Exhibit 2: Valspar Income Statements (in US$000) October 25, 2013 October 31, 2014 October 30, 2015 Net Sales 4,194,977 4,625,624 4,392,622 Cost of Sales 2,721,887 2,957,197 2,741,676 65% 64% 62% Restructuring Charges 22,429 28,471 18,435 Gross Profit 1,450,661 1,639,956 1,632,511 Research and Development 128,265 134,134 132,813 Selling, General, and Administrative 721,123 832,335 810,136 17% 18% 18% Restructuring Charges 16,246 12,668 8,454 Gain on Sale of Assets 0 0 48,001 EBITDA 585,027 660,819 729,109 Depreciation 92,603 100,910 81,122 Interest Expense 64,758 65,330 81,348 Other (Income) Expense-Net 3,871 2,697 2,838 Earnings Before Tax 423,795 491,882 563,801 Income Taxes 134,540 146,481 164,295 Net Income (Loss) 289,255 345,401 399,506 Shares Outstanding 90,526 86,046 82,447 Note: EBITDA = earnings before interest, taxes, depreciation, and amortization. Source: The Valspar Corporation, United States Securities and Exchange Commission, Washington, D.C. 20549: