Christopher M. Connor, Chairman and CEO of The Sherwin-Williams Company, presented forward-looking statements about sales, earnings, and other matters. The presentation discussed Sherwin-Williams' financial highlights in 2007 including $8.01 billion in net sales and $616 million in income. It also reviewed the company's diversified customer base, global market share as one of the top coatings manufacturers worldwide, and competitive strengths including controlled distribution, leading technology, and growth from acquisitions.

1. Christopher M. Connor
Chairman & CEO

2. Forward-Looking Statements
This presentation today will contain certain “forward-looking statements”, as defined
under U.S. federal securities laws, with respect to sales, earnings and other matters.
These forward-looking statements are based upon management’s current expectations,
estimates, assumptions and beliefs concerning future events and conditions. Forward-
looking statements are necessarily subject to risks, uncertainties and other factors,
many of which are outside the control of the Company, that could cause actual results
to differ materially from such statements and from the Company’s historical results and
experience. These risks, uncertainties and other factors include such things as:
general business conditions, strengths of retail and manufacturing economies and the
growth in the coatings industry; changes in the Company’s relationships with customers
and suppliers; changes in raw material availability and pricing; unusual weather
conditions; and other risks, uncertainties and other factors described from time to time
in the Company’s reports filed with the Securities and Exchange Commission. Since it
is not possible to predict or identify all of the risks, uncertainties and other factors that
may affect future results, the above list should not be considered a complete list. Any
forward-looking statement speaks only as of the date on which such statement is
made, and the Company undertakes no obligation to update or revise any forward-
looking statement, whether as a result of new information, future events or otherwise.
The Sherwin-Williams Company – 1st Quarter 2008

3. Coatings Industry
Global Demand
Asia Pacific Europe
7.3 Billion Gallons
23% 32%
81 Billion Dollars
Latin
America
11%
Other
4%
Canada
4% United States
26%
Source: U.S. Census Bureau, July 2007/CHEMARK
The Sherwin-Williams Company – 1st Quarter 2008

4. Coatings Industry
Top Manufacturers
United States
Worldwide
1 Akzo Nobel/ICI 1 Sherwin-Williams
2 PPG/SigmaKalon 2 PPG
3 Sherwin-Williams 3 Valspar
4 Dupont 4 Masco
5 Valspar 5 ICI
6 RPM 6 DuPont
7 BASF 7 RPM
8 Kansai 8 Comex
9 Nippon 9 Akzo Nobel
10 Sika 10 Benjamin Moore
Source: Paint & Coatings Industry
Source: Coatings World
The Sherwin-Williams Company – 1st Quarter 2008

5. U.S. Coatings Industry
Sales ($) Mix by Category
2007
1.28 Billion Gallons
Special 20.07 Billion Dollars
Purpose
29%
Architectural
Coatings
48%
OEM
Finishes
23%
Source: U.S. Department of Commerce; Segment Percents Based on Dollars
The Sherwin-Williams Company – 1st Quarter 2008

6. U.S. Architectural Coatings
Gallons in Millions
DIY
DIY
PC 39%
PC
51% DIY
49%
42% 61%
PC
58%
1987 2007
527 Million Gallons 696 Million Gallons
1997
647 Million Gallons
Source: U.S. Dept of Commerce MA28F Report/Internal Estimates
The Sherwin-Williams Company – 1st Quarter 2008

7. DIY Channel Share, U.S.
Most Recent Purchase by Store Type
2007
Home Center / Mass
Lumber / Merchants
Building 16%
Materials
60%
Paint
Stores
Hardware Stores
19%
5%
Source: Proprietary Paint Industry Data, S-W Marketing
The Sherwin-Williams Company – 1st Quarter 2008

8. Contractor Channel Share, U.S.
Primary Outlet by Store Type
2007
Paint Hardware
Stores Stores
92.3% 0.6%
Home
Centers
2.4%
Discount /
Other
4.7%
Source: National Marketing Measures: 2007
The Sherwin-Williams Company – 1st Quarter 2008

9. Company Overview
Financial Highlights
2007 2006
Net Sales $8.01M $7,810M
EBITDA $1,148M $1,050M
Income $616M $576M
% Sales 7.7% 7.4%
Earnings Per Share $4.70 $4.19
Net Operating Cash $875M $816M
Dividend Per Share $1.26 $1.00
Return on Assets 12.7% 11.5%
The Sherwin-Williams Company – 1st Quarter 2008

10. Company Overview
Revenue & Profit by Segment - 2007
Consumer
Sales: $1.31 Billion
Profit: $224.2 Million
Paint Stores Profit %: 17.1%
Global
Sales: $4.96 Billion
Sales: $1.73 Billion
Profit: $767 Million
Profit: $160.7 Million
Profit %: 15.5%
Profit %: 9.3%
Controlled Distribution Accounts for 75% of Sales
The Sherwin-Williams Company – 1st Quarter 2008

11. Competitive Strengths
• Diversified Customer Base
• Controlled Distribution
• Channel/Brand Strategy
• Leading Technology
• People Development & Retention
• Growth from Acquisitions
• Financial Strength
The Sherwin-Williams Company – 1st Quarter 2008

12. Diversified Customer Base
Residential-Commercial-Industrial
Special Purpose Coatings
Architectural Coatings OEM Finishes
• Residential DIY • Kitchen Cabinets
• Industrial Maintenance
• Residential Repaint (Pro) • Residential Furniture
• Traffic Marking
• New Residential • Office Furniture
• Automotive Refinish
• New Commercial &
• Wood Building Products
• Marine
Institutional
• Metal Building Products
• Aerosol Paints
• Property Maintenance
• Miscellaneous Special
• Architects & Designers • Heavy Equipment
Purpose • Electronics
• Military
The Sherwin-Williams Company – 1st Quarter 2008

13. Controlled Distribution
Top 10 Paint Store Chains – North America
2007 Est. 2002 Est.
3,325 2,643
ICI/Glidden 662 718
PPG 450 250
Comex/Pro Paint, Inc. 372 308
Kelly-Moore 164 160
2,117 1,807
Benjamin Moore 154 68
Cloverdale/Rodda 109 101
Dunn Edwards 83 71
Diamond Vogel 77 85
Vista 46 46
Gap: +1,208 +836
Source: Company Websites, Rauch Guide & Chain Store Guide
The Sherwin-Williams Company – 1st Quarter 2008

14. Channel-Brand Strategy
Leading Brands by Category and Channel
PAINT STORES GROUP CONSUMER GROUP
Paint Dealer/ Mass Merchant/
Sherwin-Williams
Specialty
Hardware Department
Paint Store
Paint
Aerosols
Wood Care
Applicators
The Sherwin-Williams Company – 1st Quarter 2008

15. Leading Technology
Total Technical Expenditures
101.0 102.0
110
95.4
91.3
88.7 88.3
100
83.6 86.2
78.2
90
73.4
80
62.6
70
53.4
$ Millions
60
50
40
30
20
10
0
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
% of
1.3 1.3 1.5 1.6 1.6 1.7 1.7 1.6 1.5 1.3 1.3 1.3
Sales
The Sherwin-Williams Company – 1st Quarter 2008

16. Leading Technology
New Product Development
• Productivity Enhancing
• Sustainability
• Color Technology
• Safety and Security
The Sherwin-Williams Company – 1st Quarter 2008

17. People Development & Retention
Recognized Employer of Choice
The Princeton
Review
“Best Entry Level
Jobs”
2005, 2006, 2007
& 2008
FORTUNE
BusinessWeek
“100 Best Companies
“100 Best Places to
to Work For”
Launch A Career”
2007 & 2008 2005, 2006 & 2008
The Sherwin-Williams Company – 1st Quarter 2008

18. Growth by Acquisition
• Completed 7 Transactions in 2007 for a Total Investment of $282 Million
Generating Over $258 Million in Sales
• Completed 13 Transactions Over Last Five Years for a Total Investment of
$940 Million Generating Over $870 Million in Sales
The Sherwin-Williams Company – 1st Quarter 2008

19. Profit Before & After Tax
1050 Profit Before Tax
950 Profit After Tax
850 913.0
750 834.3
650
$ Millions
656.2
550 616.0
580.2 576.1
450 522.9
463.3
350
393.3
250 332.1
150
50
-50
2003 2004 2005 2006 2007
PBT % to Sales 9.7 9.5 9.1 10.7 11.4
PAT % to Sales 6.1 6.4 6.4 7.4 7.7
The Sherwin-Williams Company – 1st Quarter 2008

20. Net Operating Cash
900 Uses of Cash
874.8
800 815.8
• Acquisitions
700 716.7
($ in Millions)
600 • Capital Expenditures
558.9 544.7
500 • Buy Back Stock
546.6
400 460.0 460.0
• Manage Debt
300 351.7 340.9
• Pay Dividends
200
100
0
2003 2004 2005 2006 2007
Net Operating Cash less Cap. Ex. & Dividends
Net Operating Cash
The Sherwin-Williams Company – 1st Quarter 2008

21. Stock Repurchase
13.2
14.00
12.00
Millions of Shares
10.00
8.10
7.98
8.00 6.70
6.70 6.60
5.60
6.00
4.1
4.00
2.00
0.00
2008 (1Q)
2001 2002 2003 2004 2005 2006 2007
Avg. Common
Shares Outstanding 156.9 152.4 147.0 144.7 141.1 137.3 130.9 122.1
(fully diluted / in millions)
The Sherwin-Williams Company – 1st Quarter 2008

22. Debt : EBITDA Ratio
1500 84%
83%
1148
73%
99%
($ in Millions)
1047
1000 76%
965
848 875
745
678 738
500 621
514
0
2003 2004 2005 2006 2007
EBITDA
Debt
The Sherwin-Williams Company – 1st Quarter 2008

23. Dividends Per Share
1979 – 2008E
$1.50 1.40
$1.40
1.26
$1.30
$1.20
$1.10 1.00
$1.00
.82
$0.90
$0.80 .68
.60 .62
$0.70 .54 .58
.48
$0.60
.40.45
$0.50
.32.35
$0.40 .25 .28
.18 .19 .21 .22
$0.30
.13 .14 .16
.10 .12
$0.20
.05 .06 .08
$0.10 .01 .04
$0.00
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008E
The Sherwin-Williams Company – 1st Quarter 2008

24. Questions & Answers
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Financial Community Presentation
Cleveland, Ohio
June 24, 2008