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2015 First Quarter Earnings Presentation NYSE: DOOR May 5, 2015 Safe Harbor / Non-GAAP Financial Measure SAFE HARBOR / FORWARD LOOKING STATEMENT 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. Beginning in the first quarter of 2015, we revised our calculation of Adjusted EBITDA to separately exclude loss on extinguishment of debt, which would be a component of other expense (income), net, but is separately stated due to its magnitude. The revision to this definition had no impact on our reported Adjusted EBITDA for the three months ended March 30, 2014. As revised, 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, asset impairment, registration and listing fees, interest expense, net, loss from extinguishment of debt, other expense (income), net, income tax expense (benefit), loss (income) from discontinued operations, net of tax, net income attributable to noncontrolling 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 press release 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 below sets forth a reconciliation of Adjusted EBITDA to net income (loss) attributable to Masonite for the periods indicated. 2 ① Company / Industry Update ② Q1’15 Financial Review ③ Summary / Q&A Company / Industry Update Growth in U.S. Single Family Housing Starts and Completions Single Family Starts (Jan 14 – March 15) 800 Avg. = 602 700 600 583 589 635 649 634 593 652 641 663 716 674 725 Avg. = 636 698 592 The U.S. housing market in Q1’15 registered only modest improvement despite a favorable base period comparison. Q1’2015 Single family starts and completions increased 5.6% and 1.8%, respectively, compared to Q1’2014. Single family starts continue to trend slightly below their historic average of 72% compared to multi family starts. 618 500 400 300 200 100 Q1’2015: 66.7% SF / 33.3% MF 0 Single Family Completions (Jan 14 – March 15) 800 700 Avg. = 613 609 617 614 606 628 591 631 611 627 614 613 600 Avg. = 624 Single Family vs. Multi Family Starts Splits 100% 90% 667 674 597 602 80% 70% 60% 500 50% 400 40% 30% 300 20% 200 10% 100 0% 0 Single Family Multi Family Growth In Single Family Housing Starts and Completions Was Modest During Q1’15 Source: U.S. Census Bureau 4 Company / Industry Update Masonite’s NA Segment Volume Growth Driven by Wholesale Business Growth in the Wholesale Channel Closely Tracks Residential New Housing Wholesale Doors (in millions) Retail Doors Architectural (in millions) (in millions) 5.0 4.7 5.0 5.0 4.0 4.0 4.0 3.0 3.0 3.0 2.0 2.0 1.0 1.0 4.4 1.7 1.7 1.0 0.0 0.0 Q1'14 Q1’14 Q1'15 Q1’15 +7% 2.0 0.3 0.3 Q1'14 Q1’14 Q1'15 Q1’15 0.0 Q1'14 Q1’14 Q1'15 Q1’15 0% 0% NA Wholesale Volume Growth (+7%) Exceeded U.S. Housing Completions (+1.8%) 5 Company / Industry Update NA Average Unit Price, Foreign Exchange & Europe / Rest of World Segment Foreign Exchange NA Average Unit Price Growth 8.0% 6.0% FX reduced Q1 2015 Net Sales by 5%. 4.0% ($8.9 million) impact on NA Net Sales 2.0% ($11.0 million) impact on EUR/ROW Net Sales 0.0% ($1.0 million) impact on South Africa Net Sales -2.0% FX reduced Q1 2015 Adjusted EBITDA by 6%. -4.0% -6.0% Q1'15 Q4'14 Q3'14 Q2'14 Q1'14 Q4'13 Q3'13 Q2'13 Q1'13 Q4'12 Q3'12 Q2'12 Q1'12 Q4'11 Q3'11 Q2'11 Q1'11 Average unit price growth in our NA business continues to improve as we focus on increasing the value proposition for our customers by driving: Product Line Leadership Electronic Enablement Sales and Marketing Excellence Europe / Rest of World Segment Total door volume down ~5% on the quarter: United Kingdom increased 7% France down 17% Total Adjusted EBITDA nearly tripled in the quarter: Door Stop & housing strength in the UK Exit of Israel business Adjusted EBITDA Increased 92% in Q1 2015 vs. YA With Our Balanced Approach 6 Company / Industry Update Five Focus Areas Designed to Accelerate Growth Product Line Leadership Electronic Enablement Sales and Marketing Excellence Automation Portfolio Optimization Goal: Grow Share & Expand Margins Beyond the Macroeconomic Recovery. 7 ① Company / Industry Update ② Q1’15 Financial Review ③ Summary / Q&A 2015 First Quarter Financial Results Door Volume, Net Sales and Adjusted EBITDA Door Volume^ Net Sales (in millions) Adjusted EBITDA* (millions of USD) (millions of USD) $600.0 15.0 $45.0 $40.0 $37.8 $500.0 $422.5 $434.5 $400.0 10.0 7.8 $35.0 $30.0 8.1 $25.0 $300.0 $20.0 $200.0 5.0 Q1'14 Q1’14 Q1'15 Q1’15 +4% (^) – Does not include Africa segment. (*) – See appendix for non-GAAP reconciliations. Q1’14 Q1'14 Excluding impact of F(x): Q1’15 Q1'15 +3% $19.7 $15.0 Q1’14 Q1'14 Q1’15 Q1'15 +92% +8% Masonite’s Results Continue to Improve Despite an Uneven Recovery in U.S. Housing 9 2015 First Quarter Financial Results Consolidated P&L Information Q1’15 Q1’14 Change Net Sales $434.5 $422.5 +2.8% Gross Profit $73.3 $53.0 +38.3% Gross Profit % 16.9% 12.5% +440 bps. SG&A $58.2 $57.8 +0.7% SG&A % 13.4% 13.7% -30 bps. Adj. EBITDA* $37.8 $19.7 +91.9% Adj. EBITDA % 8.7% 4.7% +400 bps. (Millions of USD) (*) – See appendix for non-GAAP reconciliations Gross Profit and Adjusted EBITDA Margins Both Expanded by 400+ Basis Points 10 2015 First Quarter Financial Results Net Sales and Adjusted EBITDA by Reportable Business Segment Europe / ROW ($7.4M) Net Sales +$3.6M excl. FX^ +$5.8M Adj. EBITDA* (shown below) $29.0 $19.0 $9.0 -$1.0 Q1'14 Q1'15 North America +$21.6M Net Sales +$30.5M excl. FX^ South Africa +$13.6M Adj. EBITDA* ($2.2M) Net Sales ($1.2M) excl. FX^ (shown below) ($1.3M) Adj. EBITDA* $29.0 (shown below) $19.0 $9.0 $29.0 -$1.0 Q1'14 Q1'15 $19.0 $9.0 -$1.0 Q1'14 Q1'15 NA and Europe / Rest of World Both Posted Strong Adjusted EBITDA Growth vs. YA (* & ^) – See appendix for non-GAAP reconciliations 11 2015 First Quarter Financial Results Foreign Exchange Foreign Exchange Headwinds to Net Sales Have Been Significant* 25,000 ($20.9M) ($23.6M) ($15.7M) ($38.4M) US Dollars – In Thousands 20,000 15,000 10,000 5,000 0 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 Since 2012, We Have Absorbed ~$100 Million of Foreign Exchange Headwinds (*) – Represents the impact on Net Sales 12 2015 First Quarter Financial Results Adjusted EBITDA by Quarter Adjusted EBITDA Growth by Quarter Shows Strong TTM Adj. EBITDA Improvement (in millions) $50.0 +31.6% $45.0 $40.0 +111.8% +91.9% +25.4% $35.0 $30.0 $25.0 $20.0 $15.0 $10.0 $5.0 $0.0 Q2'13 Q2'14 Q3'13 Q3'14 Q4'13 Q4'14 Q1'14 Q1'15 Q1’15 Trailing Twelve Month Adjusted EBITDA Increased 56% to $155 Million Over Q1’14 (*) – See appendix for non-GAAP reconciliations. 13 2015 First Quarter Financial Results Liquidity, Credit and Debt Profile Liquidity at March 29, 2015 (millions of USD) Unrestricted Cash Financing Activities $90.1 Total Available Liquidity Replaced $500 million senior unsecured 8.25% 2021 notes with $475 million of senior unsecured 5.625% 2023 notes creating $14.5 million of expected annual cash interest savings. Subsequent to quarter end, increased the size of the ABL to $150 million from $125 million, lowered interest rate 75bps and extended the maturity date to 2020 from 2016. $225.7 TTM Adj. EBITDA^ $155.2 TTM Interest Expense $43.3 Total Debt $475.0 Net Debt $384.9 Leverage Ratios Coverage Ratios 6.0 4.0 5.0 3.0 4.0 2.0 3.0 2.0 1.0 1.0 0.0 0.0 Q1'14 Q2'14 Q3'14 Total Debt Net Debt Q4'14 Q1'15* Q1'14 Q2'14 Adj. EBITDA / Interest Q3'14 Q4'14 Q1'15 (Adj. EBITDA - Capex) / Interest 8.25% Senior Unsecured Notes due 2021 Masonite’s Balance Sheet and Liquidity Position Remains Strong (*) – Net debt increase due primarily to cash used for make whole provision & early interest payment on bond redemption of approximately $52 million. (^) – See appendix for non-GAAP reconciliations. 14 ① Company / Industry Update ② Q1’15 Financial Review ③ Summary / Q&A Summary Masonite’s Balanced Growth Strategy Is Working Masonite’s Results Continue to Improve Despite an Uneven Recovery U.S. new housing market’s recovery continues to be choppy Single family housing starts and completions growth remained modest in Q1’15 Multi family housing starts as a percent of total continue to trend above the historic average Non-residential channel showing some early signs of improvement Strong Q1’15 financial results Net Sales, excluding foreign exchange, increased 8%. Adjusted EBITDA increased 92%. Adjusted EBITDA margin and gross margin increased 400 and 440 basis points, respectively. Five Key Focus Areas Designed to Accelerate Growth Product Line Leadership Electronic Enablement Sales & Marketing Excellence Automation Portfolio Optimization Upcoming Events Analyst & Investor Day @ NYSE on June 19, 2015 (details to follow) 16 Questions & Answers Appendix Reconciliation of Adjusted EBITDA to Net Income (loss) Attributable to Masonite (In thousands) March 29, 2015 Twelve Months Ended December 28, September 28, 2014 2014 Adjusted EBITDA $ $ 155,157 137,087 $ 117,172 June 29, 2014 $ March 30, 2014 110,007 $ 99,418 Less (plus): Depreciation 60,482 60,622 60,222 59,885 61,000 Amortization 21,042 21,722 20,348 19,736 18,479 9,701 9,605 9,335 8,921 8,205 2,673 3,816 2,394 (614) (797) 423 2,421 2,421 17,357 8,709 9,911 Share based compensation expense Loss (gain) on disposal of property, plant and equipment — Registration and listing fees — Restructuring costs 12,772 11,137 Asset impairment 18,202 18,202 Interest expense (income), net 43,285 41,525 Loss on extinguishment of debt 28,046 Other expense (income), net (1,952) (587) 4,175 4,324 (949) 7,778 4,533 (10,259) (18,535) (22,308) 717 630 838 776 649 4,217 3,222 1,425 2,005 2,166 (51,806) $ (37,340) $ (28,562) $ (14,980) $ (16,235) Income tax expense (benefit) Loss (income) from discontinued operations, net of tax Net income (loss) attributable to non-controlling interest Net income (loss) attributable to Masonite $ — — 39,476 — 1,903 37,359 — 34,973 — — Three Months Ended (In thousands) March 29, 2015 December 28, September 28, 2014 2014 Adjusted EBITDA $ $ 37,788 37,722 $ 35,597 June 29, 2014 $ 44,050 March 30, 2014 December 29, 2013 $ $ 19,718 17,807 September 29, 2013 $ 28,432 June 30, 2013 $ 33,461 Less (plus): Depreciation 15,306 14,798 15,842 14,536 15,446 14,398 15,505 15,651 Amortization 5,011 5,549 4,889 5,593 5,691 4,175 4,277 4,336 Share based compensation expense Loss (gain) on disposal of property, plant and equipment 2,379 2,270 2,255 2,797 2,283 2,000 1,841 2,081 (56) 1,457 236 1,036 1,087 852 — Registration and listing fees Restructuring costs 2,356 — Asset impairment — (57) 18,202 9,913 — — 560 721 — — 1,998 6,163 1,265 — — 1,904 Other expense (income), net (1,184) (1,670) (404) 1,306 181 3,092 (255) (363) 3,264 1,131 2,004 1,379 19 (13,661) (6,272) (408) 229 194 124 170 142 402 62 44 1,736 1,724 258 499 741 (73) 838 605 (31,052) $ (16,367) $ (9,967) $ 5,580 — — 8,442 — 1,762 28,046 Net income (loss) attributable to Masonite 9,993 (2,772) Loss on extinguishment of debt — 10,594 35 423 11,753 — 10,447 — Interest expense (income), net Income tax expense (benefit) Loss (income) from discontinued operations, net of tax Net income (loss) attributable to non-controlling interest 10,491 — — 8,330 8,208 — — 19 $ $ (16,586) $ (7,589) $ 3,615 $ (1,211) Reconciliation of Net Sales, Excluding Foreign Exchange North America First quarter 2014 net sales Volume* $ 314.4 11.5 Average unit price Other Foreign exchange First quarter 2015 net sales $ Africa $ 13.5 (0.7) Total $ 422.5 9.1 2.2 % 6.0 (0.5) 24.0 5.7 % 0.5 (0.7) — (0.2) —% (8.9) (11.0) (1.0) (20.9) (4.9 )% $ 434.5 2.8 % $ 6.9 % 87.2 $ (7.8 )% 11.3 (16.3 )% First quarter 2014 Adjusted EBITDA $ 16.0 $ 3.0 $ 0.7 $ 19.7 First quarter 2015 Adjusted EBITDA $ 29.6 $ 8.8 $ (0.6) $ 37.8 Year over year growth, Adjusted EBITDA % Change 18.5 336.0 Year over year growth, net sales Europe, Asia and Latin America $ 94.6 (1.7) 85.0 % 193.3 % 91.9 % (185.7 )% (*) Includes the incremental impact of 2014 acquisitions. 20