Raymond James

37th Annual Institutional

Investors Conference

John Sznewajs

Chief Financial Officer

March 7, 2016

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

Agenda

3

The Company

The Transformation

The Outlook

Revenue1 $7.1B

Market cap >$9.5B

Dividend yield ~1.3%

Free Cash Flow2 ~$500M

Focused on Repair & Remodel3

(Breakdown of 2015 Revenue)

New

Construction

Repair &

Remodel83%17%

4

Liquidity $1.7B

M A S C O A T A G L A N C E

Global Leader in Branded Home Improvement and

Building Products

1. Revenue reflects 2015 Net Sales excluding the results of our Installation and Other Services segment which was spun off as TopBuild on 6/30/2015.

2. Free Cash Flow reflects the year ended 12/31/2015.

3. Based on company estimates; excludes TopBuild.

M A S C O A T A G L A N C E

Strong Brands with Industry Leading Positions

5

BUSINESS SEGMENT

Cabinetsand Related Products

PlumbingProducts

DecorativeArchitecturalProducts

$1.0B

$3.3B

$2.0B

REVENUE 2015

$7.1BTotal Company

OtherSpecialtyProducts

$0.8B

LEADING POSITIONS

Leading U.S. kitchen and bath cabinetry brands

#1 worldwide in faucets, fittings, showerheads

#1 in spas

Leading DIY paint and stain provider

#1 in vinyl windows in the western U.S.

M A S C O A T A G L A N C E

Key Strengths

6

1 Unparalleled brand strength

2 Customer focused innovation

3 Broad market coverage

4 Strong financial position

M A S C O A T A G L A N C E

Unparalleled Brand Strength

7

Masco Cabinetry(cabinet manufacturer

in U.S.)

Delta®

(faucet brandin North America)

Behr®

(DIY architectural

coatings in

North America)

Milgard®

(vinyl windowbrand in

Western U.S.)

Hansgrohe®

(global faucet and mixer brand)

Arrow®, Liberty®,BrassCraft® and

Watkins®

(in their respectivecategories)

#2

#1

#1 #1

#1

#2

M A S C O A T A G L A N C E

Leaders in Innovation

8

25%*

Examples of New Products / Technologies

Existing

Products

201420132012

75%

Hansgrohe SelectTM

Collection

KraftMaid® New Design Launch

2015 Revenues

Delta® Toilets

Paint & Primerin One

KraftMaid®

Vanities

Behr DeckOver®

Coating

KraftMaid®

VantageTM

Cabinetry

Behr Marquee®

Coating

Delta Temp2OTM

Showerhead

2015

Delta EssaTM

Collection

Behr TexturedDeckOver™

Coating

Axor® Starck V Collection

*Based on company estimates

M A S C O A T A G L A N C E

Broad Coverage Across Attractive Segments, Price

Points and Channels

9

Segments Price Points Channels

New

construction

17%

Repair /

remodel

83%

International

21%N. America

79%

• Low ticket value

~$20

• High ticket

luxury ~$20K• Direct-to-Builder

• Big box retail

• Wholesale /

dealer trade

M A S C O A T A G L A N C E

Strong Balance Sheet with Significant Financial Flexibility

10

Strong Liquidity

(as of 12/31/2015)

● Plan to reduce debt $300M–$500M in the next

several quarters

Debt to EBITDA*

2015Year End

FutureTarget

Balance Sheet Liquidity

Cash and cash investments $1.5B

Short-term bank deposits $0.2B

Total $1.7B

~3X

~2.5X

*Restated to exclude spinoff of TopBuild. See Appendix for GAAP reconciliation.

Agenda

11

The Company

The Transformation

The Outlook

Organization

Operational Excellence

Portfolio and Capital

Allocation

T H E “ N E W ” M A S C O

Transformational Initiatives

Formed a new management team

Instituted a center led business model

Restructured HQ

Made key business unit management changes

Completed spin off of TopBuild

Authorized share buy back of 50 million shares

Increased dividend

Reduced costs and increased efficiencies

Standardized planning processes

Prioritized capability building

Drove cost improvement culture

12

T H E “ N E W ” M A S C O

Created a Less Cyclical Business

13

N.

America19%81% Int’l

R&R 29%71% New home

N.

America21%79% Int’l

R&R 17%83% New home

Revenue Breakdown – International vs. North America

Revenue Breakdown – R&R vs. New Home Construction

1. Based on 2014 revenues including TopBuild and company estimates.

2. Based on 2015 revenue and company estimates.

More Global Diversification

Less Cyclicality

Pre-Spin1

Post-Spin2

14

T H E “ N E W ” M A S C O

Focus on Operational Excellence

Aligned

on Key

Financial

Metrics

Capitalize on

our Strong

Operating

Leverage

Strong

Management

Team

Culture of

Accountability

R E S U L T S :

Stable Revenues, Strong Profitability

15

$6.3

$7.1

2012 2015

Revenues($B)

$505

$927

2012 2015

$0.38

$1.19

2012 2015

EPS*($)

Operating Profit*($M)

4%

CAGR22%

CAGR

46%

CAGR

*Amounts exclude TopBuild Corp.

*See appendix for GAAP reconciliation. EPS as reported was $0.15 in 2012 and $1.03 in 2015.

Agenda

16

The Company

The Transformation

The Outlook

S T R A T E G Y F O R G R O W T H

Fundamentals Impacting our End Markets are Strong

17

1

Age of US

Housing Stock

2

Home Price

Appreciation

3

Housing

Turnover

4

Household

Formation

5

Housing

Affordability

S T R A T E G Y F O R G R O W T H

Strategies which Capitalize on Masco’s Strengths

18

Decorative

Architectural

Products

Segment

Cabinets

and

Related

Products

Segment

Other

Specialty

Products

Segment

Plumbing

Products

Segment

1.Extend Milgard’s leadership position in Western U.S.

2.Pursue geographic expansion with Milgard

3.Extend UK Window Group’s leadership position

Sales Growth:

9-11% CAGR

Operating Margins:

~10-13%

1.Extend leadership in N. American plumbing

2.Pursue category expansion

3.Growth in priority international markets, both organically and

inorganically

1.Extend our Consumer leadership position

2.Grow share in the PRO paint segment

3.Leverage the KILZ® and Liberty® family of brands

Sales Growth:

4-6% CAGR

Operating Margins:

~16-17%

3 Year GoalsStrategic Priorities

Sales Growth:

6-9% CAGR

Operating Margins:

~18%

1.Profitably recover KraftMaid® and Merillat® share

2.Execute Builder Direct turnaround

3.Achieve margin improvement targets

Sales Growth:

4-7% CAGR

Operating Margins:

~8-9%

19Note: 2014 amounts restated to exclude TopBuild. Future performance reflects company estimates.

7%CAGR

16%CAGR

27%CAGR

Revenue*($B)

Operating Profit*($B)

EPS*($)

$6.8

$8.3

2014 2017

$0.88

$1.80

2014 2017

$0.74

$1.15

2014 2017

*2014 revenue and operating profit uses a $1.10 Euro to USD foreign exchange rate . See appendix for GAAP reconciliation.

S T R A T E G Y F O R G R O W T H

Clear Line of Sight to Profitable Growth

F I N A N C I A L F L E X I B I L I T Y

Strong Free Cash Flow Coupled with Disciplined

Capital Deployment

20

Invest in the business

Pay down debt

Bolt on acquisitions

Return Capital to

Shareholders~$2B FCF

2015 - 2017

F I N A N C I A L F L E X I B I L I T Y

Future Growth Requires Low Capex

21

$6,286

$6,761$7,006

$7,142

$8,300

1.7% 1.6% 1.6%2.1% 2.0%

2012 2013 2014 2015 2017

Sales

Capital Expenditures

% of Sales

$M

*Note: Amounts exclude TopBuild Corp.

F I N A N C I A L F L E X I B I L I T Y

A Strengthening Leverage Profile

1.0

2.0

3.0

4.0

5.0

6.0

7.0

$0

$1

$2

$3

$4

2012 2013 2014 2015 2016 2017

Debt-to-EBITDA*

Debt

Debt-to-EBITDA

$B

22*See appendix for GAAP reconciliation

• Bolt-ons to existing businesses

• Meet financial hurdles

• Participate in attractive end markets*

• Accelerate growth strategies

23

F I N A N C I A L F L E X I B I L I T Y

Disciplined Portfolio Management

*Repair and Remodel, Global Segments, Low Cyclicality, Brand and Innovation Drive Value

Driving

Value

Creation

Strategic Acquisitions

F I N A N C I A L F L E X I B I L I T Y

Powerful Cash Flow Funds Growth and Return to Shareholders Through 2017

12/31/2014Liquidity

Cash Flowfrom

Business

TopBuildCash

Distribution

CapitalExpenditures

Dividends ShareRepurchases

Acquisitions /Divestitures

DebtPaydown

12/31/2017Liquidity

$1.7

$2.2$0.2 $(0.6)

$(0.4)

$(1.2)

$(0.5)

$(0.4)

$1.0

$B

24

+

+

New Masco. Positioned to Outperform

Leveraging a portfolio of industry leading

global brands with compelling growth

strategies

Aligned management team with a clear

strategic focus

Strong free cash flow generation and capital

management driving value to shareholders

+

Transformative actions have delivered

strengthened results and redefined Masco

25

Positioned to

Outperform

Q&A

26

Appendix

($ in Millions) 2016 Estimate 2015 Actual1

Rationalization Charges2 ~ $8 $18

Tax Rate3 ~ 36% 43%

Interest Expense ~ $225 $225

General Corp. Expense4 ~ $100 $105

Capital Expenditures ~ $190 $152

Depreciation & Amortization ~ $140 $127

Shares Repurchased5 $400-500 $456

Shares Outstanding6 335 million 335 million

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. Excludes rationalization expenses of $4 million for the year ended December 31, 2015.

5. 2015 share repurchases include approximately 741,000 shares that were repurchased to offset grants of long-term stock awards.

6. Reflects weighted average diluted shares outstanding for the fourth quarter 2015 and assumes no share repurchases in 2016.

28

2016 Guidance Estimates

2015 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; excludes TopBuild Corp.

Business Segment

PlumbingProducts

DecorativeArchitecturalProducts

$3.3B

$2.0B

Revenue 2015 % of Total

47%

28%

$ 7.1B 100%Total Company

Other SpecialtyProducts

$0.8B 11%

R&R% vs. NC NA% vs. Int’l

83% 63%

99% 100%

70% 76%

83% 79%

Cabinets andRelated Products

$1.0B 14% 57% 92%

29

2015 International Revenue Split*

*Based on Company estimates; excludes TopBuild Corp.

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

30

Appendix – Net Sales and Profit Reconciliations

Year Ended December 31,

($ in Millions) 2015 2014 2013 2012

Operating Profit, as reported $ 914 $ 721 $ 612 $ 384

Rationalization charges 18 64 47 74

(Income) charge for litigation settlements - (9) - 1

(Gain) from sales of fixed assets, net (5) - - (8)

Impairment of goodwill and other intangible assets - - - 42

Other Specialty Products - warranty - - - 12

Operating Profit, as adjusted 927 776 659 505

Depreciation and amortization 127 141 157 173

EBITDA, as adjusted $ 1,054 $ 917 $ 816 $ 678

($ in Millions) 2014

Net Sales

Net sales, as reported $ 7,006

Currency adjustment (204)

Net sales, as reported and FX modified $ 6,802

Operating Profit

Operating Profit, as reported $ 776

Currency adjustment (36)

Operating Profit, as adjusted and FX modified $ 740

Appendix – EPS Reconciliation

(in millions, except per common share data)

Year Ended December 31,

($ in Millions) 2015 2014 2012

Earnings Per Common Share

Income from continuing operations

before income taxes, as reported $ 689 $ 507 $ 155

Rationalization charges 18 64 74

Impairment of goodwill and other intangible assets - - 42

(Income) charge for litigation settlements - (9) 1

(Gain) from sale of fixed assets, net (5) - (8)

(Gain) from financial investments, net (6) (4) (22)

(Earnings) losses from equity investments, net (2) 2 -

Other Specialty Products – warranty - - 12

Interest carry costs - - 7

Income from continuing operations

before income taxes, as adjusted 694 560 261

Tax at 36% rate (250) (202) (94)

Less: Net income attributable to noncontrolling interest 39 47 35

Income from continuing operations, as adjusted $ 405 $ 311 $ 132

Income per common share, as adjusted $ 1.19 $ 0.88 $ 0.38

Average diluted common shares outstanding 341 352 349