- The document is a presentation from Masco Corporation given at the Goldman Sachs 19th Annual Global Retailing Conference on September 5, 2012. - It outlines Masco's investment thesis, focusing on its strong fundamentals that position it to outperform during an economic recovery. - Key strengths highlighted include Masco's market-leading brands, position as an industry innovator, broad distribution network, Masco Business System approach, and strong financial position with high liquidity. - The presentation discusses Masco's strategic initiatives to improve performance through expanding market leadership, reducing costs, improving underperforming businesses, and strengthening its balance sheet.

1. Goldman Sachs 19th Annual
Global Retailing Conference
September 05, 2012

2. Safe Harbor Statement
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,”
“should,” “will,” “forecast”, “intend,” “plan,” “estimate,” “expect,” “assume,” “seek,” 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 business rationalizations 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. INVESTMENT THESIS
Strong Fundamentals - Positioned to Outperform
The company
The strategy
The strengths
The growth
3

4. Masco at a Glance
2011
Revenue $7.5B
Revenue % renovation vs. new construction 75%
Cumulative free cash flow last 3 years ~$1B
Employees 31,000
Market capitalization >$4.0B
Dividend yield 2.9%
Cash at 12/31/2011 $1.7B
4

5. Masco – Strong Brands with Market Leading Positions
B USINESS S EGMENT R EVENUE 2011 % OF T OTAL L EADING P OSITIONS
 #1 worldwide in faucets,
Plumbing fittings, showerheads
Products $2.9B 39%
 #1 in spas
Decorative
Architectural $1.7B 22%  #1 DIY paint and stain
Products
Cabinets
 #1 & #2 U.S. kitchen and
and Related $1.2B 17% bath cabinetry brands
Products
Installation  #1 insulation and product
and Other $1.1B 14% installation for homebuilders
Services
Other
 #1 windows and patio doors
Specialty $0.6B 8% in western US and UK
Products
Total company $7.5B 100%
5

6. Masco – Unique Scope and Scale
We believe we are the…….
Largest manufacturer of faucets in the world
Largest non-commodity supplier to The Home Depot
Largest supplier to Lowe’s Kitchen and Bath segment
supplier of architectural coatings to the
Largest U.S. DIY market
installer of insulation products for the new home
Largest construction market
6

7. INVESTMENT THESIS
Strong Fundamentals - Positioned to Outperform
The company
The strategy
The strengths
The growth
7

8. Strategic Initiatives to Improve Performance
1
Expand market • Leverage brands
leadership • Innovative products
2
• Supply chain savings
Reduce costs
• Drive lean benefits Outperform
the
3 recovery
• Focus on Cabinets,
Improve Installation
underperforming
businesses • Return to profitability
4
Strengthen • Debt reduction
Balance Sheet • Strong liquidity
8

9. 1. EXPAND MARKET LEADERSHIP
Key Brands Gaining Share since 2010
Examples Gaining Share
• Delta®, Peerless®, and Brizo® brands in U.S.
• International plumbing growth with Hansgrohe
• Decorative Architectural: Behr® #1 ranking,
Direct to Pro® service growth, Kilz Pro line
• Other Specialty: Milgard® windows outperforming
market, UK growing share
• Masco Contractor Services gaining share with
insulation, retrofit and commercial channels
9

10. 2. REDUCE COSTS
Significant Progress Lowering Cost Structure  Higher Margins
Cumulative Gross Fixed Cost Headcount Reductions
Reductions of ~50%
$540M $560M
62,500
32,500 31,000
~$100M
2007 2010 2011 2006 2010 2011
Includes 28 closed / mothballed facilities
10

11. 3. IMPROVE UNDERPERFORMING BUSINESSES
Laser Focus on Achieving Breakeven
Cabinets
 First half operating profit improvement of $19M principally driven
by cost reductions in North America
• Expect $10M - $15M of operating profit improvement in the
second half of 2012
 Benefits from increased housing starts offset by:
• Market conditions in European economies and North
American repair/remodel activity
• Challenges implementing North American dealer and
countertop strategies
 Leadership changes for North American Cabinets have been
implemented
Installation
 First half operating profit improvement of $29M driven by new
home construction activity and cost reductions from lean, ERP
leverage, and supply chain
 Continued penetration of retrofit and commercial channels
 Assuming 725,000 (lagged) housing starts, should be close to
breakeven for full year 2012
11

12. 4. STRENGTHEN BALANCE SHEET
Declining Debt to Capitalization Ratio
84%
45%-55%
• Reduction of
$400M in 2012
2011 Future Target
Year End
12

13. INVESTMENT THESIS
Strong Fundamentals - Positioned to Outperform
The company
The strategy
The strengths
The growth
13

14. Key Strengths we are Leveraging
1 Market-leading brands
2 Industry innovator
3 Broad distribution
4 Masco Business System
5 Strong financial position
14

15. STRENGTH 1: MARKET LEADING BRANDS
Unparalleled Brand Strength
Cabinets & Related Plumbing Decorative Other Specialty
Products Products Architectural Products Products
Installation &
Other Services
15

16. STRENGTH 2: INDUSTRY INNOVATOR
Significant New Product Introductions – Last 3 Years
Examples of New Products/Technologies
2009 2010 2011
2011 Revenues
Behr Premium Arrow BehrProTM
Plus Ultra R.E.D.
70% 30%*
Existing
Touch2O® Essence Kilz PRO-XTM
Products Technology Windows
Hansgrohe’s Axor® ACE® Salt Water Masco Cabinetry’s
Urquiola Sanitizing System ProCisionTM Process
16 * Percentage of 2011 gross sales of manufactured products attributable to new products introduced in trailing 36 months

17. STRENGTH 3: BROAD DISTRIBUTION
Broad Distribution Across Multiple Channels
Broad Portfolio
Big Box Retailers Homebuilders Wholesalers / Dealers
• Dedicated customer- • Exclusive products and • Extensive training
specific service services for the direct to programs for branch and
organizations with over builder channel showroom associates
1,000 field service • A leading insulation • Superior dealer support
employees contractor in the US through display and
technology expertise
• Premier brands  drive traffic
17

18. STRENGTH 4: MASCO BUSINESS SYSTEMS
A Continuous Improvement Culture
– At the Center of Our Success
Customer focus Innovation
MBS Lean
Talent Quality

18

19. STRENGTH 5: STRONG FINANCIAL POSITION
Strong Liquidity and Improving Balance Sheet
Strong Liquidity Declining Debt to
(as of 6/30/2012) Capitalization Ratio
84%
• Cash and equivalents of ~$1.9B
45%-55%
• Borrowing availability of ~$560M
• A strong free cash flow business
– ~$1B last 3 years
– Maintenance capex of
~$110M annually 2011 Future Target
Year End
~$1.2B of cash and borrowing July 2012 debt repayment of $745M
availability of ~$900M as of 7/31/2012 (net debt reduction of $400M in 2012)
19

20. INVESTMENT THESIS
Strong Fundamentals - Positioned to Outperform
The company
The strategy
The strengths
The growth
20

21. Positioned to Outperform in the Recovery
1 Leveraged to the recovery
2 Continued brand leverage and share expansion
3 Continued cost position improvement
4 Disciplined capital deployment
21

22. 1. Leveraged to the Recovery
Adjusted Operating Margin*
10-14%
12%
Reflects
• lower fixed cost base
of >$560M (gross)
6%
• driving lean principles
4% across the company
2006 2010 2011 3-5 Years
Last Peak
Housing
starts 2.1M 0.6M 0.6M ~1-1.5M
30% margin on incremental volume
22 *See Appendix slide 31

23. 2. Initiatives to Leverage Brands and Expand Share
Product Strengthen Extend Geographic
Introductions Brand Loyalty Categories Expansion
Plumbing
Products
Decorative
Architectural
Products
Cabinets
and Related
Products
Installation
and Other
Services
Other
Specialty
Products
23

24. 3. Continue to Improve Cost Position
Driven by: Driven by:
Sourcing
~$175M* Actions Taken In
Lean Prior Years
Initiatives of Total Cost • Plant Closures
Productivity • Headcount
Distribution Reductions
in 2012 System
& Logistics •
Implementations
24 * Gross

25. 4. Disciplined Capital Deployment
Invest in the Business
• Maintenance capex: $110M annually
Financial Flexibility
• Target 45%-55% debt to
Strong Cash capitalization vs. ~84%
Flow Generation
Dividend
• Maintain dividend yield ~2%
Acquisitions
• Potential acquisitions (<$100M) in
support of international expansion
Maintain high cash balance ~$1B until markets firm up
25

26. 2012 Priorities
Cabinet profit improvement
Installation profit improvement
Successfully launch new products in Paint & Builders Hardware
Reduce debt by ~$400M/refinance $400M
Investment in strategic growth initiatives
Grow share of key brands
Total cost productivity
Geographic expansion
26

27. Masco 3-5 Years Out – A “Normal” Housing Market
• Estimate revenues of ~$10-12B, margin of 10-14%
• Growth outperforming the industry
• International expansion
• Positive return from assets employed in
– Cabinets
– Installation
• Optimized portfolio with a strong balance sheet
27

28. WHY INVEST IN MASCO
Strong Fundamentals - Positioned to Outperform
Executing initiatives to improve performance
The Strategy • Continuing to reduce fixed costs, expand share and
improve underperformers
Building on market-leading positions
The Strengths • Best brands, innovative products, lean practices,
strong financial position
Well-positioned to outperform
The Growth • Lower cost structure  higher margins, leveraged
to recovery
28

30. Appendix

31. Operating Profit Reconciliation
Twelve Months Ended
December 31,
2011 2010 2006
Sales $ 7,467 $ 7,486 $ 12,390
Operating (loss) profit , as
reported $ (295) $ (463) $ 1,115
Rationalization charges 121 208 47
Impairment of goodwill and other intangible assets 494 698 317
Litigation charge 9 - -
Operating profit, as adjusted $ 329 $ 443 $ 1,479
Operating margin, as reported -4.0% -6.2% 9.0%
Operating margin, as adjusted 4.4% 5.9% 11.9%
As adjusted for impairment charges for goodwill and other intangible assets and business rationalization charges.
31

32. Q2 2012 – Sales Up 3% Excluding Currency
Second Quarter
($ in Millions)
2012
Revenue $2,004
Y-O-Y Change 0%*
Adjusted Operating Profit** $124
Y-O-Y Change $8
Adjusted Operating Margin** 6.2%
Y-O-Y Change 40 bps
Adjusted EPS** $0.10
*Excluding the effect of currency, second quarter 2012 sales increased 3% compared to 2011.
**As reported operating profit $47M; operating margin 2.3%; E.P.S of ($.17) see appendix for reconciliation
32

33. Q2 2012 – Profit Reconciliation
($ in Millions) Q2 2012 Q2 2011
Sales $ 2,004 $ 1,998
Gross Profit – As Reported $ 525 $ 532
Rationalization Charges 3 11
(Gain) From Sale of Fixed Assets (5) -
Gross Profit – As Adjusted $ 523 $ 543
Gross Margin - As Reported 26.2% 26.6%
Gross Margin - As Adjusted 26.1% 27.2%
Operating Income – As Reported $ 47 $ 96
Rationalization Charges 7 15
(Gain) From Sale of Fixed Assets (5) -
Charge for Litigation Settlements, Net 75 5
Operating Profit – As Adjusted $ 124 $ 116
Operating Margin - As Reported 2.3% 4.8%
Operating Margin - As Adjusted 6.2% 5.8%
33

34. Q2 2012 – EPS Reconciliation
($ in Millions) Q2 2012 Q2 2011
(Loss) Income from Continuing Operations before Income Taxes – As $ (19) $ 64
Reported
Rationalization Charges 7 15
Charge for Litigation Settlements, Net 75 5
Financial Investment (Income) Expense - (33)
(Gain) From Sale of Fixed Assets (5) -
Interest Carry Costs 7 -
Income from Continuing Operations Before Income Taxes – As Adjusted 65 51
Tax at 36% Rate Benefit (Expense) (23) (18)
Less: Net Income Attributable to Non-Controlling Interest 8 12
Net Income – As Adjusted $ 34 $ 21
Income per Common Share – As Adjusted $ 0.10 $ 0.06
Shares 349 349
34

35. Outlook into 2012
Tailwinds Headwinds
• Improving demand in • Slowing economic activity in
residential new construction North America and European
economies
• Successful product
introductions at retail • Implementation of Cabinet
countertop and dealer
• Favorable price/commodity
strategies
relationships
• International Plumbing mix
• Eliminated litigation
impact
uncertainty
• Commodity cost volatility
• Additional profit improvement
opportunities identified • Composition of new
housing starts
35

36. 2012 Guidance Estimates
($ in Millions) 2012 Estimate 2011 Actual
Rationalization Charges* ~ $30 $121
Tax Rate** ~ 50% 18%
Interest Expense ~ $250 $254
General Corp. Expense ~ $125 $118
Capital Expenditures ~ $150 $151
Depreciation & ~ $210 $263***
Amortization
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.
36

37. Segment Mix Full Year 2011 Estimate
Business Segment Revenue 2011 % of Total RR% vs. NC NA% vs. Int’l
Plumbing
Products $2.9B 39% 80% 55%
Decorative
Architectural $1.7B 22% 95% 100%
Products
Cabinets and
Related Products $1.2B 17% 75% 75%
Installation and
Other Services $1.1B 14% 20% 100%
Other Specialty
Products $0.6B 8% 75% 75%
Total company $7.5B 100% 75% 76%
37

38. 2011 Masco International Revenue Split*
International Sales Accounted for ~24%
of Total 2011 Masco Sales
38 *Based on company estimates