Trian Partners Activist Presentation Deck

TSR Has Underperformed Peers Under Current Leadership 15% S&P 500 TSR 1-Year 7% Peers (11%) PPG Source: Bloomberg. Measured through October 9, 2018. Note: "Peers" represents median of Akzo Nobel, Axalta, Masco, RPM International, and Sherwin-Williams. (1) Measured since September 1, 2015. TSR - Current Leadership Tenure(¹) 60% S&P 500 48% Peers 13% PPG -7-

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