- Masco Corporation held its 36th Annual Institutional Investors Conference on March 2, 2015 to discuss the company's key highlights, capabilities, focus, and momentum with investors. - Masco has a portfolio of leading brands in cabinets, plumbing, decorative architectural products, and other areas. It is focused on driving strong operating performance and shareholder value creation through initiatives like the planned spin-off of its installation services business. - The presentation addressed Masco's strengths in brand leadership, customer innovation, market coverage, and financial position, as well as opportunities to leverage its portfolio and actively manage it.

1. Raymond James 36th Annual
Institutional Investors
Conference
March 2, 2015
MASCO CORPORATION

2. Safe Harbor Statement
Statements contained in this presentation that reflect our views about our future performance constitute “forward-
looking statements” under the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be
identified by words such as “believe,” “anticipate,” “appear,” “may,” “will,” “should,” “intend,” “plan,” “estimate,”
“expect,” “assume,” “seek,” “forecast,” and similar references to future periods. These views involve risks and
uncertainties that are difficult to predict and, accordingly, our actual results may differ materially from the results
discussed in our forward-looking statements. We caution you against relying on any of these forward-looking
statements. Our future performance may be affected by our reliance on new home construction and home
improvement, our reliance on key customers, the cost and availability of raw materials, uncertainty in the international
economy, shifts in consumer preferences and purchasing practices, our ability to improve our underperforming
businesses, our ability to maintain our competitive position in our industries, risks associated with the proposed spin-
off of our Services Business, our ability to realize the expected benefits of the spin-off, the timing and terms of our
share repurchase program, and our ability to reduce corporate expense and simplify our organizational structure. We
discuss many of the risks we face in Item 1A, “Risk Factors” in our most recent Annual Report on Form 10-K, as well as
in our Quarterly Reports on Form 10-Q and in other filings we make with the Securities and Exchange Commission.
Our forward-looking statements in this presentation speak only as of the date of this presentation. Factors or events
that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of
them. Unless required by law, we undertake no obligation to update publicly any forward-looking statements as a
result of new information, future events or otherwise.
The Company believes that the non-GAAP performance measures and ratios that are contained herein, used in
managing the business, may provide users of this financial information with additional meaningful comparisons
between current results and results in prior periods. Non-GAAP performance measures and ratios should be viewed in
addition to, and not as an alternative for, the Company's reported results under accounting principles generally
accepted in the United States. Additional information about the Company is contained in the Company's filings with the
Securities and Exchange Commission and is available on Masco's website at www.masco.com.
2

3. Agenda
● Masco Key Highlights
● Powerful Capabilities
– Strengths
– Opportunities
● Renewed Focus and Momentum
3

4. Masco at a Glance
Revenue $8.5B
Market cap >$8.8B
Dividend yield 1.4%
Free Cash Flow >$440M
Focused on Repair & Remodel
(Breakdown of 2014 Revenue)
New
Construction
Repair &
Remodel71%29%
4
12/31/2014
Liquidity $1.7B

5. Masco – Strong Brands with Industry Leading Positions
5
BUSINESS SEGMENT
Cabinets
and Related
Products
Plumbing
Products
Installation and
Other Services
Decorative
Architectural
Products
$1.0B
$3.3B
$1.5B
$2.0B
REVENUE 2014
$8.5BTotal Company
Other
Specialty
Products
$0.7B
LEADING POSITIONS
 Leading U.S. kitchen and bath
cabinetry brands
 #1 worldwide in faucets, fittings,
showerheads
 #1 in spas
 Leading installer of and distributor
of insulation products to the U.S.
construction industry
 Leading DIY paint and stain
provider
 #1 in vinyl windows in the western
U.S.

6. Masco is Driving Strong Operating Performance
6
*Operating Profit as adjusted, excluding intangible assets, litigation, rationalization and other charges ($198M in 2012,
$48M in 2013 and $63M in 2014). Operating profit as reported was $302M in 2012, $673M in 2013 and $788M in 2014.
EPS as reported was ($0.16) in 2012, $0.83 in 2013 and $2.39 in 2014.
$7.5
$8.2
$8.5
2012 2013 2014
Revenues
($B)
$500
$721
$851
2012 2013 2014
$0.37
$0.77
$1.02
2012 2013 2014
EPS*
($)
Operating Profit*
($M)
+$1.0B +$350M +$0.65

7. Agenda
● Masco Key Highlights
● Powerful Capabilities
– Strengths
– Opportunities
● Renewed Focus and Momentum
7

8. Masco Strengths
8
1 Unparalleled brand strength
2 Customer focused innovation
3 Broad market coverage
4 Strong financial position

9. M A S C O S T R E N G T H S
1. Unparalleled Brand Strength Drives Share Gains
9
Masco Cabinetry
(cabinet manufacturer
in U.S.)
Delta
(faucet brand
in North America)
Masco Contractor
Services
(leading installer and
distributor of insulation
products to U.S.
construction industry)
Behr
(DIY architectural
coatings in
North America)
Milgard
(vinyl window
brand in
Western U.S.)
Hansgrohe
(global faucet
& mixer brand)
Arrow, Liberty,
BrassCraft and
Watkins
(in their respective
categories)
#2
#1
#1
#1
#1
#1
#2

10. M A S C O S T R E N G T H S
2. Customer Focused Innovation
10* Percentage of 2014 gross sales of manufactured products attributable to new products introduced in trailing 36 months
30%*
Examples of New Products/Technologies
Existing
Products
201420132012
70%
Hansgrohe SelectTM
Collection
KraftMaid® New
Design Launch
2014 Revenues
Delta® Toilets
Paint & Primer in One
with Advanced Stain
Blocking Formula
KraftMaid® Vanities
Behr DeckOver®
Coating
KraftMaid® Vantage
Behr Marquee®
Coating
Delta Temp 20TM

11. M A S C O S T R E N G T H S
3. Broad Coverage Across Segments, Price Points and Channels
11
Segments Price Points Channels
New
construction
29%
Repair /
remodel
71%
International
19%
N. America
81%
• Low ticket value
~$20
• High ticket
luxury ~$20K
• Direct-to-Builder
• Big box retail
• Wholesale /
dealer trade

12. M A S C O S T R E N G T H S
4. Strong Financial Position
12
Strong Liquidity
(as of 12/31/2014)
● A strong operating cash flow business
– ~$1B last 3 years
– Maintenance capex of ~$100M annually
● Valuation allowance of ~$529 million on
deferred tax assets was reversed in 2014
● Plan to reduce debt
$300M–$500M by 2016
Declining Debt to
Capitalization Ratio
2014
Year End
Future
Target
Balance Sheet Liquidity
Cash and cash investments $1.4B
Short-term bank deposits $0.3B
Total $1.7B
75%
45%–55%

13. Agenda
● Masco Key Highlights
● Powerful Capabilities
– Strengths
– Opportunities
● Renewed Focus and Momentum
13

14. Masco Opportunities
14
2.
Leverage
opportunities across
our portfolio
1.
Drive full
potential of our
core businesses
3.
Actively
manage
portfolio
O P P O RT U N I T I E S

15. M A S C O O P P O R T U N I T I E S
1. Drive Full Potential of Our Core Businesses
15
Current Examples:
● Extended Delta® brand to toilets
and showers based on the power
of the brand
● Increased Behr marketing to
the professional painter to add a
new channel
● Extended Hansgrohe into new
international markets
1.

16. M A S C O O P P O R T U N I T I E S
2. Leverage Opportunities Across Our Portfolio
16
● Improved supply chain by
implementing best practices across
our portfolio
● Reduced material costs from
integrated purchasing
● Applied value engineering across
businesses
Current Examples:
2.

17. M A S C O O P P O R T U N I T I E S
3. Actively Manage Portfolio
17
● Announced spin-off of Installation
Services segment on Sept. 30,
2014
● Divested underperforming
Danish cabinet business in 2013
● Acquired opening price point spa
business to augment Watkins’ spas
Current Examples:
3.

18. Agenda
● Masco Key Highlights
● Powerful Capabilities
– Strengths
– Opportunities
● Renewed Focus and Momentum
18

19. Key Initiatives to Unlock Shareholder Value
Unlocking
Shareholder
Value
19
Spin-off of
Installation and
Other Services
businesses
Reduce corporate
expense
Share repurchase
program

20. Creating Two Strong Public Companies
• Differentiated businesses with strong technical competence in their respective
manufacturing and service sectors
• Targeted investment opportunity for investors via a tax-free distribution of shares
to Masco Corporation shareholders
• Completion targeted for mid-year 2015
20
Masco
2014 Revenue: $7.0B
Focus: Branded Building Products
The New “Services Business”
2014 Revenue: $1.5B
Focus: Installation and Distribution Services

21. Service Partners
Leading distributor of
insulation, rain gutters,
garage doors and
fireplaces as well as other
building products
Examples of Products Distributed
The Services Business Today - A Strong Platform
Masco Contractor Services
Leading installer of
insulation, rain gutters,
garage doors, fireplaces
and more as well as
recognized building
science expertise
Examples of Products Installed
Garage
Doors
InsulationGutters Fireplaces RoofingCellulose
Insulation
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22. Multiple Growth Drivers
Capitalize on new construction recovery through
focus on organic growth
Further expansion into commercial construction
Leverage building science expertise
22
1
2
3

23. Disciplined
Capital
Deployment
23
Invest in the
business
Pay down
debt
Bolt on
acquisitions
Shareholder-
friendly activities
Capital Allocation – A Disciplined and Balanced Approach
• Capital expenditure of
approximately 2%
of sales
• $300-500 million by
2016
• Disciplined approach
to bolt on acquisitions
• Repurchase up to
50 million shares
• Dividends of
approximately
$130 million

24. Delivering Shareholder Value Creation
24
Transforming • Delivering on the promise of transformation
• Unlocking value by creating two strong companies
with independent growth opportunities
• Returning capital to shareholders
• Maintaining our focus on continued strong operating
performance and free cash flow generation
• Streamlining corporate expense and
organizational structure
Two Strong Companies
Share Repurchase
Program
Reduce Corporate
Expense
Balanced Capital
Allocation

25. Key Messages
25
1 Strong operating performance
2 Customer focused innovation
3 Disciplined capital allocation
4 Strong financial position

26. Appendix

27. ($ in Millions) 2015 Estimate 2014 Actual
Rationalization Charges1, 3 ~ $30 $72
Tax Rate4 ~ 36% 34%
Interest Expense ~ $235 $225
General Corp. Expense2 ~ $100 $103
Capital Expenditures ~ $190 $128
Depreciation &
Amortization3
~ $154 $167
Shares Repurchased5 $400-500 $158
Shares Outstanding6 352 million 352 million
2015 Guidance Estimates
1. Based on 2015 business plans. 2015 includes approximately $25 million related to spin-off transaction costs.
2. Excludes rationalization expenses of $33 million for the year ended December 31, 2014 and $16 million (estimated) for the year ended December 31, 2015.
3. Includes accelerated depreciation of $1 million for the year ended December 31, 2014. This expense is also included in the rationalization charges.
4. Excludes $529 million release of the valuation allowance in 2014.
5. 2014 share repurchases include approximately 1.7 million shares to offset grants of long-term stock awards.
6. Assumes no share repurchases throughout 2015.
27

28. 2014 Segment Mix*
R&R = % of sales to repair and remodel channels
NC = % of sales to new construction channels
NA = % of sales within North America
Int’l = % of sales outside North America
*Based on Company estimates.
Business Segment
Plumbing
Products
Installation and
Other Services
Decorative
Architectural
Products
$3.3B
$1.5B
$2.0B
Revenue 2014 % of Total
39%
23%
18%
$8.5B 100%Total Company
Other Specialty
Products $0.7B 8%
R&R% vs. NC NA% vs. Int’l
82% 59%
99% 100%
18% 100%
74% 74%
71% 81%
Cabinets and
Related Products $1.0B 12% 55% 91%
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29. 2014 International Revenue Split*
*Based on Company estimates.
International Sales Accounted for ~19%
of Total 2014 Masco Sales
28%
5%
10%
25%
9%
14%
9%
UK
Northern Europe
Southern Europe
Central Europe
Eastern Europe
Emerging markets
Other
29