Quarterly Reporting Document

3Q 2021 RESULTS & 2021 OUTLOOK

OCTOBER 26, 2021

Forward-Looking Statement

This presentation contains certain "forward-looking statements," as defined under U.S. federal securities laws. These statements can be identified by the use of forward- looking terminology such as "believe," "expect," "may," "will," "should," "project," "could," "plan," "goal," "target," "potential," "seek," "intend," "aspire" or "anticipate" or the negative thereof or comparable terminology. These forward-looking statements are based upon management's current expectations, predictions, estimates, assumptions and beliefs concerning future events and conditions. Readers and attendees are cautioned not to place undue reliance on any forward-looking statements. 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, performance and experience. These risks, uncertainties and other factors include such things as: general business and economic conditions; the Company's ability to successfully integrate past and future acquisitions into its existing operations, as well as the performance of the businesses acquired; 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; adverse weather conditions or impacts of climate change, natural disasters and public health crises, including the COVID-19 pandemic; the duration, severity and scope of the COVID-19 pandemic and the actions implemented by international, federal, state and local public health and governmental authorities to contain and combat the outbreak and spread of COVID-19, which may exacerbate one or more of the aforementioned and/or other risks, uncertainties and factors more fully described in the Company's reports filed with the Securities and Exchange Commission (SEC); and other risks, uncertainties and factors described from time to time in the Company's reports filed with the SEC. 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.

T H E S H E R W I N - W I L L I A M S C O M P A N Y 3 Q - 2 0 2 1

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3Q 2021 Financial Performance Highlights

($ in millions,	3Q 2021	3Q 2020	3Q 2019	% Change
except per share data)
			'21 vs. '20	'21 vs. '19
Sales	$5,146.7	$5,122.2	$4,867.7	0.5%	5.7%
Gross Profit	$2,139.6	$2,455.3	$2,225.6	-12.9%	-3.9%
Gross Margin	41.6%	47.9%	45.7%	-630 bps	-410 bps
Reported EPS	$1.88	$2.55	$2.05	-26.3%	-8.3%
Adjusted EPS(1)	$2.09	$2.76	$2.22	-24.3%	-5.9%
Net Operating Cash	$849.4	$1,489.2	$903.4	-43.0%	-6.0%

• Sales increased 0.5% as raw material availability negatively impacted sales by an estimated high-single- digit percentage
• Underlying demand strength in professional architectural and industrial end markets
• 630 bps decline in gross margin due to lower sales volume, raw material cost inflation and supply chain inefficiencies
• Continued implementation of pricing actions to offset higher industry-wide raw material costs
• SG&A as % of sales down 90 bps - good cost control while continuing strategic long-term investments
• Adjusted EPS(1) decreased to $2.09/share vs. $2.76/share
• Generated net operating cash of $849.4 million - announced two acquisitions and purchased 1.675 million shares

	Note: All comparisons are to the third quarter of the prior year, unless otherwise noted
T H E S H E R W I N - W I L L I A M S C O M P A N Y 3 Q - 2 0 2 1	(1) Reconciliation from reported EPS to adjusted EPS provided in Appendix
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THE AMERICAS GROUP

($ in millions)	3Q 2021	3Q 2020	3Q 2019	% Change
'21 vs. '20	'21 vs. '19
Sales	$2,967.0	$2,978.3	$2,898.2	-0.4%	2.4%
Segment Profit	$631.5	$747.4	$663.6	-15.5%	-4.8%
Segment Margin	21.3%	25.1%	22.9%	-380 bps	-160 bps

• Significant raw material availability headwinds; same store sales decreased 2.8%
• Pro architectural demand remains robust; expect delayed projects to be completed with improved product availability; Protective & Marine recovery continues
• DIY sales down double-digits, driven by difficult prior year comparisons and consumers returning to the workplace
• New account activity up double-digitsyear-to-date
• Year-over-yeargrowth in Canada and South Eastern divisions; South Western, Eastern and Mid Western divisions declined year-over-year
• Announced 7% price increase effective August 1 and 4% surcharge effective September 20
• Segment profit decreased 15.5% to $631.5 million, and segment margin decreased 380 bps to 21.3%

Note: All comparisons are to the third quarter of the prior year, unless otherwise noted

+LSD	+LSD	-LSD	+LSD	-DD	+HSD
Res Repaint	New	Commercial	Property	DIY	Protective &
Residential	Maintenance	Marine

T H E S H E R W I N - W I L L I A M S C O M P A N Y 3 Q - 2 0 2 1

3Q-21 sales vs. 3Q-20 sales (HSD/MSD/LSD = high, mid or low single digit %. DD = double digit %)

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	($ in millions)	3Q 2021	3Q 2020	3Q 2019	% Change
	'21 vs. '20	'21 vs. '19
	Sales	$646.7	$838.1	$678.4	-22.8%	-4.7%
	Reported Segment Profit	$75.8	$198.3	$114.9	-61.8%	-34.0%
CONSUMER
Reported Segment Margin	11.7%	23.7%	16.9%	-1,200 bps	-520 bps
BRANDS GROUP	Adjusted Segment Profit(1)	$95.2	$221.0	$137.5	-56.9%	-30.8%
Adjusted Segment Margin	14.7%	26.4%	20.3%	-1,170 bps	-560 bps

• Sales decreased 22.8% driven by difficult prior year comparisons, consumers returning to the workplace, raw material availability issues and the Wattyl divestiture
• Adjusted segment profit decreased to $95.2 million, and adjusted segment margin decreased to 14.7%
• Pricing actions being implemented to offset raw material inflation
• Continued growth in Pros Who Paint category

Note: All comparisons are to the third quarter of the prior year, unless otherwise noted

(1) Reconciliations from segment profit to adjusted segment profit provided in Appendix

-DD	-DD	-DD
NORTH AMERICA	EMEAI	ASIA

Virtual Annual Meeting of Shareholders

3Q-21 sales vs. 3Q-20 sales (HSD/MSD/LSD= high, mid or low single digit %. DD= double digit %)

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