#12023 Investor Presentation COVER THE EARTH SHERWIN-WILLIAMS.#2Forward-Looking Statements This presentation may contain certain "forward-looking statements," as defined under U.S. federal securities laws. These statements can be identified by the use of forward-looking terminology such as "believe," "expect," "may," "will," "should," "project," "could," "plan," "goal," "target," "potential," "seek," "intend," "aspire" or "anticipate" or the negative thereof or comparable terminology. These forward-looking statements are based upon current expectations, predictions, estimates, assumptions and beliefs concerning future events and conditions. Readers are cautioned not to place undue reliance on any forward-looking statements. Forward- looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of the Company that could cause actual results to differ materially from such statements and from the Company's historical results, performance and experience. These risks, uncertainties and other factors include such things as: general business and economic conditions; the Company's ability to successfully integrate past and future acquisitions into its existing operations, as well as the performance of the businesses acquired; strengths of retail and manufacturing economies and the growth in the coatings industry; changes in the Company's relationships with customers and suppliers; changes in raw material availability and pricing; adverse weather conditions or impacts of climate change, natural disasters and public health crises, including the COVID-19 pandemic; the duration, severity and scope of the COVID-19 pandemic and the actions implemented by international, federal, state and local public health and governmental authorities to contain and combat the outbreak and spread of COVID-19, which may exacerbate one or more of the aforementioned and/or other risks, uncertainties and factors more fully described in the Company's reports filed with the Securities and Exchange Commission (SEC); and other risks, uncertainties and factors described from time to time in the Company's reports filed with the SEC. Since it is not possible to predict or identify all of the risks, uncertainties and other factors that may affect future results, the above list should not be considered a complete list. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. SHERWIN-WILLIAMS. 2#3Why Invest in SHW? 17 Strong Organic Growth Opportunities Depth of Talent & Unique Culture Customer Intimacy & Data Industry Leading Brands Innovative Products & Services Controlled Distribution & Supply Chain Margin Expansion Opportunities Strong Balance Sheet & Cash Generation Disciplined Capital Allocation Sustainability Commitment THE BEST IS AHEAD Consistent Investment in the Business Strengthens Our Market Leading Position SHERWIN-WILLIAMS. 3#4Our Strategy Providing the Right Solutions for Our Customers Customer-Focused Industry-Leading Innovation Value-Added Service & Expertise Differentiated Distribution While Creating Shareholder Value STA Integrity Guided by Our Values Quality People Performance Market Share Growth Improve ROS Drive RONAE Drive Cash Generation Growth Innovation Service SHERWIN-WILLIAMS. 4#5SHERWIN-WILLIAMS. About Us $22.1 billion 64,000+ 5,000+ 2022 Net Sales 31% PERFORMANCE COATINGS GROUP 54% Employees 120+ Countries Stores and Branches 136 Manufacturing & Distribution Facilities 15% CONSUMER BRANDS GROUP PAINT STORES GROUP INDUSTRY-LEADING PORTFOLIO OF BRANDS SHERWIN-WILLIAMS. Purdy valspar KRYLON HGTV HOME SHERWIN WILLIAMS Thompson's WaterSeal MINWAX Note: The Americas Group became the Paint Stores Group effective January 1, 2023 to reflect realignment of management and reporting of the Latin America architectural business to the Consumer Brands Group. The 2022 Net Sales diagram reflects this change. SINCE 1904. Cabot 5#6SHERWIN-WILLIAMS. Paint Stores Group $12.0 billion 2022 Net Sales 4,600+ Stores across the US, Canada and Caribbean 3,175+ Delivery vehicles 3,600+ 2,450+ Sales Reps Drivers ~1,400 Management trainees hired in 2022 KEY DIFFERENTIATORS Customer relationships, trademark service, exceptional products, store locations, controlled distributions, color leadership and digital experience Cashn INTERIOR ACH PRIMARY END MARKETS • • • • Residential Repaint Commercial New Residential Property Maintenance DIY Protective & Marine PAINTERS EDGE PLUS PRO ProMar Scuff Tuff Emerald Latitude GESTONER EDITION TERIOR ACRYLIC LATER INTERIOR LATEX MILLIAN#7Paint Stores Group Results ($ in billions) 20.2% 19.7% $9.6 22.1% 20.6% $12.0 $10.6 ☐ $10.2 $10.4 19.6% 2018* 2019* 2020* Sales 2021 2022 --Segment Margin *Note: 2018-2020 not restated to reflect realignment of Latin America architectural business to Consumer Brands Group 2022 Sales New Residential New Commercial DIY Property Maintenance Protective & Marine Residential Repaint SHERWIN-WILLIAMS. 7#8SHERWIN-WILLIAMS. Consumer Brands Group $3.4 billion 2022 Net Sales GLOBAL REACH . North America • Europe Latin America STRATEGIC CHANNEL PARTNERS AND BRANDS LOWE'S ORGILL KEY DIFFERENTIATORS Hero brands, premier channel partners, category management, training and field support and digital leadership Purdy XLCUB 2.0 RONSEAL Woodstain RE MENARDS® B&Q Best Doit HOTV SHERWIN WILLIAMS EVERLAST Cabot GOL valspar SIGNATURE OR PAINT PRIMER Thompson's WaterSeal MINWAX WOOD FINISH KRYLON FUSION (5X 8#9Consumer Brands Group Results ($ in billions) $3.4 $3.3 $3.1 $2.7 $2.7 21.9% 17.5% ☐ 15.0% 13.6% ☐ 12.7% ☐ 2018* 2019* 2020* 2021 2022 Sales --Adjusted Segment Margin *Note: 2018-2020 not restated to reflect realignment of Latin America architectural business to Consumer Brands Group 2022 Sales EMEAI LATAM North America SHERWIN-WILLIAMS. 9#10SHERWIN-WILLIAMS. Performance Coatings Group $6.8 billion 2022 Net Sales • 120+ Countries BUSINESSES Automotive Refinish • Coil . General Industrial • Industrial Wood • Packaging • Protective & Marine KEY DIFFERENTIATORS Local service model, highly specified coatings, global expertise, product innovation, color solutions and customer-focused POWDURA U-76-1952-152 VERSAHYDE VER PROTECTIVE&MANE FAST-CLAD ER valspar FS17 EUF BC8 U8007#11Performance Coatings Group Results ($ in billions) 14.5% 14.1% 12.9% $6.8 $6.0 14.1% 11.6% $5.2 $5.0 $4.9 2018 2019 2020 2021 Sales --Adjusted Segment Margin 2022 2022 Sales General Industrial Automotive Refinish CHID Industrial Wood Protective & Marine Packaging Coil SHERWIN-WILLIAMS. 11#12Global Supply Chain END TO END SUPPLY CHAIN Transportation Customer Research & Development CONTINUOUS IMPROVEMENT Distribution Sourcing Manufacturing Supply Chain Planning SHERWIN-WILLIAMS. 12#13Our Global Presence 22 branches & facilities CANADA 252 paint stores 4 facilities 57 facilities 4,286 228 paint stores branches & facilities UNITED STATES 86 2 facilities paint stores 57 branches & facilities 24 facilities EMEAI ASIA-PACIFIC 1 CARIBBEAN facility facilities 3 branches &7 LATIN AMERICA/ SOUTH AMERICA 307 paint stores 22 branches & facilities $25 facilities facilities AUSTRALIA/ NEW ZEALAND Paint Stores Group Performance Coatings Group Consumer Brands Group Corporate Headquarters Company-operated branches serve automotive finishes, general industrial, industrial wood and coil customers. Facilities include manufacturing facilities, blending facilities and distribution centers (All as of 12/31/2022). SHERWIN-WILLIAMS. 13#14Legacy of Innovation Customer-Inspired Innovation, Technology-Driven Solutions • . • OUR CUSTOMER-CENTRIC APPROACH Driven to help our customers grow their business and achieve greater success Prioritize staying on top of trends across the globe Engage our customers to gain valuable insight into their challenges RESEARCH & DEVELOPMENT (R&D) AT A GLANCE 2,200+ 2,200+ Employees worldwide Active Patents 24,000+ 10+ years Years of combined SHW R&D experience Average R&D Employee Tenure ACCURATE SHERWIN-WILLIAMS. 14#15Doing Business the Right Way We Embrace an Enterprise-Wide View of ESG and Sustainability Environmental Footprint Product Blueprint Governance & Ethics Social Imprint Environmental Footprint Doing Our Part for the Planet Product Blueprint Driving Sustainability Through Innovation Social Imprint Elevating a Culture of Safety, Inclusion and Community Governance & Ethics Supporting Broad Engagement and Appropriate Oversight SHERWIN-WILLIAMS. 15#16Sustainability Goals CO, 2 Reduce absolute Scope 1 and 2 ENVIRONMENTAL FOOTPRINT Doing our Part for the Planet PRODUCT BLUEPRINT Driving Sustainability Through Innovation Increase renewable energy to 50% of greenhouse gas total electricity usage emissions by 30% 2030 goals and targets, with % reductions compared with 2019 baseline Increase operational energy efficiency by 20% Reduce waste disposal intensity by 25% Implemented Sustainability by Design program enterprise-wide, serving as our proactive, foundational process to aid the growth of our "sustainably advantaged products" portfolio Established baseline for "sustainably advantaged products" and developed plan for expanding this product portfolio in the future Developed a structured process for measuring and assessing Scope 3 emissions SHERWIN-WILLIAMS. 16#17Sustainability Goals oooo SOCIAL IMPRINT Elevating a Culture of Safety, Inclusion and Community + [=] SHERWIN-WILLIAMS. 17 Reduce recordable case rate to 0.8 by 2025, compared with 1.06 in 2020 Reduce ergonomic injuries by implementing two ergonomic interventions per year in each manufacturing site Increase women in management roles to 30% by 2025, compared with 26% in 2020 Increase under- represented racial/ethnic groups in U.S. management roles to 30% by 2025, compared with 26% in 2020 Achieve and improve upon a favorable score on the Sherwin-Williams Inclusion Index, based on results of our global employee engagement survey Foster economic inclusion for under- represented suppliers#18Sustainable Product Stewardship U ULTRA 9K U9001 Lampbla Noir fun Negro de SHERWIN ProMar 400 VOC/ETRO COWBANS CON KRYLON INDUSTRIAL 33.8 U.S. FL OZ (1.0 EcoSelect ho vo SAND COM EXTRA TERIOR INTERIOR LAUR FLAT/MATEMAT WHITE/EXTRA BLANCO EXTRA BLANC 6503-67386 Cont. Net./Net Cont. 3.66 124 FL OZ (3% U.S. QT) 3.66 QUIK -MARK valPure Non-BPA Lining SuperPaint WITH AIR PURIFYING TECHNOLOGY WLAN POWDURA PBSB-C0000-C5D RYLIC I ED WARRA AT- SHERWIN SuperDeck FEATURING PREMIUM DUCKBACK TECHNOLOGY IR REFLECTIVE EXTERIOR WATERBORNE DECK STAIN SHERWIN WILLIAMS ProMar 200 HP ZERO VOC INTERIOR ACRYLIC -SOLID dh DUCKBACK Ultra 9KⓇ Waterborne Basecoat System EcoSelectⓇ Zero VOC Interior Latex ProMarⓇ 400 Zero VOC Primer Krylon Quik-Tap™ Reusable Spray Device AquaGuard® Coating Solutions Zinc-Free & Water-Based valPureⓇ V70 Non-BPA Epoxy Powdura® ECO Powder Coatings Made from Recycled Plastic SuperPaint® Air Purifying Technology ProMarⓇ 200 HP Zero VOC Interior Latex SuperDeckⓇ Waterborne Exterior Solid Color Deck Stain SHERWIN-WILLIAMS. 18#19Financial Highlights Sales Adjusted EBITDA* Adjusted EPS* $ in billions $ in billions $22.1 $19.9 $18.4 $17.5 $17.9 $15.0 $3.6 $3.4 $3.2 $3.0 $2.8 $2.4 $8.73 $8.19 $8.15 $7.04 $6.18 $5.02 Net Operating Cash $ in billions $3.4 $2.3 $2.2 $1.9 $1.9 $1.9 17 18 19 20 21 22 17 18 19 20 21 22 17 18 19 20 21 22 17 18 19 20 21 22 5-Year CAGR = 8.1% 5-Year CAGR = 8.3% 5-Year CAGR = 11.7% *Please refer to the appendix for reconciliations of the Adjusted EBITDA and Adjusted EPS financial measures and their corresponding GAAP measures. All share and per share information in this presentation has been retroactively adjusted to reflect the Company's 3-for-1 stock split effected March 31, 2021. SHERWIN-WILLIAMS. 19#20Consistent Capital Allocation Consistent Capital Allocation Philosophy: We Will Not Hold Cash Dividend Target 30% of Strategic M&A Clearly Defined Criteria Share Repurchase Absent Strategic M&A CAPEX Investment Modest Requirements <2.0%* Target As % Of Sales PY GAAP Earnings 44 Consecutive Years Of Increases 16 Transactions In Last Decade 79.1 Million Shares Purchased In Last Decade *Excludes new global HQ and R&D building investments SHERWIN-WILLIAMS. 20#21Returning Cash to Shareholders All Amounts Reflect March 31, 2021 Stock Split Dividends Per Share Share Repurchases $1.79 $1.51 $1.12 $1.13 $1.15 $0.89 $0.73 $0.67 $0.52 $2.40 $2.20 $273.2 $263.6 Shares 20.8 Avg. Price per Share $209.1 12.9 $134.1 11.7 10.7 $155.0 10.1 $92.9 5.0 4.6 $71.7 3.4 $59.6 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2022 Was The 44TH Consecutive Year Of Dividend Increases 2013 2014 2015 2016** 2017** 2018 2019 2020 2021 2022 Over $10 Billion Invested Over Last Decade **No market purchases in 2016 and 2017 - focused on debt reduction following Valspar acquisition. SHERWIN-WILLIAMS. 21#22Comparison of Cumulative Five-Year Total Return $300 $250 $200 $150 $100 $50 $0 2017 2018 The Sherwin-Williams Company 2019 S&P 500 Index Peer Group 2020 2021 2022 SHERWIN WILLIAMS. Peer group of companies comprised of the following: Akzo Nobel N.V., Axalta Coating Systems Ltd., BASF SE, Genuine Parts Company, H.B. Fuller Company, The Home Depot, Inc., Lowe's Companies, Inc., Masco Corporation, Newell Brands Inc., PPG Industries, Inc., RPM International Inc., and Stanley Black & Decker, Inc. SHERWIN-WILLIAMS. 22#23Why Invest in SHW? 17 Strong Organic Growth Opportunities Depth of Talent & Unique Culture Customer Intimacy & Data Industry Leading Brands Innovative Products & Services Controlled Distribution & Supply Chain Margin Expansion Opportunities Strong Balance Sheet & Cash Generation Disciplined Capital Allocation Sustainability Commitment THE BEST IS AHEAD Consistent Investment in the Business Strengthens Our Market Leading Position SHERWIN-WILLIAMS. 23#24Appendix SHERWIN-WILLIAMS. TRUSTED COLLECTIONS#25400 Millions of Gallons 500 600 700 900 U.S. Architectural Paint Industry Architectural Paint Gallons 800 PRIOR PEAK 2000 2001 2002 2003 2004 2004 2005 2006 2007 2008 2007-2014 FEWER NEW HOMES BUILT = FEWER NEW GALLONS -13M FORECLOSURES = REDUCED MAINTENANCE 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021* 2022 2022 280,000 ~830 Million Sq. Ft. in Thousands Non-Residential & Residential Square Footage 240,000 PRIOR PEAK 200,000 160,000 120,000 2000 2001 2002 2003 2004 25% GROWTH SINCE PRIOR PEAK 25% growth in square footage since prior peak should drive continued gallon growth due to larger res repaint and property maintenance opportunities *2021 Gallons revised lower from prior presentations given updated data from American Coatings Association that reflects greater impact of industry raw material availability challenges. 2022 impacted by continued raw material/supply chain challenges and soft DIY. Sources: American Coatings Association, Department of Commerce, Dodge Data & Analytics & Company Estimates, Dodge Data & Analytics U.S. Building Stock Data, ATTOM Data Solutions SHERWIN-WILLIAMS. 25 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022#2641% 1980 59% 1981 1982 1983 1984 186 1985 1985 986 1986 1987 1987 1988 1989 886 6862 Sources: U.S. Commerce Department, ACA, Company Estimates 1990 1991 1991 1992 Z66L 1993 1993 766 +661 Pro Momentum returns after Pandemic-Driven DIY Spike 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Sherwin-Williams is Well Positioned to Serve Pro and DIY 2010 2011 2012 2013 2014 2016 2017 2018 2019 2020 2021 2022 SHERWIN-WILLIAMS. 26 64% 36% DIY/ Remodeler Paint Contractor#27U.S. Demographics Silent 1928-1945 77-94 Years Old (As Of 2022) Transitioning to Senior Living Facilities Baby Boomers 1946-1964 58-76 Years Old (As Of 2022) Aging in place; driving remodeling spend ■ Future downsizing creates opportunity Frequently relocate to active adult facilities Gen X 1965-1980 42-57 Years Old (As Of 2022) ■ Move up creates churn and drives remodeling ■ Most likely to hire contractors ☐ ■ Millennials 1981-1996 26-41 Years Old (As Of 2022) Forming households First time homebuyers Demand for entry level homes ■ Driving multifamily and rentals Gen Z 1997-2012 10-25 Years Old (As Of 2022) ■ Will further extend household formation Always connected, eComm 8% Of U.S. Population 22% Of U.S. Population 20% Of U.S. Population 22% Of U.S. Population 24% Of U.S. Population Source: PewResearch.org Please Note: above estimates based on Census projections for 2020 US population. Percentages exclude those born before 1928 and after 2012. No chronological end date has been set for Gen-Z SHERWIN-WILLIAMS. 27#282023 2024 2025 2026 Debt Summary (As of December 31, 2022) Maturities of Long-Term Debt $1,619 USD EUR $1,100 $1,050 $800 $500 $500 $350 2027 2028 2029 2030 2031 2032 ... 2042 $300 --- $650 2045 2046 2047 2048 2049 2050 $1,250 $550 2051 $500 $500 2052 ... 2097 $4 Fixed vs. Floating Rate Debt Fixed Floating 9% 91% SHERWIN-WILLIAMS. 28#29Store Footprint UNITED STATES Louisiana 77 Oregon 65 Newfoundland 1 Alabama 79 Maine 25 Pennsylvania 205 Nova Scotia 7 Alaska 7 Maryland 86 Rhode Island 12 Ontario 106 Arizona 77 Massachusetts 67 Arkansas 49 Michigan California 277 Minnesota 71 Colorado 85 Mississippi 59 Connecticut 43 Missouri 80 Delaware 21 Montana 19 District of Columbia 6 Nebraska Florida 342 Nevada 29 Georgia 172 New Hampshire Hawaii 13 New Jersey Idaho 32 New Mexico 25 Illinois 163 New York Indiana 103 North Carolina Iowa 45 North Dakota 9 Kansas Kentucky As of 12/31/2022 엉엉 50 Ohio 58 Oklahoma 59 b ༄ རྞ ® ཋ གླ ྨ གླ 8 ༄ ྨ ཡིི ཎྜ 。 ིིg South Carolina 94 Prince Edward Island 1 126 South Dakota 12 Quebec 36 CANADA Tennessee 98 Texas 88 Saskatchewan 7 363 CARIBBEAN 86 4,286 Utah 44 LATIN AMERICA paint stores Vermont 11 = Brazil 25 Virginia 126 Chile 58 Washington 108 Ecuador 33 West Virginia 20 Mexico 152 100 Wisconsin 86 Uruguay དེ & ཆ & 152 Wyoming CANADA 12 171 Alberta 205 British Columbia Manitoba 9 New Brunswick 25 28 52 252 paint stores UNITED STATES 86 CARIBBEAN paint stores LATIN AMERICA/ SOUTH AMERICA 307 paint stores 29#30Sherwin-Williams North American Paint Store Footprint San Francisco Edmonton CANADA Calgary TED Otti Philadelphia thing fon Monterrey Gulf of Mexico Miami MÉXICO Havana CUBA Guadalajara Port-au- Prince Caribbean Sea UNITED STATES Guatemala San Salvador NICARAGUA Managua COSTA RICA San Jose Barranquilla Maracaibo Caracas Port of pain Cartagena Valencia Panama City Bucaramanga Medellin VENEZUELA Geor SHERWIN-WIAMS COLOR COLORSNAP STUDIO TRUSTED COLLECTIONS DESIGNER INSPIRI SHERWIN-WILLIAMS. 30#31Non-GAAP Financial Measures Management utilizes certain financial measures in this presentation (including adjusted segment profit, adjusted EBITDA and adjusted diluted net income per share) that are not in accordance with U.S. generally accepted accounting principles (US GAAP) to analyze and manage the performance of the business. The required disclosures for these non-GAAP measures are shown below. The Company provides such non-GAAP information in reporting its financial results to give investors additional data to evaluate the Company's operations. Management does not, nor does it suggest investors should, consider such non-GAAP measures in isolation from, or in substitution for, financial information prepared in accordance with US GAAP. Adjusted Segment Profit Management of the Company believes that investors' understanding of the Company's operating performance is enhanced by the disclosure of segment profit excluding Valspar acquisition-related costs and other adjustments. This adjusted segment profit measurement is not in accordance with US GAAP. It should not be considered a substitute for segment profit in accordance with US GAAP and may not be comparable to similarly titled measures reported by other companies. Adjusted EBITDA EBITDA is a non-GAAP financial measure defined as net income from continuing operations before income taxes and interest, depreciation and amortization. Adjusted EBITDA is a non-GAAP financial measure that excludes the Valspar acquisition and other adjustments. Management considers Adjusted EBITDA useful in understanding the operating performance of the Company. The reader is cautioned that the Company's Adjusted EBITDA should not be compared to similarly titled measures reported by other companies. Further, Adjusted EBITDA should not be considered an alternative to Net income or Net operating cash as an indicator of operating performance or as a measure of liquidity. Adjusted EPS Management of the Company believes that investors' understanding of the Company's operating performance is enhanced by the disclosure of diluted net income per share excluding Valspar acquisition-related costs and other adjustments. This adjusted earnings per share measurement is not in accordance with US GAAP. It should not be considered a substitute for earnings per share in accordance with US GAAP and may not be comparable to similarly titled measures reported by other companies. SHERWIN-WILLIAMS. 31#32Adjustments to Segment Profit GAAP to Adjusted Pre-Tax Income by Segment Consumer Brands Group ($ in millions) 2018* 2019* 2020* 2021 2022 2018 2019 Performance Coatings Group 2020 2021 2022 Net external sales $ 2,739.1 $ 2,676.8 $ 3,053.4 $ 3,322.4 $ 3,388.4 $ 5,166.4 $ 5,049.2 $ 4,922.4 $ 6,003.8 $ 6,793.5 Segment profit (as reported) $ % of sales (as reported) 261.1 $ 9.5% 373.2 $ 13.9% 579.6 $ 19.0% 415.2 $ 12.5% 314.2 9.3% $ 452.1 $ 8.8% 379.1 $ 7.5% 500.1 10.2% $ 486.2 $ 8.1% 734.9 10.8% Other adjustments Severance and other 25.6 Impairment 5.1 15.5 117.0 Total other adjustments $ $ 5.1 $ $ $ 41.1 $ $ 117.0 $ 22.2 22.2 Acquisition-related costs Acquisition-related amortization (1) 110.9 Total acquistion-related costs $ 110.9 $ 91.2 91.2 $ 90.5 90.5 $ 82.8 76.2 215.8 82.8 $ 76.2 $ 215.8 $ 215.5 215.5 $ 213.1 211.2 200.1 213.1 $ 211.2 $ 200.1 Segment Profit (Adjusted) $ % of sales (as adjusted) 372.0 $ 13.6% 469.5 $ 17.5% 670.1 $ 21.9% 498.0 $ 15.0% 431.5 $ 667.9 $ 711.6 $ 713.2 $ 697.4 $ 957.2 12.7% 12.9% 14.1% 14.5% 11.6% 14.1% *Note: Consumer Brands Group 2018-2020 not restated to reflect realignment of Latin America architectural business to Consumer Brands Group (1) Acquisition-related amortization expense consists primarily of the amortization of intangible assets related to the Valspar acquisition and is included in Amortization. SHERWIN-WILLIAMS. 32#33Regulation G Reconciliation Adjusted EBITDA ($ in millions) Net income from continuing operations 2017 2018 2019 2020 2021 2022 $ 1,769.5 $ 1,108.7 $ 1,541.3 $ 2,030.4 $ 1,864.4 $ 2,020.1 Interest expense 263.5 366.7 349.3 340.4 334.7 390.8 Income taxes (300.2) 251.0 440.5 488.8 384.2 553.0 Depreciation 285.0 278.2 262.1 268.0 263.1 264.0 Amortization 206.8 318.1 312.8 313.4 309.5 317.1 EBITDA from continuing operations $ 2,224.6 $ 2,322.7 $ 2,906.0 $ 3,441.0 $ 3,155.9 $ 3,545.0 Severance and other Impairment 122.1 47.3 15.5 Loss on divestiture 111.9 Brazil indirect tax credit (50.8) California litigation expense 136.3 (34.7) Domestic pension plan settlement expense 37.6 32.4 Environmental expense provision 167.6 Transaction and integration costs (1) Inventory accounting change Adjusted EBITDA $ 139.0 58.9 2,422.5 $ 157.7 81.8 2,821.9 $ 3,056.8 $ 3,441.0 $ 3,267.8 $ 3,607.8 (1) Transaction and integration costs consist primarily of professional service expenses, salaries and other employee-related expenses dedicated directly to the integration effort, and severance expense. These costs are included in Selling, general and administrative and other expenses and Cost of goods sold. SHERWIN-WILLIAMS. 33#34Regulation G Reconciliation Adjusted EPS Year Ended December 31, 2017 Tax Year Ended December 31, 2018 Year Ended December 31, 2019 Tax Year Ended December 31, 2020 Tax Effect (1) Tax Pre-Tax Effect (1) After-Tax Pre-Tax After-Tax Pre-Tax After-Tax Pre-Tax Effect (1) Effect (1) $ 6.21 $ 3.89 $ 5.50 Year Ended December 31, 2021 Year Ended December 31, 2022 After-Tax Pre-Tax Effect Tax (1) After-Tax Pre-Tax Tax (1) Effect After-Tax Diluted net income per share from continuing operations Severance and other Trademark impairment Loss on divestiture Brazil indirect tax credit California litigation expense Solar tax credit investment loss $ 7.36 0.44 0.11 0.33 $ 6.98 $ 7.72 0.18 0.06 0.03 0.01 0.15 0.05 0.41 0.07 0.34 (0.18) (0.06) (0.12) 0.48 0.12 0.36 (0.12) (0.03) (0.09) (0.26) 0.26 Pension plan settlement expense 0.13 0.03 0.10 0.12 0.03 0.09 Environmental expense provision 0.58 0.14 0.44 One-time benefit from deferred tax benefits 2.35 (2.35) Total other adjustments $ $ 2.35 $ (2.35) $ 1.19 $ 0.29 $ 0.90 $ 0.26 $ (0.21) $ 0.47 $ $ $ $ 0.41 $ 0.07 $ 0.34 $ 0.24 $ 0.04 $ 0.20 Transaction and integration costs (2) 0.49 0.20 0.29 0.55 0.03 0.52 Acquisition-related amortization expense (3) 1.02 0.31 0.71 1.15 0.28 0.87 0.29 1.10 0.06 0.26 0.23 0.84 1.10 0.27 0.83 1.10 0.27 0.83 1.06 0.25 0.81 Inventory accounting change 0.21 0.05 0.16 Total acquisition-related costs $ 1.72 $ 0.56 $ 1.16 $ 1.70 $ 0.31 $ 1.39 $ 1.39 $ 0.32 $ 1.07 $ 1.10 $ 0.27 $ 0.83 $ 1.10 $ 0.27 $ 0.83 $ 1.06 $ 0.25 $ 0.81 Adjusted diluted net income per share $ 5.02 $ 6.18 $ 7.04 $ 8.19 $ 8.15 $ 8.73 (1) The tax effect is calculated based on the statutory rate and the nature of the item, unless otherwise noted. (2) Transaction and integration costs consist primarily of professional service expenses, salaries and other employee-related expenses dedicated directly to the integration effort, and severance expense. These costs are included in Selling, general and administrative and other expenses and Cost of goods sold. (3) Acquisition-related amortization expense consists primarily of the amortization of intangible assets related to the Valspar acquisition and is included in Amortization. SHERWIN-WILLIAMS. 34