May  7,  2015  

Ply  Gem  Holdings    

First  Quarter  2015  Results  

 Gary  E.  Robine@e  Shawn  K.  Poe    President  &  Chief  ExecuJve  Officer  Chief  Financial  Officer    

Legal  Disclaimer  

2  

These   slides   and   the   accompanying   oral   discussion   may   contain   “forward-­‐looking   statements”   within   the   meaning   of   the   Private  Securi=es  Li=ga=on  Reform  Act  of  1995.  Such  statements   involve  known  and  unknown  risks,  uncertain=es  and  other  factors  that  could  cause  the  actual  results  of  Ply  Gem  Holdings,  Inc.  (the  “Company”)  to  differ  materially  from  the  results  expressed  or  implied,  including:  downturns   in   the   home   repair   and   remodeling   or   the   new   construc=on   end  markets,   or   the   economy  or   the   availability   of   consumer  credit;   compe==on   from   other   exterior   building   products   manufacturers   and   alterna=ve   building   materials;   inability   to   successfully  develop   new  products   or   improve   exis=ng   products;   changes   in   the   costs   and   availability   of   raw  materials;   consolida=on   and   further  growth  of  our  customers;  loss  of,  or  a  reduc=on  in  orders  from,  any  of  our  significant  customers;  inclement  weather  condi=ons;  increases  in  union  organizing  ac=vity  and  work  stoppages  at  our  facili=es  or  the  facili=es  of  our  suppliers;  our  ability  to  employ,  train  and  retain  qualified  personnel  at  a  compe==ve  cost;  claims  arising  from  the  opera=ons  of  our  various  businesses  prior  to  our  acquisi=ons;  product  liability  claims,  including  class  ac=on  claims,  rela=ng  to  the  products  we  manufacture;  li=ga=on  outside  of  product  liability  claims;  loss  of  certain  key  personnel;  interrup=ons  in  deliveries  of  raw  materials  or  finished  goods;  environmental  costs  and  liabili=es;  inability  to  realize  an=cipated  synergies  and  cost  savings  with  respect  to  acquisi=ons;  manufacturing  or  assembly  realignments;  threats  to,  or  impairments  of,  our   intellectual  property   rights;   increases   in   fuel   costs;   changes   in   foreign  currency  exchange  and   interest   rates;  material  non-­‐cash  impairment  charges;  our  significant  amount  of   indebtedness;  covenants   in  the  ABL  Facility,   the  credit  agreement  governing  our  Senior  Secured  Term  Loan  Facility  and  the  indenture  governing  the  6.50%  Senior  Notes;   limita=ons  on  our  net  opera=ng  losses  and  payments  under   the   tax   receivable  agreement   to  our   current   stockholders;   failure   to   successfully   consummate  and   integrate   future  acquisi=ons; actual  or  perceived  security  vulnerabili=es  or  cyberaZacks  on  our  networks;  failure  to  effec=vely  manage  labor  inefficiencies  associated  with   increased   produc=ons   and   new   employees   added   to   the   Company;   failure   to   generate   sufficient   cash   to   service   all   of   our  indebtedness  and  make  capital  expenditures;  control  by  the  CI  Partnerships;  failure  to  maintain  effec=ve  internal  controls  over  financial  repor=ng;   and   the   risks   set   forth   in   the   Company’s   filings  with   the   Securi=es   and   Exchange   Commission.   Consequently   such   forward-­‐looking  statements  should  be  regarded  as  the  Company’s  current  plans,  es=mates  and  beliefs.  Except  as  required  by  law,  the  Company  does   not   undertake   and   specifically   declines   any   obliga=on   to   publicly   release   the   results   of   any   revisions   to   these   forward-­‐looking  statements  that  may  be  made  to  reflect  any  future  events  or  circumstances  a_er  the  date  of  such  statements  or  to  reflect  the  occurrence  of  an=cipated  or  unan=cipated  events.      

In   addi=on,   these   slides   and   the   accompanying   oral   discussion   reference   non-­‐GAAP   financial  measures,   such   as   adjusted   EBITDA.     A  reconcilia=on  of  non-­‐GAAP  financial  measures  to  the  most  directly  comparable  GAAP  financial  measure   is  provided   in  the  Appendix  to  these  slides  and  is  included  in  our  news  release  issued  on  May  7,  2015  and  posted  on  www.plygem.com.  

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41%  

55%   45%  

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First  Quarter  2015  Results  Today’s  PresentaJon  

   

90%  

10%  

Agenda  

•  First  Quarter  Review  Gary  Robine3e    

•  Financial  Results  Shawn  Poe    

•  Acquisi;on  Synergies  and  Cost  Savings  Shawn  Poe  

• Margin  Ini;a;ves  Gary  Robine3e  

•  Economic  Outlook  Gary  Robine3e  

•  Ques;ons  and  Answers    Gary  Robine3e  &  Shawn  Poe  

•  Closing  Remarks  Gary  Robine3e    

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41%  

55%   45%  

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One  of  the  Largest  Manufacturers  of  Exterior  Building  and  Home  Improvement  Products  

   

90%  

10%  

Company  Overview  

Repair  and  Remodel    

Leverage  to  New  Housing  Starts  

New  Products  and  InnovaJon  Drive    

Share  Gains  M&A  OpportuniJes  

Pla[orm  Built  for  Growth  and  OperaJng  Leverage  

•  Leading  Manufacturer  of  Exterior  Building  Products    •  Comprehensive  Product  PorKolio  with  Strong  Brand  Recogni;on  

• Mul;-­‐Channel  Distribu;on  Network  Servicing  a  Broad  Customer  Base  •  Balanced  End  Market  Exposure  Driven  by  Diversified  Product  Mix  

•  Highly  Efficient,  Low  Cost  Opera;ng  PlaKorm  •  Proven  Track  Record  of  Acquisi;on  Integra;on  &  Cost  Savings  Realiza;on  •  Strong  Management  Team  with  Significant  Ownership    

US 85%

Canada 15% (*)

Siding 45% Windows

55%

(*)

(*)  LTM  April  4,  2015,  Pro  Forma  for  Simonton  acquisiJon  

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Ply  Gem  Results  

Key  Highlights  First  Quarter  Results  

First  Quarter  2015  Highlights  

•  Net  sales  increase  of  39.6%  was  due  to  the  Simonton  acquisi;on,  organic  growth  and  four  addi;onal  shipping  days  for  the  first  quarter  of  2015  rela;ve  to  2014.    The  Simonton  acquisi;on  resulted  in  a  net  sales  increase  of  $63.4.    Organic  growth  of  16.0%  was  driven  by  a  4.4%  increase  in  U.S.  single-­‐family  housing  starts,  an  increase  in  average  selling  prices  in  both  of  our  business  segments  and  increased  demand  for  our  products  especially  during  January  and  February  compared  to  the  same  period  in  2014  due  to  favorable  winter  weather  condi;ons.    

•  Gross  margin  expansion  of  120  basis  points  driven  by  increased  average  selling  prices  in  both  of  our  business  segments,  opera;ng  efficiency  improvements  in  our  Windows  and  Doors  segment  par;ally  offset  by  product  mix,  unfavorable  aluminum  commodity  costs  and  unfavorable  foreign  currency  impact  from  a  weakening  Canadian  dollar.      

•  Fourth  consecu;ve  year-­‐over-­‐year  quarterly  adjusted  EBITDA  improvement.  

($ in Millions) Q1 2015 Q1 2014

Net Sales Y-O-Y Change

$376.0 39.6%

$269.5

Gross Profit Gross Profit %

$60.3 16.0%

$39.8 14.8%

Adj. EBITDA

$2.3 $(1.5)

New  construcJon  

55%  

Home  repair  &  remodel  

45%  

End  Market  Exposure    

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Windows  &  Doors  (W&D)  Segment  

Key  Highlights  First  Quarter  Results  

Leader  in    Vinyl  and  Aluminum  Windows  

$189.7 $103.9

$29.9

$28.5

Q1 2015 Q1 2014

Net Sales

U.S. Canada

$132.4

$219.6

End  Market  Exposure  (*)  

•  65.9%  increase  in  net  sales  due  largely  to  the  Simonton  acquisi;on.    Excluding  Simonton,  net  sales  increased  17.9%  due  to  higher  average  selling  prices,  improved  product  mix,  increased  New-­‐co  window  units  due  to  a  4.4%  increase  in  U.S.  single-­‐family  housing  starts  in  the  period  par;ally  offset  by  weakening  Canadian  dollar.    In  addi;on,  the  increase  in  net  sales  was  par;ally  due  to  four  addi;onal  shipping  days  for  the  first  quarter  of  2015  rela;ve  to  2014.  

•  Gross  margin  improved  by  420  basis  points  driven  by  $12.2  of  contributed  gross  margin  of  Simonton  and  a  110  basis  point  gross  margin  improvement  in  our  legacy  windows  businesses  due  to  improved  pricing,  product  mix  and  manufacturing  efficiencies  par;ally  offset  by  unfavorable  foreign  currency  exchange  rates.    

•  SG&A  expense  increased  by  $10.5  or  37.2%  which  was  a3ributed  to  the  inclusion  of  Simonton  which  incurred  $16.6  of  SG&A  expense  par;ally  offset  by  $5.0  in  legal  se3lement  costs  incurred  in  Q1  2014.    Excluding  Simonton  and  legal  se3lement  costs,  SG&A  expense  as  a  percent  of  net  sales  decreased  from  17.6%  to  14.2%.    

Q1 2015 (**) Q1 2014

U.S. 11.5% 5.4%

Canada 12.4% 14.4%

W&D Segment 11.6% 7.4%

Gross Margin %

New  construcJon  

65%  

Home  repair  &  remodel  

35%  

(*)  For  the  three  months  ended  April  4,  2015  (**)  Includes  the  impact  of  Simonton  

Q1  2014  Gross  Margin   7.4%  

Selling  Price/Product  Mix   1.1%  

Conversion  Improvements   0.4%  

Simonton  Acquisi;on  Impact   3.1%  

Freight  Costs   0.3%  

Unfavorable  FX   -­‐0.3%  

Other   -­‐0.4%  

   Q1  2015  Gross  Margin   11.6%  

W&D  Gross  Margin  

Unfavorable  foreign  currency  exchange  rates.  

Less  operaJng  leverage  due  to  sales    volume  decreases  driven  by  weather  and  pull-­‐back  in  new  construcJon  demand  

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W&D  Segment  Gross  Margin  Bridge  and  Historical  Performance  

Reflects  favorable  product  mix  and  pricing.    As  noted  during  previous  price  increases,  the  pull  through  of  pricing  changes  occur  over  a  90  to  120  day  period.  

20.9%  15.4%   14.0%   15.4%   13.1%   13.8%  

9.7%   12.9%   13.4%  

1,046  

622  

445   471   431  535  

618   648   654  

2007   2008   2009   2010   2011   2012   2013   2014   LTM  

Historical  Gross  Margin  Performance  

Annual  Gross  Profit  %   U.S.  SFHS  (*)  

Note:    Includes  Simonton  from  date  of  acquisiJon  

Simonton  favorable  impact  on  overall  segment  gross    margin  for  the  quarter.  

Improved  operaJonal  efficiency  improvements  within  our  manufacturing  faciliJes.  

Favorable  freight  costs  due  to  decline  in  fuel  pricing  parJally  offset  by  rising  driver  and  freight  insurance  costs.  

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Siding,  Fencing  &  Stone  (SFS)    Segment  

Key  Highlights  First  Quarter  Results  

Market  Leader  in  Vinyl  Siding    

$137.7 $118.2

$18.7 $18.9

Q1 2015 Q1 2014

Net Sales

U.S. Canada

$137.1

New  construcJon  

41%  

Home  repair  &  remodel  

59%  

End  Market  Exposure  (*)  

•  14.1%  increase  in  net  sales  due  largely  to  favorable  market  demand  in  metal  accessories  and  vinyl  siding  with  units  shipped  increasing  6.7%  and  1.9%,  respec;vely.    In  addi;on,  higher  selling  prices  were  realized  in  response  to  increased  raw  material  costs  and  freight  costs  related  to  our  2014  selling  price  increase  announcements  and  par;ally  due  to  four  addi;onal  shipping  days  for  the  first  quarter  of  2015  rela;ve  to  2014.    

•  Gross  margin  expanded  by  30  basis  points,  driven  by  182  basis  point  increase  in  vinyl  siding  margin  offset  by  margin  contrac;on  of  218  basis  points  in  metal  accessories.    The  vinyl  siding  margin  expansion  is  a3ributed  to  impact  of  2014  selling  price  increase  and  a  slight  favorable  impact  of  PVC  resin  pricing  during  the  quarter.    The  metal  accessory  margin  contrac;on  is  a3ributed  to  higher  aluminum  costs  of  7.9%  within  the  period.  We  expect  addi;onal  recovery  through  selling  price  increases  in  vinyl  and  metal  products  which  became  effec;ve  during  the  period.    

•  SG&A  expense  as  a  percentage  of  sales  decrease  from  14.5%  to  13.7%  during  the  period  due  to  improved  leverage  on  the  fixed  component  of  SG&A  expense.  Gross Margin %

Q1 2015 Q1 2014

U.S. 21.2% 21.3%

Canada 30.1% 26.2%

SFS Segment 22.2% 21.9%

$156.4

(*)  For  the  three  months  ended  April  4,  2015  

Q1  2014  Gross  Margin   21.9%  

Selling  Price/Product  Mix   2.4%  

Freight  Costs   0.4%  

Commodity  Costs   -­‐1.9%  

Other   -­‐0.6%  

   Q1  2015  Gross  Margin   22.2%  

SFS  Gross  Margin  

Favorable  freight  costs  due  to  decline  in  fuel  pricing  parJally  offset  by  rising  driver  and  freight  insurance  costs.  

9  

SFS  Segment  Gross  Margin  Bridge  and  Historical  Performance  

Reflects  favorable  product  mix  and  pricing.    As  noted  during    previous  price  increases,  the  pull  through  of    pricing  changes    occur  over  a  30  to  60  day  period.      

20.4%   18.4%   25.9%   25.7%   24.8%   27.4%   26.8%   26.1%   26.1%  

.5208   .6200   .5288   .6458  .6971   .6975   .7134  

.7534   .7509  

2007   2008   2009   2010   2011   2012   2013   2014   LTM  

Historical  Gross  Margin  Performance  

Annual  Gross  Profit  %   PVC  Resin  Price  (*)  

Increased  raw  material  costs,  mainly  aluminum  commodity  costs  parJally  offset  by  remaining  impact  of  the  Q3  2014  metal  accessory  price  increases.    AddiJonal  recovery  through    future  selling  price  increases.    

0.176.80  

255,128,0  

102,102,102  

193,0,0  

226,133,131  

192,192,192  

245,171,088  

102,179,97  

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AcquisiJon  Synergies  

(1) Improved procurement economics as a result of increased purchasing power (2) Freight cost maximization and improved fixed overhead as a result of various manufacturing cost reductions from rationalizations (3) SG&A leverage scale and back office efficiencies (4) Expand vertical integration efficiency

EBITDA  Impact  of  Expected  Simonton  Synergies  and  Cost  Savings  

$8 Million Original Savings

Raw  material  sourcing  (1)  $3.6M  

Mfg.  efficiencies  (2)    $2.7M  

Insourcing  products  (4)  $1.5M  

SG&A  (3)  $0.2M  

Simonton  AcquisiJon    Synergies  and  Cost  Savings  

 

$10 Million

AddiJonal  Incremental  Savings  $2.0M  

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Margin  IniJaJves      

The Market Innovator

The Leading Brand

Lean through Technology

Our Future Leaders

New Channels and Markets

Selling  Price  Increases    

ü  Q1  2015  announced  price  increases  are  in  effect  for  both  business  segments.    W&D  Segment  selling  price  increases  range  from  6%  to  15%.    SFS  Segment  selling  price  increases  range  from  6%  to  8%  

ConJnued  ImplementaJon  of  Enterprise  Lean  and  Sales  &  OperaJons  Planning  (S&OP)  System  in  U.S.  Windows  and  Doors  

   

ü  Enterprise  Lean  provides  product  simplificaJon  and  improves  manufacturing  flexibility.    Realized  approximately  $4.5M  of  benefit  in  2014  and  will  provide  for  an  esJmated  annual  savings  of  approximately  $10M  when  fully  implemented  in  2016  

ü  S&OP  system  provides  enhanced  capacity  and  resource  planning  system  which  will  reduce  future  ramp-­‐up  costs  and  maximize  fixed  manufacturing  investments  

Ply  Gem  Margin  Enhancement  IniJaJves  

 

Cross  Selling  OpportuniJes      

ü  ConJnue  to  integrate  our  extensive  product  categories  across  our  legacy  customer  base  and  acquired  Simonton  customer  base  

12  

Ply  Gem  Outlook    

The Market Innovator

The Leading Brand

Lean through Technology

Our Future Leaders

New Channels and Markets

2Q  2015  Guidance    

ü  Based  on  the  forecasted  growth  of  the  U.S.  housing  market  and  R&R  spend,  the  impact  of  our  enacted  selling  price  increases  and  other  margin  enhancing  iniJaJves,  the  expected  impact  of  Simonton,  anJcipated  acquisiJon  synergies,  and  commodity  fluctuaJons,  we  expect  our  EBITDA  for  2Q  2015,  in  the  range  of  $57  to  $62  million  

Economic  Outlook  &  Guidance    

Expect  ConJnued  Steady  Growth  in  U.S.  Housing  Starts  

ü  Expect  conJnued  overall  moderate  growth  of  10%  to  15%  in  U.S.  housing  recovery  in  2015,  however  we  expect  the  market  to  experience  periods  of  choppiness  in  the  growth  rate    

ü  Expect  conJnued  moderate  growth  of  3%  in  big  Jcket  R&R  spend  

ü  Overall  Canadian  housing  starts  expected  to  be  flat  for  2015  with  demand  pressure  in  Western  Canada  due  to  oil  pricing  

   

Q&A  

13  

   

Appendix:    Non-­‐GAAP  Adjusted  EBITDA  

ReconciliaJon  

14  

(amounts in thousands) For the three months ended April 4, 2015

For the three months ended March 29, 2014

Net loss $(48,859) ($51,578)

Interest expense, net 19,084 18,494

Benefit for income taxes (2,394) (12,470)

Depreciation and amortization 14,821 11,284

EBITDA ($17,348) ($34,270)

Non cash loss on foreign currency transactions 934 228

Acquisition costs 286 -

Customer inventory buybacks 52 123

Restructuring/integration expense 1,163 1,717

Litigation settlement - 5,000

Loss on modification or extinguishment of debt - 21,364

Tax receivable agreement liability adjustment 17,185 4,373

Adjusted EBITDA $2,272 ($1,465)

15  

First  Quarter  Adjusted  EBITDA  ReconciliaJon  Appendix    

(amounts in thousands) For the three months ended April 4, 2015

For the three months ended March 29, 2014

SFS Segment W&D Segment Total SFS Segment W&D Segment Total

Non cash loss on foreign currency transactions

$253 $681 $934 $143 $85 $228

Acquisition costs - 261 261 - - -

Customer inventory buybacks 52 - 52 123 - 123

Restructuring/integration expense

160 1,003 1,163 - 1,717 1,717

Litigation settlement - - - - 5,000 5,000

$465 $1,945 $2,410 $266 $6,802 $7,068

16  

EBITDA  Adjustments  By  Segment(*)  Appendix    

(*)  Does  not  reflect  unallocated  and  corporate  EBITDA  adjustments