PRESS RELEASE DATED AUGUST 17, 2009

The Valspar Corporation (NYSE:VAL) is a global leader in the paint and coatings industry. Since 1806, Valspar has been dedicated to bringing customers the latest innovations, the finest quality and the best customer service in the coatings industry.

This press release contains certain “forward-looking” statements. These forward-looking statements are based on management’s expectations and beliefs concerning future events. Forward-looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside our control AND could cause actual results to differ materially from such statements. These uncertainties and other factors include, but are not limited to, changes in general economic conditions both domestic and international, including recessions and other external economic and political factors, which may adversely affect our business, the value of our investments, the financial stability of our customers and suppliers and our ability to obtain financing; dependence of internal earnings growth on economic conditions and growth in the domestic and international coatings industry; competitive factors including pricing pressure and product competition; risks related to any future acquisitions, including risks of adverse changes in the results of acquired businesses and the assumption of unforeseen liabilities; risks of disruptions in business resulting from the integration process and higher interest costs resulting from further borrowing for any such acquisitions; our reliance on the efforts of vendors, government agencies, utilities and other third parties to achieve adequate compliance and avoid disruption of our business; risks of disruptions in business resulting from our relationships with customers and suppliers; risks and uncertainties associated with operations and achievement of growth in developing markets, including China and Central and South America; unusual weather conditions adversely affecting sales; changes in raw materials pricing and availability; delays in passing along cost increases to customers; changes in governmental regulation, including more stringent environmental, health and safety regulations; changes in accounting policies and standards and taxation requirements such as new tax laws or revised tax law interpretations; the nature, cost and outcome of pending and future litigation and other legal proceedings; civil unrest and the outbreak of war and other significant national and international events; and other risks and uncertainties. The foregoing list is not exhaustive, and we disclaim any obligation to subsequently revise any forward-looking statements to reflect events or circumstances after the date of such statements.

THE VALSPAR CORPORATION

COMPARATIVE CONSOLIDATED EARNINGS

For the Quarters Ended July 31, 2009 and July 25, 2008

(Dollars in thousands, except per share amounts)	Third Quarter (Unaudited)			(Unaudited)			Year-To-Date (Unaudited)			(Unaudited)
	2009			2008			2009			2008
Net Sales	$	794,580		$	957,683		$	2,102,461		$	2,559,186
Cost of Sales		504,334			682,981			1,401,735			1,829,758
Gross Profit		290,246			274,702			700,726			729,428
Research and Development		22,829			25,063			68,441			72,413
Selling and Administrative		156,988			163,297			430,519			438,588
Income From Operations		110,429			86,342			201,766			218,427
Interest Expense		13,433			13,862			35,940			43,459
Other (Income) Expense, Net		2,495			1,928			3,135			5,871
Income Before Income Taxes		94,501			70,552			162,691			169,097
Income Taxes		29,550			23,563			52,442			57,246
Net Income	$	64,951		$	46,989		$	110,249		$	111,851
Huarun Redeemable Stock Accrual (1)		(3,318	)		(3,049	)		(9,954	)		(8,877	)
Net Income Available to Common Stockholders		61,633			43,940			100,295			102,974
Average Number of Shares O/S - basic		100,274,346			99,280,953			100,017,910			99,663,955
Average Number of Shares O/S - diluted		101,342,785			99,835,078			100,632,888			100,314,575
Net Income per Common Share - basic	$	0.61		$	0.44		$	1.00		$	1.03
Net Income per Common Share - diluted	$	0.61		$	0.44		$	1.00		$	1.03

(1) Huarun redeemable stock accrual reduced basic and diluted net income per common share $0.03 in the third quarter of 2009, $0.10 year to date in 2009, $0.03 in the third quarter of 2008 and $0.09 year to date in 2008.

NON-GAAP FINANCIAL MEASURES

In the accompanying press release, management has reported non-GAAP financial measures - “Adjusted Net Income per Common Share - diluted” and “Full Year Guidance for Adjusted Net Income per Common Share - diluted” - which exclude a non-cash accrual relating to Huarun Redeemable Stock in connection with the Company’s acquisition of the remaining minority interest shares of Huarun Paints Holding Company Limited and restructuring charges. Management discloses these measures because it believes these measures may assist investors in comparing the Company’s results of operations in the respective periods without regard to the effect on the results in the 2009 and 2008 periods of the non-cash accrual relating to the Huarun acquisition and the effect of the restructuring charges in 2009 and 2008.

NON-GAAP RECONCILIATION

The following is a reconciliation of “Net Income Per Common Share - diluted” to “Adjusted Net Income Per Common Share - diluted” for the periods presented:

	Third Quarter				Year-To-Date
	2009		2008		2009		2008
Net Income per Common Share - diluted	$	0.61	$	0.44	$	1.00	$	1.03
Huarun Redeemable Stock Accrual		0.03		0.03		0.10		0.09
Restructuring Charges		0.03		0.03		0.14		0.03
Adjusted Net Income per Common Share - diluted	$	0.67	$	0.50	$	1.24	$	1.15

The following is a reconciliation of “Forecasted Net Income per Common Share - diluted” to our “Full Year Guidance” for the period presented.

		Full Year 2009
Forecasted Net Income per Common Share - diluted		$1.38 - $1.40
Huarun Redeemable Stock Accrual		$0.10
Restructuring Charges		$0.19 - $0.22
Full Year Guidance for Adjusted Net Income per Common Share - diluted		$1.67 - $1.72

(Dollars in thousands)	July 31, 2009		October 31, 2008		July 25, 2008
Assets	(Unaudited)				(Unaudited)
Current Assets:
Cash and Cash Equivalents	$	127,305	$	90,073	$	101,114
Accounts and Notes Receivable, Net		548,985		565,237		651,925
Inventories		234,091		271,423		307,641
Deferred Income Taxes		33,149		31,989		28,552
Prepaid Expenses and Other		88,647		88,298		92,539
Total Current Assets		1,032,177		1,047,020		1,181,771
Goodwill		1,334,586		1,352,813		1,379,393
Intangibles, Net		630,202		619,468		607,924
Other Assets		5,003		7,123		15,597
Long Term Deferred Income Taxes		3,100		3,902		2,264
Property, Plant & Equipment, Net		459,866		489,716		511,340
Total Assets	$	3,464,934	$	3,520,042	$	3,698,289

Liabilities and Stockholders’ Equity
Current Liabilities:
Notes Payable and Commercial Paper	$	7,213	$	159,514	$	301,105
Current Portion of Long Term Debt		0		12		19
Trade Accounts Payable		305,755		400,763		436,897
Income Taxes		21,337		29,156		8,089
Accrued Liabilities		310,723		290,898		264,228
Total Current Liabilities		645,028		880,343		1,010,338
Long Term Debt, Net of Current Portion		872,169		763,129		783,744
Deferred Income Taxes		233,092		224,764		223,752
Deferred Liabilities		154,294		165,361		160,576
Total Liabilities		1,904,583		2,033,597		2,178,410
Huarun Redeemable Stock		43,531		33,577		46,219
Stockholders’ Equity		1,516,820		1,452,868		1,473,660
Total Liabilities and Stockholders’ Equity	$	3,464,934	$	3,520,042	$	3,698,289

The Valspar Corporation

Other Financial Data

Dollars in millions

	Quarter 3					YTD
I. Comparison year over year	2009			2008		2009			2008
Gross Margin, as a percentage of net sales *
Gross Margin, reported		36.5%			28.7%		33.3%			28.5%
Gross Margin, adjusted for cost of restructuring		37.1%			29.0%		34.2%			28.6%

Operating Expense as a percentage of net sales *
Operating Expense, reported		22.6%			19.7%		23.7%			20.0%
Operating Expense, adjusted for cost of restructuring		22.6%			19.6%		23.5%			19.9%

Operating Profit, as a percentage of net sales *
Operating Profit, reported		13.9%			9.0%		9.6%			8.5%
Operating Profit, adjusted for cost of restructuring		14.5%			9.4%		10.6%			8.7%

	Quarter 3					YTD
II. Segment Data	2009			2008		2009			2008
Sales
Coatings	$	415.2		$	543.3	$	1,147.8		$	1,508.6
Paint	$	318.6		$	335.7	$	788.4		$	826.3
All Other less intersegment sales	$	60.8		$	78.7	$	166.3		$	224.3
Total	$	794.6		$	957.7	$	2,102.5		$	2,559.2

Earnings Before Interest and Taxes (EBIT) *
Coatings	$	61.5		$	52.1	$	116.3		$	140.8
Paint	$	48.8		$	29.4	$	100.1		$	71.3
All Other	$	(2.4	)	$	2.9	$	(17.8	)	$	0.5
Total	$	107.9		$	84.4	$	198.6		$	212.6

Earnings Before Interest and Taxes (EBIT) *, adjusted for cost of restructuring
Coatings	$	63.1		$	53.0	$	130.6		$	141.8
Paint	$	50.7		$	31.7	$	102.6		$	73.5
All Other	$	(1.2	)	$	3.5	$	(12.9	)	$	1.1
Total	$	112.6		$	88.2	$	220.3		$	216.4

* Certain amounts in prior years’ financial statements have been reclassified to conform with the 2009 presentation.