1. Raymond James
34th Annual Institutional
Investors Conference
March 6, 2013

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,” “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, shifts in consumer preferences and purchasing practices, our ability to improve
our underperforming businesses, and our ability to maintain our competitive position in our
industries. 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 for Growth
The company
The strategy
The strengths
The growth
3

4. Masco at a Glance
2012
Revenue $7.8B
Revenue % renovation vs. new construction 73%
Cumulative free cash flow last 3 years ~$1B
Employees 30,000
Market capitalization >$6.0B
Dividend yield 2.9%
Cash at 12/31/2012 $1.4B
4

5. Masco – Strong Brands with Industry Leading Positions
Business Segment Revenue 2012 % of Total R&R% vs. NC NA% vs. Int’l
Plumbing
Products $3.0B 38% 82% 59%
Decorative
Architectural $1.8B 24% 99% 100%
Products
Cabinets and
Related Products
$1.2B 15% 69% 73%
Installation and $1.2B 16% 16% 100%
Other Services
Other Specialty
Products $0.6B 7% 75% 75%
Total company $7.8B 100% 73% 78%
5 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

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 for Growth
The company
The strategy
The strengths
The growth
7

8. Masco’s Strategic Initiatives
1
• Leverage brands
Expand market
leadership • Innovative products
2
• Total cost productivity
Reduce costs
• Drive lean benefits
Positioned
3 • Return Cabinets to
for Growth
Improve profitability
underperforming • Drive profitability and
businesses growth in Installation
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 DIY Paint at
The Home Depot, 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
• Merillat® and Quality® cabinet brands gaining share
with builders
9

10. 2. REDUCE COSTS
Significant Progress Lowering Cost Structure  Higher Margins
Cumulative Gross Fixed Cost Headcount Reductions
Reductions of ~50%
~$600M 62,500
30,000
~$100M
2006 2012 2006 2012
Includes 33 closed / mothballed facilities
10

11. 3. IMPROVE UNDERPERFORMING BUSINESSES
Improved Profitability and Positioned for Growth
Cabinets
 New North American management team in place in 2012
 Achieved ~$32M operating profit improvement in 2012
 Disposition of Danish ready-to-assemble cabinet business
 Revenue ~$250M and operating loss of ~$30M
Installation
 Continued penetration of retrofit and commercial channels
 Further cost reductions from lean, ERP leverage, supply
chain
 Achieved profitability in Q4 2012
11

12. 4. STRENGTHEN BALANCE SHEET
Declining Debt to Capitalization Ratio
87%
• $400M reduction in 2012
• Planned reduction of
45%-55% $200M in 2013
• Valuation Allowance of
~$630 million on Deferred
Tax Assets is expected to be
reversed when our U.S.
businesses return to
sustained profitability
2012 Future Target
Year End
12

13. INVESTMENT THESIS
Strong Fundamentals - Positioned for Growth
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
2010 2011 2012
2012 Revenues
Arrow
BehrProTM Delta Toilets
R.E.D.
70% 30%*
Existing Paint & Primer in One
Milgard Essence™ with Advanced Stain
Products Windows
Kilz PRO-XTM
Blocking Formula
ACE® Salt Water Masco Cabinetry’s KraftMaid Vanities
Sanitizing System ProCisionTM Process
16 * Percentage of 2012 gross sales of manufactured products attributable to new products introduced in trailing 36 months

17. STRENGTH 3: BROAD DISTRIBUTION
Winning with Winning Customers
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
750 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 12/31/2012) Capitalization Ratio
87%
• Cash and equivalents of ~$1.4B
• Borrowing availability of ~$870M
45%-55%
• A strong free cash flow business
– ~$1B last 3 years
– Maintenance capex of
~$100M annually
• Valuation Allowance of ~$630 million on
Deferred Tax Assets is expected to be 2012 Future Target
reversed when our U.S. businesses return Year End
to sustained profitability
• Paid down $400M in 2012
• Plan to reduce debt in 2013 by $200M
19

20. INVESTMENT THESIS
Strong Fundamentals - Positioned for Growth
The company
The strategy
The strengths
The growth
20

21. Positioned for Growth
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 >$600M (gross)
6% 6%
• driving lean principles
4% across the company
2006 2010 2011 2012 3-5 Years
Last Peak
Housing
starts 2.1M 0.6M 0.6M 0.7M ~1-1.5M
30% margin on incremental volume
22 *See Appendix slide 32 for GAAP reconciliation

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
~$195M* 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: $100M annually
Financial Flexibility
• Target 45%-55% debt to
Strong Cash capitalization vs. ~87%
Flow Generation
Dividend
• Maintain dividend yield ~2%
Acquisitions
• Potential acquisitions (<$100M) in
support of international expansion
25

26. 2013 Priorities
Cabinet profit improvement
Profitably grow Installation
Successfully launch new products and programs
Reduce debt by ~$200M
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%
• Positioned for Growth
• 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 for Growth
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 for growth
The Growth • Lower cost structure  higher margins, leveraged
to recovery
28

30. Appendix

31. Appendix – Profit Reconciliation – Fourth Quarter
($ in Millions) Q4 2012 Q4 2011
Sales $ 1,890 $ 1,738
Gross Profit – As Reported $ 446 $ 332
Rationalization charges 27 48
Gross Profit – As Adjusted $ 473 $ 380
Gross Margin - As Reported 23.6% 19.1%
Gross Margin - As Adjusted 25.0% 21.9%
Operating Profit (Loss) – As Reported $ 21 $ (531)
Impairment of goodwill and other intangible assets $ 42 $ 494
Rationalization charges 31 61
Charge for litigation settlements, net 3 3
Gain from sales of fixed assets, net (3) -
Operating Profit – As Adjusted $ 94 $ 27
Operating Margin - As Reported 1.1% -30.6%
Operating Margin - As Adjusted 5.0% 1.6%
31

32. Appendix – Profit Reconciliation – Full-Year
($ in Millions) YTD 12/31/12 YTD 12/31/11
Sales $ 7,745 $ 7,467
Gross Profit – As Reported $ 1,951 $ 1,784
Rationalization charges 52 91
Other Specialty Products - Warranty 12 -
Gross Profit – As Adjusted $ 2,015 $ 1,875
Gross Margin - As Reported 25.2% 23.9%
Gross Margin - As Adjusted 26.0% 25.1%
Operating Profit (Loss) – As Reported $ 271 $ (295)
Rationalization charges 78 121
Charge for litigation settlements, net 77 9
Impairment of goodwill and other intangible assets 42 494
Other Specialty Products - Warranty 12 -
Gain from sales of fixed assets, net (8) -
Operating Profit – As Adjusted $ 472 $ 329
Operating Margin - As Reported 3.5% -4.0%
Operating Margin - As Adjusted 6.1% 4.4%
32

33. Appendix – EPS Reconciliation – Fourth Quarter
(in Millions) Q4 2012 Q4 2011
Loss from Continuing Operations before Income Taxes – As Reported $ (37) $ (593)
Impairment of goodwill and other intangible assets $ 42 $ 494
Rationalization charges 31 61
Charge for litigation settlements, net 3 3
Gain from sales of fixed assets, net (3) -
Gain from financial investments, net (4) (4)
Income (Loss) from Continuing Operations before Income Taxes – As $ 32 $ (39)
Adjusted
Tax at 36% rate benefit (expense) (12) 14
Less: Net income attributable to non-controlling interest 7 5
Net Income (Loss), as adjusted $ 13 $ (30)
Income (Loss) per common share, as adjusted $ 0.04 $ (0.09)
Shares Outstanding 349 348
33

34. Appendix – EPS Reconciliation – Full-Year
($ in Millions) YTD 12/31/12 YTD 12/31/11
Income (Loss) from Continuing Operations before Income Taxes – As $ 42 $ (472)
Reported
Rationalization charges $ 78 $ 121
Charge for litigation settlements, net 77 9
Impairment of goodwill and other intangible assets 42 494
Other Specialty Products - Warranty 12 -
Interest carry costs 7 -
Gain from sales of fixed assets, net (8) -
Gain from financial investments, net (22) (73)
Income (Loss) from Continuing Operations before Income Taxes – As $ 228 $ 79
Adjusted
Tax at 36% rate benefit (expense) (82) (28)
Less: Net income attributable to non-controlling interest 35 42
Net Income, as adjusted $ 111 $ 9
Income per common share, as adjusted $ 0.32 $ 0.02
Shares Outstanding 349 348
34

35. 3. IMPROVE UNDERPERFORMING BUSINESSES
North America Cabinetry’s Strategic Initiatives
1 • Dealers
• Builders
Customer Focus
• Retail
• Consumers
2
• Channel strategies
Profitable • Promotions
Revenue Growth
• Products
3
• Rationalize operational footprint
Cost Realignment
• Increase overhead efficiency
35

36. 2013 Guidance Estimates
($ in Millions) 2013 Estimate 2012 Actual
Rationalization Charges1 ~ $40 $78
Tax Rate ~ 25% 198%
Interest Expense ~ $240 $254
General Corp. Expense2 ~ $130 $126
Capital Expenditures ~ $165 $119
Depreciation & Amortization3 ~ $210 $214
Shares Outstanding 349 million 349 million
1 – Based on current business plans.
2 – Includes rationalization expenses of $14M for the year ended December 31, 2012.
3 – Includes accelerated depreciation of $28M for the year ended December 31, 2012. Such expenses are also
included in the rationalization charges.

37. 2012 Masco International Revenue Split*
7%
14%
10% 23%
North America
United Kingdom
Northern Europe
Southern Europe
Central Europe
Eastern Europe
34% 8% Emerging Markets
4%
International Sales Accounted for ~22%
of Total 2012 Masco Sales
37 *Based on company estimates