1. J.P. Morgan
Homebuilding and Building
Products Conference
May 16, 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 manufacturer of kitchen cabinets 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
• 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%
$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
 Executing wide range of sales initiatives
• Countertops and Vanities Program
• Increased Dealer penetration
 Expect ~$50M operating profit improvement in 2012
Installation
 Continued penetration of retrofit and commercial channels
 Further cost reductions from lean, ERP leverage, supply
chain
 Expect ~$30M operating profit improvement in 2012
 Estimated breakeven lowered to ~700,000 housing starts
11

12. 4. STRENGTHEN BALANCE SHEET
Declining Debt to Capitalization Ratio
84%
45%-55%
• Planned reduction
of $400M in 2012
2011… Future Target
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 3/31/2012) Capitalization Ratio
84%
• Cash and equivalents of ~$1.8B
45%-55%
• Borrowing availability of ~$780M
• A strong free cash flow business
– ~$1B last 3 years
– Maintenance capex of
~$110M annually
2011 Future Target
Year End
• $745M of debt due in June 2012
• Refinanced $400M through debt offering
in March 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
~$150M* 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. 2012 Outlook – Cabinets Estimated Improvement
(in Millions) Sales Operating Profit
2011 Total Segment $1,230 ($115)
1
Less: 2011 International ($370) ($40)
2011 North America Cabinet Actual $860 ($75)
Product Exit (10) $13
2011 N.A. Operating Loss ($62)
2
2012 Profit Improvements, Net $30
2
2012 Revenue Opportunities, Net $30 $10
2012 N.A. Cabinet Estimate $880 ($22)
1
Uncertain economic environments, identified cost reductions of ~$7M net in 2012
2
Management estimates
Opportunities:
• Adding new dealers and additional brands with existing dealers in 2011 starting to show solid results
• New 2011 vanity/top programs at retail now generating growth opportunities
• New 2011 kitchen countertop program at retail expanding throughout the East Coast
*Assumptions:
• Reflects a flat retail and housing start environment of 600k starts with
constant mix
• Every 50k increase in lagged US starts = ~$25M in revenues (assuming
32 constant mix) which converts to ~$8-$10M in profits

33. 2012 Outlook – Installation Estimated Improvement
(in Millions) Sales Operating Profit
2011 Total Segment $1,077 ($71)
2011 Branch Closures ($30) $6
2011 Adjusted Segment $1,047 ($65)
1
2012 Profit Improvements, Net $20
1
2012 Revenue Opportunities, Net $40 $10
2012 Installation Segment
Estimate $1,087 ($35)
1
Management Estimates
Opportunities:
• Segment continues to add profitable retrofit and residential/commercial business
• Further cost reductions from lean implementation, ERP leverage, vendor partnership and supply
chain benefits
*Assumptions
• Reflects a flat housing start environment of 600k starts with constant mix
• Every 50k increase in lagged US starts = ~$50M in revenues (assuming constant mix) which converts to ~$12M-$15M in profits
33

34. Q1 2012 - Improved Results Impacted by Increased
Demand and Execution
First Quarter
($ in Millions)
2012
Revenue $1,875
Growth 7%
Adjusted Operating Profit* $112
Y-O-Y Change $54
Adjusted Operating Margin* 6.0%
Y-O-Y Change 270 bps
Adjusted EPS* $0.05
*As reported operating profit $102M; operating margin 5.4%; EPS $.11 per common share, see slides 35 & 36 for
reconciliation.
34

35. Q1 2012 – Profit Reconciliation
($ in Millions, except EPS) Q1 2012 Q1 2011
Sales $ 1,875 $ 1,753
Gross Profit – As Reported $ 485 $ 425
Rationalization Charges 11 24
Gross Profit – As Adjusted $ 496 $ 449
Gross Margin - As Reported 25.9% 24.2%
Gross Margin - As Adjusted 26.5% 25.6%
Operating Profit – As Reported $ 102 $ 26
Rationalization Charges 12 32
Litigation (Income) Charge (2) -
Operating Profit – As Adjusted $ 112 $ 58
Operating Margin - As Reported 5.4% 1.5%
Operating Margin - As Adjusted 6.0% 3.3%
35

36. Q1 2012 – EPS Reconciliation
(in Millions) Q1 2012 Q1 2011
Income (Loss) from Continuing Operations before Income
Taxes – As Reported $ 53 $ (16)
Rationalization Charges 12 32
Litigation (Income) Charge (2) -
Financial Investment (Income) Expense (16) (17)
Income (Loss) from Continuing Operations before Income
Taxes – As Adjusted 47 (1)
Tax at 36% rate benefit (expense) (17) 0
Less: Net income attributable to non-controlling interest 11 12
Net Income (Loss) – as adjusted $ 19 $ (13)
Income (Loss) per common share – as adjusted $ 0.05 $ (0.04)
Shares 350 349
36

37. Outlook into 2012
Tailwinds Headwinds
• Solid 1Q 2012 performance – • Competitive promotional
off to a good start environment for Cabinets
• Successful price increases in • International expansion cost
key businesses and mix impact
• Major restructuring activities • Commodity cost volatility
complete
• Composition of new
• Debt offering housing starts
• Improving demand in • European Economies
residential new construction &
repair and remodel
37

38. 2012 Guidance Estimates
($ in Millions) 2012 Estimate 2011 Actual
Rationalization Charges* ~ $20 $121
Tax Rate** ~ 50% 18%
Interest Expense ~ $250 $254
General Corp. Expense ~ $140 $118
Capital Expenditures ~ $180 $151
Depreciation & ~ $220 $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.

39. 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% 70% 76%
39

40. 2011 Masco International Revenue Split*
International Sales Accounted for ~24%
of Total 2011 Masco Sales
40 *Based on company estimates