A B C D E F

1 PPG CORP. BALANCE SHEETS, 1991-2000 (Million

2 ASSETS 2000 1999 1998 1997 1996
3 Cash and Short-Term Investments 111 158 128 129 70
4 Receivables 1,563 1,594 1,366 1,353 1,226
5 Inventories - Total 1,121 1,016 917 863 797
6 Other Current Assets 298 294 249 239 205
7 Total Current Assets 3,093 3,062 2,660 2,584 2,296
8
9 Property, Plant, and Equipment, Gross 7,089 6,859 6,739 6,758 6,688
Depreciation, Depletion, and Amortization
10
(Accumulated) 4,148 3,926 3,834 3,903 3,775
11 Property, Plant, and Equipment, Net 2,941 2,933 2,905 2,855 2,914
12
13 Intangibles 1,700 1,685 632 370 23
14 Other Assets 1,391 1,234 1,190 1,059 1,208
15 TOTAL ASSETS 9,125 8,914 7,387 6,868 6,441
16
17
18 LIABILITIES
19 Accounts Payable 764 755 630 646 602
20 Accrued Expense 606 649 634 564 504
21 Other Current Liabilities 12 26 11 8 15
22
23 Debt 2,971 2,790 1,718 1,701 1,482
24 Deferred Taxes 543 520 440 406 419
25 Minority Interest 128 98 87 82 76
26 Other Liabilities 1,004 970 987 952 861
27 6,028 5,808 4,507 4,359 3,959
28 EQUITY
29 Common Stock 484 484 484 484 484
30 Capital Surplus 102 104 105 99 97
31 Retained Earnings 6,019 5,786 5,489 4,916 4,569

32
Less: Treasury Stock - Total Dollar Amount 3,508 3,268 3,198 2,990 2,667
33 Total stockholders equity 3,097 3,106 2,880 2,509 2,483
34 TOTAL LIABILITIES AND EQUITY 9,125 8,914 7,387 6,868 6,441
35
COMMON SHARES OUTSTANDING
36
(million) 168 174 175 178 183
37
38
39 Balance sheet--historical ratios
40 ASSETS 2000 1999 1998 1997 1996
41 Cash and Short-Term Investments
42 Receivables/Sales 18.11% 20.55% 18.19% 18.34% 16.98%
43 Inventories/Sales 12.99% 13.10% 12.21% 11.70% 11.03%
44 Other Current Assets/Sales 3.45% 3.79% 3.32% 3.24% 2.84%
45 Operating CA/Sales 34.56% 37.44% 33.72% 33.27% 30.85%
46
 A B C D E F
47 Property, Plant, Equipment, Gross/Sales 82.15% 88.42% 89.73% 91.58% 92.66%
48 Annual depreciation/PPE 6.31% 6.05% 5.25% 5.15% 5.09%
49 Property, Plant, Equipment, Net/Sales 34.08% 37.81% 38.68% 38.69% 40.36%
50
51 Other Assets/Sales 16.12% 15.91% 15.85% 14.35% 16.74%
52 Other Assets, growth rate since 1991 4%
53
54 LIABILITIES
55 Accounts Payable/Sales 8.85% 9.73% 8.39% 8.75% 8.34%
56 Accrued Expense/Sales 7.02% 8.37% 8.44% 7.64% 6.98%
57 Other Current Liabilities/Sales 0.14% 0.34% 0.15% 0.11% 0.21%
58 Operating CL/Sales 8.99% 10.07% 8.54% 8.86% 8.55%
59
60 Debt
61 Debt/equity 95.93% 89.83% 59.65% 67.80% 59.70%
62 Debt/assets 32.56% 31.30% 23.26% 24.77% 23.01%
63
64 Other Liabilities/Sales 11.64% 12.50% 13.14% 12.90% 11.92%
65 Other Liabilities, growth rate since 1991 11%
66
67 Balance sheet--model parameters
68 ASSETS
69 Cash and Short-Term Investments constant
70 Receivables/Sales 18.28%
71 Inventories/Sales 12.24%
72 Other Current Assets/Sales 3.21%
73 Operating CA/Sales 33.73%
74
75 Property, Plant, Equipment, Gross =accrued depreciation + net plant, property, equipment
76 Accrued depreciation =previous year's accrued + this year's depreciation from income
77 Property, Plant, Equipment, Net/Sales 34.08%
78
79 Other Assets, annual growth rate
80
81 LIABILITIES
82 Accounts Payable/Sales 8.50%
83 Accrued Expense/Sales 7.25%
84 Other Current Liabilities/Sales 12 <-- constant at current level
85
86 Debt/Assets 24%
87 Deferred taxes grows at sales growth
88 Minority Interest 128 <-- constant at current level
89 Other Liabilities, annual growth rate
90
91 EQUITY
92 Common Stock 484
93 Capital Surplus 102
94 Retained Earnings =previous year's retained + this year's retentions from income statement
95 Treasury Stock - Total Dollar Amount PLUG
 G H I J K
TS, 1991-2000
1 (Million $)
2 1995 1994 1993 1992 1991
3 106 62 112 61 38
4 1,245 1,229 997 1,023 1,058
5 738 686 683 742 875
6 187 191 234 124 203
7 2,276 2,168 2,026 1,951 2,173
8
9 6,464 6,163 6,042 6,158 6,212

10
3,629 3,420 3,255 3,186 3,029
11 2,835 2,742 2,787 2,972 3,183
12
13 0 0 0 0 0
14 1,084 983 838 739 700
15 6,194 5,894 5,652 5,662 6,056
16
17
18
19 583 518 436 447 520
20 520 481 423 323 348
21 41 55 67 48 62
22
23 1,221 1,144 1,129 1,307 1,574
24 355 303 269 472 476
25 68 70 52 60 76
26 837 766 803 306 347
27 3,625 3,337 3,178 2,963 3,402
28
29 484 484 242 242 242
30 81 68 298 233 230
31 4,063 3,494 3,158 3,424 3,369

32
2,060 1,489 1,225 1,200 1,186
33 2,569 2,557 2,473 2,699 2,655
34 6,194 5,894 5,652 5,662 6,056
35
36
194 207 107 106 106
37
38
39
40 1995 1994 1993 1992 1991
41
42 17.64% 19.41% 17.32% 17.60% 18.65%
43 10.45% 10.84% 11.88% 12.77% 15.43%
44 2.65% 3.01% 4.07% 2.13% 3.57%
45 30.75% 33.27% 33.26% 32.50% 37.65%
46
 G H I J K
47 91.59% 97.34% 105.01% 105.91% 109.52%
48 5.13% 5.15% 5.48% 5.71% 5.65%
49 40.17% 43.31% 48.44% 51.11% 56.12%
50
51 15.36% 15.53% 14.57% 12.72% 12.33%
52
53
54
55 8.27% 8.18% 7.58% 7.69% 9.17%
56 7.37% 7.60% 7.34% 5.56% 6.13%
57 0.58% 0.87% 1.17% 0.83% 1.09%
58 8.84% 9.04% 8.75% 8.52% 10.27%
59
60
61 47.52% 44.74% 45.66% 48.42% 59.28%
62 19.71% 19.41% 19.98% 23.08% 25.98%
63
64 11.86% 12.10% 13.95% 5.26% 6.12%
65
66
67
68
69
70
71
72
73
74
75
eciation from income
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
ntions from income
94 statement
95
 A B C D E F
1 PPG CORP. INCOME STATEMENTS, 1991-2000 (M
2 2000 1999 1998 1997 1996
3 Sales 8,629 7,757 7,510 7,379 7,218
4 Cost of Goods Sold 5,334 4,696 4,476 4,397 4,340
Selling, General, and Administrative
5
Expense 1,646 1,514 1,404 1,318 1,243
6 Operating Income Before Depreciation 1,649 1,547 1,630 1,664 1,634
7 Depreciation and Amortization 447 415 354 348 340
8 Interest Expense 193 142 119 115 108
Nonoperating Income (Expense) and
9
Special Items 8 -17 137 -26 .
10 Pretax Income 1,017 973 1,294 1,175 1,240
11 Income Taxes - Total 369 377 466 435 471
12 Minority Interest 28 28 27 26 25
13 Income Before Extraordinary Items 620 568 801 714 744
Extraordinary Items and Discontinued
14
Operations 0 0 0 0 0
15 Net Income (Loss) 620 568 801 714 744
16 Cash Dividends 276 264 252 239 237
17 Retained 344 304 549 475 507
18
19 Dividends per share 1.60 1.52 1.42 1.33 1.26
20
Earnings Per Share (Primary) - Excluding
21
Extraordinary Items 3.6 3.27 4.52 3.97 3.96
Earnings Per Share (Primary) - Including
22
Extraordinary Items 3.6 3.27 4.52 3.97 3.96
Common Shares Used to Calculate Primary
23
EPS 172.3 173.8 177 179.8 187.8
Earnings Per Share (Fully Diluted) -
24
Excluding Extraordinary Items 3.57 3.23 4.48 3.94 3.92
Earnings Per Share (Fully Diluted) -
25
Including Extraordinary Items 3.57 3.23 4.48 3.94 3.92
26
27
28 Profit and loss historical ratios 2000 1999 1998 1997 1996
29 COGS/Sales 61.81% 60.54% 59.60% 59.59% 60.13%
30 SG&A/Sales 19.08% 19.52% 18.70% 17.86% 17.23%
31 Total costs/Sales (sum of above items) 80.89% 80.06% 78.30% 77.45% 77.36%
32
33 Depreciation/Gross fixed assets 6.31% 6.05% 5.25% 5.15% 5.09%
34 Interest expense/Average debt 6.70% 6.30% 6.96% 7.23% 7.96%
35 Incomes Taxes/Pretax Income 36.28% 38.75% 36.01% 37.02% 38.00%
36 Minority Interest/(Pretax - Taxes) 4.32% 4.70% 3.26% 3.51% 3.20%
37 Dividends/Net Income 44.52% 46.48% 31.46% 33.47% 31.80%
38
39 Profit and loss--model parameters
40 COGS/Sales 61.39%
41 SG&A/Sales 18.38%
 A B C D E F
42 Depreciation/Gross fixed assets 5.50%
43 Interest rate 6.70%
44 Tax rate 36.28%
45 Minority Interest/(Pretax - Taxes) 4.32%
46 Dividend growth 4.13% <-- See explanation in section 4.9
47
48
49 Stock price, end-December 2001 46.31
50 P/E multiple, trailing 12.86
 G H I J K L M N
MENTS, 1991-2000
1 (Million $)
2 1995 1994 1993 1992 1991 1990
3 7,058 6,331 5,754 5,814 5,673 5,889
4 4,212 3,866 3,633 3,695 3,676 .

5
1,214 1,137 1,073 1,083 1,079 1,079
6 1,632 1,329 1,048 1,036 918 .
7 332 318 331 352 351 .
8 93 91 109 148 169 .

9
. -64 -63 . -44 .
10 1,262 856 544 542 354 353
11 480 325 236 218 147 147
12 15 16 13 4 5 5
13 768 515 295 319 201 201

14
0 0 -273 0 75 75
15 767.6 514.6 22.2 319.4 276.2 276
16 239 238 221 200 183
17 529 277 -199 120 94 276
18
19 1.18 1.12 2.08 1.88 1.72 0.00
20
21
3.8 2.43 2.78 3.01 1.9 0.95

22
3.8 2.43 0.21 3.01 2.6 1.3

23
202 211.9 106.3 106.1 106.2 212.4

24
3.76 2.41 2.75 2.99 . 0.94

25
3.76 2.41 0.21 2.99 2.59 1.29
26
27
28 1995 1994 1993 1992 1991
29 59.68% 61.05% 63.14% 63.55% 64.80%
30 17.19% 17.96% 18.65% 18.62% 19.02%
31 76.87% 79.02% 81.79% 82.18% 83.82% (cogs+sg&a)/sales
32
33 5.13% 5.15% 5.48% 5.71% 5.65%
34 7.88% 8.04% 8.96% 10.30%
35 38.00% 38.00% 43.41% 40.31%
36 1.92% 3.00% 4.19% 1.24%
37 31.12% 46.21% 994.59% 62.49%
38
39
40
41
 A B C D E F G H
1 PPG CORP. ANALYSIS OF SALES 1990-2000
Year-on-
2
Year Sales year growth
3 1990 5,889
4 1991 5,673 -3.67%
5 1992 5,814 2.49%
6 1993 5,754 -1.03%
7 1994 6,331 10.03% Chart Title
8 1995 7,058 11.47% 10,000
9 1996 7,218 2.27% 9,000
10 1997 7,379 2.23% 8,000
11 1998 7,510 1.78% 7,000
12 1999 7,757 3.29%
6,000
13 2000 8,629 11.24%
5,000
14
4,000
Compound growth
15 rate 3,000
1990-2000 3.89% 2,000
16 1,000
17 0
18 1990 1991 1992 1993 1994 1995 1996 1997 1998
s a l es years growth
19
20
 I J K
ES 1990-2000
1

2
3
4
5
6
Chart Title
7
8 14.00%
9 12.00%
10 10.00%
11 8.00%
12 6.00%
13
4.00%
14
2.00%
15 0.00%
-2.00%
16 -4.00%
17 -6.00%
1994 1995 1996
18 1997 1998 1999 2000
s a l es years growth
19
20