May 2015

Investor Booklet

Legal Disclaimer

This presentation includes forward-looking statements within the meaning of Section 27A of theSecurities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. All statementsother than statements of historical facts included in this presentation regarding, among other things,our prospects, plans, financial position and business strategy, may constitute forward lookingstatements. These statements are based on the beliefs and assumptions of our management andon the information currently available to our management at the time of such statements. Forward-looking statements generally include discussions and descriptions other than historical information.These forward-looking statements can generally be identified as such because the context of thestatement will include words such as "trend," "may," "annualized," "should," "outlook," "project,""intend," "seek," "plan," "believe, "anticipate," "expect," "estimate," "potential," "continue," "goal," or"opportunity," the negatives of these words, or similar words or expressions. The forward-lookingstatements made herein are only made as of the date of this presentation and we undertake noobligation to publicly update such forward looking statements to reflect subsequent events orcircumstances. Although we believe that the expectations reflected in these forward-lookingstatements are reasonable, these expectations may not prove to be correct. All subsequent writtenand oral forward-looking statements attributable to us or persons acting on our behalf are expresslyqualified in their entirety by the cautionary statements included in this document. These forward-looking statements are subject to risks and uncertainties that are discussed in greater detail in theCompany’s filings with the Securities and Exchange Commission, including our Annual Reports onForm 10-K and Quarterly Reports on Form 10-Q, that may cause actual results to differ materially.

1

Continental Building Products (“Continental” or “CBPX”) is a leading, high margin manufacturer of gypsum wallboard and complementary finishing products

• Market position: Leader in core geographic regions

• Plants: 3 drywall manufacturing facilities (owned)2 joint compound facilities (owned)1 joint venture paperboard liner facility

• Manufacturing: 3.3 billion square feet; operated at 66% capacity utilization FY 2014

• Key financials: Total revenue of $425 mm(FY 2014) Adj. EBITDA of $115mm (27.1% margin)

• Headquarters: Herndon, Virginia

Company Overview

2014 Sales Volume Breakdown by Country

Geographic Footprint

Canada North Central North East South EastCorporate Wallboard Plants Joint CompoundPaperboard Liner

2

Palatka, FL

Silver Grove, KY

Buchanan, NY

Herndon, VA

Lynchburg, VA

Chambly, Quebec

Source: Company filings.

United States

89%

Canada11%

3

Company Highlights

Focused on Operational Excellence with New, Low-Cost Production1

Well Positioned to Capitalize on Construction Recovery2

Favorable Industry Dynamics3

Strong Margins and Impressive Financial Momentum4

• Among the newest capacity in the industry results in higher operating efficiency and lower capex needs

• Strategic locations near raw material sources and customer end markets drive lower material and freight costs

• Strong positions in markets growing faster than the national average, but still well below peak

• U.S housing starts rapidly recovering but remain well below 50-year average of 1.5 million

• Repair and remodel provides stable demand base; housing and commercial embed significant potential upside

• Market leader in key geographic regions with an estimated 17% market share in the eastern U.S.

• Better effective utilization rates helping to improve pricing; industry capacity 17% below prior peak level

• Significant EBITDA and margin growth through low-cost efficient operating structure

• Strong cash flow generation and low capex drives deleveraging and other value enhancing opportunities

4

Solid Accomplishments in 2014

Commitment 2014 Results

Drive operational excellence to generate significant cash flows and operating leverage

• Adjusted EBITDA increased 12.2% to $115.1 million, compared to $102.6 million in the prior year

• Converted approximately two-thirds of our Adjusted EBITDA into free cash flow for 2014

Maintain strict capital discipline, leveraging off of substantial past investments

Establish independence from Lafarge services before the end of 2014

• Total capital expenditures, below 2% of net sales, excluding $3.9 mm for ERP system implementation

• Implemented new ERP system below budget and ahead of schedule, exiting the Lafarge platform

• In November 2014 completed the process of transitioning all services formerly performed by Lafarge North America to in-house operations

Reduce debt leverage and improve credit metrics• Reduced net debt by a total of $65.6 million since the

completion of our IPO• Net Debt / LTM Adjusted EBITDA leverage improved to 2.9x

as of December 31, 2014• Reduced Interest Rate by 75 basis points

New, Low-Cost Production & Operational Excellence

Source: Company, Company estimates, and public filings.5

Substantially improved cost position drives significant EBITDA gains

• Highly focused on operational excellence

• Invested over $550mm in capex since 2000 in state-of-the-art manufacturing facilities

§ Some of the fastest line-speeds in the industry which drives lower fixed costs per unit of production

• Closed older, inefficient plants while maintaining market share

§ Reduced energy consumption per MSF by 16% from 2007 to 2014

• Right sized the entire company’s labor base to lower costs

§ Reduced headcount by 35% from 2007 to 2014

Springfield

NashvilleKnoxville

Richmond

Charlottesville

HuntingtonCincinnati

ColumbusCleveland

Detroit

GrandRapidsMilwaukee

Chicago

De Moines

Kansas City

St. Louis

Memphis

Louisville

Indianapolis

Toronto

Silver Grove

Source: Management estimates, public filings.6

• Over 55% of US demand for wallboard is in our primary trading area east of the Mississippi River

• CBPX has approximately 17% U.S. market share east of the Mississippi River

• Close proximity to major metropolitan areas

• Each of our facilities allows us to offer same-day delivery service to many of our key metropolitan markets

• Company has secured long-term contracts to procure its two main raw material inputs

Plants Located Near Raw Materials and Major Markets

PortlandManchester

Philadelphia

Buffalo New York

Ottawa

MontrealQuebec

Toronto

Chambly

BostonPittsburgh

Reading

Ottawa

Montreal

Portland

ManchesterUtica Albany

BuchananNew York

Newark

BinghamtonScranton

Hartford

AllentownTrenton

PhiladelphiaWilmington

Poughkeepsie DanburyBoston

Buffalo

Rochester

Charlotte

CharlestonBirmingham

AtlantaSavannah

JacksonvilleTallahassee

Gainesville

Tampa

OrlandoWest Palm Beach

Miami

Palatka

CBPX

CBPX

CBPX

CBPX JC Facility

Eagle Materials (“EXP”)National Gypsum Company (“NGC”)

USGCertain Teed (“CT”) Georgia Pacific (“GP”)CBPX

PP

Paper Plant (“PP”)Synthetic Gypsum Source

Gypsum Wallboard Joint Compound

Source: U.S. Census Bureau.(1) Peak occurred in 1972.(2) Average housing starts from 1959 through 2014.(3) Calculated as the average of the 1960, 1966, 1975, 1982, and 1991 housing starts.

US Population(mm) 179.3

Housing Starts Rebounding Off All-time Lows

203.2 226.5 248.7 281.4 308.7

Long Term Average Housing Starts at 1.4mm per Annum

7

PeriodHousing Starts(in Thousands)

Housing Starts 2014(in Thousands)

PercentageDifference

Peak (1) 2,357 1,003 135%

Long-Term Average (2) 1,449 1,003 44%

Average Cyclical Low (3) 1,131 1,003 13%

0

500

1,000

1,500

2,000

2,500

3,000

1959 1964 1969 1974 1979 1984 1989 1994 1999 2004 2009 2014

Actual Housing Starts Long-term Average

Hou

sing

Sta

rts (0

00's

)

0. 0

500

1, 000

1, 500

2, 000

0

5

10

15

20

25

30

35

40

1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014

(BS

F)

(thou

sand

s)

Source: Gypsum Association (wallboard demand) and U.S. Census Bureau (housing starts).

New Housing Starts

Wallboard Demand

Upside to Wallboard Demand Highly Correlated To Improving Housing Starts

8

0

400

800

1,200

1,600

2,000

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Source: McGraw Hill and NAHB.

R&R Provides Additional Support to Construction Demand(RMI Index - Quarterly)

Commercial Construction Stable with Strong Upside(million square feet)

9

Average: 1,268 mmsf

Difference: 354 mmsf

R&R and Commercial Provide Firm Base of Activity

Pent-up demand from underspending expected to continue to drive growth

Industry Dynamics Remain Favorable

31%

22% 19%

5%

5%

4%

4% 3% 2% 2% 2% 1%

Source: Management estimates, Gypsum Association, and public corporate presentations.10

Industry Capacity Rationalized(Billions of Square Feet)

CBPX Capacity Utilization and Mill-Net Price Recovering(CBPX Mill-Net Price Per Thousand Square Feet, MSF)

1997 2014(Capacity Share) (Capacity Share)

26%

21%

16%

13%

10%

10% 4%

Briar

87.1%

65.3% 60.1%

53.6% 53.1% 55.1% 57.8% 62.7% 66.0% $187

$129

$96 $104 $99 $98

$124

$146 $155

2006 2007 2008 2009 2010 2011 2012 2013 2014

39.6

32.7 32.7

2008 2013 2014

11

Wallboard volume growth expected as construction recovery continues

New, low-cost production generates high margins and operating leverage

Pricing moving in a positive direction

Generating strong cash flow

• Housing cycle viewed as having a longer recovery as starts remain below trough levels seen in previous cycles

• Repair and remodel has provided consistent base demand

• Commercial showing early signs of a recovery

• Substantially improved cost structure with a strong commitment to operational excellence

• Significant past capex investments drive strong operating leverage and EBITDA growth

• Pricing expected to be higher in 2015 for the fourth consecutive year

• Average mill-net price up over 60% since 2011 and remains well below previous peak levels

• Strong cash flow generation with near term focus on deleveraging and value enhancing opportunities

• Disciplined plan for deployment of cash flows over the long-term to maximize shareholder value

2

1

4

3

Financial and Operational Overview

Source: Company filings.

Volume(millions of square feet, mmsf)

Mill-Net Price Per MSF

Total Net Sales($ in millions)

12

Capacity Utilization

Total Capacity: 3,300 mmsf1,120 mmsf of head room

Improving Top Line with Plenty of Headroom for Growth

$124

$146 $155

2012 2013 2014

$311

$402 $425

2012 2013 2014

1,903

2,161 2,180

58.0%

65.5% 66.0%

2012 2013 2014

Adjusted EBITDA($ in millions)

Total Capex($ in millions)

Adjusted EBITDA - Capex($ in millions)

13

Capex as a % of Net Sales% Adj. EBITDA Margin

Strong Conversion of EBITDA into Cash Flow

Source: Company filings.

Net Debt($ in millions)

Net Debt / Adj. EBITDA

5.4x 2.9x

FCF Conversion

$3.9 mmfor ERP system

Excludes $3.9mm for ERP system

$10

$5 $5

1.7% 1.3% 1.3%*

2012 2013 2014

* Excludes ERP system implementation costs

$552

$334

2013 2014

$41

$103 $115

13.2%

25.5%

27.1%

2012 2013 2014

$36

$97

$106 87.3%

94.8%

91.7%

2012 2013 2014

95.0%5.4x

2.9x

Strong Cash Flows Driving Deleveraging and Other Value Enhancing Opportunities

14

($ in millions) 3/31/2014 6/30/2014 9/30/2014 12/30/2014 3/31/2015

Cash $3 $7 $12 $16 $19

Revolver 13 -- -- -- --1st lien term loan due 2021 413 402 377 352 3422nd lien term loan due 2020 – – – – –Original issue discount (3) (3) (3) (3) (3) Total debt $423 $399 $374 $349 $339Book equity 279 284 294 303 308Total capitalization $702 $683 $668 $652 $647

Net Debt $420 $392 $362 $333 $321LTM Adjusted EBITDA $103 $102 $110 $115 $120

Credit StatisticsNet debt / LTM Adj. EBITDA 4.1x 3.8x 3.3x 2.9x 2.7xLiquidity $34 $53 $58 $61 $65

Source: Company filings.

In May 2015, the Company repurchased approximately 900,000 shares for $20M

15

Pro Forma 2014 vs

1Q 2015vs

($ in millions) 2013 2014 2013 1Q 2014 1Q 2015 1Q 2014

Mill-Net Price ($/MSF) $145.92 $154.77 6.1% $157.32 $157.46 0.1%

Wallboard Volume (MMSF) 2,161 2,180 0.9% 438 469 7.1%

Total Net Sales $402 $425 5.5% $87 $92 6.0%

Operating Income $30 $61 104.0% $6 $8 25.8%

Adjusted EBITDA $103 $115 12.2% $20 $25 25.5%

% Margin 25.5% 27.1% +160 bps 23.2% 27.4% +430 bps

Depreciation and Amortization $53 $54 2.5% $14 $13 -5.4%

Capital Expenditures $5 $10 81.7% $1 $1 26.3%

Recent Operating and Financial Performance

Source: Company filings.(1) FY 2014 capital expenditures includes $3.9mm for newly implemented ERP system.

(1)

16

Jay BachmannPresident, CEO

• 12 years of experience with the Company

• Prior positions

– Chief Financial Officer, USA (Lafarge NA)

– Senior Vice President Finance - Investor Relations (Lafarge SA)

Dennis Schemm Senior VP, CFO

• Joined the Company in 2015 with over 20 years of industry experience

• Prior positions

– Vice President of Global Finance for Armstrong Flooring (Armstrong Worldwide)

– Director of Global Financial Planning and Analysis at Gilbarco, a Danaher Company

– Senior Financial Roles at Monsanto Company

Tim PowerSenior VP, General Counsel

• 15 years of experience with the Company

• Prior positions

– Vice President and Associate General Counsel (Lafarge NA)

– Assistant General Counsel (Lafarge NA)

David Obergefell Senior VP, Manufacturing

• Joined the Company in 2014

• Prior positions

– Partner, Gypsum Process Solutions, LLC (worldwide gypsum consulting industry)

– VP – Manufacturing, International Operations – USG Corp

Experienced and Highly Aligned Management Team

Appendix

18

Non-GAAP Reconciliations

Reconciliation of Operating Income to Adjusted EBITDA ($ in Thousands)

Successor Pro Forma Successor Predecessor

Year Ended Year Ended Year Ended July 26 to January 1 to Year Ended Year EndedDecember 31, December 31, December 31, September 30, August 30, December 31, December 31,

2014 2013 2012 2013 2013 2012 2011Operating Income - GAAP Measure $60,761 $29,790 $(45,404) ($2,107) $32,627 $(12,757) $(61,116)

Adjustments:Depreciation and amortization 54,317 53,015 66,963 4,594 16,886 36,331 28,054 EBITDA - Non-GAAP Measure 115,078 82,805 21,559 2,487 49,513 23,574 (33,062)Pension and post-retiree costs retained by Lafarge (a) - 7,636 11,925 - 7,636 11,925 8,037 Master Brand Agreement (b) - 3,004 3,602 - 3,004 3,602 5,273 Special bonus (c) - - 904 - - 904 400 Spare parts write-off (d) - - 1,205 - - 1,205 -Newark lease termination costs (e) - 2,556 - - 2,556 - -Co-generation lease termination costs (f) - 3,270 - 2,075 1,195 - -Acquisition closing costs (g) - 3,296 - 3,296 - - -Inventory step-up impacting margin (h) - - 1,500 1,500 - - -Adjusted EBITDA - Non-GAAP Measure $115,078 $102,567 $40,695 $9,358 $63,904 $41,210 $(19,352)Adjusted EBITDA Margin – Adjusted EBITDA as a percentage of sales – Non-GAAP Measure 27.1% 25.5% 13.1% 26.3% 25.3% 13.2% NM

(a) Lafarge retained the pension and post-retiree liabilities related to its gypsum division and no new plans have been established by Continental.The adjustment represents pension and post-retiree benefit costs allocated to the Predecessor.

(b) Adjusts for the amounts paid to Lafarge under the master brand agreements by Lafarge that were discontinued after the Acquisition.(c ) Adjusts for special payouts paid by Lafarge related to a retention program due to the process of disposing of its gypsum business.(d) Adjusts for the write-off of spare parts related to the closure of the Newark, New Jersey gypsum wallboard plant.(e) Adjusts for the payment of a lease termination fee to the Port of Newark related the Newark, New Jersey plant closure.(f) Adjusts for the payment of a lease termination fee to discontinue the use of the co-generation power plant.(g) Adjusts for the transaction costs associated with the Acquisition.(h) Adjusts for step-up to fair value of inventory that increased cost of sales for one month after the Acquisition.

Source: Company filings.

19

Non-GAAP Reconciliations (cont’d)

Reconciliation of Operating Income to Adjusted EBITDA ($ in Thousands)

Source: Company filings.

Quarter Ended Quarter Ended Quarter Ended Quarter Ended Quarter Ended

March 31, 2014 June 30, 2014 September 30, 2014

December 31, 2014

March 31, 2015

Operating Income - GAAP Measure $ 6,281 $ 12,802 $ 20,209 $ 21,469 $ 7,902

Depreciation and amortization 13,883 13,930 13,511 12,993 13,129

EBITDA—Non-GAAP Measure 20,164 26,732 33,720 34,462 21,031

Long Term Incentive Plan funded by Lone Star (a) — 4,171

Adjusted EBITDA—Non-GAAP Measure $ 20,164 $ 26,732 $ 33,720 $ 34,462 $ 25,202 Adjusted EBITDA Margin - Adjusted EBITDA as a percentage of net sales - Non-GAAP Measure 23.2% 26.0% 29.6% 28.5% 27.3%

(a) Represents expense recognized pursuant to the LSF8 Gypsum Holdings, L.P. Long Term Incentive Plan.All amounts are funded by LSF8 Gypsum Holdings, L.P., an affiliate of Lone Star Funds.