the beautiful door

May 2016

1Q16 Earnings Presentation

2

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,” “framework,” “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, our ability to successfully

implement our business strategy; 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 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 MEASURES

Our management reviews net sales and Adjusted EBITDA (as defined below) to evaluate segment performance and allocate resources. Net assets are not allocated to the reportable segments.

Adjusted EBITDA is a non-GAAP financial measure which does not have a standardized meaning under GAAP and is unlikely to be comparable to similar measures used by other companies. Adjusted

EBITDA should not be considered as an alternative to either net income or operating cash flows 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. Beginning with the third

quarter of 2015, we revised our calculation of Adjusted EBITDA to separately exclude loss (gain) on disposal of subsidiaries. The revision to this definition had no impact on our reported Adjusted

EBITDA for the three months ended March 29, 2015. Adjusted EBITDA (as revised) is defined as net income (loss) attributable to Masonite adjusted to exclude the following items: depreciation;

amortization; share based compensation expense; loss (gain) on disposal of property, plant and equipment; registration and listing fees; restructuring costs; asset impairment; loss (gain) on disposal of

subsidiaries; interest expense (income), net; loss on extinguishment of debt; other expense (income), net; income tax expense (benefit); loss (income) from discontinued operations, net of tax; and net

income (loss) attributable to non-controlling interest. This definition of Adjusted EBITDA is differs from the definitions of EBITDA contained in the indenture governing the 2023 Notes and the credit

agreement governing the ABL Facility. 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 tables in the appendix to this presentation reconcile Adjusted EBITDA to net income (loss) attributable to Masonite for the

periods indicated. We are not providing a quantitative reconciliation of our Adjusted EBITDA outlook to the corresponding GAAP information because the GAAP measures that we exclude from our

Adjusted EBITDA outlook are difficult to predict and are primarily dependent on future uncertainties.

Adjusted EPS for the quarter ended April 3, 2016 and March 29, 2015 is diluted earnings per common share attributable to Masonite (EPS) less asset impairment charges, loss (gain) on disposal of

subsidiaries and loss on extinguishment of debt, net of related tax expense (benefit). Management uses this measure to evaluate the overall performance of the Company and believes this measure

provides investors with helpful supplemental information regarding the underlying performance of the Company from period to period. This measure may be inconsistent with similar measures

presented by other companies.

Safe Harbor / Non-GAAP Financial Measures

3

Company & Industry Update

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4

Company & Industry Update

1Q Overview

Improved macro environment and solid execution delivers strong growth

Quarterly AUP growth 1Q16 Highlights

- Net sales increased 13% to $489.3 million

- Adj. EBITDA* increased 54% to $58.2 million

- Adj. EBITDA margin +320bps

- Adj. EBITDA growth from all three reportable

segments

- NA Residential + 75%

- Europe + 53%

- Architectural + 10%

- Adjusted EPS* increased to $0.57

- Repurchased $16 million of company shares

- 12th consecutive quarter of positive overall

AUP growth

- AUP increased in NA Residential and Europe

- NA Residential +5%

- Europe +9%

- Architectural -1%

-4%

-2%

0%

2%

4%

6%

8%

10%

Q1'1

1

Q2'1

1

Q3'1

1

Q4'1

1

Q1'1

2

Q2'1

2

Q3'1

2

Q4'1

2

Q1'1

3

Q2'1

3

Q3'1

3

Q4'1

3

Q1'1

4

Q2'1

4

Q3'1

4

Q4'1

4

Q1'1

5

Q2'1

5

Q3'1

5

Q4'1

5

Q1'1

6

(*) – See appendix for non-GAAP reconciliations

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Company & Industry Update

Masonite’s New Reporting Segments

NA Residential

Wholesale and retail

businesses in the U.S.,

Canada & Mexico

Chile facilities primarily

serving NA Residential

market

Architectural

Architectural

business in North

America

Europe

United Kingdom,

Czech Republic, and

Ireland

Corp & Other

Unallocated corporate

costs and the results

of immaterial

operating units not

aggregated into any

reportable segment

6

Company & Industry Update

Segment Overview

North American Residential

- U.S. housing starts and completions*

increased 16% and 19%, respectively, in 1Q16

- Single family starts +23%

- Multi family starts +2%

- Single family completions +16%

- Multi family completions +28%

- Volume increased 18% on strong demand with

both retail and wholesale customers

- Lowe’s business at full quarterly run rate

- Balanced growth across all products and

channels

($ in millions) 1Q16 1Q15 Diff

Net Sales $328.7 $273.3 +20%

Adj. EBITDA $51.4 $29.3 +75%

Margin 15.6% 10.7% +490bps

(*) – Source: U.S. Census Bureau

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Company & Industry Update

Segment Overview

- Portfolio optimization driving Adj. EBITDA

margin expansion

- Shift to fiberglass exterior doors benefitting

DSI business

- High demand in UK RRR market

- Integrations of PDS and National Hickman

continue

- Brexit concerns slowing pace of new

residential housing completions

- Negative impact on Pound Sterling

Europe

($ in millions) 1Q16 1Q15 Diff

Net Sales $80.6 $75.0 +7%

Adj. EBITDA $10.1 $6.6 +53%

Margin 12.5% 8.8% +370bps

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Company & Industry Update

Segment Overview

- Volume increased 10%

- Strong demand from office sector and

lodging sector

- Order flow remains positive

- Negative AUP due to higher demand in lower

end doors

- Communicated price increase in Q1

- Limited price realization in 2016 due to

extended project lead time

- Focused on improving operational

performance and Adj. EBITDA pass through as

demand increases

- Purposeful investments in R&D, personnel and

systems integration

Architectural

($ in millions) 1Q16 1Q15 Diff

Net Sales $73.5 $66.9 +10%

Adj. EBITDA $4.4 $4.0 +10%

Margin 6.0% 6.0% --

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Financial Overview

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$37.8

$58.2

1Q15 1Q16

$434.5

$489.3

1Q15 1Q16

Financial Overview

1Q16 Net Sales and Adjusted EBITDA

(*) – See appendix for non-GAAP reconciliations

Double digit increase in net sales

in all three reportable segments

(excluding forex)

Gross margin increase driven by

higher AUP and fixed cost

leverage

New Year’s holiday fell in 4Q15

Net sales benefit of ~$15

million vs 1Q15

Adj. EBITDA benefit of ~$3

million vs. 1Q15

Forex decreased Adjusted

EBITDA by $1.8 million

Adj. EBITDA* Quarterly Drivers Net Sales

($ in millions) ($ in millions)

1Q15 1Q16 1Q15 1Q16

+54% +13%

+16% Excluding impact of F(x): +59% Excluding impact of F(x):

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Financial Overview

1Q16 Consolidated P&L Information

Net Sales

Gross Profit

Gross Profit %

SG&A

SG&A %

Adj. EBITDA*

Adj. EBITDA %

Adj. EPS*

1Q16

$489.3

$98.2

20.1%

$64.9

13.3%

$58.2

11.9%

$0.57

1Q15

$434.5

$73.3

16.9%

$58.2

13.4%

$37.8

8.7%

($0.10)

B/(W)

+12.6%

+34.0%

+320 bps.

(11.5%)

+10 bps.

+54.0%

+320 bps.

+$0.67

($ in millions)

(*) – See appendix for non-GAAP reconciliations

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Financial Overview

Segment Sales Walk

1Q15 Net Sales

Forex

Volume*

AUP

Other

1Q16 Net Sales

NA Residential

$273.3

($9.3)

$50.1

$13.8

$0.8

$328.7

Europe

$75.0

($2.6)

$0.2

$6.8

$1.2

$80.6

Architectural

$66.9

($0.9)

$6.4

($0.4)

$1.5

$73.5

C&O

$19.2

($0.1)

($12.2)

--

($0.4)

$6.5

($ in millions)

+24% ex Fx +11% ex Fx +11% ex Fx

(*) – Includes the incremental impact of recent acquisitions and dispositions

Reflects removal of

S. Africa

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Financial Overview

2016 Viewpoints

Headwinds

Continued U.S. housing market growth

Expect mid to high-single digit growth in

U.S. housing completions

Expect mid-single digit growth in the

U.S. RRR market

New product investments driving higher AUP

Benign commodities market

Tightening labor market in U.S.

“Brexit” risk impact in UK housing market

Weak and uneven housing market in Canada

due to lower commodities prices

Uncertain foreign exchange environment

Tailwinds

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10.9%

0%

5%

10%

15%

20%

25%

2015 2018

$1.9

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

2015 2018

Financial Overview

Long Term Growth Framework^

Net Sales

($ in billions)

Adjusted EBITDA* Margin

7% - 10%

CAGR

14% - 15%

( )̂ - Company long term growth framework is a forward-looking statement and subject to risks and uncertainties. See "Safe Harbor/Forward Looking Statement”

(*) – See definition of Adjusted EBITDA on page 2. We are not providing a quantitative reconciliation of our Adjusted EBITDA outlook to the corresponding GAAP information because the GAAP measures that we

exclude from our Adjusted EBITDA outlook are difficult to predict and are primarily dependent on future uncertainties.

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Financial Overview

Long Term Growth Framework

Return to 1.5M housing starts in

U.S. by 2018

Mid single digit growth in RRR

market

Mid single digit growth in non-

residential construction

Flat housing market in Canada

Decelerating growth in UK new

residential construction

~25% incremental margin on

volume

Introduction of new products at

higher price points

Drive consumers to higher mix

products

Continued efforts to capture fair

value

Tightening labor market

Longer term materials cost

inflation

Focus on increasing factory

productivity

Margin Factors

Cost Factors

Volume Leverage

Market Assumptions

Investment/Costs

Margin Enhancements

Reduced SG&A leverage from

investments in:

Electronic enablement

IT systems

Advertising/marketing

Continued investments in R&D

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Financial Overview

Cash Flow Deployment

1) Fund working capital

3) Strategic acquisitions

4) Return cash to shareholders

Continue to target Net Working Capital of

12-15% of net sales

Acquisitions to enhance portfolio and

value-added service offerings

Opportunistic share repurchases

2) Invest in growth initiatives Investment in new products and

technology enablers (~3% of Net Sales)

Cash Priorities

Strong liquidity allows simultaneous execution across all layers

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2.1 1.9

0.0

1.0

2.0

3.0

4.0

5.0

Q1'15 Q2'15 Q3'15 Q4'15 Q1'16

Total Debt Net Debt

Financial Overview

Liquidity, Credit and Debt Profile

Leverage Ratios

Unrestricted Cash $50.0

Total Available Liquidity $206.6

Liquidity at April 3, 2016 (millions of USD)

TTM Adj. EBITDA^ $224.7

TTM Interest Expense $28.4

Total Debt $469.0

Net Debt $419.0

Coverage Ratios

Free Cash Flow*

($ in millions)

$48.9 $59.9

$86.9

$153.1

$0

$40

$80

$120

$160

$200

2012 2013 2014 2015

Target

total debt

leverage

ratio <3x

(^) – See appendix for non-GAAP reconciliations.

(*) – Free cash flow defined as Adjusted EBITDA less capex

7.9

5.6

0.0

3.0

6.0

9.0

Q1'15 Q2'15 Q3'15 Q4'15 Q1'16

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

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Summary / Q&A

the beautiful door

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Summary

Eighth consecutive quarter of >25% Adj. EBITDA growth

Net sales increased 13% (+16% ex. Foreign exchange)

Gross profit increased 34% and gross margin

expanded 320 basis points

Adj. EBITDA increased 54% to $58 million

Adj. EBITDA margin up 320 basis points to 11.9%

Repurchased $16 million of company shares

1Q16 Highlights 2016 What’s Expected

Deliver an unparalleled customer experience

Continued impact from new product launches

Expansion of MVantage and our lean operating

environment

Solid U.S. macro environment

Tightening labor market in North America

Near term softness in UK housing; uneven housing

market in Canada

Sale of South Africa business in process

the beautiful door

Appendix

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Reconciliation of Adjusted EBITDA to Net Income (loss) Attributable

to Masonite

Three Months Ended April 3, 2016

(In thousands)

North American

Residential Europe Architectural Corporate & Other Total

Adjusted EBITDA $ 51,375 $ 10,118 $ 4,431 $ (7,683 ) $ 58,241

Less (plus):

Depreciation 7,920 2,076 2,507 2,067 14,570

Amortization 1,158 2,396 2,147 763 6,464

Share based compensation expense — — — 3,728 3,728

Loss (gain) on disposal of property, plant and equipment 91

31

41

(31 ) 132

Restructuring costs — 21 — (2 ) 19

Interest expense (income), net — — — 7,232 7,232

Other expense (income), net — 71 — 715 786

Income tax expense (benefit) — — — 6,210 6,210

Loss (income) from discontinued operations, net of tax —

—

—

188

188

Net income (loss) attributable to non-controlling interest 838

—

—

246

1,084

Net income (loss) attributable to Masonite $ 41,368 $ 5,523 $ (264 ) $ (28,799 ) $ 17,828

Three Months Ended March 29, 2015

(In thousands)

North American

Residential Europe Architectural Corporate & Other Total

Adjusted EBITDA $ 29,347 $ 6,569 $ 4,030 $ (2,158 ) $ 37,788

Less (plus):

Depreciation 7,952 1,959 1,977 3,418 15,306

Amortization 1,307 922 2,028 754 5,011

Share based compensation expense — — — 2,379 2,379

Loss (gain) on disposal of property, plant and equipment 213

14

44

(327 ) (56 )

Restructuring costs 3 1,728 — 625 2,356

Interest expense (income), net — — — 11,753 11,753

Loss on extinguishment of debt — — — 28,046 28,046

Other expense (income), net — 83 — (1,267 ) (1,184 )

Income tax expense (benefit) — — — 3,264 3,264

Loss (income) from discontinued operations, net of tax —

—

—

229

229

Net income (loss) attributable to non-controlling interest 938

—

—

798

1,736

Net income (loss) attributable to Masonite $ 18,934 $ 1,863 $ (19 ) $ (51,830 ) $ (31,052 )

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Three Months Ended

(In thousands) April 3,

2016 March 29,

2015

Net income (loss) attributable to Masonite $ 17,828 $ (31,052 )

Add: Loss on extinguishment of debt — 28,046

Tax impact of adjustments — —

Adjusted net income (loss) attributable to Masonite $ 17,828 $ (3,006 )

Diluted earnings (loss) per common share attributable to Masonite ("EPS") $ 0.57 $ (1.03 )

Diluted adjusted earnings (loss) per common share attributable to Masonite ("Adjusted

EPS") $ 0.57

$ (0.10 )

Shares used in computing diluted EPS 31,371,956 30,056,085

Reconciliation of Adjusted Net Income (loss) Attributable to Masonite

to Net Income (loss) Attributable to Masonite

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