Q3 2016 earnings presentation

1. Third Quarter 2016
Earnings Presentation
October 25, 2016

2. Safe Harbor Statement
Statements contained in this presentation that reflect our views about our future performance and 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. Our views
about future performance 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 the levels of home improvement activity and new home
construction, our ability to maintain our strong brands and to develop and introduce new and improved
products, our ability to maintain our competitive position in our industries, our reliance on key customers, our
ability to achieve the anticipated benefits of our strategic initiatives, our ability to sustain the performance of
our cabinetry businesses, the cost and availability of raw materials, our dependence on third party suppliers,
and risks associated with international operations and global strategies. These and other factors are
discussed in detail 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. The forward-looking statements in this press release speak only as of the date of this press
release. 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.
2

3. Masco Q3 2016 Results
Topic
• Summary of Results Keith Allman
• Financial/Operations Review John Sznewajs
• Q&A
3

4. Q 3 2 0 1 6 I N R E V I E W
Executing on Strategic Initiatives
• Leveraged strength in end markets:
– Introduced new products
– Improved sales mix
– Further penetrated new markets
– Gained share with our strong brands
• Operating leverage contributed to profit margin
expansion
• 2.3 million shares repurchased
4
Driving
Shareholder
Value

5. Masco Q3 2016 Results
Topic
• Summary of Results Keith Allman
• Financial/Operations Review John Sznewajs
• Q&A
5

6. ($ in Millions)
Third Quarter
2016
Revenue
Y-O-Y Change
$1,877
2%
Operating Profit*
Y-O-Y Change
$275
$18
Operating Margin*
Y-O-Y Change
14.7%
70 bps
Adjusted EPS*
Y-O-Y Change
$0.41
21%
Focused Execution Delivers 20th Consecutive
Quarter of Sales and Operating Profit Growth
6
*See Appendix for GAAP reconciliation.
Quarter Highlights
• North American sales increased 2%; international sales increased 6% in
local currency
• FX negatively impacted sales by approximately $17 million
• Operating profit (gross profit) unfavorably impacted by $21 million increase
in warranty reserve (approximately $0.04 per share)

7. P L U M B I N G P R O D U C T S
7
Strong Demand and Solid Execution Fuel Growth
Quarter Highlights
• Sales increased by 6% in local currency driven by Delta, Hansgrohe and
Watkins
• FX negatively impacted sales by approximately $9 million
• Commodity hedge favorably impacted operating profit by $10 million
($ in Millions)
Third Quarter
2016
Revenue
Y-O-Y Change
$899
5%
Operating Profit*
Y-O-Y Change
$179
$41
Operating Margin*
Y-O-Y Change
19.9%
370 bps
*Excludes business rationalization charges for the third quarter 2016 and 2015 of $5 million and $1 million, respectively.

8. 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
8
Pro Paint Drives Growth
Quarter Highlights
• Behr Pro®
and DIY volume growth partially offset by increased promotional
and other expense
• Builders’ hardware continued strong performance
• Volume growth and lean initiatives drove profit growth
($ in Millions)
Third Quarter
2016
Revenue
Y-O-Y Change
$536
2%
Operating Profit
Y-O-Y Change
$111
$9
Operating Margin
Y-O-Y Change
20.7%
130 bps

9. C A B I N E T R Y P R O D U C T S
9
Sales Mix and Productivity Improve Profitability
Quarter Highlights
• Strong retail sales more than offset by the exit of certain less profitable direct-
to-builder business
• Retail and dealer sales driven by continued success of KraftMaid®
products
• Operating profit impacted by product launch and other expenses of ~$5
million
($ in Millions)
Third Quarter
2016
Revenue
Y-O-Y Change
$239
(6%)
Operating Profit*
Y-O-Y Change
$20
$1
Operating Margin*
Y-O-Y Change
8.4%
90 bps
*Excludes business rationalization charges for both the third quarter 2016 and 2015 of $1 million, and a gain from the sale
of property and equipment for the third quarter 2015 of $3 million.

10. W I N D O W S A N D O T H E R S P E C I A LT Y P R O D U C T S
10
Milgard Delivers Mixed Results
Quarter Highlights
• Sales increased 2% excluding the effects of foreign currency translation
• Operating margin impacted by a $21 million increase in warranty reserve, $6
million in labor inefficiencies, and $3 million in ERP expense
($ in Millions)
Third Quarter
2016
Revenue
Y-O-Y Change
$203
(1%)
Operating Loss
Y-O-Y Change
($10)
($33)
Operating Margin
Y-O-Y Change
(4.9%)
(1,610 bps)

11. Strengthened Balance Sheet
11
Liquidity as of 9/30/2016
Cash and cash investments $1.0B
Short-term bank deposits $0.2B
Total $1.2B
Disciplined Capital Allocation
• Repurchased approximately 2.3 million shares in Q3
• Increased annual dividend by $0.02 to $0.40 per share

12. Masco Q3 2016 Results
Topic
• Summary of Results Keith Allman
• Financial/Operations Review John Sznewajs
• Q&A
12

13. Q&A

14. Appendix

15. Appendix – Profit Reconciliation – Third Quarter
15
($ in Millions) Q3 2016 Q3 2015
Net Sales $ 1,877 $ 1,839
Gross Profit – As Reported $ 614 $ 589
Rationalization charges 4 1
(Gain) on sale of property and equipment - (3)
Gross Profit – As Adjusted $ 618 $ 587
Gross Margin - As Reported 32.7% 32.0%
Gross Margin - As Adjusted 32.9% 31.9%
Selling, General and Administrative Expenses – As Reported $ 345 $ 331
Rationalization charges 2 1
Selling, General and Administrative Expenses – As Adjusted $ 343 $ 330
Selling, General and Administrative Expenses as Percent of Net Sales – As Reported 18.4% 18.0%
Selling, General and Administrative Expenses as Percent of Net Sales – As Adjusted 18.3% 17.9%
Operating Profit – As Reported $ 269 $ 258
Rationalization charges 6 2
(Gain) on sale of property and equipment - (3)
Operating Profit – As Adjusted $ 275 $ 257
Operating Margin - As Reported 14.3% 14.0%
Operating Margin - As Adjusted 14.7% 14.0%

16. Appendix – EPS Reconciliation – Third Quarter
16
(in Millions, Except per Common Share Data) Q3 2016 Q3 2015
Income from Continuing Operations before Income Taxes – As Reported $ 227 $ 198
Rationalization charges 6 2
(Gain) on sale of property and equipment - (3)
(Gains) from private equity funds, net (1) (1)
Income from Continuing Operations before Income Taxes – As Adjusted $ 232 $ 196
Tax at 36% rate (84) (71)
Less: Net income attributable to noncontrolling interest 12 10
Income from Continuing Operations, as adjusted $ 136 $ 115
Income per common share, as adjusted $ 0.41 $ 0.34
Average Diluted Shares Outstanding 329 338

17. 2016 Guidance Estimates
($ in Millions) 2016 Estimate 2015 Actual1
Rationalization Charges2 ~ $21 $18
Tax Rate3 ~ 36% 43%
Interest Expense4 ~ $230 $225
General Corp. Expense5 ~ $100 $105
Capital Expenditures ~ $170 $152
Depreciation & Amortization ~ $140 $127
Shares Repurchased6 $400-500 $456
Shares Outstanding7 331 million 335 million
17
1. 2015 results exclude TopBuild Corp.
2. Based on 2016 business plans.
3. 2015 tax rate is impacted by a $21 million valuation allowance resulting from our decision to spin-off TopBuild and a $19 million charge to recognize the
required taxes on substantially all undistributed foreign earnings except those that are legally restricted.
4. Includes the ~$40 million debt extinguishment cost in Q2 2016 for the early retirement of $1.3 billion in outstanding debt.
5. Excludes rationalization expenses of $4 million for the year ended December 31, 2015.
6. 2016 and 2015 share repurchases include approximately 1.1 million and 741,000 shares, respectively, that were repurchased to offset grants of long-term
stock awards.
7. Assumes no further share repurchases in 2016.

18. 2015 Segment Mix*
18
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; excludes TopBuild Corp.
Business Segment
Plumbing
Products
Decorative
Architectural
Products
$3.3B
$2.0B
Revenue 2015 % of Total
47%
28%
$ 7.1B 100%Total Company
Windows and Other
Specialty Products
$0.8B 11%
R&R% vs. NC NA% vs. Int’l
83% 63%
99% 100%
70% 76%
83% 79%
Cabinetry
Products
$1.0B 14% 57% 92%

19. 2015 International Revenue Split*
19*Based on Company estimates; excludes TopBuild Corp.
International Sales Accounted for ~21%
of Total 2015 Masco Sales
International Sales Accounted for ~21%
of Total 2015 Masco Sales
29%
5%
8%
26%
5%
17%
10%
UK
Northern Europe
Southern Europe
Central Europe
Eastern Europe
Emerging markets
Other