NYSE: DOOR

Deutsche Bank Industrials Conference

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. It is defined as net income (loss) attributable to Masonite plus depreciation, amortization of intangible assets, restructuring costs, loss (gain) on sale of property, plant and equipment, impairment of property, plant and equipment, 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 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 appendix sets forth a reconciliation of Adjusted EBITDA to net income (loss) attributable to Masonite for the periods indicated.

2

3

Established leadership positions in all targeted product categories in our largest market (United States).

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

An extensive global footprint with 65 manufacturing facilities spread across 11 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 NA.

Manufacturing Headquarters

Company / Industry OverviewMasonite 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%

-

10

20

30

40

50

60

2006 2007 2008 2009 2010 2011 2012 2013 Q1'14

4

Company / Industry OverviewMasonite Has Transformed Itself in Recent Years

-

5,000

10,000

15,000

20,000

2006 2013 Q1'14

Pre-Acquisitions Acquisitions

Cumulative Global Plant Closures

Warehouses Manufacturing

Strengthened the Core Business:• Lean sigma deployed and $100+

million of benefits since 2006• 57 manufacturing/distribution

facilities closed since 2006• Reduced total headcount by

approximately 40% 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 HeadcountActions Taken

Company / Industry OverviewInterior Molded Doors – A New Normal Has Emerged

Assembly

Facings

Prior to 2001Market Reality

2002 – 2012

The New Normal

Since Oct. 2012

Assembly

FacingsAssembl

yFacings

(^) – Premdor purchased Masonite from International Paper in 2001. Premdor converted to the Masonite brand across all geographies except for France.(#) – The Towanda PA facing plant was divested as part of a government imposed condition for completing the sale of Masonite by International Paper to Premdor. Through this divestiture CMI (as a stand alone business) was first formed. (*) – ONEX acquired Jeld-Wen in October 2011 & Jeld-Wen acquired CMI in October 2012.

Including what would become

Market Expectations

Assembly

Facings

*

#

5

Company / Industry OverviewResidential 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

Company / Industry OverviewNon-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:

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• Based in Nottingham, United Kingdom• Specializes in fiberglass exterior doors• Leading e-commerce platform with 3-day delivery• High average unit prices, double-digit margins and

strong EBITDA to cash conversion• United Kingdom housing starts accelerating

Pre Acquisition

$7.6M TTM Adjusted EBITDA

~6.5x Pre Synergy Adjusted EBITDA

Acquisition Details

~$50 mm net purchase price*

UK Housing Market is Accelerating

(in 000s)Source: UK Office of National Statistics (Autumn 2013)(*) – Net of cash acquired

Company / Industry OverviewTuck-in Acquisitions: Door-Stop International

2011 2012 2013 2014100

110

120

130

140

9

Company / Industry OverviewEstablished Leadership Positions

Baillargeon

BirchwoodMarshfield

Algoma

Ledco

Lifetime

India

Lemieux

Algoma

Marshfield

Door Components

Residential Doors

SteelStile &

RailMolded

Non-Residential

Fiberglass

ExteriorInteriorDoor Core

Veneers / Facings

Interior Wood

Steel & Glass

Leaders

hip

Po

siti

on

Leaders

hip

Po

siti

on

Leaders

hip

Po

siti

on

Leaders

hip

Po

siti

on

Leaders

hip

Po

siti

on

Leaders

hip

Po

siti

on

Leaders

hip

Po

siti

on

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

Chile

Door-Stop

Company / Industry OverviewResidential Pricing Environment Improving

10

Q4’13Q1’13

North America Retail & U.S. Wholesale

Mid-High Single Digit* Increase Across Interior & Exterior Doors

Q1’14

25%15%

2013 NA Price Increases Affected a Limited Percentage of Masonite’s Total Global Business^

55%

2014 NA Price Increases Have Been Broader

Based^

U.S. Wholesale Mid Single Digit Increase on Molded & Flush

Interior Doors

U.S. Wholesale Mid Single Digit Increase on Certain Interior & Exterior Doors, Door Lites &

Components

(^) – Percentages of net sales are approximate and based on management estimates of net sales.(*) – The 2014 impact of North American retail pricing is expected to be up low-mid single digits once prior year price concessions are taken into account.

Masonite is Committed to Capturing Value for the Products & Services We Provide

Company / Industry OverviewNorth American Average Unit Price Has Been Improving

North American Average Unit Price Increasing

U.S. Wholesale Price Increases*• Mid single digit price increases

in Q1’13 & Q4’13.• Mid to high single digit price

increases in Q1’14.

NA Retail Price Increases*Mid to high single digit price increases in Q1 2014.

Product MixMore specialized products with higher average unit prices, likeStile & Rail, are helping increaseaverage unit price.

Key Drivers

(AU

P G

row

th %

, year

over

year)

11

NA Average Unit Price Has Increased for 4 Consecutive Quarters

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

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

(*) – Net of 2013 retail price concessions, the 2014 net impact of NA pricing is estimated at mid single digits across ~55% of global revenue for the remaining three quarters in 2014.

Company / Industry OverviewImproved Pricing Environment & Core Focus Areas

12

Goal: Grow Share & Expand Margins Beyond Macro Economic Recovery

$2 / Door +~$60 MM

$3 / Door +~$90 MM

$1 / Door +~$30 MM

Hypothetical increase in Adjusted EBITDA per $1/door increase^

Masonite sold approx. 32 million doors globally in 2013 with an AUP of

~$55/door(^) – Assuming no change in mix, input costs, etc.

Automation

Product Line Leadership

Electronic Enablement

Sales and Marketing Excellence

Industry Structure

Company / Industry OverviewCreating a Business Not Easy to Replicate

New Products

AutomationE-Commerce

Vertical Integration

Masonite’s replacement insurance value on our facing production facilities alone is in excess of $1.0 billion.

Die Fabrication

Facings Production

Slab Assembly

Pre-Hanging Pre-Finishing

13

Company / Industry OverviewPositive Construction Indicators in 2014

14

2009 2010 2011 2012 2013

0100200300400500600700800900

1000

2009 2010 2011 2012 2013

0

100

200

300

400

500

600

700

800

900

1000

2009 2010 2011 2012 2013

0

50

100

150

200

250

300

350

2014 Building Expectations Are PositiveU.S. New Housing Starts

• National Association of Homebuilders forecasts New Housing Starts of 1,038,000 in 2014

12% year over year growth

• Home Improvement Research Institute (HIRI) forecasts Home Improvement spend of $308 billion in 2014

6.5% year over year growth

• McGraw Hill Construction estimates 943K square feet of non-residential construction in 2014

11.6% year over year growthU.S. Non-Residential ConstructionU.S. Repair, Renovation & Remodel

Source: U.S. Census Bureau (Mar 2014)

Source: HIRI (Mar 2014) Source: McGraw-Hill (1Q14)

2014 Outlook is Positive for Building Activity

15

SummaryPositioning the Company for a Sustained Recovery

Pricing Trends Improving North America average unit price has increased for 4 consecutive quarters U.S. Wholesale & NA Retail mid to high single digit price increases Price increases in U.K. and France helping Europe / ROW pricing trends

Strong Volume Growth and Positive Mix Impact From Stile & Rail Lemieux and Chile Stile & Rail acquisitions are proceeding according to plan Footprint optimization and synergy capture for Stile & Rail operations underway

Market Indicators Remain Positive U.S. new housing expected to experience continued growth in 2014 U.S. Home Improvement market expected to display steady growth in 2014 Long-term, demographically driven demand characteristics remain strong

Key Focus Areas to Accelerate Growth Automation Product Line Leadership Electronic Enablement Sales & Marketing Excellence Strategic Tuck-in Acquisitions

Questions & Answers

Appendix

Financial ReviewVolume 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.

2010 201311.6%

11.8%

12.0%

12.2%

12.4%

12.6%

12.8%

13.0%

3/31/13 6/30/13 9/29/13 12/29/2013 3/30/2014

1.0

2.0

3.0

4.0

5.0

6.0

3.73.4

3.3

3.6

5.2

2.6 2.62.3

2.6

3.5

3.13.3

3.63069879824506

3.18975903614458 2.8421925485

3744

1.9 2.0 2.11.8 1.5

Total Debt / Adj. EBITDA Net Debt / Adj. EBITDAAdj. EBITDA / Interest (Adj. EBITDA - Capex) / Interest

Financial Policy & Coverage Ratios

Selected Cash Flow Data Q1’14 Q1’13

Cash flow from continuing operations ($10.6) ($4.0)

Additions to property, plant & equipment

($8.4) ($6.4)

Cash used in acquisitions ($50.3) $0.0

Gross Proceeds from issuance of long-term debt

$138.7 $0.0

Payment of financing costs ($1.9) $0.0

Increase (decrease) in cash & cash equivalents

$65.4 ($12.7)

Targetfinancialleveragerange

Unrestricted Cash $166.3

ABL Borrowing Base $108.0

AR Purchase Agreement $12.3

Total Available Liquidity $286.6

Liquidity at Mar 30, 2014 (millions of USD)

LTM Adj. EBITDA^ $99.4

LTM Interest Expense $35.0

Total Debt $513.6

Net Debt $347.3

Financial ReviewLiquidity, Credit and Debt Profile

Debt Issuance History

8.25% Senior Unsecured Notes due 2021

(*) - Adjusted for Door-Stop acquisition and Jan 2014 $125mm debt add-on

4.8 *

2011 2012 2013 2014$0

$50$100$150$200$250$300$350$400$450

3.2*

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

2.6*

Reconciliation of Adjusted EBITDA to Net Income (loss) Attributable to Masonite

20

(In thousands) December 29, 2013 December 30, 2012 January 1, 2012 January 2, 2011Adjusted EBITDA 105,877$ 97,261$ 81,994$ 80,678$ Less (plus):Depreciation 62,080 63,348 60,784 58,633 Amortization of intangible assets 17,058 15,076 10,569 8,092 Share based compensation expense 7,752 6,517 5,888 9,626 Loss (gain) on disposal of property, plant and equipment (1,774) 2,724 3,654 1,301 Impairment of property, plant and equipment 1,903 1,350 2,516 - Registration and listing fees 2,421 - - - Restructuring costs 10,630 11,431 5,116 7,000 Interest expense (income), net 33,230 31,454 18,068 245 Other expense (income), net (1,288) 528 1,111 1,030 Income tax expense (benefit) (23,363) (13,365) (21,560) (11,396) Loss (income) from discontinued operations, net of tax 597 (1,480) 303 1,718 Net income (loss) attributable to noncontrolling interest 2,105 2,923 2,079 1,390 Net income (loss) attributable to Masonite (5,474)$ (23,245)$ (6,534)$ 3,039$

Year Ended