Trian Partners Activist Presentation Deck

2. Capital Structure: Improve Balance Sheet Efficiency ▪ PPG's two closest peers have leverage of ~4x ▪ Sherwin Williams is still an investment grade company (Baa3 / BBB) 4.0x 11 3.9x A AXALTA Net Debt (including Pension) to EBITDA Ratio 4.1x Rent Adjusted (1) FAN SHERWIN WILLIAMS. Source: SEC filings, Bloomberg. (1) Paint store lease obligations estimated at 5x rent expense. 3.2x 2.1x RPM MASCO 1.7x PPG 1.5x AkzoNobel - 21 -

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