CSW Industrials : Presentation

Shell & Whitmore Reliability Solutions, LLC

Whitmore Manufacturing, LLC and Shell Lubricants Announce Agreement to form Rail and Mining-focused Joint Venture

January 22, 2021

Forward Looking Statements

This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 relating to, among other things, the business, financial condition and results of operations of CSW Industrials, Inc. ("CSWI" or the "Company"). Any statements preceded or followed by or that include the words "believe," "expect," "intend," "plan," "should" or words, phrases or similar expressions or the negative thereof, are intended to identify forward-looking statements. These statements are made on the basis of the current beliefs, expectations and assumptions of the management of CSWI. There are a number of risks and uncertainties that could cause CSWI's actual results to differ materially from the forward-looking statements included in this presentation. In light of these risks, uncertainties, assumptions, and other factors inherent in forward-looking statements, actual results may differ materially from those discussed in this presentation. Other unknown or unpredictable factors could also have a material adverse effect on CSWI's actual future results, performance, or achievements and include, without limitation, the factors described from time to time in our filings with the SEC, including the risk factors described in our Annual Report on Form 10-K. As a result of the foregoing, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. CSWI does not assume any obligation to update these forward-looking statements to reflect any new information, subsequent events or circumstances, or otherwise, except as may be required by law.

2 Agreement to Form JV January 2021

CSWI's Ongoing Commitment to Sustainable Growth

Whitmore and a subsidiary of Shell Oil Company's U.S. lubricants business announce agreement to form a 50/50 joint venture and an expanded commercial relationship

• Shell & Whitmore Reliability Solutions: the planned joint venture (JV) announced jointly today by Whitmore Manufacturing, LLC (Whitmore), a wholly-owned subsidiary of CSWI, and Pennzoil-Quaker State Company dba SPOUS Products (Shell), Shell Oil Company's subsidiary for the U.S. lubricants business
• The JV intends to:
• • Target the North America Class I, II, and III Rail and U.S. Mining sectors (JV Sectors1)
  • Develop, manufacture, market, distribute, and sell lubricants, greases, coolants, reliability products, and related industrial physical services to the JV Sectors
• Whitmore concurrently announces expansion of existing commercial relationship with Shell
• • Expect to pursue incremental share of wallet and market share gains for specialty reliability products outside of the JV Sectors, as Whitmore intends to leverage Shell's distribution network in the Americas to enhanced offerings to new and existing distributors and customers
• Planned actions are expected to be accretive for CSWI shareholders
• • The formation of the JV is expected to be complete during the first half of 2021

3	Agreement to Form JV	1 JV Sectors expected to exclude municipal transit systems and quarries.
	January 2021

Strategic Rationale

Accelerate organic growth by partnering with global lubricant leader, Shell

Focus remaining Whitmore on high-growth, select end markets

Increase manufacturing utilization at Whitmore's existing facility expected to result in operating efficiency and fixed cost leverage

Align with CSWI Capital Allocation Strategy

4 Agreement to Form JV January 2021