#1PPG More Than a Fresh Coat of Paint TRIAN PARTNERS © 2018 Trian Fund Management, L.P. All rights reserved. OCTOBER 2018#2Disclosure Statement and Disclaimers General Considerations This presentation is for general informational purposes only, is not complete and does not constitute an agreement, offer, a solicitation of an offer, or any advice or recommendation to enter into or conclude any transaction or confirmation thereof (whether on the terms shown herein or otherwise). This presentation should not be construed as legal, tax, investment, financial or other advice. It does not have regard to the specific investment objective, financial situation, suitability, or the particular need of any specific person who may receive this presentation, and should not be taken as advice on the merits of any investment decision. The views expressed in this presentation represent the opinions of Trian Fund Management, L.P. (“Trian”, and together with the funds that it manages, "Trian Partners") and are based on publicly available information with respect to the PPG Industries, Inc. (the "Issuer") and the other companies referred to herein. Trian Partners recognizes that there may be confidential information in the possession of the companies discussed in this presentation that could lead such companies to disagree with Trian Partners' conclusions. Certain financial information and data used herein have been derived or obtained from filings made with the Securities and Exchange Commission ("SEC") or other regulatory authorities and from other third party reports. Trian Partners has not sought or obtained consent from any third party to use any statements or information indicated herein as having been obtained or derived from statements made or published by third parties. Any such statements or information should not be viewed as indicating the support of such third party for the views expressed herein. Trian Partners does not endorse third-party estimates or research which are used in this presentation solely for illustrative purposes. No warranty is made that data or information, whether derived or obtained from filings made with the SEC or any other regulatory agency or from any third party, are accurate. Neither Trian Partners nor any of its affiliates shall be responsible or have any liability for any misinformation contained in any third party, SEC or other regulatory filing or third party report. Select figures presented in this presentation, including earnings before interest, taxes, depreciation and amortization ("EBITDA"), have not been calculated using generally accepted accounting principles ("GAAP") and have not been audited by independent accountants. Such figures may vary from GAAP accounting in material respects and there can be no assurance that the unrealized values reflected in this presentation will be realized. Nothing in this presentation is intended to be a prediction of the future trading price or market value of securities of the Issuer. There is no assurance or guarantee with respect to the prices at which any securities of the Issuer will trade, and such securities may not trade at prices that may be implied herein. The estimates, projections, pro forma information and potential impact of Trian Partners' analyses set forth herein are based on assumptions that Trian Partners believes to be reasonable as of the date of this presentation, but there can be no assurance or guarantee that actual results or performance of the Issuer will not differ, and such differences may be material. This presentation does not recommend the purchase or sale of any security. Trian Partners reserves the right to change any of its opinions expressed herein at any time as it deems appropriate. Trian Partners disclaims any obligation to update the data, information or opinions contained in this presentation. - 1 -#3Disclosure Statement and Disclaimers Forward-Looking Statements This presentation contains forward-looking statements. All statements contained in this presentation that are not clearly historical in nature or that necessarily depend on future events are forward-looking, and the words "anticipate," "believe," "expect," "potential," "opportunity," "estimate," "plan," and similar expressions are generally intended to identify forward-looking statements. The projected results and statements contained in this presentation that are not historical facts are based on current expectations, speak only as of the date of this presentation and involve risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such projected results and statements. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of Trian Partners. Although Trian Partners believes that the assumptions underlying the projected results or forward-looking statements are reasonable as of the date of this presentation, any of the assumptions could be inaccurate and, therefore, there can be no assurance that the projected results or forward-looking statements included in this presentation will prove to be accurate. In light of the significant uncertainties inherent in the projected results and forward-looking statements included in this presentation, the inclusion of such information should not be regarded as a representation as to future results or that the objectives and plans expressed or implied by such projected results and forward-looking statements will be achieved. Trian Partners will not undertake and specifically declines any obligation to disclose the results of any revisions that may be made to any projected results or forward-looking statements in this presentation to reflect events or circumstances or to reflect the occurrence of anticipated or unanticipated events. Not An Offer to Sell or a Solicitation of an Offer to Buy Under no circumstances is this presentation intended to be, nor should it be construed as, an offer to sell or a solicitation of an offer to buy any security. Funds managed by Trian are in the business of trading -- buying and selling -- securities. It is possible that there will be developments in the future that cause one or more of such funds from time to time to sell all or a portion of their holdings open market transactions or otherwise (including via short sales), buy additional shares (in open market or privately negotiated transactions or otherwise), or trade in options, puts, calls or other derivative instruments relating to such shares. Consequently, Trian Partners' beneficial ownership of Issuer common stock may vary over time depending on various factors, with or without regard to Trian Partners' views of the Issuer's business, prospects or valuation (including the market price of the Issuer's common stock), including without limitation, other investment opportunities available to Trian Partners, concentration of positions in the portfolios managed by Trian, conditions in the securities markets and general economic and industry conditions. Trian Partners also reserves the right to take any actions with respect to investments in the Issuer as it may deem appropriate, including, but not limited to, communicating with management of the Issuer, the Board of Directors of the Issuer, other investors and shareholders, stakeholders, industry participants, and/or interested or relevant parties about the Issuer, and to change its intentions with respect to its investments in the Issuer at any time. However, neither Trian Partners nor any of its affiliates has any intention, either alone or as part of a group, to directly or indirectly seek to acquire "control" of the Issuer or to otherwise put the Issuer "in play" through any means. For purposes of the foregoing sentence, "control" shall mean the power, whether or not exercised, to direct or cause the direction of the management and policies of an entity through the ownership of voting shares, by contract or otherwise. Concerning Intellectual Property All registered or unregistered service marks, trademarks and trade names referred to in this presentation are the property of their respective owners, and Trian's use herein does not imply an affiliation with or endorsement by, the owners of the these service marks, trademarks and trade names. - 2-#4■ ■ Situation Overview PPG is the global #2 manufacturer of paints and coatings with a diversified portfolio of products across consumer and industrial end markets Valued at a discount to intrinsic value(¹) Currently near a 52-week low Sum-of-the-parts value suggests up to 40% upside to current price (2) ~2% dividend yield, ~6.5% free cash flow ("FCF") yield ■ ■ H Underperformance under current leadership ■ ■ ■ ■ Weak total shareholder return ("TSR"); ~3,500 bps below peers(3) ■ Worst-in-class organic revenue and earnings per share ("EPS") growth Q3 2018 earnings pre-announcement marks the third year in a row that PPG has issued a profit warning Accounting issues announced April 2018 High profile business losses, including Lowe's Hostile attempt to acquire Akzo Nobel Trian recommends that the Board take the following actions*: Strengthen management by immediately bringing back Chuck Bunch as Chairman/CEO Improve capital structure efficiency: PPG presently ~1.7x levered vs. ~4x at two closest peers Commence a strategic review of the portfolio (consider a separation into two publicly-traded companies) Enhance ESG profile: Bring corporate governance standards in line with other S&P 500 companies; better align pay and performance * Neither Trian Partners nor any of its affiliates has any intention, either alone or as part of a group, to directly or indirectly seek to acquire "control" of the Issuer or to otherwise put the Company "in play" through any means. For purposes of the foregoing sentence, "control" shall mean the power, whether or not exercised, to direct or cause the direction of the management and policies of an entity through the ownership of voting shares, by contract or otherwise. (1) Based on share price as of October 9, 2018 (the last trading day prior to the date on which Trian disclosed its investment in the Company). Pricing information sourced from Bloomberg. (2) See page 31 for additional information. (3) "Peers" represents median TSR of Akzo Nobel, Axalta, Masco, RPM International, and Sherwin-Williams from September 1, 2015 through October 9, 2018. - 3-#5Largest Discount to Close Peer and S&P 500 in Recent History PPG is now trading at one of the largest discounts to Sherwin-Williams (a close peer of PPG's) and the S&P since the end of 2016 ■ 7.0x 6.0x 5.0x 4.0x 3.0x 2.0x 1.0x 0.0x (1.0x) Dec-16 Jan-17 Feb-17 Mar-17 NTM P/E Discount vs. Sherwin-Williams and S&P 500 Apr-17 Source: Bloomberg. Measured through October 9, 2018. May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Discount vs. Sherwin-Williams Feb-18 PPG now trades at a ~5x discount to Sherwin-Williams Mar-18 Apr-18 May-18 Discount vs. S&P Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 - 4-#6Valued at a Meaningful Discount to Precedents/Strategic Value Strategic transactions are relevant considering the rapid pace of consolidation in coatings Top 10 players in the coatings market hold ~50% market share, up from ~30% 10 years ago Recent large scale deals have been completed at ~11-17x EBITDA ▪ Trian estimates that PPG's Board valued Akzo Nobel's Coatings business at ~15x forward EBITDA based on its final offer price in 2017(¹) H ■ ■ Close Date Jun-17 Mar-17 Dec-16 Nov-16 Nov-16 Acquiror Sherwin-Williams Henkel Akzo Nobel Evonik BASF Target Valspar Darex Packaging BASF Industrial Coatings APD Performance Materials ALB Surface Treatment Average Deal EV ($bn) $10.9 $1.1 $0.5 $3.8 $3.2 EV/LTM EBITDA 16.9x 17.0x 10.7x 15.8x 15.3x 15.1x 1 Source: Wall Street research, press releases. (1) Valuation of Akzo's coatings business assumes PPG's final offer price of €96.75, net debt of €2.3bn (Q1 17) and EBITDA of €2.1bn (2017A). Analysis strips out the Specialty Chemicals business at the purchase consideration recently offered by GIC/Carlyle. - 5-#7Performance Under Current Leadership TRIAN PARTNERS#8TSR Has Underperformed Peers Under Current Leadership 15% S&P 500 TSR 1-Year 7% Peers (11%) PPG Source: Bloomberg. Measured through October 9, 2018. Note: "Peers" represents median of Akzo Nobel, Axalta, Masco, RPM International, and Sherwin-Williams. (1) Measured since September 1, 2015. TSR - Current Leadership Tenure(¹) 60% S&P 500 48% Peers 13% PPG -7-#9PPG's Organic Revenue Growth Has Underperformed Peers and Missed Interim Targets (1) (2)(3)(4) (5) The Company has also missed its volume growth target for the last 3 years, which is intended to track closely to GDP (1) Organic Sales(2) Growth CAGR: 2015a-2017a 5.1% 4.5% 11 ALL SHERWIN WILLIAMS. Source: Company filings, Bloomberg. 2.7% (3) MASCO RPM (4) Average Real GDP Growth (Global): 3.3% Peer Average: 2.6% 1.1% Defined as sales growth excluding the impact of acquisitions, divestitures, and foreign exchange movements. Decorative Architectural Products division only. Adjusted to match PPG's December fiscal year end. Excludes results for Specialty Chemicals division. PPG 0.6% A AXALTA 0.3% 20 AkzoNobel (5) According to Goldman Sachs research (2/14/18), PPG targets volumes growth between GDP and Industrial Production. On PPG's Q4 2016 earnings call (1/19/17), management indicated that volumes should grow at GDP and when PPG is performing well volumes should grow at GDP plus. -8-#10EPS Growth Has Stalled And Missed Targets ▪ The Company has missed its 10% EPS growth target in each of the last 3 years $5.69 (2) 2015 2% Adjusted EPS (as reported)(¹) $5.82 2016 1% $5.86 2017 -1% $5.80 (2) 2018e "So I think we've had a historical preference to grow EPS 10%, and I don't think we're walking away from that. - Michael McGarry, CEO, 10/19/2017 29 Source: Company SEC filings, Bloomberg, earnings calls transcripts. (1) Adjusted EPS (as reported) represents PPG's adjusted earnings per share as originally reported for each respective year, except for 2017, in which we use the $5.86 restated figure disclosed in the amended Form 10-K filed on June 28, 2018. This allows for true comparability of real earnings power of one share of PPG at the beginning and end of the selected time frame. By presenting EPS on a continuing operations basis, PPG is comparing "apples and oranges" by subtracting earnings of discontinued operations for historical periods while showing a benefit from re-allocating cash proceeds from divestitures (i.e., share count reduction). Revised 2018 estimates based on actual results for Q1 and Q2 and the midpoint of management guidance for Q3 and Q4 issued in Company press release dated October 8, 2018. - 9 -#11Q3 '18: Earnings Pre-Announced For a Third Consecutive Year ▪ On October 8, 2018, PPG issued a profit warning for its Q3 and Q4 earnings, with the revised EPS guidance missing Wall Street consensus estimates by 10% in Q3 and 20% in Q4 PPG has now issued a profit warning prior to Q3 results in each of the last three years(1) While we acknowledge the headwinds in raw materials and foreign exchange movements, PPG's three largest peers have grown EBITDA this quarter by 11% on average(2), suggesting that PPG is not managing the industry headwinds as effectively as its peers ■ Q3 2018 EPS Consensus (3) vs. Revised Guidance (4) $1.59 Consensus 10% below consensus $1.43 Revised Guidance Q4 2018 EPS Consensus (3) vs. Revised Guidance (4) $1.35 Consensus 20% below consensus $1.08 Revised Guidance Earnings pre-announcements are no longer the exception, they have become the rule. Investors appear to have lost confidence in PPG's leadership Source: Company SEC filings, Bloomberg. (1) See press releases issued October 8, 2018, September 25, 2017, and October 7, 2016. (2) For the quarter ended September 30, 2018, Akzo Nobel grew EBITDA 3%, Axalta grew EBITDA by 12%, Sherwin-Williams grew EBITDA by 11%. PPG's EBITDA declined by 11%. (3) Wall Street consensus estimates as of market close on October 8, 2018. (4) Midpoint of guidance provided by management in press release dated October 8, 2018. - 10 -#12Accounting Irregularities After first identifying accounting issues in April, on May 10, 2018, PPG informed investors that it was unable to file its Form 10-Q on a timely basis and that the Company's previously filed Form 10-K could no longer be relied upon ■ On June 28, 2018, PPG announced that it was restating its financial statements and earnings releases for the six previous quarters (Q4 '16 through Q1 '18) in order to correct various accounting errors, including repeated failures to accrue certain expenses on a timely basis ▪ We note that in half of the six earnings reports that were affected by the accounting "irregularities", it appears that PPG either "beat" or "met" consensus earnings expectations by way of artificially inflated earnings: Fiscal Quarter Q4 16 Q2 17 Q1 18 Adj. EPS Originally Reported $1.19 $1.83 $1.39 Cons. Estimate $1.182 Orig. Beat, Meet Accounting or Miss? Restatement Beat $1.819 Beat $1.393 ~Meet 1c 3c 3c Restated Adj. EPS $1.18 $1.80 $1.36 Source: Company SEC filings and press releases for PPG financials as originally reported, and as restated. Consensus estimates per Bloomberg 10/12/18. Restated Beat, Meet or Miss? ~Meet Miss Miss - 11 -#13Losing the Lowe's Business Appears to Be a Sign of Poor Execution ▪ On February 27, 2018, Lowe's informed PPG that it will discontinue the sale of Olympic brand paints and stains in its US retail stores, effective mid-2018 (~$300m of lost sales) ▪ The sudden loss of the Lowe's business, one of the Company's largest architectural customers, casts a shadow on this management team's basic execution skills ▪ While PPG reported it may acquire some incremental business at Home Depot to mitigate the loss of the Lowe's business, we are concerned that the Company had to forego margin in a rushed negotiation "The loss of PPG's entire paint business at Lowe's (to Sherwin-Williams) was a surprise. We had actually thought PPG might gain a price point at Lowe's following the merger of Valspar and Sherwin, Lowe's 2 other paint suppliers, and Lowe's history of having at least 2 reasonably strong paint suppliers (3 in recent years) in order to maintain the competitive intensity amongst its suppliers. - Deutsch Bank research, 2/28/18 Source: Wall Street research, press releases. 99 - 12 -#14Management's Decision to Attempt a Hostile Takeover Was Flawed On March 8, 2017, PPG made an unsolicited offer to acquire Akzo Nobel (“Akzo”) for €83/share in cash Over the next 3 months, PPG engaged in a series of aggressive takeover attempts that included two formal bid increases, with a public commitment to increase the bid a third time if Akzo was willing to engage Throughout this period, we believe management demonstrated lapses in judgment: ■ I Management underestimated Dutch corporate governance defense mechanisms designed to protect against hostile takeovers (Stichting) Management acted without regard to traditional merger / negotiation decorum After reporting a solid first quarter in April 2017, PPG reported a significant top-line miss in Q2, suggesting that management was completely distracted by the Akzo takeover attempts $115.00 $113.00 $111.00 $109.00 $107.00 $105.00 $103.00 $101.00 $99.00 3/1/2017 PPG Share Price: March 1-August 1, 2017 PPG issues statement confirming Akzo Board will not engage in talks Akzo rejects initial proposal Source: Company press releases, news articles. Increased bid to €90 / share PPG confirms unsolicited bid of €83 / share for Akzo 4/1/2017 Increased bid to €96.75 / share 5/1/2017 6/1/2017 PPG withdrew its bid; stock increased ~3% 7/1/2017 Q2 earnings miss -6% drop 8/1/2017 - 13 -#15Employees May Be Losing Confidence in Management ▪ According to Glassdoor, PPG's CEO approval rating currently stands at 61%, more than 20 percentage points lower than the peer average Since the beginning of 2017, PPG's CEO approval has dropped nearly 20 percentage points Glassdoor CEO Approval Ratings 89% Benjamin Moore Paints 258 81% CEOs on PPG'S (1) Board 331(1) 80% AkzoNobel Peer Average: 83% # of ratings 57 79% ALA SHERWIN WILLIAMS. 567 61% PPG 192 PPG's CEO Approval Trend (per Glassdoor) (2017-Today) CEO Approval Trend 5/2017 11/2017 5/2018 80% Source: Publicly available data from Glassdoor.com. Ratings as of October 11, 2018. Note: Axalta excluded due to recent CEO change. RPM International and Masco CEO's excluded due to statistically irrelevant sample sizes. (1) Average of approval ratings and number of ratings for Hugh Grant, Michael Lamach, Martin Richenhagen, Stephen Angel, and Gary Heminger. 60%6 40% With both investors and employees seemingly dissatisfied, PPG's leadership culture needs to be addressed - 14 -#16Trian's Recommendations TRIAN PARTNERS#17Trian's Recommendations to Unlock Value* Strengthen management by immediately bringing back Chuck Bunch as Chairman/CEO PPG's TSR and growth, both organic sales and EPS, have underperformed under current management Investors, analysts, and employees appear to have lost confidence in PPG's leadership team after losing key customers and poor oversight of accounting irregularities/financial restatements ■ ■ Once the management change has been completed, we would ask Chuck Bunch to consider the following initiatives: Improve capital structure efficiency; take advantage of attractive financing markets PPG is the least leveraged multi-national coatings company that is domiciled in the US Two closest peers are ~4x levered vs. PPG's ~1.7x(¹) H ■ Commence a strategic review of the portfolio (consider a separation) Consider separating into two more focused companies: a Global Architectural Coatings company and a Global OEM/Industrial company - Under Bunch's watch, PPG's TSR outperformed peers handily through consistent EPS growth and aggressive portfolio actions ■ ■ The North American architectural coatings business needs strategic attention, as it is losing market share and missing growth opportunities A more focused architectural coatings company will no longer have to compete for capital with OEM customer facing businesses - No industrial logic to the current portfolio structure of one global "coatings" company which is comprised of at least 12 underlying businesses with disparate distribution channels, supply chains and market dynamics Despite its scale as the second largest global coatings company, PPG is valued like a commoditized, sub-scale materials company Improve the ESG Profile A separation may allow opportunity for shareholders to benefit from prudent consolidation as there are logical strategic partners for each respective business Eliminate staggered Board Bring corporate governance in line with other S&P 500 companies and ensure compensation is aligned with performance * Neither Trian Partners nor any of its affiliates has any intention, either alone, or as part of a group, to directly or indirectly seek to acquire "control" of PPG or to otherwise put PPG "in play" through any means. For purposes of the foregoing sentence, "control" shall mean the power, whether or not exercised, to direct or cause the direction of the management and policies of an entity through the ownership of voting shares, by contract or otherwise. (1) Source: SEC filings and annual reports. - 16-#18Trian Believes the Investment Community Would Welcome a Change of Leadership "We are concerned that the accounting errors were either a function of pressure from the top, or a lack of oversight. If that is the case, and the audit committee does not do its job properly we end up with a company with weak leadership, likely to continue with poor or overly optimistic judgement. If, on the other hand, there is more to come and we see a change in leadership at PPG it could be a good thing, depending on who fills the role. It is no secret that PPG/Akzo deal broke down because of a dramatic clash of character between the Chairman of Akzo and the CEO of PPG-both sides blame each other. With the right change at PPG and with the Chairman of Akzo now gone, the deal (which makes a lot of strategic sense for both) may come back on the table. The issue would be finding a credible successor for Mr. McGarry...Reengagement with Akzo, coincident with a popular change in leadership might be very positive for PPG, but for now we remain negative. Source: SSR Research. 99 Graham Copley-SSR, 5/13/18 - 17 -#19Under Bunch's Leadership, EPS Compounded at ~10% Annually for a Decade, Including the Great Recession Adjusted EPS (as Reported) $2.27 Bunch's Tenure: -10% CAGR $1.47 $3.44 $2.59 $3.97 $4.14 $2.67 $2.52 $2.30 ÏÏ™ 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 (¹) $4.88 Source: Company SEC filings. Note: EPS figures are adjusted for stock splits and non-recurring items. (1) Represents 2018 estimate based on revised guidance provided in company press release dated October 8, 2018. Management change $5.69 $5.82 $5.86 $5.80 - 18 -#20Bunch Transformed PPG's Portfolio ■ Bunch transformed PPG into a pure-play coatings company CY 2017: Sold North American fiber glass business to Nippon Electric Glass CY 2016: Sold North American flat glass to Vitro SAB de CV; sold its 40% stake in Pittsburgh Glass Works JV (automotive glass); sold European fiber glass to Nippon Electric Glass CY 2014: Sold its 51% stake in Transitions Optical JV to Essilor CY 2012: Divested Commodity Chemicals business via Reverse Morris Trust with Georgia Gulf ■ Sales: $16 $14 $12 $10 $8 $6 $4 $2 $0 ■ ■ ■ In addition to significant divestitures, PPG accelerated its growth in coatings through acquisitions, averaging 7% growth per year in coatings sales over the last decade Net Sales Mix: 2005 vs. Today Source: Investor presentations. $10.5bn 2005 ■Coatings ■Optical Commodity Chemical $14.8bn ■ Glass Current - 19 -#21Bunch Delivered Strong TSR Under His Tenure Total Shareholder Returns During Chuck Bunch's Tenure as CEO(¹) 567% BARTH WALA SHERWIN WILLIAMS. PPG outperformed the peer median by 4,700 basis points and the S&P 500 by 13,700 basis points during Chuck Bunch's tenure as CEO 234% PPG Source: Bloomberg. Note: Axalta excluded because it did not go public until 2014. (1) TSR measured from March 1, 2005-September 1, 2015 223% Rpm 150% AkzoNobel Median: 187% 97% S&P 500 14% MASCO - 20 -#222. Capital Structure: Improve Balance Sheet Efficiency ▪ PPG's two closest peers have leverage of ~4x ▪ Sherwin Williams is still an investment grade company (Baa3 / BBB) 4.0x 11 3.9x A AXALTA Net Debt (including Pension) to EBITDA Ratio 4.1x Rent Adjusted (1) FAN SHERWIN WILLIAMS. Source: SEC filings, Bloomberg. (1) Paint store lease obligations estimated at 5x rent expense. 3.2x 2.1x RPM MASCO 1.7x PPG 1.5x AkzoNobel - 21 -#233. Commence Strategic Portfolio Review: PPG Should Consider Separating into an Architectural Coatings Company and an Industrial Coatings Company I I We believe that PPG is comprised of high quality businesses that lose their strategic value when operated as part of one company Separating into a "Global Architectural" company and "Industrial" company could enable PPG to unlock value by creating leading, pure play businesses A separation also increases the probability of optimizing the US architectural coatings business, which has underperformed peers in recent years M ■ ■ ■ H ■ ■ ■ Global Architectural Coatings Co. $5.5bn sales / $0.8bn EBITDA (15% margin) #1 / #2 in every business Addressable market size: ~$60bn Pure play coatings business with fragmented customer base (strong pricing power and margins) Better able to fix the struggling US architectural coatings business Opportunity to build brand equity through paint store investment and advertising commitments Low R&D/capital intensity spending (high FCF conversion) Platform for strategic acquisitions in architectural space H ■ ■ ■ ■ H ■ ■ Industrial Coatings Co. $9.2bn sales / $1.9bn EBITDA (20% margin) #1 in Auto OEM and Aerospace #2 in Auto Refinish and Packaging #3 in Industrial with significant opportunity to grow through consolidation Addressable market size: ~$80bn Higher cyclicality More customer concentration Stickier, long-term relationships Innovation driven investment cycles (R&D/Capital expenditures) Leading service capabilities Platform for strategic acquisitions in industrial space Source: Wall Street research and Trian estimates. Financial estimates for the year ended December 2017. Note: We would assume that the architectural business would be spun-off from the industrial business and that based on our experience, a significant majority of the existing PPG board would continue as the directors of PPG following a separation. - 22-#24(1) (2) Separation Is a Means to the End, To Improve Performance ▪ Trian's primary focus is helping companies achieve operational turnarounds. In many successful investments, Trian has seen that a separation of companies' businesses improves operating performance. Trian believes separation is a "means to an end," the "end" being: Increased focus Improved organic growth Faster decision making; less bureaucracy Reduced complexity Better capital allocation Enhanced strategic optionality ■ ■ - - Ability to align compensation design Greater accountability (directly to shareholders) Greater transparency Elimination of "lowest common denominator" trading dynamic A common perception exists that separations increase overall costs through duplication of certain functions. Our experience is that improved operational performance dwarfs any such increase in costs. On average, Trian's portfolio companies have averaged 550 bps of EBIT margin expansion from separation to today(¹) We believe the factors outlined above are the reasons that companies that engage in a separation tend to outperform the broader market, with the Bloomberg U.S. Spin-Off Index outperforming the S&P 500 over both short and long-term time horizons(²) See page 40 for additional information. See page 41 for additional information. - 23 -#25Trian Believes Focus is Needed in the North American Architectural Business ▪ PPG has lost significant market share in North American Architectural Coatings over the last few years - one of its largest businesses ▪ In 4 out of the last 5 years, PPG has reported sales declines despite enjoying tailwinds from growing US housing starts and construction spending, and strong comparable sales in its PPG Paints stores Sales Growth - North American Architectural Businesses(1) 12% 10% 8% 6% 4% 2% 0% (2%) (4%) 2013 2014 2015 Sherwin-Williams ■Masco PPG 2016 2017 Source: SEC filings. (1) Sherwin-Williams growth for the combined Americas and Consumer Brands Groups. Masco growth is for the Decorative Architectural Products Group. PPG sales trends estimated based on commentary provided in annual reports. - 24 -#26PPG Appears to Be Well Positioned to Compete in North American Architectural Paints PPG is the only major North American player with coverage across the 3 major channels ▪ Half of PPG's sales are through its paint store network, which is the fastest growing channel in the US While the independent channel is in structural decline, it only represents ~15% of PPG's sales Brands Market Share Distribution Mix COVER EARTH SHERWIN WILLIAMS. COVER EARTH UN SHERWIN WILLIAMS. valspar MINWAX KRYLON ~50% Store: 75% Independent: 0% Big Box: 25% Source: Company investor presentations, Wall Street research, SEC filings, Trian estimates. PPG PPG Dulux Paints PAINTS Glidden OLYMPIC ~15-20% Store: 50% Independent: 15% Big Box: 35% MASCO BEHR ~15% Store: 0% Independent: 0% Big Box: 100% Benjamin Moore Paints Benjamin Moore Paints ~5% Store: 0% Independent: 100% Big Box: 0% - 25 -#2759% 41% We Believe PPG is Well Positioned to Benefit From DIY to Pro Shift For decades, demand in the construction industry has shifted from "Do It Yourself" projects (otherwise referred to as "DIY") to "Do It For Me" (also referred to as "DIFM" or "pro") as the population has been aging, younger generations are less inclined to work on home projects and income levels / two-income households have increased ▪ PPG has a stable of high quality brands that are relevant for both pros and DIY customers and are available where both consumer sets prefer to shop ■ 1980 Paint contractors prefer to buy through specialized paint shops for various reasons including relationships, pricing & credit services, tinting and truck loading on-site, sales rep expertise, quality and assortment, delivery and socializing with other painters Paint Volumes by Purchaser Type 1984 1985 1986 1987 1988 1989 1990 1991 Source: Sherwin-Williams investor presentations. 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2009 2010 2015 -38% DIY/ Remodeler Paint Contractor 62% PPG Distribution DIY / Small Pro THE HOME DEPOT MENARDSⓇ Dedicated to Service & Quality™ Contractor PPG PAINTS - 26 -#28But The Company Has Pulled Back on Organic Growth Investments We question why PPG has slowed down store growth in recent years. Is it because management is concerned about meeting Wall Street's estimates and cannot endure some near term earnings dilution to make the right long term investments? ■ According to PPG's recent 10-Q / 10-K filings, comparable sales at the Company's paint stores have been growing mid-to-high single digits, implying that store-level profits should be improving Under the current portfolio structure, PPG's paint store business has to compete for capital with at least 11 other underlying businesses that serve well capitalized and demanding customers (e.g. OEMs in autos, aerospace)(1) PPG Paints Stores - North America 870 2013 900 2014 920 2015 920 2016 925 (2) Source: Company SEC filings, Investor presentations. (1) According to the most recent proxy filing (2018), PPG's compensation committee measures the performance of 12 "defined" businesses. (2) Estimate based on a chart in PPG's March 2018 investor presentation. 2017 2017 metric is estimated. PPG stopped disclosing this metric in its 2016 annual report. Why did PPG stop disclosing the number of company operated paint stores in 2016? Is there a more structural issue with its store network that management is not disclosing to its investors? - 27 -#29Investing in the Paint Stores Network Seems to Be a Significant Long-Term Opportunity ▪ PPG's direct competitor, Sherwin-Williams, has been aggressively investing in its paint store network for years ▪ Sherwin-Williams has been adding 100-125 net stores annually, driving ~2-3% unit growth, while PPG has barely added any stores over the last 2 years PPG has not articulated a paint store strategy to the investment community ■ 3,908 2013 Sherwin Williams Store Growth CAGR: 2.2% 4,003 2014 Source: SEC filings, Investor presentation. 4,086 2015 4,180 2016 4,267 2017 925 North American Stores SHW is targeting ~40% growth in store footprint longer term 2,152 2,162 PPG LOWE'S DEPOT THE HOME 4,265 4,267 ACE Hardware SHERWIN WILLIAMS. ~6,000 VALE SHERWIN WILLIAMS. Target - 28 -#30Paint Store ROICs Seem to Well Exceed Cost of Capital North American Paint Store Return on Invested Capital (Estimated ROIC) 9% PPG WACC 10% PPG Store ROIC Conservative Case 24% PPG Store ROIC Base Case 31% Sherwin-Williams Store ROIC With so little transparency on the paint store business, investors don't know what PPG's returns on capital are. Trian estimates that "Base Case" after-tax returns are likely about triple the company's cost of capital Note: WACC = Weighted Average Cost of Capital Source: SEC filings for PPG and peers, and Trian estimates based on industry diligence. Key assumptions on PPG: Base Case -- $1.3mm AUV, 12% contribution margin, $500k build cost, Conservative Case -- $1.3mm AUV, 5% margin, $500k build cost - 29 -#31PPG Is Currently Valued Like a Commoditized, Sub-Scale Materials Company With Few Strategic Options High Quality Coatings / Strategic Assets Average: 18.5x 19.6x ATHLE ELD SHERWIN WILLIAMS. 18.5x d AkzoNobel Source: Bloomberg. Multiples as of October 9, 2018. 18.1x NTM P/E Ratio A AXALTA 18.0x RPM 16.4x PPG Low Quality / Non-Strategic Average: 12.4x 13.0x 12.0x 12.0x H.B. Fuller MASCO FERRO. - 30 -#32We Believe Separation Could Unlock an Additional 15%-40% of Shareholder Value Business Architectural '19e EBITDA $783MM(1) Industrial '19e EBITDA $1,909MM(1) High Low Multiple Multiple 12x 12x 15x Source: Company SEC filings, Trian estimates. (1) Includes allocation of corporate costs on a percentage of sales basis. (2) Equity value calculated using $4.5bn of net debt and non-controlling interest and 243m shares outstanding. (3) Price as of October 9, 2018. 14x Low EV $9.4bn High EV - $11.7bn $22.9bn $26.7bn A separation could unlock between 15%-40%(2) of incremental value based on PPG's current share price of ~$98.50(3) - 31 -#33We Believe That Limited Operating Synergies Exist Between Architectural and Industrial Coatings Businesses Level of Synergies Synergy Type Engineering / R&D Procurement Distribution Customers / Cross Selling Marketing / Advertising Administrative Overhead Overall Minimal Some None None None Some Limited Synergies ■ Commentary ▪ Some procurement synergies but a separation would create two independent businesses with sufficient scale so likely no material impact ■ Limited technology overlap between architectural and industrial chemicals; architectural coatings are less R&D intensive ■ ▪ Paint stores, home improvement centers vs. OEMs and industrial distributors No shared distribution Distinct brands with separate identities Ability to leverage some administrative overhead While PPG has built one of the largest coatings companies in the world, in part through M&A, the current portfolio is comprised of at least 12 underlying businesses with disparate market dynamics. We believe there are virtually no synergies between Architectural and Industrial coatings - 32 -#34A Separation Increases Organizational Capacity to Make Strategic Acquisitions ▪ Shareholders could benefit from two platforms focused on making acquisitions in their respective industry verticals Analyst Discussion of M&A Landscape AUTEM "We also believe the r rationale for consolidation in coatings ngs remains strong (US peers commented on the need for large scale M&A at GS Basic Materials Conference earlier in May)." Goldman Sachs research, 6/4/18 "...[we] continue to note that with the coatings industry at the cusp of another round of global consolidation, Akzo is the key strategic asset.” Deutsche Bank research, 4/24/18 "The global coatings sector is consolidating and AXTA could be an acquisition candidate, which could be an upside risk to the shares." Citi research, 4/19/18 Potential US-Based Strategic Acquisitions Transformative Acquisitions Regional Paint Shops BEHR... A Benjamin Moore Paints RPM KELLY-MOOREⓇ PAINTS Cloverdale Paint JVs / Partnerships THE HOME DEPOT Potential Non-US-Based Strategic Acquisitions AkzoNobel DuluxGroup cromoLOGY k Kansai Paint Japan's No.1 12 NIPPON PAINT Suvinil PAINT FARROW & BALL F&B PAPER JOTUN Brillux ..more than paint - 33 -#35How Separating into Two Smaller Companies Could Lead to Further Shareholder Value Enhancement • Coatings multiples will likely continue to be supported by strategic optionality ■ ■ ■ Consolidation in coatings has been driven by economies of scale on raw material purchasing, manufacturing, distribution, sales and R&D The coatings supply chain has also been consolidating – both upstream suppliers and large customers (i.e., retail, industrial, automotive) By separating into two smaller companies, we believe PPG could participate more easily in prudent M&A (more organizational capacity to do strategic acquisitions) Cost Synergies in a Typical Coatings Deal Synergy Amount Line Item Raw Materials Purchasing Plant Rationalization Headquarters Cost Sales Force Consolidation Distribution Total Cost Synergies Source: Diligence calls, Deutsche Bank research. 0.5%-2.5% of sales $1-$5 million/ plant 0.5% of sales 1%-5% of sales 0.5%-1.5% of sales 3%-10%+ of sales - 34 -#36DuPont: New Management and Separation Plans Led to Better Operating UPOND Performance (Growth/Margins) Poor results under former management: Despite owning iconic industrial businesses and leading market share positions, DuPont underperformed peers and struggled to meet earnings promises KEVLAR® 56 PIONEER. Tyvek On 3/15/13, the day before Trian first invested in DuPont, the stock price was ~40% below its prior high from 15 years earlier(1) ■ ■ New management led to better operating performance (growth and margin): In 2015, after the company missed earnings targets for a fourth consecutive year, DuPont replaced the CEO/Chair with Ed Breen ■ DowDuPont's Plans to Separate (M&A): In November 2015, Trian signed confidentiality agreements with both DuPont and Dow after being asked to assist in the negotiation and structuring of a $130bn merge-and-spin transaction (completed in 2017 after regulatory review) ■ Once DuPont replaced management and started to execute on Trian's operating initiatives, including eliminating the matrix structure, standalone DuPont improved organic growth by ~400bps(²) and eliminated ~$1.7bn of costs pre-merger(³) ■ DowDuPont currently plans to separate into three more focused, world-class companies in Agriculture, Specialty Products and Materials Science $4.3bn of planned synergies to the benefit all shareholders, over and above the standalone improvements pre-merger Sources: Bloomberg, DuPont press releases and transcripts, DuPont SEC filings. Note: This case study is an example of a discrete investment, which is presented solely to illustrate the benefits of certain operational improvements and Trian's investment process and strategies and not to imply that any future investment by Trian will be successful. Market conditions at the times of the events reflected in this case study may differ materially from current and future market conditions. (1) On 5/22/1998, DuPont's share price was $78.31. On 3/15/13, the day before Trian first invested, the share price was $47.40 (pre-merger with Dow). (2) (3) Average year-over-year volume growth improvement from Q1 2016 to Q2 2017. $1.7bn in cost savings initiatives represents the $1bn of run-rate cost savings realized before 2015 plus the additional $700mm of realized in 2016 (press release exhibit to DuPont's Form 8-K filed on December 11, 2015). - 35 -#37DuPont: Best-in-Class Operations = Best-in-Class Returns Management change announcement $110 $100 $90 $80 (1%) (2%) (7%) Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 $70 $60 $50 $40 Strong Volume Growth 2013 Acceleration of growth Day before i Trian purchased first share 2% 3% (1%) 4% 2014 DuPont Stock Price 6% (1) I Empmany Management change announcement and guidance reduction 2015 Strong Operating Margin Expansion (Margin improvement in basis points) DuPont's Share Price Since a Day Before Trian's Initial Investment Proxy Meeting Management change announcement 90 343 405 439 DuPont and Dow! announce merger I and 3-way split 2016 (218) Significant margin expansion (376) Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 280 6 consecutive earnings beats between management change and Trian's exit S&P 500 (Rebased to DuPont Price) 2017 QU PONT 131 Trian sells last share Sources: Bloomberg, DuPont press releases and transcripts, DuPont SEC filings. (1) Adjusted to include Chemours post the spin-off on 7/8/15. DowDuPont share price converted back into legacy DuPont share price at a rate of 1.282:1 post the merger close on 9/1/17. Note: This case study is an example of a discrete investment, which is presented solely to illustrate the benefits of certain operational improvements and Trian's investment process and strategies and not to imply that any future investment by Trian will be successful. Market conditions at the times of the events reflected in this case study may differ materially from current and future market conditions. The total shareholder return figures shown above should not be construed as an indication of the performance of any funds or vehicles managed by Trian and it should not be assumed that any or all of the investments made by Trian in the company shown above were profitable. - 36 -#384. ESG: Bring PPG's Corporate Governance Up to Par with S&P 500 I ▪ PPG has a corporate governance structure that affords shareholders few rights, placing it out of step with the S&P 500 A 2018 shareholder proposal to declassify PPG's Board received overwhelming support (99% of votes cast in favor), but insufficient voter turnout resulted in the proposal's failure... a greater effort should be made to reach retail investors (1) Shareholder Right Annual Election of Directors Ability to Call Special Meeting Ability to Remove Directors w/Majority Vote % of S&P 500 With Right 89% 64% 84% PPG? × X (PPG has classified board) (No right to call meeting or act by written consent) (80% supermajority required to remove directors) Source: Company SEC filings; S&P 500 market data from FactSet Shark Repellent.net (1) Proposals to amend the Company's Articles of Incorporation to declassify the Company's Board require approval from 80% of all outstanding shares; however, only 74% of shareholders voted on the 2018 proposal (excluding broker non-votes). - 37 -#39Align Compensation with Shareholder Value Creation Despite underwhelming TSR, and PPG missing its own sales and earnings targets the past two years, CEO McGarry continues to be generously compensated: ■ ■ ■ Annual bonus payouts are buoyed by qualitative assessments about McGarry exceeding “personal performance objectives", even though Company continues to disappoint its shareholders PPG Misses its 2016 EPS & Volume Targets (as shown in 2017 proxy statement) $4.51 $6.07 $5.99 $6.51 Threshold Target 2016 Maximum Actual Adjusted Earnings-Per-Diluted Share - Continuing Operations (70% Weighting) × 2.5% Source: Company SEC filings. 1.0% 4.0% 0.0% Threshold Target 2016 Maximum Actual Sales Volume/Mix Growth (10% Weighting) McGarry receives annual bonus totaling 134% of target & total compensation of $12.5M. ■ PPG Misses its 2017 EPS & Volume Targets (as shown in 2018 proxy statement) $4.70 $6.01 $6.26 $6.89 Threshold 2017 Target Maximum Actual Adjusted Earnings-Per-Diluted Share - Continuing Operations (70% Weighting) 1.2% 0.0% Threshold 2017 Actual 3.1% Target Going forward, CEO compensation should be directly tied to achieving PPG's financial targets and creating value for shareholders 4.7% Maximum Sales Volume/Mix Growth (10% Weighting) X McGarry receives annual bonus totaling 108% of target & total compensation of $14.3M - 38 -#40Appendix TRIAN PARTNERS#41Trian Believes That Improved Focus and Accountability Can Lead to Higher Margins On average, Trian's portfolio companies have generated ~550bps of aggregate EBIT margin expansion after separation CBRY 2003 (5-Years Prior to Separation) 17.6% Ingersoll Rand / Allegion 10.6% IR 2008 (5-Years Prior to Separation) 11.8% Cadbury / Dr Pepper Snapple 20.8% ■ DPS CBRY 16.3% IR + ALLE 2013 (at Separation) 0.7% -270bps of aggregate EBIT margin expansion -320bps of EBIT margin expansion at DPS 13.5% CBRY 2008 (at DPS 2017/ Separation) CBRY 2009 -170bps of EBIT margin expansion at CBRY before being acquired in 2010 13.5% IR + ALLE 2017 13.0% Kraft / Mondēlez 15.0% 13.2% DuPont / Chemours (1) KFT 2007 KRFT + MDLZ KHC + MDLZ (5-Years Prior 2012 (at 2017 to Separation) Separation) -870bps of aggregate EBIT margin expansion 17.6% 13.5% DD 2009 DD 2014 (at DD+CC LTM (5-Years Prior Separation) 6/30/17 to Separation) 22.2% -260bps of aggregate EBIT margin expansion before Dow merger Wendy's / Tim Hortons (2) 13.9% 12.1% WEN 2000 WEN 2005 (at (5-Years Prior Separation) to Separation) 22.9% Source: SEC filings. Note: Excluded Pentair /nVent from the analysis due to the lack of full-year post-spin financials (spin was completed April 30, 2018). (1) DuPont 2009 margin excludes the contribution of the Performance Coatings segment which was sold in 2013. (2) Wendy's 2005 margin excludes the contribution from the Developing Brands segment which was moved to discontinued operations after the spin of Tim Hortons. WEN 2017 ~1,090bps of aggregate EBIT margin expansion - 40 -#42Separations Have Generated Outsized Shareholder Returns Total Shareholder Return: S&P 500 vs. Bloomberg U.S. Spin-Off Index 1-Year 3-Year 9% U.S. Spin-Off Index 128% Source: Bloomberg as of 10/9/18. 5-Year U.S. Spin-Off Index 15% S&P 500 93% S&P 500 80% U.S. Spin-Off Index 514% 10-Year U.S. Spin-Off Index 52% S&P 500 Spin-Offs Have Outperformed the S&P 500 Over Long Time Horizons 292% S&P 500 - 41 -