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## THE SHERWIN-WILLIAMS COMPANY HAS CONSISTENTLY 

demonstrated its ability to generate significant operating cash. For the fourth year in a row, our company has generated in excess of $540 million in net operating cash. We protect and reward our shareholders by being good stewards of the cash we generate and returning a portion of the cash directly. 

We are thankful for the confidence you have placed in us and pledge our continued diligence in strengthening our company through wise and appropriate applications of the cash we generate. 

## STRATEGIC ACQUISITIONS 

In addition to the organic growth we achieve through new store openings and new product 

innovations, acquisitions play an important role in growing our sales and profits and expanding our presence in the market. Over the past 25 years, we have made many additions to the Sherwin-Williams family of brands and products, many of which are referenced on the timeline above. These acquisitions have flourished, become integral parts of our company and made us stronger. 

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