Trian Partners Activist Presentation Deck

PPG 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 -

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