2014 Third Quarter Earnings Presentation

NYSE: DOOR

November 6, 2014

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, and the expected impact of the explosion atour Estcourt Mill in South Africa. 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 ofMasonite, 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 notnecessarily 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 theforward-looking statements include, but are not limited to, general economic, market and business conditions; levels of residential new construction, residential repair, renovationand remodeling and non-residential building construction activity; competition; our ability to successfully implement our business strategy; our ability to manage our operationsincluding integrating our recent acquisitions and companies or assets we acquire in the future; our ability to generate sufficient cash flows to fund our capital expenditurerequirements 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 withtechnological developments; the actions by, and the continued success of, certain key customers; our ability to maintain relationships with certain customers; new contractualcommitments; 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 creditfacility; 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. 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, impairment, 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 ameasure 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 servicerequirements. We believe that the inclusion of Adjusted EBITDA in this presentation 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 orour 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: costsavings 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 withcertain plant closures and layoffs; and the amount of any restructuring charges, integration costs or other business optimization expenses or reserve deducted in the relevant periodin computing consolidated net income, including any one-time costs incurred in connection with acquisitions. The table in the appendix sets forth a reconciliation of Adjusted EBITDAto net income (loss) attributable to Masonite for the periods indicated.

2

① Company / Industry Update

② Q3’14 Financial Review

③ Summary / Q&A

Company / Industry Update

North American Trends Remain Positive

4

The Macroeconomic Recovery Continues

NA Door Volume Growth Economy in NA is Aiding Growth*

• Q3’14 U.S. Housing starts +16%

• Single Family +8%

• Multi-family +33%

• Equivalent starts +13%

• Q3’14 U.S. Housing completions +21%

• Single Family +9%

• Multi-family +53%

• Equivalent completions +16%

• Canadian Housing starts +2%

Despite the unusually harsh winter in Q1’14, volume growth in NA continues to increase as

the housing market continues its recovery

NA Volume Growth In Line with Economy

2013 2014

(*) – Source: U.S. Census Bureau, Canada Mortgage & Housing Association

14%

5%

0%

5%

10%

15%

Wholesale Retail

(year over year comparison)

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

1Q 2Q 3Q 4Q 1Q 2Q 3Q

5

Only ~1/3rd of 2014 NA Pricing Actions Have Posted in Our Results

Company / Industry Update

NA Pricing – Majority of Recent Pricing Not Yet Realized

Q1’14 Q2’14 Q3’14 Q4’14 Q1’15 Q2’15 Q3’15 Q4’15

North America Retail &

U.S. Wholesale Customers

Mid-High Single Digit

Increase

Q1’14

Q3’14

Low Single Digit to High

Single Digit Increase on

Targeted Products in NA

Wholesale & Retail

Quarterly Year Over Year Benefits

2014 2015

Recent Pricing

= Benefit realized.

= Benefit expected to be realized in respective quarter.

6

Company / Industry Update

North American Price Environment Has Been Improving

Improving Price Environment Includes Logical Price Progression*

(*) – Prices are for 6-panel, hollow core slab and bi-fold doors. Prices shown are based upon retail price shops conducted by Masonite in Oct. 2013, Jan. 2014 and Sep. 2014 across various markets with in the U.S. with (unnamed) retail customers “A” and “B”.

$44-$49$41 $52

1/1410/13 9/14

$49$41 $52

Getting Fair Value Benefits All Parties Throughout the Value Chain

$22-$30$19-$26

$29$19-$26

$32

1/1410/13 9/14

$32A

B

=

Retail Prices In Line With Value Allow for Investment Opportunities and Better Products

More Frequent Store DeliveryImproves Customer Service

Product Education &Marketing Capabilities

New Products and StylesIncreased Consumer

Value Proposition++

Company / Industry Update

North American Residential New Product Innovation

7

2014 / 2015 New Product Launches

Shaker Doors – 1 Panel

• Combines the classic lines of a wood shaker door with the durability of molded panel engineering.

• Available in Safe ‘N Sound / Emerald “green” specification with matching bi-fold doors.

• 3-Panel began shipping to North American retail and wholesale customers during the third quarter of 2014.

• Has an average unit price (AUP) considerably higher than traditional molded panel designs.

Shaker Doors – 3 Panel

Company / Industry Update

Five Focus Areas Designed to Accelerate Growth

Automation

Product Line Leadership

Electronic Enablement

Sales and Marketing Excellence

Portfolio Optimization: Strategic Tuck-ins & Market Exits

8

Goal: Grow Share & Expand Margins Beyond Macroeconomic Recovery

① Company / Industry Update

② Q3’14 Financial Review

③ Summary / Q&A

$28.4

$35.6

$25.0

$30.0

$35.0

$40.0

$45.0

$50.0

Q3'13 Q3'14

$433.1

$476.1

$300.0

$400.0

$500.0

$600.0

Q3'13 Q3'14

7.7

8.5

5.0

6.0

7.0

8.0

9.0

10.0

Q3'13 Q3'14

Net Sales Adjusted EBITDA*Door Volume^

(in millions) (millions of USD) (millions of USD)

Q3’13 Q3’14 Q3’13 Q3’14 Q3’13 Q3’14

(^) – Does not include Africa segment.(*) – See appendix for non-GAAP reconciliations.(~) – Inclusive of a ~$3.0 million charge for quality and inventory obsolescence issues in the Europe / Rest of World segment.

2014 Third Quarter Financial Results

Door Volume, Net Sales and Adjusted EBITDA

10

Door Volume, Net Sales & Adjusted EBITDA Reflect Improving Fundamentals

+25.4%+9.9%+10.4%

~

(*) – See appendix for non-GAAP reconciliations(~) – Inclusive of a ~$3.0 million charge for quality and inventory obsolescence issues in the Europe / Rest of World segment.

Net Sales

Gross Profit

Gross Profit %

SG&A

SG&A %

Adj. EBITDA*

Adj. EBITDA %

Q3’14

$476.1

$66.2

13.9%

$53.9

11.3%

$35.6

7.5%

Q3’13

$433.1

$59.0

13.6%

$51.4

11.9%

$28.4

6.6%

Change

+9.9%

+12.2%

+30 bps.

+4.9%

-60 bps.

+25.4%

+90 bps.

2014 Third Quarter Financial Results

Consolidated P&L Information

11

Improving Margins from Higher Pricing and Increased Volume

(Millions of USD)

~

Q3’13 Net Sales

Volume*

Avg. Unit Price

Other

FX

Q3’14 Net Sales

North America

$333.1

$28.4

$14.1

($1.8)

($3.7)

$370.1

Europe/ROW

$81.9

$7.8

$2.6

($0.4)

$2.0

$93.9

Africa

$18.1

($7.5)

$2.4

$0.0

($0.9)

$12.1

Total

$433.1

$28.7

$19.0

($2.2)

($2.5)

$476.1

6.6%

4.4%

(0.5%)

(0.6%)

9.9%

(*) - Includes the incremental impact of our 2014 acquisitions.

(Millions of USD)

+11.1% +14.7% -33.1%

% Change

2014 Third Quarter Financial Results

Net Sales Reconciliation by Reportable Segment

Average Unit Price Increased in All Three Reportable Segments

12

13

Adjusted EBITDA Increased 25% Q3’14 vs. Q3’13

2014 Third Quarter Financial Results

Adjusted EBITDA Quarterly Progression

Adjusted EBITDA* Continues to Grow As Economy Continues Its Recovery

(*) – See appendix for non-GAAP reconciliations.(~) – Inclusive of a ~$3.0 million charge for quality and inventory obsolescence issues in the Europe / Rest of World segment.

(in millions)

$0

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

Q3'11 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14~

14

Europe / Rest of World & Africa Segment Results Both Reflect Unusual Items

Update:• Explosion occurred June 6, 2014.

• Total impact estimated at $6-7MM.*

• Majority of impact in Q3’14:

• Q3’14 Adjusted EBITDA = ($2.6MM)

• Q3’13 Adjusted EBTIDA = +$1.8MM

• Year-over-year change of $4.4MM

• Received and recorded partial BI payment of

~$0.8MM in Q3’14.

• Mill running at ~80% capacity at quarter end.

• Full capacity was restored November 1, 2014.

Africa Segment

(*) – Assumes 65-75 million South African Rand with a conversion ratio of ~10.7 Rand to 1.0 USD.

Europe / Rest of World Segment

Update:• August 21, 2014 voluntarily sought a stay of

proceedings from the Israeli courts in an attempt

to restructure the business.

• Non-Adjusted EBITDA restructuring charge of

~$9.7MM was recorded in our third quarter 2014

results.

• Also recorded ~$3.0MM Adjusted EBITDA charge

related to quality and inventory obsolescence

issues.

Recent Geographic Exits:

• Israel 2014

• Poland 2014

• Hungary 2012

• Romania 2012

• Ukraine 2010

• Turkey 2010

2014 Third Quarter Financial Results

International Business Update

$0

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

Q3'11 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14

15

Q3’14 Adjusted EBITDA (Normalized) Increased >50%

2014 Third Quarter Financial Results

Adjusted EBITDA Quarterly Progression

Excluding Unusual Items in the Quarter, Adjusted EBITDA Increased Significantly

(*) – See appendix for non-GAAP reconciliations.(^) – Europe / Rest of World pro-forma results are adjusted by ~$3.0 million for quality and inventory obsolescence issues. Masonite Africa Q3’14 results are assumed to

equal prior year actual results of $1.8MM until full business interruption analysis can be completed.

^

(in millions)

Financial Policy & Coverage Ratios

Selected Cash Flow Data YTD 2014 YTD 2013

Cash flow from operations $56.2 $29.8

Additions to property, plant & equipment ($35.2) ($24.9)

Cash used in acquisitions ($50.4) ($15.1)

Gross Proceeds from issuance of LT debt $138.7 $0.0

Payment of financing costs ($1.9) $0.0

Increase (decrease) in cash & cash equivalents

$101.9 ($9.1)

Target

financial

leverage

range

Unrestricted Cash $202.8

ABL Borrowing Base $120.5

AR Purchase Agreement $16.6

Total Available Liquidity $339.9

Liquidity at September 28, 2014 (millions of USD)

LTM Adj. EBITDA^ $117.2

LTM Interest Expense $39.5

Total Debt $511.8

Net Debt $309.0

2014 Third Quarter Financial Results

Liquidity, Credit and Debt Profile

Debt Issuance History

8.25% Senior Unsecured Notes due 2021

$0

$100

$200

$300

$400

$500

2011 2012 2013 2014

16

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

Masonite’s Balance Sheet Remains Strong with Ample Liquidity Available

8.25% Senior Unsecured Notes due 2021

3.3

3.6

5.2

4.7

4.4

2.32.6

3.5

3.0

2.6

3.6

3.22.8

2.9

3.0

2.1

1.8

1.5

1.6

1.5

0.0

1.0

2.0

3.0

4.0

5.0

6.0

9/29/13 12/29/2013 3/30/2014 6/29/2014 9/28/2014Total Debt / Adj. EBITDA Net Debt / Adj. EBITDAAdj. EBITDA / Interest (Adj. EBITDA - Capex) / Interest

① Company / Industry Update

② Q3’14 Financial Review

③ Summary / Q&A

Fundamentals Continue to Improve U.S. new housing starts and completions both continue to grow at double digit rates.

Q3’14 top-line results were strong: Volume & net sales both grew 10% Highest rate of organic sales growth in five years.

Q3’14 bottom-line results were strong: Adjusted EBITDA (as reported) grew 25.4%. Adjusted EBITDA margin (as reported) expanded to 7.5% (+90 basis points). Q3’14 Adjusted EBITDA (pro-forma) >50%.

Recent pricing actions expected to continue delivering significant benefits.

Five Key Focus Areas Designed to Accelerate Growth Automation

Product Line Leadership Shaker Door series launched in 2014 and will continue in 2015.

Electronic Enablement

Sales & Marketing Excellence

Portfolio Optimization: Strategic Tuck-in Acquisitions & Market Exits Exit of operations in Israel helps strengthen geographic portfolio.

18

Summary

Masonite’s Balanced Growth Strategy is Working

Questions & Answers

Appendix

Reconciliation of Adjusted EBITDA to Net Income

(loss) Attributable to Masonite

21

3Q Adjustments to Adj. EBITDA

North America

Europe, Asia and Latin

America Africa Total

Adjusted EBITDA, as reported

36,329 1,902 (2,634) 35,597

Charges from product and inventory

obsolescence issues in Europe, Asia and

Latin America segment— 3,000 — 3,000

Incremental decline in Africa segment

Adjusted EBITDA

— — 4,467 4,467

Pro Forma Adjusted EBITDA

36,329 4,902 1,833 43,064

Three Months Ended September 28, 2014

(In thousands)

September 28

2014

September 29

2013

September 28

2014

September 29

2013

September 28,

2014

June 29,

2014

March 30,

2014

December 29,

2013

September 29,

2013

Adjusted EBITDA 35,597$ 28,432$ 99,365$ 88,070$ 117,172$ 110,007$ 99,418$ 105,877$ 113,687$

Less (plus):

Depreciation 15,842 15,505 45,824 47,682 60,222 59,885 61,000 62,080 63,544

Amortization 4,889 4,277 16,173 12,883 20,348 19,736 18,479 17,058 16,889

Share based compensation expense 2,255 1,841 7,335 5,752 9,335 8,921 8,205 7,752 7,664

Loss (gain) on disposal of property, plant and

equipment 236 (2,772) 2,359 (1,810) 2,394 (614) (797) (1,775) 231

Impairment — — — 1,904 — — 1,903 1,904 3,254

Registration and listing fees — 1,998 — 1,998 423 2,421 2,421 2,421 1,998

Restructuring costs 9,913 1,265 11,194 4,467 17,357 8,709 9,911 10,630 10,847

Interest expense (income), net 10,447 8,330 31,034 24,788 39,476 37,359 34,973 33,230 33,169

Other expense (income), net (404) (255) 1,083 (776) 4,175 4,324 (949) 2,316 (1,445)

Income tax expense (benefit) 2,004 (6,272) 3,402 (7,716) (10,259) (18,535) (22,308) (21,377) (14,743)

Loss (income) from discontinued operations, net

of tax 124 62 436 196 838 776 649 598 236

Net income (loss) attributable to non-controlling

interest 258 838 1,498 2,123 1,425 2,005 2,166 2,050 2,915

Net income (loss) attributable to Masonite (9,967)$ 3,615$ (20,973)$ (3,421)$ (28,562)$ (14,980)$ (16,235)$ (11,010)$ (10,872)$

Three Months Ended Nine Months Ended Twelve Months Ended