africa

7%

14%

$28

$92

Detailed  transformation

initiative

Asia Pacific

6%

14%

$9

$42

Grow into cost structure

Latin America

7%

12%

$16

$38

Improve GM% in LA

Adhesives and manage cost

structure in Central America

Paints

H.B. Fuller

1

10.9%

15%

$148

$300

EBITDA Margin Improvement

*All amounts in $ millions, except percentages

(1) 2010 results adjusted for PS exit

Growth

Organic growth of 5-8% per year

Gain share in targeted market segments

Invest in and leverage market and sales expertise

Expand geographically in Asia/Middle East/Latin America

Commercialize innovative solutions

EBITDA  Margin Improvement

Move from 10.9% to 15% EBITDA margin

Execute EIMEA transformation

Accelerate growth and leverage infrastructure in Asia Pacific and

Latin America

22

Execution of these two priorities doubles EBITDA from

$148 million in 2010 to $300 million in 2015.

Strategic Priorities

Strong, Experienced Leadership

23

What’s Different?

Opportunity clearly identified

Solid plan developed

Execution capability

24

February 1, 2011

QUESTIONS AND

DISCUSSION

July 14, 2011

Innovation

at H.B. Fuller

July 14, 2011

Barry Snyder

Vice President and

Chief Technology

Officer

Traci Jensen

Vice President,

North America

Adhesives

2

Kevin Gilligan

Vice President,

Asia Pacific

Innovation at H.B. Fuller

Innovation at H.B. Fuller is about leveraging our

expertise and market knowledge to commercialize

value-added adhesives solutions for our customers.

3

Targeted Growth:

Key Markets –

4

HYGIENE

Baby diapers, Feminine products,

Adult incontinence

PACKAGING

Consumer Packaging, Labeling,

Flexible Packaging, Packaging Integrity

DURABLE ASSEMBLY

Water Filters, Panel Assembly,

Engineered Textiles, Insulating Glass

5

PACKAGING

Consumer Packaging, Labeling,

Flexible Packaging, Packaging Integrity

DURABLE ASSEMBLY

Water Filters, Panel Assembly,

Engineered Textiles, Insulating Glass

6

PACKAGING

Consumer Packaging, Labeling,

Flexible Packaging, Packaging Integrity

DURABLE ASSEMBLY

Water Filters, Panel Assembly,

Engineered Textiles, Insulating Glass

Hot Melt Adhesive Innovation

7

Simplicity

Reduce adhesive complexity

Security

Bond under wide range of conditions

Savings

Reduce adhesive consumption and

inventory

Advantra Encore

Adhesive

Simplicity

Two years in the making

Breakthrough polymer technology

Reduced reliance on scarce raw

materials

8

Security

Savings

TM

9

HYGIENE

Baby diapers, Feminine products,

Adult incontinence

PACKAGING

Consumer Packaging, Labeling,

Flexible Packaging, Packaging Integrity

Engineered Textiles, Insulated Glass

10

Cool on Delivery –

Hot on Demand

Lower Production costs

Addresses Sustainability

Solving Customers’

Problems

11

Clean vs. Charred Nozzle

(not Liquamelt®

equipment)

Charred Hose

12

Cool on Delivery –

Hot on Demand

Lower Production costs

Addresses Sustainability

Customer-focused Innovation

“Liquamelt

®

has great potential for

becoming the next step-change in

improving  performance and optimizing

cost above and beyond the performance

of  the current packaging adhesives and

existing dispensing equipment.”

13

14

PACKAGING

Consumer Packaging, Labeling,

Flexible Packaging, Packaging Integrity

DURABLE ASSEMBLY

Water Filters, Panel Assembly,

Engineered Textiles, Insulated Glass

The first compostable flexible

package

Drive for environmentally

friendly packaging

Materials usage reduction

Sustainable materials

Industry Changes Demand Innovation

15

•

2009 :  Sun Chips package

introduced

•

Noisy package challenge

•

Many attempts to reduce noise

Polylactic acid films introduced

2003

Plant derived

Adhesives Do More Than Bond

Flextra Quiet

•

The Adhesive Shock Absorber

•

Bonds and

reduces noise

•

Commercialized February 2011

16

TM

Film

Film

Adhesive

17

DURABLE ASSEMBLY

Water Filters, Panel Assembly,

Engineered Textiles, Insulating Glass

Insulating Glass (IG) –

What is It?

What Is IG?

An insulating panel that provides

a vision space

Used in windows, doors, and

skylights

Elements

1.

Float Glass

2.

Desiccant

3.

Perimeter Seal

4.

Barrier Seal

5.

Spacer

18

Insulating Glass

19

Energy conservation leading to greater use of insulating glass

Developing world in particular accessing trend

China’s latest 5 year plan

Stronger regulation in developed world supporting differing

approaches to insulating glass assembly

In US, DOE upgraded Energy Star rating

in 2010

In Europe, EU 20-20-20 plan –

energy reduction of 20 percent by 2020

Insulating Glass –

H.B. Fuller Solutions

H.B. Fuller is recognized for enabling more productive and higher

thermally efficient IG production

Examples of solutions provided by HBF

Reactive hot melt sealant –

Breakthrough performance capability compared

to traditional sealants

Intercept technology –

Sealant and desiccating matrix system enabled

leading process to make residential IG in NA, increased productivity by

100%, warm edge solution

Super Spacer –

Supported most thermally efficient means of constructing IG

Recent development –

Collaboration with industry partners to develop

a new, structurally sound, lower cost, warm edge spacer system

20

When

solutions

are

required,

industry

partners

come

to

H.B.

Fuller

21

DURABLE ASSEMBLY

Water Filters, Panel Assembly,

Engineered Textiles, Insulating Glass

Markets

Desalinization/ Municipality

Industrial/ Energy

Residential

Medical

Liquid Separation Market Overview

22

Water Filter Adhesive Application

Filter bundle (capillaries)

Filter housing

Potting adhesive location

Customer Issues

Productivity

Faster processing

Flexibility for use with multiple

filters and process lines

Performance

Higher heat and chemical

resistance

Adhesion to new membrane

media

24

Liquid Separation Illustration

Situation

Large desalination filter manufacturer in Asia

Looking to increase capacity and improve quality

H.B. Fuller solution

Productivity –

Cycle time improvement increasing capacity by 25%

Industry credibility –

NSF certification

Speed

Collaboration –

Asia Pacific application engineers working closely with

chemists in Shanghai and Saint Paul

25

26

HYGIENE

Baby diapers, Feminine products,

Adult incontinence

Hygiene Market Overview

449 billion units in 2010

Baby Diapers

Feminine Care

Adult Incontinence

Baby Diaper Usage

Developed economies

56 billion diapers per year

Developing economies

Current 65 billion diapers

Potential 535 billion

27

Diaper Usage Worldwide

28

2,000 diapers per year in

developed economies

Babies outside developed

economies use less than

one diaper per day

1

2

3

4

6

7

8

9

10

Deconstruction of a Diaper

Core

(incl. SAP)

“Cotton

Ball”

Fluff pulp

material

Outside

film

“Beads”

are

suspended

within

material

10 adhesive applications per diaper

Core stabilization drives thinner finished product

Core

stabilization

adhesive

Thin Leads to Sustainability

Reduction of Carbon Footprint

30

Targeted Growth:

Key Markets –

31

PACKAGING

Consumer Packaging, Labeling,

Flexible Packaging, Packaging Integrity

HYGIENE

Baby diapers, Feminine products,

Adult incontinence

DURABLE ASSEMBLY

Water Filters, Panel Assembly,

Engineered Textiles, Insulating Glass

February 1, 2011

QUESTIONS AND

DISCUSSION

July 14, 2011

February 1, 2011

Europe, India,

Middle East and Africa

July 14, 2011

EIMEA

2

Steve Kenny

Senior Vice President, EIMEA

We have a problem in EIMEA . . . .

Our foundation is strong

We participate in the right market segments

We don’t have “non core”

businesses

We are a pure play in industrial adhesives, aligned with corporate strategy

But . . . .We have some portfolio gaps

Strong in north Europe, weaker in the south

Catching up in emerging markets

Need to accelerate growth in core packaging segment

But our biggest gap is profitability

We are underperforming relative to internal and external benchmarks

3

We’ve already taken some actions

Changes since 2008 include:

Re-focused our strategy toward value and innovation

New leadership team

New organization structure with market focus

Strengthened the commercial team

Organic growth momentum re-established

Exited non-strategic business lines

Invested in emerging markets

But we have much more to do . . . . .

4

Delivering our transformation

Goals:

Achieve minimum Corporate profitability target of 14% EBITDA margin

Create sustainable and scalable platform

Strengthen

emerging

market

position

and

accelerate

growth

in

key

market

segments

Approach:  Over the next 2 ½

years, undertake comprehensive

overhaul of every core process in the region to achieve scale and

efficiency

Everything is on the table:

Procurement (What we buy)

Product lineup (What we make)

Production network (Where and how we make it)

Commercial strategy (Who we sell to and how we sell)

5

First, a little more background

on our business

Look at our business relative to our more successful sister organization in

North America

Some common characteristics:

Pursue the same strategy of selling value solutions to customers

Identical focus on strategic market segments of hygiene, packaging and

durable assembly

Sell the same products

Primary differences include:

Long term growth potential of EIMEA higher due to emerging markets

EIMEA region more diverse and complex

Profit !!

6

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

2003

2004

2005

2006

2007

2008

2009

2010

2011 OL

EIMEA EBITDA %

NAA EBITDA %

EBITDA margin progression

7

Price increases and

strict cost control

Recession and lack of action

on costs / Weaker pricing

relative to NAA

Raw material spikes and

SG&A investment

In short . . . ..

We

do

all

the

same

things

as

North

America

adhesives

business

at

a

slightly higher cost and with a suboptimal result

Costs more to buy,

Costs more to make,

Costs more to distribute,

Costs more to sell,

Costs more to administer.

Common

theme

in

EIMEA

business

structure

is

complexity

Complexity interfered with our ability to respond to raw material

inflation spikes and global recession

Complexity hindered quick implementation of new strategy

8

So, the FIX

. . . . .

Avoid superficial improvements in favor of sustainable and

scalable change

Our approach will have three key areas of focus :

9

How and what we buy

How we make and deliver product

How we go to market

How and what we buy

Primary focus today is on raw materials and packaging

Excessive complexity hindering purchasing leverage

30% of materials purchased deliver >80% of our profitability

Streamline for leverage…..clean up our formulations & SKUs

Develop larger scale platform products

Alternate solutions for our small item tail

10

-20%

-40%

How we make and deliver product

Less than 20% of the formulations account for over 90% of our

margin

Excessive complexity

Reduced labor and capital efficiency due to frequent changeovers

Sub-optimal process cycles

Poor service levels

Higher freight and logistics costs

11

How we go to market

Primary sales channel is direct

80% of margin generated by less than 20% of customers

“Standard”

offer  is effectively full service

Differentially deploy  where value is reflected in pricing

Opportunities to enhance service experienced by customers

leveraging alternate channels

Distributor partners

Tele-servicing

12

Our financial commitments

13

*  All amounts in € millions, except percentages

(1)  Adjusted for PS exit

(2)  2011 outlook as base year

Actual

1

Estimate

Target

2010

2011

2014

CAGR

2

Net Revenue

301

350

425

7%

EBIT

12

23

48

28%

Depreciation & Amortization

7

7

11

EBITDA

19

30

59

25%

EBIT Margin

4%

7%

11%

EBITDA Margin

6%

9%

14%

EBITDA bridge to 2014

14

2010 EBITDA is adjusted for PS exit

19

59

8

11

10

11

-

10

20

30

40

50

60

70

Investments to achieve goals

Cash investment over next 2 ½

years of about €50 million

Capital expenditures and other investments to increase

productivity

Project staffing and support costs

All process work complete by end of 2013

Fiscal

year

2014

should

be

“clean”

–

new

organization

and

cost structure in place and generating profitable growth at

target levels

15

Impact of proposed changes

Impact of successful implementation of this transformation proposal is

significant

Cash investment of approximately €50 million returns incremental pre-tax

cash flow of €30 million

Profit improvement in EIMEA region is primary initiative to increase

corporate consolidated profit profile

Even at relatively conservative EBITDA multiples, transformation

proposal could generate more than $200 million of incremental market

capitalization for HB Fuller

Other positive factors:

Plan is funded with excess foreign cash that is currently idle

Incremental profit in Europe has relatively low tax rate

16

Just a few words about growth . . .

We have a couple of significant growth opportunities

Accelerating our business in the important emerging markets: The

Middle East , Turkey and India

Capturing our fair share of the packaging market opportunity across

the entire region

17

Emerging market opportunity

Growth and demographics of emerging markets drive opportunity

The babies are in the emerging markets

Income growth drives sales of consumer goods such as diapers and

beverages

We are well positioned in Middle East and North Africa with our facility

and organization in Egypt

We have a strong position in Turkey

Recently strengthened with integration of commercial team and enhanced

logistics support network

Greenfield production facility in India ready by end of fiscal year

18

Packaging opportunity

We are relatively under-represented in our core market segment of

packaging

Specific opportunities for EIMEA region include:

Leverage the market  trend toward flexible packaging

Use proprietary technology to solve problems for bottle labeling

Leverage global expertise and experience in all packaging segments

19

Next steps . . .. .

We have built preliminary, detailed proposals for the various process

improvement initiatives of the transformation

Need to consult with all key constituencies in the region

Several key project initiatives can be pursued now with immediate

positive impact

We will report each quarter on our progress toward our commitments

until our work is complete

20

Summary and Recap

Transformation agenda is comprehensive

Will touch all core processes –

How and what we buy, how we make and

deliver product, how we go to market

Focus on sustainable and scalable platform for the future

Requires significant investment of cash and human resources but the

benefit to the region and global organization is significant

Commitment to 14% EBITDA margin for 2014 fiscal year

At the same time, will continue growth momentum in key market segments

and strategic geographies

We will report on our progress every quarter as we complete our work

21

QUESTIONS

AND DISCUSSION

February 1, 2011

Finance Review

July 14, 2011

Finance Review

2

Senior Vice President and

Chief Financial Officer

Jim Giertz

Revised Financial Targets

3

Old 

Targets

New* 

Targets

ROIC

*Base year is 2010

Our Target Income Statement for 2015

2010

2015

CAGR

Net Revenue

1,356

2,000

8%

EBIT

106.9

245

18%

Margin %

8%

12%

EBITDA

148.1

300

15%

Margin %

11%

15%

EPS

$1.60

$3.60

18%

4

Revenue Growth

5-8% per annum

5

Revenue Bridge

6

1,356

2,000

2,051

195

135

155

160

50

100

1,000

1,200

1,400

1,600

1,800

2,000

2,200

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

EBITDA %

2011 Range

EBITDA Progression

EBITDA Margin History and Targets

15% by 2015

7

15%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

EBITDA %

2011 Range

EBITDA Progression

EBITDA Margin Bridge

8

10.9%

15.0%

240 bps

50 bps

120 bps

0 bps

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

EBITDA Progression

15% CAGR to 2015

9

218

300

-

50

100

150

200

250

300

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

EBITDA

2011 EBITDA Guidance Range

EBITDA Growth

EBITDA Margin Expansion

ROIC: New Metric Introduced

10

14.0%

5.0%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

ROIC

ROIC Estimate

Cash Deployment

ROIC History and Target

11

ROIC Improvement Bridge

12

9.6%

14.0%

3.3%

0.5%

0.4%

0.2%

5.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

20.0%

Cash Deployment

CapEx –

2.5% of net revenue plus

$70M for the EIMEA

transformation

Share Repurchase –

Base program to offset

dilution from equity

compensation

Dividends –

20-25% of net income

13

*During the 2009 Fiscal year, HBF contributed $135M to pension plans, primarily in the United States

Dividend Target

20% to 25% of Net Income

14

29.5

0.1

1

10

100

Annual Dividends (cents per share)

M&A Strategy

Strong position to evaluate opportunities

Confidence in existing business

Avoid “target reaching”

deals

Enhance sound organic growth strategy

Past strategic actions

Geographic

Egymelt (Egypt)

Revertex Finewaters (Malaysia)

Organic

China (Reactive hot melt facility)

India (Construction underway)

Technology

Nordic

15

Revertex Finewaters, Malaysia

Reactive Facility, Nanjing China

Liquamelt Adhesive System

Current 2011 Guidance

16

Additional Pricing

Additional Pricing

FY 2011 Guidance

17

*All amounts in $ millions, except per share data

1H 2011

Net Revenue

733

799

826

1,532

1,560

EBIT

56

77

85

134

141

EBITDA

76

97

105

174

181

EPS

0.78

$   

1.07

$   

1.17

$   

1.85

$   

1.95

$   

2H 2011 Range

FY 2011 Range

HB Fuller Historical Perspective

18

600

800

1,000

1,200

1,400

1,600

1,800

2,000

50

100

150

200

250

300

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

EBITDA

Net Revenue

Step Change

Solid Foundation in Place

Plans to Execute

Fundamentally different HB Fuller

Long-Term Commitments

19

QUESTIONS

AND

DISCUSSION

Regulation G -

ROIC

21

ROIC Calculation

$ Millions except percentages

2003

2004

2005

2006

2007

2008

2009

2010

Net Revenue

1,287,331

1,409,606

1,512,193

1,472,391

1,400,258

1,391,554

1,234,659

1,356,161

Less: Cost of Goods Sold

935,135

1,036,961

1,113,142

1,052,508

981,555

1,027,099

863,358

957,149

Gross Profit

352,196

372,645

399,051

419,883

418,703

364,455

371,301

399,012

Less: SG&A Expense

284,242

304,444

311,711

304,458

275,893

254,898

264,141

292,084

Operating Income

67,954

68,201

87,340

115,425

142,810

109,557

107,160

106,928

Operating Income

67,954

68,201

87,340

115,425

142,810

109,557

107,160

106,928

Effective Tax Rate

28.2%

30.5%

30.3%

23.7%

27.5%

28.1%

32.0%

28.9%

Less: Income taxes on Operating Income at Effective Rate

19,135

20,776

26,488

27,326

39,344

30,786

34,338

30,849

Net Operating Profit After Tax

48,819

47,425

60,852

88,099

103,466

78,771

72,822

76,079

Plus: Income from Equity Method Investments

2,105

1,819

3,265

5,989

1,923

2,829

5,794

8,008

Total Return

50,924

49,244

64,117

94,088

105,389

81,600

78,616

84,087

Long Term Debt

161,047

138,149

112,001

224,000

137,000

204,000

162,713

200,978

Plus: Notes Payable and current Installments of Long-Term Debt

12,876

36,235

34,837

34,746

35,608

36,134

51,315

49,743

Plus: Total Stockholder's Equity

509,338

553,059

584,443

777,792

798,993

535,611

591,354

631,934

Total Invested Capital

683,261

727,443

731,281

1,036,538

971,601

775,745

805,382

882,655

Total Return

50,924

49,244

64,117

94,088

105,389

81,600

78,616

84,087

Divided by: Total Invested Capital

683,261

727,443

731,281

1,036,538

971,601

775,745

805,382

882,655

Return on Invested Capital (ROIC)

7.5%

6.8%

8.8%

9.1%

10.8%

10.5%

9.8%

9.5%

Regulation G -

EBITDA

22

$ Thousands

2003

2004

2005

2006

2007

2008

2009

2010

Net Revenue:

1,287,331

1,409,606

1,512,193

1,472,391

1,400,258

1,391,554

1,234,659

1,356,161

Cost of Goods Sold:

(935,135)

(1,036,961)

(1,113,142)

(1,052,508)

(981,555)

(1,027,099)

(863,358)

(957,149)

Selling, General, and Administrative Expenses:

(284,242)

(304,444)

(311,711)

(304,458)

(275,893)

(254,898)

(264,141)

(292,084)

Operating Income :

67,954

68,201

87,340

115,425

142,810

109,557

107,160

106,928

Depreciation Expense:

51,697

53,437

52,712

39,460

36,349

34,369

34,710

30,360

Amortization Expense:

2,439

2,593

2,763

8,995

14,009

11,803

12,038

10,839

EBITDA:

122,090

124,231

142,815

163,880

193,168

155,729

153,908

148,127

EBITDA Margin

9.5%

8.8%

9.4%

11.1%

13.8%

11.2%

12.5%

10.9%

Regulation G –

Region EBITDA

23

REGION EBITDA:

$ Thousands

2010

Operating Income:

North America

73,050

EIMEA

16,544

Latin America

11,339

Asia Pacific

5,996

Total H.B. Fuller

106,929

Depreciation Expense:

North America

13,754

EIMEA

9,500

Latin America

4,288

Asia Pacific

2,820

Total H.B. Fuller

30,362

Amortization Expense:

North America

8,378

EIMEA

1,625

Latin America

203

Asia Pacific

633

Total H.B. Fuller

10,839

EBITDA:

North America

95,182

EIMEA

27,669

Latin America

15,830

Asia Pacific

9,449

Total H.B. Fuller

148,130

Regulation G –

Region EBITDA %

24

REGION EBITDA:

$ Thousands

2010

Net Revenue:

North America

     567,223

EIMEA

     404,750

Latin America

     229,319

Asia Pacific

     154,868

Total H.B. Fuller

1,356,161

EBITDA:

North America

       95,182

EIMEA

       27,669

Latin America

       15,830

Asia Pacific

         9,449

Total H.B. Fuller

     148,130

EBITDA Margin:

North America

16.8%

EIMEA

6.8%

Latin America

6.9%

Asia Pacific

6.1%

Total H.B. Fuller

10.9%

25

Regulation G–Pro Forma 2010 P&L

52 Weeks

2nd Quarter

Adjusted 52 Weeks

Ended

Product Line Exit

Ended

November 27, 2010

Adjustments

November 27, 2010

Net revenue

1,356,161

$                 

-

$                          

1,356,161

$                 

Cost of sales

(958,980)

(1,831)

(957,149)

Gross profit

397,181

(1,831)

399,012

Selling, general and administrative expenses

(292,836)

(752)

(292,084)

Asset impairment charges

(8,785)

(8,785)

-

Other income (expense), net

2,572

-

2,572

Interest expense

(10,414)

-

(10,414)

Income before income taxes and income from equity

investments

87,718

(11,368)

99,086

Income taxes

(25,307)

2,928

(28,235)

Income from equity investments

8,008

-

8,008

Net income including non-controlling interests

70,419

$                     

(8,440)

$                      

78,859

$                     

Net (income) loss attributable to non-controlling

interests

458

-

458

Net income attributable to H.B. Fuller

70,877

$                     

(8,440)

$                      

79,317

$                     

Basic income per common share attributable to H.B. Fuller

1.46

$                         

(0.17)

$                        

1.63

$                         

Diluted income per common share attributable to H.B. Fuller

1.43

$                         

(0.17)

$                        

1.60

$                         

Weighted-average H.B. Fuller common shares

outstanding:

Basic

48,599

48,599

48,599

Diluted

49,608

49,608

49,608

Regulation G –

Selected Segment EBITDA

26

SEGMENT EBITDA:

2003

2004

2005

2006

2007

2008

2009

2010

Net Revenue:

North America Adhesives

473,888

       491,382

535,474

509,283

469,797

451,647

416,678

445,029

EIMEA

219,521

       240,416

272,221

295,671

311,359

290,837

265,206

301,096

Operating Income:

North America Adhesives

60,673

         57,717

68,542

74,683

64,368

55,963

69,200

70,391

EIMEA

6,608

            6,634

16,279

25,268

34,296

24,705

16,464

12,127

Depreciation and Amortization Expense:

North America Adhesives

13,373

         12,897

12,974

12,717

15,400

14,000

15,581

10,823

EIMEA

8,235

            9,168

9,231

7,967

7,421

7,145

7,656

7,299

EBITDA:

North America Adhesives

74,046

70,614

81,516

87,400

79,768

69,963

84,781

81,214

EIMEA

14,843

15,802

25,511

33,235

41,718

31,850

24,120

19,426

EBITDA Margin:

North America Adhesives

15.6%

14.4%

15.2%

17.2%

17.0%

15.5%

20.3%

18.2%

EIMEA

6.8%

6.6%

9.4%

11.2%

13.4%

11.0%

9.1%

6.5%

* All amounts regarding NAA are in $ thousands, except percentages and all amounts regarding EIMEA are in € thousands, except percentages.