Trian Partners Activist Presentation Deck

A 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 -

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