Is outside quality emulsion paint REALLY any different from the indoor variety?
normal emulsion is a water based paint where as a proper exterior paint such as smooth strong hold by crown has other additives in it which make it alot more hard wearing, so yes there is a difference in your outdoor paint than your indoor stuff. I am surprised that your shed has survived for 5 years with no rot as emulsion has no preservative in it which is what your shed needs give it a few more years and your shed will start to rot.