PPG Industries : 4Q20 Earnings Presentation

Fourth Quarter 2020 Financial Results

Michael H. McGarry, Chairman and Chief Executive Officer

Vincent J. Morales, Senior Vice President and Chief Financial Officer John Bruno, Director, Investor Relations

All content within is proprietary to PPG. Information current as of January 21, 2021.

Forward-Looking Statements

This presentation contains forward-looking statements that reflect the Company's current views with respect to future events and financial performance. You can identify forward-looking statements by the fact that they do not relate strictly to current or historic facts. Forward-looking statements are identified by the use of the words "aim," "believe," "expect," "anticipate," "intend," "estimate," "project," "outlook," "forecast" and other expressions that indicate future events and trends. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to update any forward looking statement, whether as a result of new information, future events or otherwise. You are advised, however, to consult any further disclosures we make on related subjects in our reports to the Securities and Exchange Commission. Also, note the following cautionary statements:

Many factors could cause actual results to differ materially from the Company's forward-looking statements. Such factors include statements related to the expected effects on our business of the COVID-19 pandemic, global economic conditions, increasing price and product competition by our competitors, fluctuations in cost and availability of raw materials, the ability to achieve selling price increases, the ability to recover margins, customer inventory levels, our ability to maintain favorable supplier relationships and arrangements, the timing of and the realization of anticipated cost savings from restructuring and other initiatives, the ability to identify additional cost savings opportunities, difficulties in integrating acquired businesses and achieving expected synergies therefrom, economic and political conditions in the markets we serve, the ability to penetrate existing, developing and emerging foreign and domestic markets, foreign exchange rates and fluctuations in such rates, fluctuations in tax rates, the impact of future legislation, the impact of environmental regulations, unexpected business disruptions, the unpredictability of existing and possible future litigation, including asbestos litigation and governmental investigations. However, it is not possible to predict or identify all such factors. Consequently, while the list of factors presented here and under Item 1A of PPG's 2019 Form 10-K and third quarter 2020 quarterly report on Form 10-Q are considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in the results compared with those anticipated in the forward-looking statements could include, among other things, lower sales or earnings, business disruption, operational problems, financial loss, legal liability to third parties, other factors set forth in Item 1A of PPG's 2019 Form 10-K and third quarter 2020 quarterly report on Form 10-Q and similar risks, any of which could have a material adverse effect on the Company's consolidated financial condition, results of operations or liquidity.

All of this information speaks only as of January 21, 2021, and any distribution of this presentation after that date is not intended and will not be construed as updating or confirming such information. PPG undertakes no obligation to update any forward-looking statement, except as otherwise required by applicable law.

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Fourth Quarter 2020 Financial Highlights

Net sales up ~2%

• Net sales totaled ~$3.8 billion; Y-O-Y sales volumes declined 1.4%, primarily due to lower demand in aerospace and automotive refinish coatings related to the pandemic
• Sales volumes in the Industrial Coatings segment were up 5% Y-O-Y
• Selling prices increased by 1.6%
• Acquisition-relatedsales added about $25 million: ICR, Texstars, Alpha Coatings, and Ennis-Flint
• Foreign currency translation was favorable by 1.6% Y-O-Y

Record adjusted earnings per diluted share* of $1.59

• Adjusted EPS was higher by 21% versus prior year
• Strong operating earnings from recovering demand in certain end- use markets
• Cost mitigation actions: ~$40 million of interim savings for this quarter
• Business restructuring actions: nearly $40 million of structural cost savings

Cash deployment and liquidity

• Generated record Q4 operating cash flow of about $1 billion (~$2.1 billion for full year)
• Cash and short-term investments totaled ~$1.9 billion at December 31, 2020
• Funded Ennis-Flint acquisition out of cash on hand
• Repaid additional $100 million of short-term debt (maturing in April 2021); $400 million remains outstanding
• Annual dividends per share increased for the 49th consecutive year

3	Comparisons are year-over-year, unless otherwise indicated.
*Adjusted EPS (from continuing operations) - see presentation appendix for reconciliation to reported EPS.

PPG Fourth Quarter Net Sales

($ in millions)

$4,000

3,672

+1.6%

-1.4%

+1.6%

+0.6%

3,757

$3,500

$3,000

4Q'19

Price

Volume

Currency

Acq./Div.

4Q'20

PPG Y-O-Y Net Sales Trend

Reporting Segment Sales Trends

(excluding currency impacts)

(versus 2019 & excluding currency impacts)

2.9%

1.6%

1.9%

2.2%

1.7%

0.8%

10%

0%

-4.7%

-3.7%

-10%

*2.0%

*0.2%

*0.6%

-20%

-30%

-21.8%

-40%

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

Q1 2020

Q2 2020

Q3 2020

Q4 2020

'19

'20

Performance Coatings

Industrial Coatings

Total PPG

4Q'20: Net sales turn positive aided by strong industrial demand

Industrial Segment total Q4 Sales above prior year

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* Including customer assortment changes.