Trian Partners Activist Presentation Deck
Disclosure Statement and Disclaimers
General Considerations
This presentation is for general informational purposes only, is not complete and does not constitute an agreement, offer, a solicitation
of an offer, or any advice or recommendation to enter into or conclude any transaction or confirmation thereof (whether on the terms
shown herein or otherwise). This presentation should not be construed as legal, tax, investment, financial or other advice. It does not
have regard to the specific investment objective, financial situation, suitability, or the particular need of any specific person who may
receive this presentation, and should not be taken as advice on the merits of any investment decision. The views expressed in this
presentation represent the opinions of Trian Fund Management, L.P. (“Trian”, and together with the funds that it manages, "Trian
Partners") and are based on publicly available information with respect to the PPG Industries, Inc. (the "Issuer") and the other
companies referred to herein. Trian Partners recognizes that there may be confidential information in the possession of the companies
discussed in this presentation that could lead such companies to disagree with Trian Partners' conclusions. Certain financial
information and data used herein have been derived or obtained from filings made with the Securities and Exchange Commission
("SEC") or other regulatory authorities and from other third party reports.
Trian Partners has not sought or obtained consent from any third party to use any statements or information indicated herein as having
been obtained or derived from statements made or published by third parties. Any such statements or information should not be
viewed as indicating the support of such third party for the views expressed herein. Trian Partners does not endorse third-party
estimates or research which are used in this presentation solely for illustrative purposes. No warranty is made that data or information,
whether derived or obtained from filings made with the SEC or any other regulatory agency or from any third party, are accurate.
Neither Trian Partners nor any of its affiliates shall be responsible or have any liability for any misinformation contained in any third
party, SEC or other regulatory filing or third party report. Select figures presented in this presentation, including earnings before
interest, taxes, depreciation and amortization ("EBITDA"), have not been calculated using generally accepted accounting principles
("GAAP") and have not been audited by independent accountants. Such figures may vary from GAAP accounting in material respects
and there can be no assurance that the unrealized values reflected in this presentation will be realized. Nothing in this presentation is
intended to be a prediction of the future trading price or market value of securities of the Issuer. There is no assurance or guarantee
with respect to the prices at which any securities of the Issuer will trade, and such securities may not trade at prices that may be
implied herein. The estimates, projections, pro forma information and potential impact of Trian Partners' analyses set forth herein are
based on assumptions that Trian Partners believes to be reasonable as of the date of this presentation, but there can be no assurance
or guarantee that actual results or performance of the Issuer will not differ, and such differences may be material. This presentation
does not recommend the purchase or sale of any security.
Trian Partners reserves the right to change any of its opinions expressed herein at any time as it deems appropriate. Trian Partners
disclaims any obligation to update the data, information or opinions contained in this presentation.
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