PPG Investor Overview · PPG Investor Overview. 2 Notes. ... PPG global market positions Source: Orr and Boss; company annual reports, PPG estimates Position by Coatings Vertical

PPG Investor Overview

2

Notes

Forward looking statement

The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements

made by or on behalf of the Company. This presentation contains forward-looking statements that reflect

the Company’s current views with respect to future events and financial performance. You can identify

forward-looking statements by the fact that they do not relate strictly to current or historic facts. Forward-

looking statements are identified by the use of the words “aim,” “believe,” “expect,” “anticipate,” “intend,”

“estimate,” “project,” “outlook,” “forecast” and other expressions that indicate future events and trends.

Any forward-looking statement speaks only as of the date on which such statement is made, and the

Company undertakes no obligation to update any forward looking statement, whether as a result of new

information, future events or otherwise. You are advised, however, to consult any further disclosures we

make on related subjects in our reports to the Securities and Exchange Commission. Also, note the

following cautionary statements. Many factors could cause actual results to differ materially from the

Company’s forward-looking statements. Such factors include global economic conditions, increasing price

and product competition by foreign and domestic competitors, fluctuations in cost and availability of raw

materials, the ability to maintain favorable supplier relationships and arrangements, the timing of and the

realization of anticipated cost savings from restructuring initiatives, difficulties in integrating acquired

businesses and achieving expected synergies therefrom, economic and political conditions in international

markets, the ability to penetrate existing, developing and emerging foreign and domestic markets, foreign

exchange rates and fluctuations in such rates, fluctuations in tax rates, the impact of future legislation, the

impact of environmental regulations, unexpected business disruptions and the unpredictability of existing

and possible future litigation, including litigation that could result if the proposed asbestos settlement does

not become effective. However, it is not possible to predict or identify all such factors. Consequently, while

the list of factors presented here and under Item 1A of PPG’s 2015 Form 10-K is considered representative,

no such list should be considered to be a complete statement of all potential risks and uncertainties.

Unlisted factors may present significant additional obstacles to the realization of forward-looking

statements. Consequences of material differences in the results compared with those anticipated in the

forward-looking statements could include, among other things, lower sales or earnings, business

disruption, operational problems, financial loss, legal liability to third parties, other factors set forth in

Item 1A of PPG’s 2015 Form 10-K and similar risks, any of which could have a material adverse effect on the

Company’s consolidated financial condition, results of operations or liquidity.

3

We are a global leader in paints and coatings

4

PPG: Our employees protect and beautify the world

A leader in all

our markets:

construction,

consumer products,

industrial and

transportation

markets and

aftermarkets

Headquartered

in Pittsburgh,

Pennsylvania, with

operations in more

than 70 countries

Founded in 1883 Fortune 500:

Ranked 198

A global maker of

paints, coatings,

and materials, with

full-year net sales

of $15.3 billion in

2015

5

2015 key achievements

Strategic Portfolio Actions

• Successful integration of Comex acquisition

• 6 bolt-on acquisitions totaled more than $400 million

(purchase price)

o Spanned various coatings end-uses and geographies

Excellent Financial Performance

• Record adjusted EPS up 17% versus previous year*

• Record local-currency earnings in each region

Cash and Cash Deployment

• Record cash generation from operations ~$1.8B

• $1.5B of cash and short-term investments at year-end

• Quarterly dividend increase – 44th consecutive year

• Deployed $750MM for share repurchases

6 * See appendix for adjusted EPS trend reconciliation

2013

• Separation of commodity chemicals business via Reverse Morris Trust ($1.7 billion annual sales)

• Acquisition of North America architectural coatings business from AkzoNobel ($1.5 billion annual sales)

2014

• Sale of PPG’s majority interest in Transitions Optical joint venture ($0.8 billion annual sales)

• Acquisition of Comex – Mexico ($1.0 billion annual sales)

2015

• 6 strategic coatings bolt-on acquisitions ($400 million annual sales)

• REVOCOAT, IVC Industrial, LeJoint Français, Cuming Microwave, Consorcio LatinAmericano, Chemfil Canada

Accelerating the portfolio transformation

Significant increase in coatings via strategic portfolio actions

7

Our portfolio transformation

2005 – $10.2B 2015 – $15.3B

55%

23%

22%

93%

7%

Net Sales*

Paint and Coatings

Chemicals

Glass

*Sales from Continuing Operations – as originally reported

Paints and Coatings = $14.2BPaints and Coatings = $5.6B

Significant transactions accelerate portfolio optimization

Acquisitions: SigmaKalon (2008), AkzoNobel N.A. Architectural (2013), Comex (2014)

Divestitures: Commodity Chemicals (2013), Transitions® Optical (2014)

8

2005 - 2008

Acquired From Business

Int’l Polarizer Optical

Crown Coatings Industrial

Iowa Paint Architectural

Shanghai Sunpool Architectural

Intercast Optical

Eldorado Aerospace

Ameron PMC

Dongju (Asia) Industrial

Protec (Asia) Refinish

Sierracin Aerospace

Renner Sayerlack Architectural

ICI India (Asia) Refinish

Barloworld (Asia) Architectural

SigmaKalon Arch./ PMC /

Industrial

Bonny (Asia) Refinish

BASF Coil (N/A) Industrial

Total Sales Value ~$4.5B

Notable PPG acquisitions1997 - 2000


Akzo Nobel Auto OEM

Man-Gill Industrial

BASF Packaging

MaxMeyer Refinish

Phillips Paints Industrial

Keeler & Long Architectural

Bollig & Kemper Auto OEM

Courtaulds Packaging

Orica Refinish

Sigma Refinish

Porter Paints Architectural

ICI Refinish

ICI Industrial

Wattyl Architectural

PRC-Desoto Aerospace

Monarch Architectural

Total Sales Value ~$2B

2010 - Present


Bairun (Asia) Packaging

Dyrup Architectural

Ducol (S. Africa) Refinish

Colpisa (Columbia) Auto OEM/Refinish

Spraylat Industrial

Akzo Nobel N. America

Architectural

Deft Aerospace

Canal Supplies Protective

Homax Architectural

Comex (Mexico) Architectural

Le Joint Francais Aero/Auto OEM

Revocoat Auto OEM

Consorcio

Latinamericano

Architectural

Cuming Microwave Aerospace

IVC Industrial

Total Sales Value ~$3.7B

Experienced global acquirer with excellent track record9

Acquisitions contribute to sales growth

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Acquisition Sales Growth Over Prior Year Notable acquisitions:

2008 – SigmaKalon

2013 – Akzo Nobel NA

2014/5 – Comex (partial years)

+6% average sales growth

from acquisitions

(USD MM)

Acquisitions supplement organic growth

10

55%

93%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2005 2007 2010 2015

Coatings Optical & Specialty

Commodity Chemicals Glass

PPG Segment Net Sales*

Portfolio shift to coatings end-use markets drives earnings growth

Coatings Segments

Earnings Growth (Indexed to 2005) *

CAGR = 11%

* As originally reported, not adjusted for divestitures.

~$10.2B ~$15.3B

Strengthened business portfolio

1.0

1.2

1.4

1.6

1.8

2.0

2.2

2.4

2.6

2.8

3.0

2005 '06 '07 '08 '09 '10 '11 '12 '13 '14 2015

Ind

ex

11

* As originally reported, not adjusted for divestitures.

46%

28%

16%

10%

2015 - $15.3B

U.S. & Canada

EMEA

Asia/Pacific

Latin America

PPG’s transformation

Improved geographic profile with growing emerging regions

Sales in USD, EMEA includes Europe, Middle East, and Africa

72%

20%

6%

2%

2005 – $10.2BNet Sales*

Emerging Regions = 8% Emerging Regions = 26%

12

Global paint and coatings industry (~$130B)

Recent Notable Coatings

Transaction/Consolidation Activity:

PPG – SigmaKalon (2008)

PPG – AkzoNobel N.A. architectural

Coatings (2013)

PPG – Comex Mexico (2014)

AkzoNobel – ICI (2008)

Sherwin Williams – Comex (U.S. and

Canada only)

Axalta – Former Dupont Coatings

Business (2013)

Valspar – Wattyl, Ace, Inver, Quest

(2010/2013/2013/2015)

Sherwin to acquire Valspar (2016) -

Pending

Competitive Landscape

Source: Orr and Boss; Company Annual Reports; PPG estimates

PPG is a leader in industry consolidation with

many smaller competitors

13

Other

U.S & Canada

44%

EMEA29%

Asia/Pacific17%

Latin America

10%

Coatings geographic mix

Source: Kusumgar, Nerlfi, & Growney; Company Annual

Reports; PPG estimates

Coatings Industry

Geographic Sales Mix PPG Coatings

Geographic Net Sales Mix

PPG – Considerable growth opportunities remain

U.S. & Canada

17%

EMEA32%

Asia Pacific43%

Latin

America

8%

14EMEA includes Europe, Middle East, and Africa

PPG end-use markets

Automotive OEM

& Aftermarket, 30%Construction - New &

Maintenance, 45%

General Industrial, 15%

Aerospace and Marine

(New & Aftermarket), 10%

Approximate % of Total PPG Net Sales*

Diverse end-use markets

15

0

500

1,000

1,500

2,000

2,500

2007 '08 '09 '10 '11 '12 '13 '14 2015

$4

$5

$6

$7

$8

$9

$10

$11

$12

$13

2004 '06 '08 '10 '12 2015

CAGR = 9%

PPG Coatings Net Sales (US$B) –Includes Acquisitions

PPG paint and coatings overview

• Stable earnings/cash

• Growth potential

• Low capital intensity

• Technology & service

• Consolidating industry

Balanced Sales Orientation

Aggregate Coatings Segment Earnings

($MM)

Good Growth; Rapid Recovery From Recession

+133%

50%50%

PPG Coatings Net Sales Orientation

OEM Coatings

After-market /

Maintenance

Coatings

Why coatings?

16

#1 Market Position #2 Market Position #3 Market Position #4+ Market Position No Meaningful Presence

PPG global market positions

Source: Orr and Boss; company annual reports, PPG estimates

Position by Coatings Vertical

PPG growth opportunity: To be #1 or #2 in every country/vertical

Source: Orr and Boss; Company Annual Reports; PPG estimates

Lower <---- Level of Consolidation ----> Higher

---------- Participation in all end-use markets -----------

Global

Position

Arch

~$56B

General

Industrial

~$36B

Protective

& Marine

~$16B

Refinish /

Collision

~$8B

Auto OEM

~$10B

Packaging

~$3B

Aerospace

~$1B

PPG #1

AkzoNobel #2

Sherwin

Williams#3

Valspar #5

Axalta #7

BASF #8

---------- Participation in all end-use markets -----------

17

Coatings end-use markets

40%

60%

Special-Purpose Coatings:• Aerospace

• Automotive OEM

• Automotive Refinish

• Specialty Coatings & Materials

Protective & Marine

12%

Packaging2%

Aerospace1%

Architectural

43%

General

Industrial

28%

Refinish

6%

Auto OEM

8%

Industry End-Market Demand

(~$130B Sales Value)

Source: Kusumgar, Nerlfi, & Growney;

Company Annual Reports; PPG estimates

• General Industrial

• Protective & Marine

• Packaging

Architectural

Coatings

PPG Coatings End-Use Net Sales Mix

PPG is in line with the global coatings industry end-use mix

18

EBITDA from continuing operations as percent of sales as reported in company reports (excluding unusual items);

See Appendix for reconciliations.

PPG remains a margin leader across coatings sector end-use markets

17.3%19.0%

16.3% 16.0%

13.8% 14.2% 14.4%

18.4%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

20.0%

22.0%

2015 Full Year EBITDA as % of Net Sales

Coatings Peers EBITDA %

19

2015 PPG Net Sales Mix

PPG business segments

Performance Coatings


• Aerospace


• Architectural Coatings Americas & Asia

• Architectural Coatings EMEA (Europe,

Middle-East and Africa)

Industrial Coatings

• Automotive OEM

• Industrial Coatings

• Packaging


Glass

• Fiber Glass

• Flat Glass

57%

36%

7%

Performance Coatings Industrial Coatings Glass

20

Performance coatings segmentStrategic Business Units:


• Aerospace

• Architectural Americas & Asia Pacific

• Architectural EMEA


Net Sales (US$B) – Incl. Acquisitions

Segment Traits:

• Distribution focus

• Solid operating margins

• Consistent cash

• Stable industries

$2.0

$3.0

$4.0

$5.0

$6.0

$7.0

$8.0

$9.0

2006 2008 2010 2012 2014 2015

Acquisition-Related

11.2%12.6%

11.8%12.9% 13.1%

13.9%14.9%

0%

5%

10%

15%

2009 2010 2011 2012 2013 2014 2015

Segment Operating Margins

CAGR = 11%

21

EMEA includes Europe, Middle East, and Africa

US & Canada

47%

EMEA29%

Asia20%

Latin America4%

2007 2008 2009 2010 2011 2012 2013 2014 2015

Net Sales – Incl. Acquisitions

PPG Refinish Sales 2015

2008 2009 2010 2011 2012 2013 2014 2015

PPG Global Waterbase Paint Shops

Automotive refinish coatings

Key Industry Trends:

• Emerging regions growth

• Technology shift to waterbase

• Customer service requirement

• Marketplace approach

CAGR = 2%

CAGR = 14%


'07 '08 '09 '10 '11 '12 '13 '14 2015

Recent Acquisitions


Aerospace

• Coatings

• Sealants

• Transparencies

CAGR = 5%

50%50%

Aerospace Net Sales Mix

Aftermarket OEM

Aerospace Products

• Deft Coatings

• Waterborne / chrome free

• Military market

• Cuming Microwave

• Radar absorbing products

• Advanced military applications

• Sealants Europe (Le Joint Francais)

• Commercial aviation focus

• Position in continental Europe

23

'07 '08 '09 '10 '11 '12 '13 '14 2015


U.S. & Canada

EMEA

Asia


PPG PMC Net Sales 2015

PMC Industry Segments ($B)

Protective & Marine Coatings (PMC)

70%

0%

25%

50%

75%

100%

Protective

Coatings

Marine OEM /

AftermarketOEM

Aftermarket

PPG Net Sales Mix

Latin America

0.0

3.0

6.0

9.0

12.0

15.0

Ind. Maint.

Energy

Infrastructure

MarineAftermarket

Marine OEM

24

2006 2009 2012 2015


Architectural Coatings (Americas & Asia)

CAGR = 13%

National Retailers

(DIY), 40%

Company

Stores, 40%

Independent

Dealers, 20%

PPG Architectural Coatings

U.S. & Canada Net Sales Mix

0% 25% 50% 75% 100%

PPG U.S. Architectural Net Sales Mixes

Maintenance / Repaint

Non- ResidentialResidential

25%

65% 35%

New Construction

100

200

300

400

500

600

700

800

900

1,000

1999 2004 2006 2009 2012 Current

PPG U.S. & Canada

Architectural Store Count

75%

25

PPG architectural store network has room to grow

26PPG can expand across U.S. & Canada without cannibalization

Comex business overview

• Founded in 1952

• Architectural, Industrial and other

Specialty Coatings and Materials

• Latin American Based • Sales in Mexico and other Central American countries

• ~4,000 independently owned/operated concessionaires; regional retailers

• Leading architectural coatings position in Mexico; well-recognized regional brands

Network

New store openings

Develop low share

territories

Penetrate key

segments

Purchase

experience

Develop categories

and brand / channel

Concessionaire goal: 1 store per 20k people

Current density: 1 store per 30k people

Consistent and Strong GrowthComex Plant

Comex

Distribution

• 8 Manufacturing Plants

• 6 Distribution Centers

• 3,900 Employees

Concessionaire Network Operational Network

27

Comex financial targets

Cost/operational earnings

synergies exceeding targets(increased June 2015)

Incremental revenue synergies

from PPG legacy products (announced June 2015)

Central America regional

revenue synergy target (5 year)(announced June 2015)

Target

$45-50MM

$40-50MM

$60-70MM

Status

On-track

On-track

28

Comex acquisition is exceeding expectations

Architectural Coatings EMEA

Source: Company Estimates

More

Stability

in End-

Market

Maintenance,

80%

New Construction,

20%

End-Use Market Demand

500

600

700

2013 2014 2015


Strong Market Positions

#1 or #2 in 80% of Penetrated Markets

#1 PPG Position

#2 PPG Position

#3 PPG Position

>#3 PPG Position

No PPG Participation

2008 2009 2010 2011 2012 2013 2014 2015

€ millions

Company-Owned Stores

29


Industrial Coatings Segment

Strategic Businesses• Automotive OEM

• Industrial

• Packaging


$2.0

$3.0

$4.0

$5.0

$6.0

'06 '07 '08 '09 '10 '11 '12 '13 '14 '15

Net Sales (US$B) – Incl.

Acquisitions

U.S. & Canada

EMEA

AsiaLA

Segment Net Sales Mix

Segment Results

CAGR = 6%

US$MM

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

2010 2011 2012 2013 2014 2015

EB

IT M

arg

in

Sa

les

Sales Margin30


2006 '07 '08 '09 '10 '11 '12 '13 '14 2015

U.S. & Canada

EMEA

Asia

LA

Net Sales – Incl. Acquisitions PPG Automotive OEM Coatings

Automotive OEM Coatings

CAGR = 5%

50

55

60

65

70

75

80

85

90

2008 '09 '10 '11 '12 '13 '14 2015

Global Auto OEM Production

MM Units

All Remaining

Customers

PPG Auto OEM Coatings

Customer Mix

Top 7 PPG

Auto OEM

Customers

U.S.

Based

Non-U.S.

Based

+1.5%

31


U.S. & Canada

EMEA

Asia

LA


2004 '06 '08 '10 '12 2015

PPG Asian Industrial Coatings SBU Net Sales

'07 '08 '09 '10 '11 '12 '13 '14 2015

Net Sales – Incl. Acquisitions Industrial Coatings SBU Net Sales Mix

Source: PPG Estimates

Industrial Coatings SBU

CAGR = 5%

CAGR = 14%

PPG

Akzo Nobel

Valspar

Axalta

Sherwin Williams

BeckersBASF

NipponHenkel

Others60%

Fragmented but Consolidating Industry

32

2006 '09 '12 2015

Net Sales – Incl. Acquisitions Annual Beverage Can Consumption

Packaging Coatings

CAGR = 3%

Beverage

Food

Other

Industry Container Use


Interior

ExteriorEnds

Other

400

250

100

40

MM/

Day

33

2008 '09 '10 '11 '12 '13 '14 2015


Specialty Coatings & Materials

CAGR = 5%

• Silica –Tires and battery separators, various industrial uses

• Teslin® – Printing materials, RFID, various industrial and consumer uses

• OLED – Electronics

• Monomers and Dyes – Optical

Key PPG Products / End-Use Markets

HVA Tire

(High-Value-Added)

“high silica content tread”

RFID PressureSensitive Adhesive

34

35

Glass Segment

0%

2%

4%

6%

8%

10%

12%

14%

$0

$200

$400

$600

$800

$1,000

$1,200

2010 2011 2012 2013 2014 2015

Marg

inSale

s

Sales Margin(USD MM)

Segment Financial Results

2,800

3,000

3,200

3,400

3,600

3,800

4,000

2007 2009 2012 2015

0

50

100

150

200

2008 2015

Headcount

Cumulative Manufacturing/Cost

Savings

Ongoing cost management; increased asset utilization

(USD MM)

Research & Development Expenditures ($MM)

$505

$509

$479

$444

$443

$403

$0 $200 $400 $600

~3% of sales annually

2015

2014

2013

2012

2011

2010

36

Automotive OEM Compact Process

• “Wet-on-wet” auto coating process

• Customer benefits:

• Lower capital costs (greenfield sites)

• Less energy required (greenfield and

brown sites)

• PPG is the global leader, supplying over 40

customer plants around the world

Defensible Positions

Sustainable Innovation

Cross-industry

synergies

New Product Sales

Innovation Drives Success

Automotive Refinish Waterborne Coatings

• Environmentally-friendly coatings

• Customer benefits:

• Best-in-class color-match accuracy

• Anti-settle properties reduce the need

for onsite mixing

• PPG supplies 2 out of 3 waterborne

collision-repair shops in the US and Canada

Aerospace Aircraft Fuel Efficiencies

• PPG’s array of technologies to reduce

weight and improve airplane fuel economy

• Structurally-loaded cockpit windows

• Basecoat clearcoat paint systems

• Solar heat management coatings

• Generation III lightweight sealants

• PPG technologies can enable over 1,000

lbs. reduction per plane

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

U.S. and Canada EMEA Emerging Regions

2010 2011 2012 2013 2014 2015

-20%

1%

-15%-17%

-6%

25%

-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

2008 2009 2010 2011 2012 2013 2014 2015

U.S. & Canada EMEA Emerging Regions

PPG Coatings Volume Trend*(Indexed to 2008)

* As originally reported, not adjusted for segment reporting changes.

Volume and earnings growth trends

Strong segment earnings; significant volume leverage remaining

New Regional Record (excl. currency impact)

PPG Regional Earnings


$2.44

$2.92

$4.88

$2.00

$2.50

$3.00

$3.50

$4.00

$4.50

$5.00

$5.50

$6.00

$3.83

PPG adjusted earnings per diluted share trend

Key Drivers

• Global business

expansion

• Innovation-led organic

growth

• Ongoing, aggressive cost

management

• Ongoing and disciplined

cash deployment

• Acquisitions &

synergies

• Share repurchases

Transformed portfolio and accretive cash deployment drive earnings growth

* Adjusted Earnings Per Diluted Share from Continuing Operations – See appendix for reconciliations to reported EPS

$5.69

38

Coatings cost comparison

Sold in 2,000

Liter Totes

Sold in 1

Gallon

Paint Cans

And 5

Gallon

Buckets

Average Architectural Coatings

Industry estimates – figures vary greatly by end-use and application


Average Industrial Coatings

Raw material basket and manufacturing/distribution costs are different

Resins and Latex

Titanium Dioxide

Solvents and Pigments

Additives

Manufacturing

Packaging

Distribution - intermediate

Distribution - final

Resins and Latex

Titanium Dioxide

Solvents and Pigments

Additives

Manufacturing

Packaging

Distribution - final

39

http://blog.indco.com/2013/11/19/indco-industry-report-on-tote-mixers-for-2013/screen-shot-2013-11-19-at-4-13-02-pm/

http://blog.indco.com/2013/11/19/indco-industry-report-on-tote-mixers-for-2013/screen-shot-2013-11-19-at-4-13-02-pm/



16.2%

15.0%

11.9% 11.9% 12.4%

17.0%

15.0%

13.6%

12.6% 12.4%

17.9%

15.4%

13.9%13.9%

13.3%

17.2%

19.0%

16.3% 16.0%

14.4%13.8%

18.4%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

20.0%

22.0%

PPG CoatingsSegments

Total Valspar Total SherwinWilliams

AkzoPaints/Coatings

Total RPM Total Axalta

Full Year EBITDA as % of Net Sales

2012 2013 2014 2015

N/A

Coatings Peers EBITDA %

Consistent coatings industry margin expansion

40

110%

114%

130%

140% 140%

113%

123%

131%

143%

146%

122%125%

127%

140% 136%

101%

111%

120%

128%

135%

100%

105%

110%

115%

120%

125%

130%

135%

140%

145%

150%

2010 2011 2012 2013 2014 2015

PPG Coatings Sherwin Valspar RPM

Coatings companies net sales growth

Net Sales CAGR 3-Year 5-Year

PPG Coatings 6.9% 6.9%

Sherwin-Williams 5.9% 7.8%

Valspar 3.0% 6.4%

RPM 6.8% 6.1%


See Appendix for reconciliations.41

106%

122%

145%

165%

175%

104%

122%

150%

167%

198%

111%

131%

133%

151%

165%

103%

116%

125%

144%

154%

100%

110%

120%

130%

140%

150%

160%

170%

180%

190%

200%

2010 2011 2012 2013 2014 2015

PPG Coatings Sherwin Valspar RPM

Coatings companies EBITDA growth

EBITDA CAGR 3-Year 5-Year

PPG Coatings 12.7% 11.8%

Sherwin-Williams 17.0% 14.3%

Valspar 5.8% 9.2%

RPM 10.4% 9.4%

42



0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

2005 '06 '07 '08 '09 '10 '11 '12 '13 '14 2015

% of Prior Year Sales

Year-Over-Year Aggregate PPG Pricing

Strong pricing discipline continues

As originally reported, not adjusted for segment reporting changes

Higher pricing to counter global inflation43

PPG Europe, Middle East and Africa

Broad regional footprint to supply future demand growth44

Total PPG Europe, Middle East and Africa

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

2009 '10 '11 '12 '13 '14 2015

Sale

s

Architectural Coatings EMEA Other PPG Businesses

PPG Net Sales Mix

4%

5%

6%

7%

8%

9%

10%

11%

12%

13%

0

100

200

300

400

500

2009 '10 '11 '12 '13 '14 2015

EB

IT M

arg

in o

n S

ale

s

Earn

ing

s

EUR MM

Local Currency

Earnings

Record European earnings despite difficult economic conditions the past several years

EUR MM

45

PPG Asia Pacific Manufacturing Footprint

ChinaTianjin

Tianjin

Suzhou

Suzhou

Suzhou

Foshan

Wuhu

Zhangjiagang

Songjiang

Jiading

Kunshan

Wuhan

Nansha

Kunshan**

ThailandBangplee

KoreaCheonan

Busan

Ulsan**

AustraliaClayton

Adelaide

Villawood

MalaysiaPetaling Jaya

New ZealandAuckland

TaiwanAlltech

Taoyuan

Chia Yi**

IndonesiaJakarta

JapanNagoya

Vietnam

IndiaFaaber**

Sriperumbudur**

Moraiya**

** Joint Venture

Philipines

Extensive region-wide coverage46

1,689

2,297 2,434

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

2008 2011 2015

Consolidated Net Sales*

149

281

366

$0

$100

$200

$300

$400

2008 2011 2015

Segment Income* 14%

CAGR

Significant profitable growth over time

$MM - USD

5%

CAGR

* Restated for discontinued operations

PPG Asia Pacific financials

47

Strong and growing Asian presence (excl. Japan)

Many Leading Asia Market (excl. Japan)

Industrial Automotive OEM

General Industrial

Packaging

PerformanceAuto Refinish

Protective & Marine

Aerospace

Architectural

Performance

Industrial

Broad, full coatings business portfolio

PPG Asia Net Sales Mix (2015)Industry Coatings Demand for Asia

Coatings Industry in Asia

Remains Fragmented

Sources: PPG Internal estimates (excludes Japan includes ARCH)

PPG Market

Position

PPG ’09 - ’15

CAGR

Automotive OEM #1 12%

General Industrial #2 7%

Packaging #1 8%

Auto Refinish #1 6%

Aerospace #1 7%

Protective/Marine #4 -4%

Architectural #7 1%

Total Coatings #3 5%

Akzo9% Nippon 7%

PPG 6%

Asian Paints 5%

Kansai 3%

Valspar 3%

Jotun 2%BASF 2%

Dulux 2%

Axalta 2%

Others 59%

63%12%

13%

7%5%

China

India

SoutheastAsiaKorea

Australia

48

$1,000

$1,250

$1,500

$1,750

$2,000

2009 '10 '11 '12 '13 '14 2015

Cash From Operations *

Robust cash generation over time

$1,978

$1,482

$2,393

$1,745

$1,183

$1,455

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

YE'10 YE'11 YE'12 YE'13 YE'14 YE'15

Cash & Short Term Investments

*As originally reported, not adjusted for business divestitures

Millions USD

PPG cash trends

49

$475

$400

$385

$750

Capital Spending

Acquisitions

Dividends

ShareRepurchases

Cash Use Summary:

Grow Business ~60%

Return to Shareholders ~40%

20%

39%

18%

23%

Past 10 Years (~$20B)(2006 – 2015)

Approximate 2015 Cash Uses

Millions of USD – As reported, not adjusted for business divestitures

Legacy of consistent and prudent cash deployment

Balanced cash deployment

50

16.9%

19.1%

17.2%

11.3%

8.5%

14.0%

16.6%

18.3%

16.1% 16.0%17.2%

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

20.0%

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Cap

ital ($

MM

)

Re

turn

on

Cap

ital

Capital Return on Capital

* Adjusted to exclude certain non-recurring charges, see appendix for reconciliation. All years as

originally reported, not adjusted for business divestitures.

ROC growth demonstrates successful acquisition integration

PPG return on capital (adjusted)*

51

$0

$200

$400

$600

$800

$1,000

2005 '07 '09 '11 '13 2015

0

100

200

300

400

500

600

700

2016201720182019202020212022 20272029203820402044

USD Notes

EUR Notes

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

'78 '81 '84 '87 '90 '93 '96 '99 '02 '05 '08 '11 '14

44 Years of Increased DividendsDividends per share – Adjusted for

stock splits

US$MM

Long-Term Debt Maturity

Schedule13%

7%

3% 3%3%

2% 2%3%

4%3%

0%

2%

4%

6%

8%

10%

12%

14%

1980 || 1990 || '02 '04 '06 '08 '10 '12 '14 '15

Capital Spending as % of Sales (As originally reported, not adjusted for business

divestitures)

Last 6 Year

Average =

~3.0%

PPG Share Repurchases

US$MM

Average

~$467MM

Average

~$690MM

PPG financial hallmarks

52

PPG shared services centers

Ohio

Brno, Czech Republic

Kuala Lumpur, Malaysia

Tianjin, China

53

Mexico City, Mexico

www.ppg.com

Additional Materials

and Appendix

2015 2014 2013* 2012* 2011* 2010*

Net Earnings as Reported $1,405 $1,133 $1,034 $941 $1,095 $769

Adjustments:

Debt refinancing charge - 200 - - - -

Business restructuring charge 106 - 73 163 - -

Equity affiliate debt refinancing

charge

7 - - - - -

Transaction-related costs 32 42 28 27 - -

Environmental remediation charge - 86 64 99 - -

Legacy pension settlement loss 5 - 13 - - 85

Tax rulings/law changes - (24) (10) - - -

Gain on asset dispositions - (73) - - - -

Total Net Adjustments $150 $231 $168 $289 - $85

Adjusted Net Earnings $1,555 $1,364 $1,202 $1,230 $1,095 $854

Adjusted Net Earnings

*Amounts in Millions of USD – Not adjusted for Commodity Chemicals separation or Transitions divestiture for comparative

purposes

Full Year

55

FULL YEAR 2009 2008 2007 2006 2005

Net Earnings as Reported $336 $538 $834 $711 $596

Adjustments:

Business restructuring charge 141 110 - 23 -

Divestiture-related costs - 9 30 - -

Acquisition-related costs - 100 4 - -

Environmental Charge - - - 106 -

Legal Settlement - - - - 117

Debt Refinancing - - - - 12

Impairments/Other - - - 2 38

Total Net Adjustments $141 $219 $34 $131 $167

Adjusted Net Earnings $477 $757 $868 $842 $763

Adjusted Net Earnings

Amounts in Millions of USD – Not recast to reflect discontinued operations presentation

56

Total

PPG

PPG

Coatings

Segments

Total

Sherwin

Williams

Total

Valspar

Total

RPM

Total

Akzo

Akzo

Paints &

Coatings

Axalta

Coatings

Systems

Currency USD USD USD USD USD Euro Euro USD

Sales 15,330 14,241 11,339 4,392 4,595 14,859 9,962 4,087

Segment

Income/Net

Income 1,405 2,287 1,054 400 239 1,060 1,137 98

Unusual

Charges

206 -- -- (22) -- (111) 0 86*

Income Taxes 456 -- 495 164 225 416 -- 63

Interest 86 -- 62 81 69 114 -- 197

Depreciation &

Amortization

495 420 199 93 99 626 296 308

EBITDA 2,648 2,707 1,810 716 632 2,105 1,433 752

% of Sales 17.3% 19.0% 16.0% 16.3% 13.8% 14.2% 14.4% 18.4%

Amounts in millions, except percentages, reflects most recent year-end

* Excludes foreign exchange remeasurement losses & recurring stock-based compensation

EBITDA as % of Sales (excluding specials):

2015 EBITDA Reconciliation

57

Total

PPG

PPG

Coatings

Segments

Total

Sherwin

Williams

Total

Valspar

Total

RPM

Total

Akzo

Akzo

Paints &

Coatings

Total

Axalta

Currency USD USD USD USD USD Euro Euro USD

Sales 15,360 14,250 11,130 4,522 4,376 14,296 9,498 4,362

Segment

Income/Net

Income1,133 2,156 866 345 292 600 793 35

Unusual

Charges

408 -- 26 41 -- 338 228 188*

Income Taxes 259 -- 392 146 119 252 -- 2

Interest 137 -- 64 65 65 156 -- 217

Depreciation &

Amortization

476 401 199 101 90 618 299 309

EBITDA 2,413 2,557 1,547 698 566 1,964 1,320 751

% of Sales 15.7% 17.9% 13.9% 15.4% 12.9% 13.7% 13.9% 17.2%



58


* Excludes foreign exchange remeasurement losses & recurring stock-based compensation

Total

PPG

PPG

Coatings

Segments

Total

Sherwin

Williams

Total

Valspar

Total

RPM

Total

Akzo *

Akzo

Paints &

Coatings

Currency USD USD USD USD USD Euro Euro

Sales 14,265 13,198 10,186 4,104 4,079 14,590 9,745

Segment

Income/Net

Income

950 1,867 753 289 256 661 725

Unusual

Charges

253 -- 54 40 -- 273 207

Income Taxes 342 -- 333 135 106 111 --

Interest 153 -- 59 63 60 200 --

Depreciation &

Amortization

452 377 188 88 84 616 300

EBITDA 2,150 2,244 1,388 615 505 1,861 1,232

% of Sales 15.1% 17.0% 13.6% 15.0% 12.4% 12.8% 12.6%




59

Total

PPG

PPG

Coatings

Segments

Total

Sherwin

Williams

Total

Valspar

Total

RPM

Total

Akzo *

Akzo

Paints &

Coatings

Currency USD USD USD USD USD Euro Euro

Sales 12,686 11,654 9,534 4,021 3,777 15,390 9,999

Segment

Income/Net

Income

663 1,567 631 292 234 (1,593) 650

Unusual

Charges

346 -- 4 25 -- 2,449 230

Income Taxes 251 -- 276 125 94 203 --

Interest 170 -- 40 68 68 205 --

Depreciation &

Amortization

399 323 179 94 74 625 307

EBITDA 1,829 1,890 1,130 604 470 1,889 1,187

% of Sales 14.4% 16.2% 11.9% 15.0% 12.4% 12.3% 11.9%




60

1st Quarter Reporting Period

Adjusted EPS Reconciliation

Amounts in Millions of USD except EPS

61

Continuing Operations Discontinued Operations Total PPG

Net Income EPS Net Income EPS Net Income EPS

Year 2016

Net Income Attributable to PPG as Reported $ 347 $ 1.29 $ -- $ -- $ 347 $ 1.29

Transaction-related costs 1 0.01 -- -- 1 0.01

Asset write-down 3 0.01 -- -- 3 0.01

Adjusted Net Income Attributable to PPG $ 351 $ 1.31 $ -- $ -- $ 351 $ 1.31

Year 2015

Net Income Attributable to PPG as Reported $ 321 $ 1.16 $ 1 $ 0.01 $ 322 $ 1.17


Adjusted Net Income Attributable to PPG $ 327 $ 1.18 $ 1 $ 0.01 $ 328 $ 1.19

Year 2014

Net Income Attributable to PPG as Reported $ 277 $ 0.98 $ 985 $ 3.50 $ 1,262 $ 4.48


Adjusted Net Income Attributable to PPG $ 279 $ 0.99 $ 985 $ 3.50 $ 1,264 $ 4.49

Year 2013

Net Income Attributable to PPG as Reported $ 191 $ 0.64 $ 2,219 $ 7.51 $ 2,410 $ 8.15

Legacy pension costs 13 0.04 -- -- 13 0.04

Environmental costs 8 0.03 8 0.03


U.S. tax law change enacted in 2013 (10) (0.03) -- -- (10) (0.03)

Adjusted Net Income Attributable to PPG $ 207 $ 0.69 $ 2,219 $ 7.51 $ 2,426 $ 8.20

Year 2012

Net Income/(Loss) Attributable to PPG as Reported $ (49) $ (0.16) $ 61 $ 0.20 $ 12 $ 0.04

Business restructuring 137 0.45 26 0.08 163 0.53

Environmental reserves 99 0.32 -- -- 99 0.32


Adjusted Net Income Attributable to PPG $ 191 $ 0.62 $ 87 $ 0.28 $ 278 $ 0.90

Year 2011 (No adjustments)



Year 2015

Net Income/(Loss) Attributable to PPG as Reported $ 337 $ 1.23 -- -- $ 337 $ 1.23


Business restructuring charge 106 0.39 -- -- 106 0.39

Adjusted Net Income/(Loss) Attributable to PPG $ 458 $ 1.67 -- -- $ 458 $ 1.67

Year 2014

Net Income/(Loss) Attributable to PPG as Reported $ 393 $ 1.40 $ (7) $ (0.02) $ 386 $ 1.38

Pension settlement charge 3 0.01 -- -- 3 0.01


Adjusted Net Income/(Loss) Attributable to PPG $ 398 $ 1.42 $ (7) $ (0.02) $ 391 $ 1.40

Year 2013

Net Income/(Loss) Attributable to PPG as Reported $ 318 $ 1.09 $ 23 $ 0.08 $ 341 $ 1.17

Transaction-related costs 13 0.05 2 0.01 15 0.06

Adjusted Net Income/(Loss) Attributable to PPG $ 331 $ 1.14 $ 25 $ 0.09 $ 356 $ 1.23

Year 2012


Business separation costs -- -- 3 0.01 3 0.01


Year 2011 (no adjustments)

2nd Quarter Reporting Period



62

3rd Quarter Reporting Period





Year 2015

Net Income Attributable to PPG as Reported $ 433 $ 1.59 -- -- $ 433 $ 1.59

Transaction-related costs 1 -- -- -- 1 --


Adjusted Net Income/(Loss) Attributable to PPG $ 439 $ 1.61 -- -- $ 439 $ 1.61

Year 2014

Net Income/(Loss) Attributable to PPG as Reported $ 377 $ 1.35 $ (6) $ (0.02) $ 371 $ 1.33



Legacy environmental reserves 86 0.30 -- -- 86 0.30

Gain on asset sales (73) (0.26) -- -- (73) (0.26)

Adjusted Net Income/(Loss) Attributable to PPG $ 394 $ 1.41 $ (6) $ (0.02) $ 388 $ 1.39

Year 2013


Transaction-related costs 3 0.01 1 -- 4 0.01

Legacy environmental reserves 56 0.19 -- -- 56 0.19

Business restructuring 73 0.25 -- -- 73 0.25


Year 2012


Business separation costs -- -- 9 0.03 9 0.03


Year 2011 (no adjustments)

63

64

PPG Adjusted Earnings Per Share Trend Reconciliation


Adjusted EPS from Continuing Operations

Y-O-Y Change in Adjusted EPS from Continuing

Operations

Period 2011 2012 2013 2014 2015 2016

2012 vs.

2011

2013 vs.

2012

2014 vs.

2013

2015 vs.

2014

2016 vs.

2015

1Q $ 0.44 $ 0.62 $ 0.69 $ 0.99 $ 1.18 $ 1.31 $ 0.18 $ 0.07 $ 0.30 $ 0.19 $ 0.13

2Q 0.76 0.86 1.14 1.42 1.67 -- 0.10 0.28 0.28 0.25 --

3Q 0.70 0.86 1.15 1.41 1.61 -- 0.16 0.29 0.26 0.20 --

4Q 0.53 0.57 0.84 1.05 1.23 -- 0.04 0.27 0.21 0.18 --

Full

Year* $ 2.44 $ 2.92 $ 3.83 $ 4.88 $ 5.69 -- $ 0.48 $ 0.91 $ 1.05 $ 0.81 --

Year over year percentage increase in EPS +20% +31% +27% +17% +11%

*Full year diluted EPS was calculated using the full year weighted average shares outstanding. As

such, the sum of the quarters may not equal the total EPS for the year.

65

2015 2014 2013* 2012* 2011* 2010*

Adjusted Net Earnings $1,555 $1,364 $1,202 $1,230 $1,095 $854

Net Interest Expense (after-

tax)

95 143 149 157 158 140

Adjusted Net Earnings + Net

Interest Expense

$1,650 $1,507 $1,351 $1,387 $1,253 $994

Capital (Average Debt &

Average Equity) as Reported

$9,515 $9,200 $8,212 $7,371 $7,526 $6,685

Net Adjustment (see Net

Earnings Reconciliations)

150 231 168 289 - 85

Adjusted Capital** $9,603 $9,383 $8,395 $7,592 $7,526 $6,753

Adjusted Return on Capital 17.2% 16.0% 16.1% 18.3% 16.6% 14.0%

Adjusted Return on Capital

Full Year

**This table does not foot due to the averaging effect of Net Adjustments

*Amounts in Millions of USD – Not adjusted for Commodity Chemicals separation or Transitions divestiture for comparative

purposes

66

2009 2008 2007 2006 2005

Adjusted Net Earnings $477 $757 $868 $842 $763

Net Interest Expense (after-tax) 135 175 66 61 57

Adjusted Net Earnings + Net

Interest Expense

$612 $932 $934 $903 $820

Capital (Average Debt &

Average Equity) as Reported

$7,088 $8,053 $5,403 $4,587 $4,686

Net Adjustment (see Net

Earnings Reconciliations)

141 219 34 131 167

Adjusted Capital** $7,237 $8,272 $5,437 $4,718 $4,853

Adjusted Return on Capital 8.5% 11.3% 17.2% 19.1% 16.9%

Adjusted Return on Capital

Full Year

Amounts in Millions of USD, except percentages - Not adjusted for discontinued operations for comparative purposes

**This table does not foot due to the rounding effect of Net Adjustments

67

2015 Quarterly Financial Results by Reportable Segment

PPG INDUSTRIES AND CONSOLIDATED SUBSIDIARIES (Continuing

Operations)

BUSINESS SEGMENT INFORMATION (unaudited)

Q1 Q2 Q3 Q4 Full Year

2015 2015 2015 2015 2015

Net sales

Performance Coatings $ 2,055 $ 2,410 $ 2,240 $ 2,060 $ 8,765

Industrial Coatings 1,340 1,411 1,354 1,371 5,476

Glass 267 279 278 265 1,089

TOTAL $ 3,662 $ 4,100 $ 3,872 $ 3,696 $ 15,330

Segment income

Performance Coatings $ 262 $ 411 $ 379 $ 250 $ 1,302

Industrial Coatings 244 260 241 240 985

Glass 30 37 32 38 137

TOTAL 536 708 652 528 2,424

Items not allocated to segments

Legacy items (12) (6) (14) (13) (45)

Transaction-related costs (9) (21) (1) (17) (48)

Business restructuring - (140) - - (140)

Interest expense, net of interest income (18) (24) (21) (23) (86)

Other corporate expense (67) (65) (35) (56) (223)

INCOME BEFORE INCOME TAXES $ 430 $ 452 $ 581 $ 419 $ 1,882

Amounts in Millions of USD

68

www.ppg.com

Thank you for your interest in PPG

Industries, Inc.

Contact Information:

Investors:

Scott Minder

(412) 434-3466

69

71

Notes

72

Notes

Documents

PPG Investor Overview · PPG Investor Overview. 2 Notes. ... PPG global market positions Source: Orr and Boss; company annual reports, PPG estimates Position by Coatings Vertical