Trian Partners Activist Presentation Deck

Largest 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-

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