#1BEHR PRO Masco Corporation Investor Day DAVID CHAIKA VICE PRESIDENT, TREASURER AND INVESTOR RELATIONS MASCO#2Agenda Event Investor Relations Welcome Opening Remarks Plumbing Products Segment Q&A Break Decorative Architectural Products Segment Q&A Financial Overview Closing Remarks Q&A Lunch Time (ET) 8:30 a.m. 8:35 8:55 9:20 9:40 10:00 10:30 10:50 11:10 11:20 11:45 Speakers MASCO David Chaika Keith Allman Richard O'Reagan Keith Allman, Richard O'Reagan Jai Shah Keith Allman, Jai Shah, Jeff Filley John Sznewajs Keith Allman Keith Allman, John Sznewajs 2#3Safe Harbor Statement MASCO This presentation contains statements that reflect our views about our future performance and constitute "forward- looking statements" under the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as "believe," "anticipate," "appear," "may," "will," "should," "intend," "plan," "estimate," “expect,” “assume,” “seek,” “forecast," and similar references to future periods. Our views about future performance involve risks and uncertainties that are difficult to predict and, accordingly, our actual results may differ materially from the results discussed in our forward-looking statements. We caution you against relying on any of these forward- looking statements. Our future performance may be affected by the levels of residential repair and remodel activity and new home construction, our ability to maintain our strong brands and reputation and to develop new products, our ability to maintain our competitive position in our industries, our reliance on key customers, the cost and availability of raw materials and increasing tariffs, our dependence on third-party suppliers, risks associated with international operations and global strategies, our ability to achieve the anticipated benefits of our strategic initiatives, including the potential divestitures of our Cabinetry and Windows businesses, our ability to successfully execute our acquisition strategy and integrate businesses that we have and may acquire, our ability to attract, develop and retain talented personnel, risks associated with our reliance on information systems and technology, and our ability to achieve the anticipated benefits from our investments in new technology. These and other factors are discussed in detail in Item 1A, "Risk Factors" in our most recent Annual Report on Form 10-K, as well as in our Quarterly Reports on Form 10-Q and in other filings we make with the Securities and Exchange Commission. Any forward-looking statement made by us speaks only as of the date on which it was made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. Unless required by law, we undertake no obligation to update publicly any forward-looking statements as a result of new information, future events or otherwise. 3#4BEHR PRO Masco Corporation Investor Day KEITH ALLMAN PRESIDENT AND CHIEF EXECUTIVE OFFICER MASCO#5Safe Harbor Statement MASCO This presentation contains statements that reflect our views about our future performance and constitute "forward- looking statements" under the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as "believe," "anticipate," "appear," "may," "will," "should," "intend," "plan," "estimate," “expect,” “assume,” “seek,” “forecast," and similar references to future periods. Our views about future performance involve risks and uncertainties that are difficult to predict and, accordingly, our actual results may differ materially from the results discussed in our forward-looking statements. We caution you against relying on any of these forward- looking statements. Our future performance may be affected by the levels of residential repair and remodel activity and new home construction, our ability to maintain our strong brands and reputation and to develop new products, our ability to maintain our competitive position in our industries, our reliance on key customers, the cost and availability of raw materials and increasing tariffs, our dependence on third-party suppliers, risks associated with international operations and global strategies, our ability to achieve the anticipated benefits of our strategic initiatives, including the potential divestitures of our Cabinetry and Windows businesses, our ability to successfully execute our acquisition strategy and integrate businesses that we have and may acquire, our ability to attract, develop and retain talented personnel, risks associated with our reliance on information systems and technology, and our ability to achieve the anticipated benefits from our investments in new technology. These and other factors are discussed in detail in Item 1A, "Risk Factors" in our most recent Annual Report on Form 10-K, as well as in our Quarterly Reports on Form 10-Q and in other filings we make with the Securities and Exchange Commission. Any forward-looking statement made by us speaks only as of the date on which it was made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. Unless required by law, we undertake no obligation to update publicly any forward-looking statements as a result of new information, future events or otherwise. 2#6Agenda Performance Since 2017 Masco's Next Chapter Strategy for Profitable Growth INTERIOR SEMI-C ULTRA PU MASCO I-GLOSS ENAMEL PURE WHITE" 2050 PREMIUM PLUS T&PRIMER IN ONE THE LENG LASTING F d#7Clear Strategic Focus Executing on strategy presented at our 2017 Investor Day 1 2 3 Drive full potential of our core businesses • Grew Plumbing segment above market • Continued to gain share in PRO paint market • Introduced new products and programs across segments Leverage opportunities across our portfolio • Talent movement • Brand leverage ● MASCO Masco Operating System ● Actively manage portfolio • Divestitures of UK Cabinetry and Arrow Fastener • Kichler Lighting and Mercury Plastics acquisitions ● Pursuing divestitures of Cabinetry and Windows businesses; completed sale of UK Window Group on September 6, 2019 4#8Financial Performance Delivering strong EPS growth over past three years REVENUE ¹ ($B) ~5% CAGR $7.4 2016 $8.4 2019 OPERATING PROFIT¹ ~5% CAGR $1.1 ($B) 2016 $1.3 2019 EPS¹ ($) MASCO ~21% CAGR $2.67 $1.51 2016 2019 Reaffirming 2019 full year adjusted EPS expectation of $2.62 - $2.72 1. 2019 performance reflects company estimates and approximate midpoints of company guidance for the full year. 2019 operating profit excludes $6m of expected rationalization charges, $16m of impairment charges for goodwill and other intangible assets and $12m of expected professional fees related to planned divestitures. See Appendix for GAAP reconciliation. EPS as reported was $1.48 in 2016. LO 5#9Cash Flow High EBITDA margin and 100% Free Cash Flow conversion $1,450 $1,400 $1,350 $1,300 $1,250 $1,200 $1,150 $1,100 EBITDA MARGIN EXCEEDS PEER SET ¹ 2016 ...... 2017 2018 Masco EBITDA Masco EBITDA Margin² Peer Group Avg. EBITDA Margin 18.0% 17.0% 16.0% 15.0% 14.0% 13.0% 12.0% 11.0% 10.0% 1. Peer group includes FBHS, SWK, PPG, SHW, MHK, JELD, WHR, OC. 2. See Appendix for Masco EBITDA and FCF GAAP reconciliation. Source: FactSet, company websites. STRONG FREE CASH FLOW CONVERSION $1,000 $900 $800 $700 $600 $500 $400 $300 $200 $100 2016 MASCO 2017 2018 Masco FCF Masco FCF Conversion² Peer Group Avg. FCF Conversion 120.0% 100.0% 80.0% 60.0% 40.0% 20.0% 6#10Capital Allocation Balanced strategy driving shareholder value STRONG CASH FLOW OF ~$2.7B 2017-2019¹ MASCO Investing in the business² ~$600M Returning capital to shareholders³ ~$2,160M Acquisitions and divestitures, net ~$510M Retired debt due in 2018 ~$114M 1. Expected cash from operations to be generated from 2017-2019. 2. Includes capital expenditures and displays. 3. Includes dividends and share repurchases. Note: Totals include utilization of a portion of cash and cash investments at the beginning of 2017 of $990 million. 7#11Agenda Performance Since 2017 Masco's Next Chapter Strategy for Profitable Growth CL MASCO#12Next Chapter of Masco More resilient portfolio with lower ticket repair and remodel focused products PLUMBING PRODUCTS ¹ 2018 Sales: $4.0B 2018 Adj. OP Margin: 18.1%² Repair and Remodel 84% Low ticket and less cyclical 16% New Home Construction DECORATIVE ARCHITECTURAL PRODUCTS ¹ 2018 Sales: $2.7B 2018 Adj. OP Margin 18.7%² Repair and Remodel Leading brands and innovation Masco Operating System 96% MASCO 4% New Home Construction Customer and channel relationships 1. Revenue breakdown based on 2018 revenue and company estimates. 2. Excludes $9m of rationalization charges for Plumbing Products and $40m for Kichler inventory step up adjustment for Decorative Architectural Products. 9#13Planned Divestiture of Cabinetry and Windows MASCO Actions will result in a higher margin business ($M) ~15% Adjusted Operating Margin 2018 MASCO $8,359 $1,265 Net Sales 2018 PRO FORMA MASCO Note: See Appendix for Pro Forma and operating profit and margin GAAP reconciliations. $6,654 $1,126 ~17% Adjusted Operating Margin Adjusted Operating Profit Anticipate deploying majority of proceeds from divestitures to share repurchases throughout 2020 10