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NYSE: DOOR

Deutsche Bank Leveraged Finance Conference September 2014

Safe Harbor / Non-GAAP Financial Measure

SAFE HARBOR / FORWARD LOOKING STATEMENTS This investor presentation contains forward-looking information and other forward-looking statements within the meaning of applicable Canadian and/or U.S. securities laws, including our discussion of improvements in the housing market and related markets and the effects of our pricing and other strategies. When used in this Investor Presentation, such forward-looking statements may be identified by the use of such words as “may,” might, “could,” “will,” would,” “should,” “expect,” “believes,” “outlook,” “predict,” “forecast,” “objective,” “remain,” “anticipate,” “estimate,” “potential,” “continue,” “plan,” “project,” “targeting,” or the negative of these terms or other similar terminology. Forward-looking statements involve significant known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Masonite, or industry results, to be materially different from any future plans, goals, targets, objectives, results, performance or achievements expressed or implied by such forward-looking statements. As a result, such forward-looking statements should not be read as guarantees of future performance or results, should not be unduly relied upon, and will not necessarily be accurate indications of whether or not such results will be achieved. Factors that could cause actual results to differ materially from the results discussed in the forward-looking statements include, but are not limited to, general economic, market and business conditions; levels of residential new construction, residential repair, renovation and remodeling and non-residential building construction activity; competition; our ability to successfully implement our business strategy; our ability to manage our operations including integrating our recent acquisitions and companies or assets we acquire in the future; our ability to generate sufficient cash flows to fund our capital expenditure requirements and to meet our debt service obligations, including our obligations under our senior notes and our senior secured asset-backed credit facility; labor relations (i.e., disruptions, strikes or work stoppages), labor costs, and availability of labor; increases in the costs of raw materials or any shortage in supplies; our ability to keep pace with technological developments; the actions by, and the continued success of, certain key customers; our ability to maintain relationships with certain customers; new contractual commitments; our ability to generate the benefits of our restructuring activities; retention of key management personnel; environmental and other government regulations; limitations on operating our business as a result of covenant restrictions under our existing and future indebtedness, including our senior notes and senior secured asset-based credit facility; and other factors publicly disclosed by the company from time to time.

NON-GAAP FINANCIAL MEASURE Adjusted EBITDA is a measure used by management to measure operating performance. Adjusted EBITDA is defined as net income (loss) attributable to Masonite plus depreciation, amortization, restructuring costs, loss (gain) on sale of property, plant and equipment, impairment, registration and listing fees, interest expense, net, other expense (income), net, income tax expense (benefit), loss (income) from discontinued operations, net of tax, net income attributable to non-controlling interest and share based compensation expense. Adjusted EBITDA is not a measure of financial condition or profitability under GAAP, and should not be considered as an alternative to (i) net income (loss) or net income (loss) attributable to Masonite determined in accordance with GAAP or (ii) operating cash flow determined in accordance with GAAP. Additionally, Adjusted EBITDA is not intended to be a measure of free cash flow for management's discretionary use, as it does not include certain cash requirements such as interest payments, tax payments and debt service requirements. We believe that the inclusion of Adjusted EBITDA in this presentation is appropriate to provide additional information to investors about our operating performance. Not all companies use identical calculations, and as a result, this presentation of Adjusted EBITDA may not be comparable to other similarly titled measures of other companies. Moreover, Adjusted EBITDA as presented for financial reporting purposes herein, although similar, is not the same as similar terms in the applicable covenants in our ABL Facility or our senior notes. Adjusted EBITDA, as calculated under our ABL Facility or senior notes would also include, among other things, additional add-backs for amounts related to: cost savings projected by us in good faith to be realized as a result of actions taken or expected to be taken prior to or during the relevant period; fees and expenses in connection with certain plant closures and layoffs; and the amount of any restructuring charges, integration costs or other business optimization expenses or reserve deducted in the relevant period in computing consolidated net income, including any one-time costs incurred in connection with acquisitions. The table in the appendix sets forth a reconciliation of Adjusted EBITDA to net income (loss) attributable to Masonite for the periods indicated.

2

① Company / Industry Overview

② Financial Review

③ Summary / Q&A

4

Net Sales of $1.7 billion and approximately 32 million doors sold in 2013.

An extensive global footprint with 62 manufacturing facilities spread across 10 countries.

Serve more than 7,000 customers in over 80 countries.

One of only two vertically integrated residential molded door manufacturers and the only vertically

integrated commercial door manufacturer in North America.

Established leadership positions in all targeted product categories in North America.

Company / Industry Overview

Masonite is a Global Building Products Company

2013 Sales by Segment

2013 NA End-Markets

North America, 76% Europe, Asia &

Latin America, 20%

S. Africa, 4%

Residential RRR, 44%

Residential new const., 35%

Non-residential building const.,

21%

Manufacturing Headquarters

North America

CANADA

UNITED STATES

MEXICO

S. America

CHILE

Europe

FRANCE

UK

CZECH REPUBLIC

IRELAND

Southeast Asia

MALAYSIA

South Africa

SOUTH AFRICA

-

10

20

30

40

50

60

70

2006 2007 2008 2009 2010 2011 2012 2013 Q2'14

5


Masonite Has Transformed Itself in Recent Years

-

5,000

10,000

15,000

20,000

2006 2013 Q2'14

Pre-Acquisitions Acquisitions

Cumulative Global Plant Closures

Warehouses Manufacturing

Strengthened the Core Business:

• Lean sigma deployed and $100+

million of benefits since 2006

• 60 manufacturing/distribution facilities

closed since 2006

• Reduced total headcount by

approximately 35% since 2006

• Automation: Residential interior door

plant in Denmark, South Carolina

Drive Organic Growth:

• Product Line Leadership

• Electronic Enablement

Strategic Tuck-in Acquisitions:

• Acquisitions: Twelve strategic tuck-ins

since March 2010, designed to build

leadership positions and strengthen

vertical integration across all

targeted North American door

markets

Total Headcount Actions Taken


Residential Int. Molded Facings & Assembly Consolidation

6

NA Residential Interior Molded Facings*

3 Players 2 Players

#

(^) – There are only two residential molded interior wood door manufacturers with a full North American footprint / distribution capability. Both have been actively consolidating smaller, regional players.

(#) – ONEX acquired JW in October 2011 & JW acquired CMI in October 2012. CMI previously acquired Illinois Flush Door in February 2010.

(*) – Full vertically integrated operations.

NA Residential Interior Doors

6 Players 2 Players^

#

2010

2010

2012

2012

2010


Non-Residential & Specialty Door Consolidation

7

NA Residential Specialty (Stile & Rail)

4 Players* 2 Players

NA Non-Residential Interior Wood

7 Players^ 4 Players

2012

2012

2011

2012

2013

(^) – Management estimate of seven largest North American Commercial & Architectural interior wood door manufacturers. (*) – Management estimate of the four largest Residential Stile & Rail door manufacturers serving the North American market.

Select assets of:

http://www.lemieuxdoors.com/

http://www.woodgrain.com/home

http://www.woodgrain.com/home

8


Masonite Has Established Leadership Positions

Baillargeon

Birchwood Marshfield

Algoma

Ledco

Lifetime

India

Lemieux

Algoma

Marshfield

Door Components

Residential Doors

Steel Stile & Rail Molded

Non-Residential

Fiberglass

Exterior Interior Door Core

Veneers / Facings

Interior Wood

Steel & Glass

Lea

de

rsh

ip

Po

sitio

n

Lea

de

rsh

ip

Po

sitio

n

Lea

de

rsh

ip

Po

sitio

n

Lea

de

rsh

ip

Po

sitio

n

Lea

de

rsh

ip

Po

sitio

n

Lea

de

rsh

ip

Po

sitio

n

Lea

de

rsh

ip

Po

sitio

n

2010-2014 acquisitions. Limited Masonite presence. Defined as #1 or #2 (based on internal estimates).

Chile

Door-Stop

9

Q4’13 Q1’13

North America Retail & U.S. Wholesale Customers

Mid-High Single Digit Increase

Q1’14

25% 15%

2013 Price Increases Targeted to Wholesale

Customers in U.S.^

55%

2014 Price Increases Targeted to Wholesale and

Retail Customers in North America^

U.S. Wholesale Mid Single Digit Increase on Molded

& Flush Interior Doors

U.S. Wholesale Mid Single Digit Increase on Interior

& Exterior Doors

(^) – Percentages of net sales are approximate and based on management estimates of global net sales

2014 North America Price Increases Affected A Higher Percentage of Global Business

Q3’14


Price Environment Has Been Improving

Low Single Digit to High Single Digit Increase on Targeted Products in NA

35%

(AU

P G

row

th %

, year

ov

er

ye

ar)

10

North American AUP Has Been Positive For Five Consecutive Quarters

NA Average Unit Price is Increasing


North American Average Unit Price Has Been Improving

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

Q1

'11

Q2

'11

Q3

'11

Q4

'11

Q1

'12

Q2

'12

Q3

'12

Q4

'12

Q1

'13

Q2

'13

Q3

'13

Q4

'13

Q1

'14

Q2

'14

11


Significant Barriers to Entry Exist Within Residential Doors

Each Step of Production Poses Unique Challenges

Die Plates

Slab Assembly

Facing Plant

Pre-Finishing Pre-Hanging

Full

Product

Line &

Distribution

~$100 - $150 million per line

~$75 million investment*

~$20 - $25 million per plant

~$9 - $10 million per

plant

Note: $ are approximate management estimates. (*) – Masonite has >1,000 dies with approximate value of $75 million. Includes interior and exterior molded dies.


Five Focus Areas Designed to Create Shareholder Value

Automation

Product Line Leadership

Electronic Enablement

Sales and Marketing Excellence

Strategic Tuck-In Acquisitions

12

Goal: Grow Share & Expand Margins Beyond Macro Economic Recovery

0

50

100

150

200

250

300

350

400

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014E 2015E


Positive Construction Indicators in 2014 & 2015

13

Single Family vs. Multi-Family Splits* U.S. New Housing Starts

U.S. Non-Residential Construction U.S. Repair, Renovation & Remodel

Source: NAHB (Aug 2014), U.S. Census Bureau

Source: HIRI (Aug 2014) Source: Reed (3Q14)

Macroeconomic Recovery in Our End Markets Still in Early Innings

0

50

100

150

200

250

300

350

400

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014E2015E

0

500

1000

1500

2000

2500

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014E2015E

(in 000s)

($ bn) ($ bn)

Multi-family Single Family

50-year average

Door Type

Exterior

Interior

Total:

Multi-Family

1

11

12

Single Family

3

21

24

* Company Estimates



③ Summary / Q&A

$33.5

$44.1

$25.0

$30.0

$35.0

$40.0

$45.0

$50.0

Q2'13 Q2'14

$453.1

$490.2

$300.0

$400.0

$500.0

$600.0

Q2'13 Q2'14

8.0

8.5

5.0

6.0

7.0

8.0

9.0

10.0

Q2'13 Q2'14

Net Sales Adjusted EBITDA* Door Volume^

(in millions) (millions of USD) (millions of USD)

Q2’13 Q2’14 Q2’13 Q2’14 Q2’13 Q2’14

(^) – Does not include South Africa segment. (*) – See appendix for non-GAAP reconciliations.

2014 Second Quarter Financial Results

Door Volume, Net Sales and Adjusted EBITDA

15

Door Volume, Net Sales & Adjusted EBITDA Reflect Improving Fundamentals

9.0% 7.4%

+160 Basis Points

(*) – See appendix for non-GAAP reconciliations

Net Sales

Gross Profit

Gross Profit %

SG&A

SG&A %

Adj. EBITDA*

Adj. EBITDA %

Q2’14

$490.2

$78.6

16.0%

$58.5

11.9%

$44.1

9.0%

Q2’13

$453.1

$64.7

14.3%

$56.0

12.4%

$33.5

7.4%

Change

+8.2%

+21.5%

+170 bps.

+4.5%

-50 bps.

+31.6%

+160 bps.


Consolidated P&L Information

16

Improving Margins from Higher Pricing and Increased Volume

(Millions of USD)

17

Highest Adjusted EBITDA in 5 Years


Adjusted EBITDA Improvement

Adjusted EBITDA Benefitted from Pricing and an Improving U.S. Housing Market

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

$40,000

$45,000

$50,000

Q1'11 Q2'11 Q3'11 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14

Adj. EBITDA (in 000s)

Financial Policy & Coverage Ratios

Selected Cash Flow Data YTD 2014 YTD 2013

Cash flow from operations* $25.7 $2.5

Additions to property, plant & equipment ($20.0) ($16.3)

Cash used in acquisitions ($50.4) $0.0

Gross Proceeds from issuance of LT debt $138.7 $0.0

Payment of financing costs ($1.9) $0.0

Increase (decrease) in cash & cash

equivalents

$86.7 ($29.4)

Target

financial

leverage

range

Unrestricted Cash $187.5

ABL Borrowing Base $122.9

AR Purchase Agreement $14.3

Total Available Liquidity $324.7

Liquidity at June 29, 2014 (millions of USD)

LTM Adj. EBITDA^ $110.0

LTM Interest Expense $37.4

Total Debt $514.1

Net Debt $326.6


Liquidity, Credit and Debt Profile

Debt Issuance History

8.25% Senior Unsecured Notes due 2021

$0

$100

$200

$300

$400

$500

2011 2012 2013 2014

18

(*) – Cash flow from continuing operations was $25.7 million during the six months ending June 29, 2014 compared to $2.5 million last year due largely to the implementation of a new accounts payable processing system which has, temporarily, extended payments beyond our normal trade terms. (^) – See appendix for non-GAAP reconciliations.

Masonite’s Balance Sheet Remains Strong with Ample Liquidity Available

8.25% Senior Unsecured Notes due 2021

3.4

3.3

3.6

5.2

4.7

2.6 2.3

2.6

3.5

3.0 3.3

3.6

3.2

2.8 2.9

2.0 2.1 1.8

1.5 1.6

0.0

1.0

2.0

3.0

4.0

5.0

6.0

6/30/13 9/29/13 12/29/2013 3/30/2014 6/29/2014

Total Debt / Adj. EBITDA Net Debt / Adj. EBITDA

Adj. EBITDA / Interest (Adj. EBITDA - Capex) / Interest



③ Summary / Q&A

Advantageous Market Position One of only two vertically integrated residential molded door manufactures in North America

Only vertically integrated commercial door manufacturer in North America

Established leadership positions in all targeted North American product categories

Significant barriers to entry

Fundamentals Continue to Improve U.S. new housing starts and completions both continue to grow

North American pricing strengthened during the second quarter

Increased Q2’14 Adjusted EBITDA 31.6% vs. Q2’13

Expanded Q2’14 Adjusted EBITDA margin to 9.0%--the highest level in five years

Key Focus Areas Designed to Accelerate Growth Automation

Product Line Leadership

Electronic Enablement

Sales & Marketing Excellence

Portfolio Optimization: Strategic Tuck-in Acquisitions & Market Exits

20

Summary

Masonite’s Balanced Growth Strategy Is Working

Questions & Answers

Appendix

Financial Review

Volume Recovery is Expected to Accelerate Growth

$1,000

$1,100

$1,200

$1,300

$1,400

$1,500

$1,600

$1,700

$1,800

2010 2013

$60

$70

$80

$90

$100

$110

2010 2013

25

26

27

28

29

30

31

32

33

2010 2013

Net Sales

Adj. EBITDA*

Door Volume

+2.8MM (+3% CAGR) +$348MM (7.8% CAGR)

+$25.2MM (9.5% CAGR)

In millions millions of USD

SG&A

SG&A as a % of Sales Down 70bp since 2010

millions of USD

(*) - See appendix for non-GAAP reconciliations.

11.6%

11.8%

12.0%

12.2%

12.4%

12.6%

12.8%

13.0%

2010 2013

Reconciliation of Adjusted EBITDA to Net Income

(loss) Attributable to Masonite

24

(In thousands)

June 29

2014

June 30

2013

June 29

2014

June 30

2013

June 29,

2014

March 30,

2014

December 29,

2013

September 29,

2013

June 30,

2013

January 2,

2011

Adjusted EBITDA 44,050$ 33,461$ 63,768$ 59,638$ 110,007$ 99,418$ 105,877$ 113,687$ 110,240$ 80,678$

Less (plus):

Depreciation 14,536 15,651 29,982 32,177 59,885 61,000 62,080 63,544 63,898 58,633

Amortization 5,593 4,336 11,284 8,606 19,736 18,479 17,058 16,889 16,968 8,092

Share based compensation expense 2,797 2,081 5,080 3,911 8,921 8,205 7,752 7,664 7,609 9,626

Loss (gain) on disposal of property, plant and

equipment 1,036 852 2,123 962 (614) (797) (1,775) 231 3,203 1,301

Impairment — 1,904 — 1,904 — 1,903 1,904 3,254 1,350 —

Registration and listing fees — — — — 2,421 2,421 2,421 1,998 — —

Restructuring costs 560 1,762 1,281 3,202 8,709 9,911 10,630 10,847 13,411 7,000

Interest expense (income), net 10,594 8,208 20,587 16,458 37,359 34,973 33,230 33,169 32,808 245

Other expense (income), net 1,306 (363) 1,487 (521) 4,324 (949) 2,316 (1,445) (1,110) 1,030

Income tax expense (benefit) 1,379 (408) 1,398 (1,444) (18,535) (22,308) (21,377) (14,743) (8,612) (11,396)

Loss (income) from discontinued operations, net

of tax 170 44 312 134 776 649 598 236 224 1,718

Net income (loss) attributable to non-controlling

interest 499 605 1,240 1,285 2,005 2,166 2,050 2,915 2,990 1,390

Net income (loss) attributable to Masonite 5,580$ (1,211)$ (11,006)$ (7,036)$ (14,980)$ (16,235)$ (11,010)$ (10,872)$ (22,499)$ 3,039$

Twelve Months EndedThree Months Ended Six Months Ended

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