Masco's 2011 financial performance was disappointing due to a challenging environment including a flat housing market, difficult economic conditions in Europe, and commodity cost pressures. Key metrics such as adjusted EPS, margins, and free cash flow declined compared to 2010. Masco took actions in 2011 to reduce costs and rationalize underperforming businesses in order to better position the company for the current environment and future recovery.

1. Fourth Quarter 2011
Masco Earnings Presentation
Tuesday, February 14, 2012
8:00 a.m. ET
1

2. Written and oral statements made 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, shifts in consumer preferences and purchasing practices, and our ability to achieve cost
savings through restructuring and other initiatives. These and other factors are discussed in detail in Item 1A,
“Risk Factors” in our 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.
Certain of the financial and statistical data included in this presentation and the related materials are non-
GAAP financial measures as defined under Regulation G. The Company believes that non-GAAP
performance measures and ratios used in managing the business may provide attendees of this presentation
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 SEC and is available on
Masco’s Web Site, www.masco.com.
2

3. 2011 – A Challenging Environment
 Flat North American housing environment
− Increased mix of multi-family vs. single-family
 Difficult European economic conditions
− Mix shift from shower systems to faucets and lower
price points
 Commodity cost pressures
 Competitive retail environment
− Increased promotional activity
Our financial performance was disappointing
3

4. Key Financial Data
Q4 Q4 Full-Year Full-Year
2011 2010 2011 2010
Net Sales (Millions) $1,738 $1,716 $7,467 $7,486
Adjusted EPS* $(0.09) $(0.08) $.02 $.23
Adjusted Gross Profit Margins* 21.9% 23.5% 25.1% 26.7%
Adjusted Operating Margins* 1.6% 1.9% 4.4% 5.9%
Working Capital N/A N/A 12.2% 13.4%
Free Cash Flow (Millions) N/A N/A $71 $296
$1.7 Billion of cash at December 31, 2011
*(Loss) as reported was $(1.42) per common share and $(2.92) per common share for the fourth quarter of 2011 and 2010, respectively and $(1.34) per
common share and $(2.94) per common share for the years ended December 31, 2011 and 2010, respectively.
Gross profit margins as reported were 19.1% and 18.0% for the fourth quarter of 2011 and 2010, respectively and 23.9% and 24.5% for the years ended
December 31, 2011 and 2010, respectively. Operating margins as reported were (30.6)% and (44.8)% for the fourth quarter of 2011 and 2010,
4
respectively and (4.0)% and (6.2)% for the years ended December 31, 2011 and 2010, respectively.

5. We Took Actions in 2011 to Better Position for
the Current Environment and the Recovery
 Continued to rationalize our businesses
− Closed/consolidated plants
− Continued to reduce costs and headcount
− Planned disposition of underperforming businesses
− Product exits
 Completed the major restructuring of our North American Cabinet and
Installation businesses
 Introduced new products and programs
 Invested in future growth opportunities
− Including international growth
 Improved working capital management
 Successfully amended our credit agreement
Held or improved share in most major product categories
5

6. Cabinets and Related Products
Financial Performance Q4 2011 Financial Performance FY 2011
12/31/11 12/31/11
4th
QTR vs. Full-Year vs.
($ in Millions) 3 Months Ended 12/31/10 ($ in Millions) 12 Months Ended 12/31/10
12/31/2011 12/31/2010 $ % 12/31/2011 12/31/2010 $ %
Net Sales $287 $304 $(17) (6%) Net Sales $1,231 $1,464 $(233) (16%)
Operating (Loss)* $(38) $(46) $8 N/A Operating (Loss)* $(115) $(71) $(44) N/A
Operating Margin (13.2%) (15.1%) Operating Margin (9.3%) (4.8%)
Decremental Margin N/A Decremental Margin (19%)
Commentary Brands
•Excluding sales related to the exit of certain product lines:
•Q4 sales were up 2%
•Full-year 2011 sales were down 5%
• Operating margins in the segment were impacted by:
•Reduced volume and negative mix
•Product exit and related loss of leverage
•Aggressive promotional activity
•Profit improvement initiatives
•Unfavorable price/commodity relationship principally in Europe
®
*Excludes business rationalization charges of $13M and $91M in the fourth quarters of 2011 & 2010, respectively and $47M and $179M for the full-year
2011 and 2010, respectively. Also excludes goodwill impairment charge of $44M in 2011. See Analyst Package for GAAP reconciliation. 6

7. 2012 Outlook - Cabinets
Estimated Improvement
(in Millions) Sales Operating Profit
2011 Total Segment $1,230 ($115)
1
Less: 2011 International ($370) ($40)
2011 North America Cabinet Actual $860 ($75)
Product Exit (10) $13
2011 N.A. Operating Loss ($62)
2
2012 Profit Improvements, Net $30
2
2012 Revenue Opportunities, Net $30 $10
2012 N.A. Cabinet Estimate $880 ($22)
1
Uncertain economic environments, identified cost reductions of ~$7M net in 2012
2
Management estimates
*Assumptions: Opportunities:
• Reflects a flat retail and housing start environment of • Adding new dealers and additional brands with existing
600k starts with constant mix dealers in 2011 starting to show solid results
• Every 50k increase in lagged US starts = ~$25M in • New 2011 vanity/top programs at retail now generating
revenues (assuming constant mix) which converts to ~$8- growth opportunities
$10M in profits • New 2011 kitchen countertop program at retail
expanding throughout the East Coast
7

8. Installation and Other Services
Financial Performance Q4 2011 Financial Performance FY 2011
12/31/11 12/31/11
4th
QTR vs. Full-Year vs.
($ in Millions) 3 Months Ended 12/31/10 ($ in Millions) 12 Months Ended 12/31/10
12/31/2011 12/31/2010 $ % 12/31/2011 12/31/2010 $ %
Net Sales $285 $254 $31 12% Net Sales $1,077 $1,041 $36 3%
Operating (Loss)* $(6) $(19) $13 N/A Operating (Loss)* $(71) $(93) $22 N/A
Operating Margin (2.1%) (7.5%) Operating Margin (6.6%) (8.9%)
Incremental Margin 42% Incremental Margin 61%
Commentary Businesses
•Full-year and Q4 sales benefitted from residential insulation share gains
and expansion of the retrofit and commercial businesses
®
•Q4 sales also benefitted from an increase in lagged housing starts of 6% ®
•Sales were negatively impacted by a shift from single-family to multi-
family units ®
•Operating margins were favorably impacted by:
•Incremental volume
•Profit improvement initiatives
*Excludes business rationalization charges of $2M in each of the fourth quarters of 2011 and 2010 and
$8M in each of the full-year 2011 and 2010. Also excludes goodwill impairment charges of $697M in 8
2010. See Analyst Package for GAAP reconciliation.

9. 2012 Outlook – Installation
Estimated Improvement
Sales
(in Millions) Sales Operating Profit
2011 Total Segment $1,077 ($71)
2011 Branch Closures ($30) $6
2011 Adjusted Segment $1,047 ($65)
1
2012 Profit Improvements, Net $20
1
2012 Revenue Opportunities, Net $40 $10
2012 Installation Segment Estimate $1,087 ($35)
1
Management Estimates
*Assumptions Opportunities:
• Reflects a flat housing start environment of 600k starts • Segment continues to add profitable retrofit
with constant mix and residential/commercial business
• Every 50k increase in lagged US starts = ~$50M in • Further cost reductions from lean
revenues (assuming constant mix) which converts to implementation, ERP leverage, vendor
~$12M-$15M in profits partnership and supply chain benefits
9

10. Plumbing Products
Financial Performance Q4 2011 Financial Performance FY 2011
12/31/11 12/31/11
4th
QTR vs. Full-Year vs.
($ in Millions) 3 Months Ended 12/31/10 ($ in Millions) 12 Months Ended 12/31/10
12/31/2011 12/31/2010 $ % 12/31/2011 12/31/2010 $ %
Net Sales $674 $661 $13 2% Net Sales $2,913 $2,692 $221 8%
Operating Profit* $56 $70 $(14) N/A Operating Profit* $338 $347 $(9) N/A
Operating Margin 8.3% 10.6% Operating Margin 11.6% 12.9%
Decremental Margin N/A Decremental Margin N/A
Commentary Brands
•Sales increases were driven by:
•Volume (full-year) and price increases
•Positive effect of currency (full-year)
•Operating margins were impacted by:
•Price/commodity relationships which were positive in the
quarter but are negative for the full-year
•Unfavorable product mix ®
•New program costs
•Strategic growth spend
*Excludes business rationalization charges of $3M & $5M in the fourth quarters of 2011 & 2010, respectively and
$15M in each of the full-year 2011 and 2010. Also excludes goodwill impairment charges of $1M in each of 2011 &
2010. See Analyst Package for GAAP reconciliation. 10

11. 2012 Outlook - Plumbing Products
 Focus on total cost productivity
− Commodity cost management
 Executing on growth opportunities
− International expansion
− North American Retail
 Enhancing and leveraging brand equity
− Growing share through leveraging our leadership
brands
11

12. Decorative Architectural Products
Financial Performance Q4 2011 Financial Performance FY 2011
12/31/11 12/31/11
4th
QTR vs. Full-Year vs.
($ in Millions) 3 Months Ended 12/31/10 ($ in Millions) 12 Months Ended 12/31/10
12/31/2011 12/31/2010 $ % 12/31/2011 12/31/2010 $ %
Net Sales $348 $336 $12 4% Net Sales $1,670 $1,693 $(23) (1%)
Operating Profit* $35 $50 $(15) N/A Operating Profit* $283 $350 $(67) N/A
Operating Margin 10.1% 14.9% Operating Margin 16.9% 20.7%
Decremental Margin N/A Decremental Margin (291%)
Commentary Brands
• Full-year and Q4 sales were impacted by:
• Reduced volumes, including the loss of Wal-Mart paint
and hardware business
• Price increases
• Operating margins were negatively impacted in both the
quarter and full-year by:
• Volume declines
• Unfavorable price/commodity relationships
• Unfavorable mix
• Strategic growth spend and program costs
*Excludes business rationalization charges of $11M & $5M for the fourth quarters of 2011 and 2010, respectively and
$12M & $5M for the full-year 2011 and 2010, respectively. Also excludes goodwill impairment charges of $75M in 2011. 12
See Analyst Package for GAAP reconciliation.

13. 2012 Outlook - Decorative Architectural
Products
 Focus on total cost productivity
− Commodity cost management
 Executing on growth opportunities
− Enhance the Core
− Grow the Pro
− International growth
 Enhancing and leveraging brand equity
− New product introductions
− Quality leadership
13

14. Other Specialty Products
Financial Performance Q4 2011 Financial Performance FY 2011
12/31/11 12/31/11
4th
QTR vs. Full-Year vs.
($ in Millions) 3 Months Ended 12/31/10 ($ in Millions) 12 Months Ended 12/31/10
12/31/2011 12/31/2010 $ % 12/31/2011 12/31/2010 $ %
Net Sales $144 $161 $(17) (11%) Net Sales $576 $596 $(20) (3%)
Operating Profit $ --- $3 $(3) N/A Operating Profit $4 $19 $(15) N/A
Operating Margin ---% 1.9% Operating Margin 0.7% 3.2%
Decremental Margin (18%) Decremental Margin (75%)
Commentary Brands
•Full-Year and Q4 sales reflect:
•Lower sales volume of windows in North America (principally
due to the expiration of the tax credit in 2010) which more ®
than offset share gains from new products and geographies
•Operating margins were impacted by (both Q4 & full-year):
• Volume decreases
• New product launch and geographic expansion costs
• Unfavorable product mix
• Favorable price/commodity relationship
• Profit improvement initiatives
*Excludes business rationalization charges of $29M for the fourth quarter of 2011 and $31M for the full-year 2011. Also 14
excludes goodwill impairment charges of $374M in 2011. See Analyst Package for GAAP reconciliation.

15. 2012 Outlook - Other Specialty Products
 Focus on total cost productivity
− Realize benefits from Q4 2011 plant closures
 Executing on growth opportunities
− Texas and Western Canada expansion
− Expanding at Retail in UK and US
 Enhancing and leveraging brand equity
− Leveraging Essence launch
15

16. 2012 Guidance Estimates
($ in Millions) 2012 Estimate 2011 Actual
Rationalization Charges* ~ $20 $121
Tax Rate** ~ 50% 18%
Interest Expense ~ $260 $254
General Corp. Expense ~ $140 $118
Capital Expenditures ~ $180 $151
Depreciation & Amortization ~ $220 $263***
Outstanding Shares 348 million 348 million
*Based on current business plans.
**Tax rate for 2011 excludes the valuation allowance on the Federal deferred income tax assets and the impairment charge
for goodwill and other intangible assets.
***2011 includes $58M of accelerated depreciation, which is also included in the rationalization charges.
16

17. 2012 Strategic Initiatives
1
• Leverage brands
Expand market
leadership • Innovative products
2
• Total cost productivity
Reduce costs
• Drive lean benefits Outperform
the
3
• Focus on Cabinets, recovery
Improve Installation
underperforming
businesses • Return to profitability
4
• Debt reduction
Strengthen • Credit facility amendment
Balance Sheet
17

18. Questions & Answers
18

19. Appendix
19

20. Q4 2011 EPS
Reconciliation
(in Millions) Q4 2011 Q4 2010
Loss from Continuing Operations before Income Taxes – As Reported $ (593) $ (824)
Rationalization Charges 61 104
Impairment of goodwill and other intangible assets 494 698
Litigation Charge 3 -
Financial Investment (Income) Expense (4) (10)
Loss from Continuing Operations before Income Taxes – As Adjusted (39) (32)
Tax at 36% rate benefit (expense) 14 12
Less: Net income attributable to non-controlling interest (5) (9)
Net Loss – as adjusted $ (30) $ (29)
Loss per common share – as adjusted $ (0.09) $ (0.08)
Shares 348 349
20

21. Full-Year 2011 EPS
Reconciliation
($ in Millions) YTD 12/31/11 YTD 12/31/10
Loss from Continuing Operations before Income Taxes – As Reported $ (472) $ (741)
Rationalization Charges 121 208
Impairment of goodwill and other intangible assets 494 698
Litigation Charge 9 -
Financial Investment (Income) Expense (73) 25
Income from Continuing Operations before Income Taxes – As Adjusted 79 190
Tax at 36% rate (28) (68)
Less: Net income attributable to non-controlling interest (42) (41)
Net Income – as adjusted $ 9 $ 81
Earnings per common share – as adjusted $ 0.02 $ 0.23
Shares 348 349
21

22. Q4 2011 Profit
Reconciliation
($ in Millions) Q4 2011 Q4 2010
Sales $ 1,738 $ 1,716
Gross Profit – As Reported $ 332 $ 309
Rationalization Charges 48 95
Gross Profit – As Adjusted $ 380 $ 404
Gross Margin - As Reported 19.1% 18.0%
Gross Margin - As Adjusted 21.9% 23.5%
Operating Loss – As Reported $ (531) $ (769)
Rationalization Charges 61 104
Impairment of goodwill and other intangible assets 494 698
Litigation Charge 3 -
Operating Profit – As Adjusted $ 27 $ 33
Operating Margin - As Reported -30.6% -44.8%
Operating Margin - As Adjusted 1.6% 1.9%
22

23. Full-Year 2011 Profit
Reconciliation
($ in Millions) YTD 12/31/11 YTD 12/31/10
Sales $ 7,467 $ 7,486
Gross Profit – As Reported $ 1,784 $ 1,833
Rationalization Charges 91 166
Gross Profit – As Adjusted $ 1,875 $ 1,999
Gross Margin - As Reported 23.9% 24.5%
Gross Margin - As Adjusted 25.1% 26.7%
Operating (Loss) Profit – As Reported $ (295) $ (463)
Rationalization Charges 121 208
Impairment of goodwill and other intangible assets 494 698
Litigation Charges 9 -
Operating Profit – As Adjusted $ 329 $ 443
Operating Margin - As Reported -4.0% -6.2%
Operating Margin - As Adjusted 4.4% 6.0%
23

24. 2011 Impairment of Goodwill and Other
Intangible Assets
 Goodwill/intangible asset impairment of $494 million,
primarily related to:
− Milgard Manufacturing, our North American window business
− Tvilum, our European ready-to-assemble cabinet business
− Liberty, our North American builders’ hardware business
 Non-cash charge aggregated ($0.96) per common share
Successfully Amended our Credit Line
24

25. Credit Facility Amendment
 $1.25 billion line established in June 2010 with two financial covenants
− Debt to capitalization (65%)
− Interest coverage (adjusted EBITDA/Interest Expense)
 ~ $175 million of headroom on debt to capitalization covenant at
December 31, 2011
 Amended Credit Facility in February 2012
− Debt to capitalization covenant modified to add back ~$250M of Q4 2011
non-cash charges along with new $250M deductible basket
− Rollback of step-up on interest coverage covenant until Q1 2013
 As amended, we have ~ $630M of borrowing availability on the line
Not in default of any covenants at December 31, 2011
25

26. $0
$1,200
$400
$800
2012
2013
2014
2015
2016
December 31, 2011
2017
2018
2019
2020
2021
2022
2023
2024
#REF!
2025
($ In Millions)
2026
2027
Outstanding Debt Maturities
2028
2029
2030
2031
2032
2033
2034
2035
2036
26

27. Q4 2011 Results (As Reported)
($ in Millions) Net Sales Change in Sales Operating Margin *
Q4 2011 vs. Q4
Q4 2011 Q4 2010 2010 Q4 2011 Q4 2010
Cabinets and Related Products $ 287 $ 304 -6% -33.1% -45.1%
Plumbing Products 674 661 2% 7.7% 9.7%
Installation and Other Services 285 254 12% -2.8% -282.7%
Decorative Architectural Products 348 336 4% -14.7% 13.4%
Other Specialty Products 144 161 -11% -279.9% 1.9%
Total Segment-Reported $ 1,738 $ 1,716 1% -29.1% -43.3%
North America $ 1,320 $ 1,293 2% -34.8% -59.6%
International 418 423 -1% -11.0% 6.6%
Total Segment - Reported $ 1,738 $ 1,716 1% -29.1% -43.3%
* Operating margin is before general corporate expense, net and litigation charges. See Analyst Package for GAAP
reconciliation.
27

28. Q4 2011 Results (As Adjusted)
($ in Millions)
Net Sales Change in Sales Operating Margin *
Q4 2011 vs. Q4
Q4 2011 Q4 2010 2010 Q4 2011 Q4 2010
Cabinets and Related Products $ 287 $ 304 -6% -13.2% -15.1%
Plumbing Products 674 661 2% 8.3% 10.6%
Installation and Other Services 285 254 12% -2.1% -7.5%
Decorative Architectural Products 348 336 4% 10.1% 14.9%
Other Specialty Products 144 161 -11% 0.0% 1.9%
Total Segment-Reported $ 1,738 $ 1,716 1% 2.7% 3.4%
North America $ 1,320 $ 1,293 2% 2.7% 2.1%
International 418 423 -1% 2.9% 7.3%
Total Segment - Adjusted $ 1,738 $ 1,716 1% 2.7% 3.4%
* Operating margin is before impairment charges for goodwill and other intangible assets, business rationalization
charges, general corporate expense, net and litigation charges. See Analyst Package for GAAP reconciliation.
28

29. Full-Year 2011 Results (As Reported)
($ in Millions)
Net Sales Change in Sales Operating Margin *
FY 2011 vs. FY
FY 2011 FY 2010 2010 FY 2011 FY 2010
Cabinets and Related Products $ 1,231 $ 1,464 -16% -16.7% -17.1%
Plumbing Products 2,913 2,692 8% 11.1% 12.3%
Installation and Other Services 1,077 1,041 3% -7.3% -76.7%
Decorative Architectural Products 1,670 1,693 -1% 11.7% 20.4%
Other Specialty Products 576 596 -3% -69.6% 3.2%
Total Segment - Reported $ 7,467 $ 7,486 0% -2.2% -4.7%
North America $ 5,669 $ 5,823 -3% -4.6% -8.7%
International 1,798 1,663 8% 5.1% 9.3%
Total Segment - Reported $ 7,467 $ 7,486 0% -2.2% -4.7%
* Operating margin is before general corporate expense, net and litigation charges. See Analyst Package for GAAP reconciliation.
29

30. Full-Year 2011 Results (As Adjusted)
($ in Millions)
Net Sales Change in Sales Operating Margin *
FY 2011 vs. FY
FY 2011 FY 2010 2010 FY 2011 FY 2010
Cabinets and Related Products $ 1,231 $ 1,464 -16% -9.3% -4.8%
Plumbing Products 2,913 2,692 8% 11.6% 12.9%
Installation and Other Services 1,077 1,041 3% -6.6% -8.9%
Decorative Architectural Products 1,670 1,693 -1% 16.9% 20.7%
Other Specialty Products 576 596 -3% 0.7% 3.2%
Total Segment - Reported $ 7,467 $ 7,486 0% 5.9% 7.4%
North America $ 5,669 $ 5,823 -3% 5.1% 6.6%
International 1,798 1,663 8% 8.3% 10.0%
Total Segment - Adjusted $ 7,467 $ 7,486 0% 5.9% 7.4%
* Operating margin is before impairment charges for goodwill and other intangible assets, business rationalization
charges, general corporate expense, net and litigation charges. See Analyst Package for GAAP reconciliation. 30

31. Q4 2011 Segment Rationalization Charges
Rationalization Charges - Q4 2011 Q4 2010
($ in Millions)
Plant Total - Total -
Severance ERP RTA Exit
Closures Q4 2011 Q4 2010
Cabinets and Related Products $ (5) $ (8) $ - $ - $ (13) $ (91)
Plumbing Products (2) (1) - - (3) (5)
Installation and Other Services (1) (1) - - (2) (2)
Decorative Architectural Products - (11) - - (11) (5)
Other Specialty Products - (29) - - (29) -
Corp. / Other (3) - - - (3) (1)
Total Q4 2011 $ (11) $ (50) $ - $ - $ (61) $ (104)
Total Q4 2010 $ (3) $ (78) $ (2) $ (21) $ (104)
Change $ (8) $ 28 $ 2 $ 21 $ 43
31

32. Full-Year 2011 Segment Rationalization Charges
Rationalization Charges - December 31, 2011 FY 2010
($ in Millions)
Plant Total - FY Total - FY
Severance ERP RTA Exit
Closures 2011 2010
Cabinets and Related Products $ (6) $ (16) $ (1) $ (24) $ (47) $ (179)
Plumbing Products (2) (13) - - (15) (15)
Installation and Other Services (3) (1) (4) - (8) (8)
Decorative Architectural Products - (12) - - (12) (5)
Other Specialty Products - (31) - - (31) -
Corp. / Other (6) (2) - - (8) (1)
Total December 31, 2011 $ (17) $ (75) $ (5) $ (24) $ (121) $ (208)
Total December 31, 2010 $ (14) $ (101) $ (9) $ (84) $ (208)
Change $ (3) $ 26 $ 4 $ 60 $ 87
32

33. Segment Mix Full-Year 2011 – Estimate
New
Segment International North America
Construction
Cabinets and 25% 75% 25% - 30%
Related Products
Plumbing 45% 55% 15% - 20%
Products
Installation and -- 100% 80+%
Other Services
Decorative -- 100% <5%
Architectural
Products
Other Specialty 25% 75% 20% - 25%
Products
Company Total 24% 76% ~25%
33

34. 2011 Masco International Revenue Split*
*Based on company estimates
International sales accounted for ~ 24% of total 2011 Masco sales
34