2014 Fourth Quarter Earnings Presentation

NYSE: DOOR

February 25, 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. 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. 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, 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 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 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 in the appendix sets forth a reconciliation of Adjusted EBITDA to net income (loss) attributable to Masonite for the periods indicated.

2

① Company / Industry Update

② 2014 Financial Review

③ Summary / Q&A

Company / Industry Update

2014 Recap

4

Masonite’s Balanced Growth Strategy is Delivering Results

2014 Headwinds 2014 Highlights

• North America Volume Growth • Positive unit volume growth for 5th consecutive year

• Higher North American Average Unit Price • Consistent improvement since Q2’ 2013

• Door-Stop acquisition • Completed acquisition in February 2014

• Strong Financial Results • Net Sales increased 6.2%

• Adjusted EBITDA increased 29.5% to $137.1MM

• Adjusted EBTIDA margin increased 140 bps

• Reduced working capital as a % of sales 110 bps

• South Africa • Explosion at Estcourt Mill in Q2’14

• Adjusted EBITDA impact estimated at $6.0-7.0MM

• Israel • No longer operating as part of Masonite

• Restructuring charge of $9.5MM in 2014

• France • Housing starts down 10% in 2014

• Non-cash Impairment charge of $13.8MM in Q4’14

• Foreign Exchange Impact • Net Sales ($23.6MM) & Adjusted EBITDA ($1.6MM)

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

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

Q2

'14

Q3

'14

Q4

'14

North American Change in Average Unit Price South Africa France / Israel

Company / Industry Update

Five Focus Areas Designed to Accelerate Growth

Product Line Leadership

Sales and Marketing Excellence

Electronic Enablement

Automation

Portfolio Optimization: Strategic Acquisitions & Market Exits

5

Goal: Grow Share & Expand Margins Beyond Macroeconomic Recovery

Company / Industry Update

Investing in Masonite’s Future

6

The Most Robust Set of New Product Introductions in 9 Years

• Heritage Series Three new designs that combine the architectural

detail of authentic wood shaker doors with the

strength and durability of molded panel doors

• Vista Grande An exciting new line of modern fiberglass entry

doors incorporating wider glass brighten any

space and provide a leading edge, more

fashionable design

• Decorative Glass Nine consumer preferred designs ranging from

minimalistic, contemporary styles to timeless,

Craftsman styles

Product Line Leadership

Heritage Series Vista Grande

Decorative Glass

Company / Industry Update

Investing in Masonite’s Future

Electronic Enablement

7

Sales & Marketing Excellence

Targeted Investments in Sales, Marketing and Information Technology Capabilities

• Down channel investments focused on influencing

key decision makers and direct customers.

• Influencing architectural code, compliance and

specification writing helps ensure consumers get

products designed to suit their specific needs.

• Consumer education helps drive customer

satisfaction and facilitates trade up.

ERP Sales HR

• Migrating all acquired and legacy businesses within

Masonite’s Architectural business onto a common

ERP system.

• Max Configurator and Max 3.0

• Desktop icon with 1-click login and password

memory

• Dealer-friendly, quick-entry configuration

screen.

• Acquisitions:

Door Stop – February 2014

Harring Doors – December 2014

Company / Industry Update

Investing in Masonite’s Future

Automation Acceleration

8

Automation Initiatives & Portfolio Optimization are Strengthening Masonite’s Business

• Robotics, Scanning RFID Technologies and

Integrated PLCs:

• Improves safety and lowers health care

costs by reducing the amount of manual

manipulation required to manufacture a

door

• Improves quality, consistency and reduces

handling defects by having a consistent,

repeatable process

• Enables faster response time to changes in

consumer preferences and market demand

Portfolio Optimization

• Dispositions:

Non-Strategic markets

Poor macroeconomic outlook

Outdated facilities or equipment

Poor cash conversion metrics

Exited 6 markets since 2010:

Israel 2014

Poland 2014

Hungary 2012

Romania 2012

Ukraine 2010

Turkey 2010

Company / Industry Update

Drivers of Continued Expansion

Recent Pricing Actions

9

Q1’15 Q2’15 Q3’15 Q4’15

Q1’14

Q3’14

Expected

Benefits

Higher Pricing Enables More Re-Investment with our Channel Partners

Incremental Benefits from 2014 Pricing Actions 2015 Pricing Actions

2015 Q1 Wholesale Pricing Action

• Wholesale increase to be effective in March across

interior and exterior products in the U.S. & Canada

• Benefits expected to begin hitting P&L in Q2

① Company / Industry Update

② 2014 Financial Review

③ Summary / Q&A

$105.9

$137.1

$100.0

$110.0

$120.0

$130.0

$140.0

$150.0

2013 2014

$1,731.1

$1,837.7

$1,500.0

$1,700.0

$1,900.0

$2,100.0

$2,300.0

2013 2014

31.632.7

25.0

27.5

30.0

32.5

35.0

37.5

2013 2014

Net Sales Adjusted EBITDA* Door Volume^

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

2013 2014 2013 2014 2013 2014

(^) – Does not include Africa segment.

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

2014 Full Year Financial Results

Door Volume, Net Sales and Adjusted EBITDA

11

Door Volume, Net Sales & Adjusted EBITDA Reflect Improving Fundamentals

+29.5% +6.2% +3.5%

+7.5% Excluding impact of F(x) +31.0% Excluding impact of F(x)

(^) – Lower personnel costs of $4.2MM was more than offset by (among other things) a $7.4MM increase due to Door Stop, $5.7MM of

non-cash losses on disposals of PP&E and a $3.1MM increase in professional fees driven (primarily) by SOX compliance costs.

(*) – See appendix for non-GAAP reconciliations

Net Sales

Gross Profit

Gross Profit %

SG&A^

SG&A %

Adj. EBITDA*

Adj. EBITDA %

2014

$1,837.7

$265.4

14.4%

$224.1

12.2%

$137.1

7.5%

2013

$1,731.1

$225.5

13.0%

$207.2

12.0%

$105.9

6.1%

Change

+6.2%

+17.7%

+140 bps.

+8.2%

+20 bps.

+29.5%

+140 bps.

2014 Full Year Financial Results

Consolidated P&L Information

12

Improving Margins from Higher Average Unit Pricing and Increased Volume

(Millions of USD)

2013 Net Sales

Volume*

Avg. Unit Price

Other

FX

2014 Net Sales

North America

$1,321.6

$37.8

$65.6

($7.3)

($21.7)

$1,396.0

Europe/ROW

$339.9

$17.8

$20.6

$1.5

$5.3

$385.1

Africa

$69.6

($22.9)

$17.1

$0.0

($7.2)

$56.6

Total

$1,731.1

$32.7

$103.3

($5.8)

($23.6)

$1,837.7

1.9%

6.0%

(0.3%)

(1.4%)

6.2%

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

(Millions of USD)

+5.6% +13.3% -18.7%

% Change

2014 Full Year Financial Results

Net Sales Reconciliation by Reportable Business Segment

Average Unit Price Increased in all Three Reportable Business Segments

13

(*) – See appendix for non-GAAP reconciliations

Net Sales

Gross Profit

Gross Profit %

SG&A*

SG&A %

Adj. EBITDA

Adj. EBITDA %

Q4’14

$448.9

$67.6

15.1%

$53.9

12.0%

$37.7

8.4%

Q4’13

$420.5

$51.5

12.2%

$54.7

13.0%

$17.8

4.2%

Change

+6.8%

+31.3%

+290 bps.

-1.5%

-100 bps.

+111.8%

+420 bps.

2014 Fourth Quarter Financial Results

Consolidated P&L Information

14

Adjusted EBITDA Margin Doubled due to Increased Volume and Higher AUP

(Millions of USD)

$0.0

$5.0

$10.0

$15.0

$20.0

$25.0

$30.0

$35.0

$40.0

$45.0

$50.0

Q1'13 Q1'14 Q2'13 Q2'14 Q3'13 Q3'14 Q4'13 Q4'14

15

2015 Full Year Adjusted EBITDA Increased Nearly 30% vs. 2014

2014 Fourth Quarter Financial Results

Adjusted EBITDA Quarterly Progression

Adjusted EBITDA* Continues to Grow after a Slow First Quarter

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

(in millions)

-24.8%

+31.6%

+25.4%

+111.8%

2015 Outlook

Balancing Tailwinds, Headwinds & Investments in Our Future

Tailwinds

16

• Modest Unit Volume Growth

• Higher Average Unit Prices

Investments for the Future*

2015 Net Sales and Adj. EBITDA Growth Rates Expected To Be Similar To 2014^

• Product Line Leadership • Strengthening material sciences

• Product management

• Sales & Marketing Excellence • Down channel initiatives focused on influencing

key decision makers and end consumers

• Electronic Enablement • ERP system for acquired businesses

• Max Configurator

• Automation Acceleration • Mechanical and process engineers

• Quality control

Headwinds

• Inflation • Wood / metals / chemicals / glass

• Tightening labor market / health care costs

• Uncertainty • Business trends in France

• Foreign exchange

(*) – 2015 capital expenditures are expected to be approximately $60-$65 million.

(^) – 2014 net sales increased approximately 6% and adjusted EBITDA increased approximately 30%.

Financial Policy & Coverage Ratios

Selected Cash Flow Data 2014 2013

Cash flow from operations $77.4 $47.5

Additions to property, plant & equipment ($50.1) ($46.0)

Cash used in acquisitions ($54.3) ($15.4)

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

$91.2 ($21.4)

Unrestricted Cash $192.0

ABL Borrowing Base $121.8

AR Purchase Agreement $13.9

Total Available Liquidity $327.7

Liquidity at December 28, 2014 (millions of USD)

2014 Adj. EBITDA^ $137.1

2014 Interest Expense $41.5

Total Debt $511.9*

Net Debt $319.9

2014 Fourth Quarter Financial Results

Liquidity, Credit and Debt Profile

Debt Maturity Schedule

8.25% Senior Unsecured Notes due 2021

17

(*) – Includes $11.9 million unamortized premium

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

(~) – All-in weighted yield of 7.65%

Strong Company Performance and Successful Acquisitions Have Improved Financial Ratios

3.6

5.2

4.7

4.4

3.7

2.6

3.5

3.0

2.6 2.3

3.2

2.8 2.9

3.0

3.3

1.8

1.5

1.6

1.5 2.1

0.0

1.0

2.0

3.0

4.0

5.0

6.0

Dec-13 Mar-14 Jun-14 Sep-14 Dec-14Total Debt / Adj. EBITDA Net Debt / Adj. EBITDAAdj. EBITDA / Interest (Adj. EBITDA - Capex) / Interest

$125

$500

0

100

200

300

400

500

600

2013 2014 2015 2016 2017 2018 2019 2020 2021

8.25% Senior Unsecured Notes~ $125 mm Asset Backed Loan

1 - Targeted Total Debt/Adj. EBITDA ratio of < or equal to 4.0x

① Company / Industry Update

② 2014 Financial Review

③ Summary / Q&A

Fundamentals Continue to Improve 2014 full year and 2014 Q4 results were strong:

Net sales increased 6.2% / 6.8%

Adjusted EBITDA increased 29.5% / 111.8%

Adjusted EBITDA margin expanded 140 / 420 basis points to 7.5% / 8.4%

Investing in Five Key Focus Areas Designed to Accelerate Growth Product Line Leadership

Sales & Marketing Excellence

Electronic Enablement

Automation

Portfolio Optimization

Expect Another Strong Year in 2015 Balancing Growth and Investment U.S. new housing starts and completions both continue to grow

2014 and 2015 pricing actions and positive mix expected to increase AUP

Areas of potential inflation (materials / labor) and uncertainty (France / FX) exist

Investing across key focus areas to protect and strengthen Masonite’s future

19

Summary

Masonite’s Balanced Growth Strategy is Working

Questions & Answers

Appendix

Reconciliation of Adjusted EBITDA to Net Income

(loss) Attributable to Masonite

22

(In thousands)

December 28,

2014

September 28,

2014

June 29,

2014

March 30,

2014

December 29,

2013

Adjusted EBITDA 137,087$ 117,172$ 110,007$ 99,418$ 105,877$

Less (plus):

Depreciation 60,622 60,222 59,885 61,000 62,080

Amortization 21,723 20,348 19,736 18,479 17,058

Share based compensation expense 9,605 9,335 8,921 8,205 7,752

Loss (gain) on disposal of property, plant and

equipment 3,816 2,394 (614) (797) (1,775)

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

Restructuring costs 11,137 17,357 8,709 9,911 10,630

Asset impairment 20,657 — — 1,903 1,904

Interest expense (income), net 41,525 39,476 37,359 34,973 33,230

Other expense (income), net (587) 4,175 4,324 (949) 2,316

Income tax expense (benefit) 4,533 (10,259) (18,535) (22,308) (21,377)

Loss (income) from discontinued operations, net of tax 630 838 776 649 598

Net income (loss) attributable to non-controlling

interest 3,222 1,425 2,005 2,166 2,050

Net income (loss) attributable to Masonite (39,796)$ (28,562)$ (14,980)$ (16,235)$ (11,010)$

Twelve Months Ended

(In thousands)

December 28,

2014

September 28,

2014

June 29,

2014

March 30,

2014

December 29,

2013

September 29,

2013

June 30,

2013

March 31,

2013

Adjusted EBITDA 37,722$ 35,597$ 44,050$ 19,718$ 17,807$ 28,432$ 33,461$ 26,177$

Less (plus):

Depreciation 14,798 15,842 14,536 15,446 14,398 15,505 15,651 16,526

Amortization 5,550 4,889 5,593 5,691 4,175 4,277 4,336 4,270

Share based compensation expense 2,270 2,255 2,797 2,283 2,000 1,841 2,081 1,830

Loss (gain) on disposal of property, plant and

equipment 1,457 236 1,036 1,087 35 (2,772) 852 110

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

Restructuring costs (57) 9,913 560 721 6,163 1,265 1,762 1,440

Asset impairment 20,657 — — — — — 1,904 —

Interest expense (income), net 10,491 10,447 10,594 9,993 8,442 8,330 8,208 8,250

Other expense (income), net (1,670) (404) 1,306 181 3,092 (255) (363) (158)

Income tax expense (benefit) 1,131 2,004 1,379 19 (13,661) (6,272) (408) (1,036)

Loss (income) from discontinued operations, net of tax 194 124 170 142 402 62 44 90

Net income (loss) attributable to non-controlling

interest 1,724 258 499 741 (73) 838 605 680

Net income (loss) attributable to Masonite (18,823)$ (9,967)$ 5,580$ (16,586)$ (7,589)$ 3,615$ (1,211)$ (5,825)$

Three Months Ended