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Letter to the Editor

Sherwin-Williams 3rd Quarter Earnings to Exceed Previous Expectations

Consolidated net sales for the third quarter are expected to increase approximately 4.0 to 4.3 percent versus the same quarter last year due to increased sales volume. On July 18, 2002, the consolidated net sales increase for the quarter was anticipated to be in the low single digits over the third quarter of 2001. Diluted net income per common share for the third quarter of 2002 is expected to be in the range of $.70 to $.73 per share due to anticipated gross margin improvement. The July expectation for the third quarter of 2002 was $.65 to $.70 per share. The Company will release its third quarter and year-to-date results on October 22, 2002.

Annual sales increases for 2002 are expected to be in the low single digits over 2001. With annual sales at that level, diluted net income per common share for 2002, before cumulative effect of change in accounting principle, is anticipated to be within the range of $2.00 to $2.06 per share. On July 18, 2002, annual sales were anticipated to be slightly higher than 2001 and diluted net income per common share for 2002, before cumulative effect of change in accounting principle, was anticipated to be within the range of $1.92 to $2.03.

Net income was $90,322,000 and diluted net income per common share was $.58 per share in the third quarter of 2001. Net income for the year 2001 was $263,160,000 and diluted net income per common share was $1.68 per share. Adding back goodwill amortization to 2001 net income to be comparable with the new accounting standard effective in 2002, net income would have been $96,299,000 and $287,250,000 for the third quarter and year, respectively. Diluted net income per common share after adding back goodwill amortization would have been $.62 per share in the third quarter 2001 and $1.83 per share for the year.

The company purchased 1,950,000 shares of its common stock during the third quarter of 2002 bringing the total purchased to 5,192,200 shares for the first nine months as we continue to believe the stock is a good value. The company has remaining authorization to purchase 11,807,800 shares.

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