This document provides an earnings presentation by Masco Corporation for the third quarter of 2014. Some key points include: - Masco reported 4% revenue growth and a 9% increase in adjusted operating profit for Q3 2014 compared to Q3 2013. - Operating margin expanded by 60 basis points due to consistent execution and strong operating leverage. - Plumbing Products sales increased 4% driven by strength in wholesale/trade channels, while Decorative Architectural Products sales were flat in a challenging comparison to the prior year. - Cabinets and Related Products incurred restructuring charges but grew sales 2% through initiatives in the dealer channel.

1. MASCO CORPORATION
Third Quarter 2014
Earnings Presentation
October 28, 2014

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.
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3. Masco Q3 2014 Results
Topic
• Summary of Results Keith Allman
• Financial/Operations Review John Sznewajs
• Outlook Keith Allman
• Q&A
3

4. Key Messages Today
New products and programs continue to drive top-line
growth
Margin expansion driven by consistent execution and
strong operating leverage
Strong execution results in record sales for Delta and
Hansgrohe
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5. Masco Q3 2014 Results
Topic
• Summary of Results Keith Allman
• Financial/Operations Review John Sznewajs
• Outlook Keith Allman
• Q&A
5

6. Another Quarter of Sales and Profit Growth
6
($ in Millions)
*See Appendix for GAAP reconciliation.
Quarter Highlights
• Consistent quarter of top- and bottom-line growth
• Q3 2013 revenue growth was 12%
• North American sales increased 4%; international sales increased 3% in local
currency
Third Quarter
2014
Revenue
Change
$2,232
4%
Adjusted Operating Profit*
Y-O-Y Change
$243
9%
Adjusted Operating Margin*
Y-O-Y Change
10.9%
60 bps
Adjusted EPS* $0.31

7. Focused Execution Fuels Operating Margin Expansion
* Please note dollars are in millions. See appendix for GAAP reconciliation. 7
$222
$7
$11
$3 $243
Q3 2013
Operating
Profit*
Net Volume /
Mix
Net Price /
Commodity
Net Total Cost
Productivity
Q3 2014
Operating
Profit*
Y-O-Y Change in
Operating Profit $21M

8. P L UMB I N G P R O D U C T S
8
Wholesale/Trade Drives Growth
($ in Millions)
Third Quarter
2014
Revenue
Change
$855
4%
Operating Profit
Y-O-Y Change*
$141
14%
Operating Margin
Y-O-Y Change*
16.5%
140 bps
*Excluding business rationalization charges of $6 million in the third quarter of 2013. See appendix for GAAP reconciliation.
Quarter Highlights
• Continued strength of wholesale/trade sales by Delta® and Brizo® brands and
spas drives North America revenue growth
• International sales up 2% in local currency despite soft economic conditions
• Margin expansion driven by improved mix and lean initiatives

9. D E C O R AT I V E A R C H I T E C T U R A L P R O D U C T S
9
New Products Continue to Gain Traction
($ in Millions)
Third Quarter
2014
Revenue
Change
$523
--%
Operating Profit
Y-O-Y Change
$91
(2%)
Operating Margin
Y-O-Y Change
17.4%
(40) bps
Quarter Highlights
• Challenging comparison to Q3 2013 when revenue growth was 9% due to
strong product introductions
• Continued growth from Behr Pro®, Behr Marquee® and builders’ hardware
introductions
• Sales impacted by timing of inventory replenishment
• Margins impacted by growth investments and mix

10. C A B I N E T S A N D R E L AT E D P R O D U C T S
10
Executing Revenue and Profit Initiatives to Drive Performance
($ in Millions)
Third Quarter
2014
Revenue
Change
$266
2%
Adjusted Operating Loss*
Y-O-Y Change
($7)
(N/M)
Adjusted Operating Margin*
Y-O-Y Change
(2.6%)
(300) bps
*Excluding business rationalization charges of $28 million and $3 million in the third quarters of 2014 and 2013, respectively.
See appendix for GAAP reconciliation.
Quarter Highlights
• Sales growth in dealer channel offset by lower sales at home centers
• Restored Merillat® lead times
• Incremental and other one-time costs of ~$8 million in Q3 related to ERP associated
inefficiencies
• Incurred rationalization charges of $28 million associated with the closure of two
mothballed facilities

11. I N S TA L L AT I O N A N D OT H E R S E R V I C E S
11
Capitalizing on New Construction and Commercial Growth
($ in Millions)
Third Quarter
2014
Revenue
Change
$398
8%
Operating Profit
Y-O-Y Change*
$20
5%
Operating Margin
Y-O-Y Change*
5.0%
(10) bps
*Excluding business rationalization charges of $1 million in the third quarter of 2013. See appendix for GAAP reconciliation.
Quarter Highlights
• Sales growth driven by improvement in new home construction, commercial,
retrofit and distribution channels
• Profitability growth driven by increased volume
• Margins impacted by $4 million of medical and benefit costs

12. OT H E R S P E C I A LT Y P R O D U C T S
12
Positive Repair and Remodel Mix Sales Drives Growth
($ in Millions)
Third Quarter
2014
Revenue
Change
$190
8%
Operating Profit
Y-O-Y Change
$20
25%
Operating Margin
Y-O-Y Change
10.5%
140 bps
Quarter Highlights
• Higher mix of repair and remodel activity drives sales and profit
• Continued momentum in international windows

13. Strong Balance Sheet
Q3 2014 Accomplishments
• As a result of the continued profitability of U.S. operations, a $466
million ($1.32 per share) net tax benefit was recorded primarily due to
the release of the valuation allowance
Balance Sheet Liquidity as of 9/30/2014
Cash and cash investments $1.3B
Short-term bank deposits $0.3B
Total $1.6B
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14. Masco Q3 2014 Results
Topic
• Summary of Results Keith Allman
• Financial/Operations Review John Sznewajs
• Outlook Keith Allman
• Q&A
14

15. I N S UMMA R Y
Driving Improved Performance
● Maintain focus on continued strong operating leverage
and free cash flow generation
● Position Cabinet business for improved performance
● Execute capital allocation strategy with a strengthened
balance sheet
● Continue to drive strategic priorities
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Improved
Performance

16. Q&A

17. Appendix

18. Appendix – Profit Reconciliation – Third Quarter
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($ in Millions) Q3 2014 Q3 2013
Sales $ 2,232 $ 2,150
Gross Profit – As Reported $ 611 $ 607
Rationalization charges 28 6
Gross Profit – As Adjusted $ 639 $ 613
Gross Margin - As Reported 27.4% 28.2%
Gross Margin - As Adjusted 28.6% 28.5%
Operating Profit – As Reported $ 202 $ 212
Rationalization charges 41 10
Operating Profit – As Adjusted $ 243 $ 222
Operating Margin - As Reported 9.1% 9.9%
Operating Margin - As Adjusted 10.9% 10.3%

19. Appendix – EPS Reconciliation – Third Quarter
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(in Millions, Except per Common Share Data) Q3 2014 Q3 2013
Income from Continuing Operations before Income Taxes – As Reported $ 152 $ 160
Rationalization charges 41 10
Gains from financial investments, net - -
Earnings from equity investments, net - (6)
Income from Continuing Operations before Income Taxes – As Adjusted $ 193 $ 164
Tax at 36% rate (69) (59)
Less: Net income attributable to non-controlling interest 13 11
Net Income, as Adjusted $ 111 $ 94
Income per Common Share, as Adjusted $ 0.31 $ 0.27
Average Diluted Shares Outstanding 353 352

20. 2014 Guidance Estimates
($ in Millions) 2014 Estimate 2013 Actual
Rationalization Charges1, 3 ~ $58 $48
Tax Rate4 ~ 36% 26%
Interest Expense ~ $225 $235
General Corp. Expense2 ~ $140 $134
Capital Expenditures ~ $125 $126
Depreciation &
Amortization3
~ $170 $186
Shares Outstanding5 353 million 352 million
1. Based on 2014 business plans.
2. Includes rationalization expenses of $20M and $3M for the years ended December 31, 2014 and 2013, respectively.
3. Includes accelerated depreciation of $13M for the year ended December 31, 2013 and estimated accelerated depreciation for the year ended December
31, 2014 of ~$29M. Such expenses are also included in the rationalization charges.
4. Excludes $517 million release of the valuation allowance in the third quarter 2014.
5. 2014 shares outstanding does not reflect potential Q4 2014 share repurchases.
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21. 2013 Segment Mix*
Business Segment
Plumbing
Products
Decorative
Architectural
Products
Installation and
Other Services
Revenue 2013 % of Total
$3.2B
$1.9B
$1.4B
Cabinets and
Related Products $1.0B 12% 57% 93%
Other Specialty
Products $0.7B 9%
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.
39%
23%
17%
Total Company $8.2B 100%
R&R% vs. NC NA% vs. Int’l
82% 59%
99% 100%
18% 100%
74% 76%
72% 81%
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22. 2013 International Revenue Split*
23%
7%
6%
International Sales Accounted for ~20%
of Total 2013 Masco Sales
*Based on Company estimates.
31%
14%
9%
10%
UK
Northern Europe
Southern Europe
Central Europe
Eastern Europe
Emerging markets
Other
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