Trian Partners Activist Presentation Deck

We 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 -

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