Masonite mgmt pres

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Masonite

Presentation to

Lehman Brothers

Dec 5, 2007

New York, NY


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The following information contains, or may be deemed to contain, forward-lookingstatements (as defined in the U.S. Private Securities Litigation Reform act of 1995).The forward-looking statements contained in this presentation include, but are notlimited to, statements about our strategies, plans, objectives, expectations,intentions, expenditures and assumptions and other statements that are nothistorical facts. These statements reflect our current views with respect to future

events and involve risks, assumptions and uncertainties because they relate toevents and depend on circumstances that may or may not occur in the future.

Our future results may vary from the results expressed in, or implied by, thefollowing forward looking statements, possibly to a material degree. For adiscussion of some of the important factors that could cause our results to differfrom those expressed in, or implied by, the following forward-looking statements,

please refer to Amendment No. 2 to our Registration Statement on Form F-4, filedon May 17, 2007 and available on the website of the U.S. Securities and ExchangeCommission at www.sec.gov, and in particular the Risk Factors section thereof.

This presentation includes certain non-GAAP financial measures, including AdjustedEBITDA, which are not calculated in accordance with generally accepted accountingprinciples (GAAP). Please refer to our 2007 filings with the U.S. Securities andExchange Commission for a discussion of the calculation and limitations of these

non-GAAP financial measures as well as a reconciliation of these measures to themost directly comparable GAAP measure.

We neither intend nor assume any obligation to update these forward lookingstatements, which speak only as of their dates.

Forward Looking Statements


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A leading global door manufacturer

Products sold in > 70 countries

Broad Product Offering

Interior Doors Flush, Molded, Stile & Rail, French

Entry Steel, Fiberglass, Wood Architectural Fire Rated, Veneer, Custom Door Glass Decorative, Clear

2006 Revenues of $2.5 billion Adjusted EBITDA $332.6 million Net Debt reduction of $89.1 million

Masonite Overview


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4Builder Magazine 2006 Interior Ranked #1:

Brand Familiarity, Brand Used in the Last 2 Years, Brand Used the Most, and Quality Rating


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Global Sales / Adjusted EBITDA

71.3%

28.7%

71.2%

28.8%

Significant Sales and Adjusted EBITDA from Growing Markets Outside North America

72.1%

27.9%

Sales by Geographic SegmentLTM ending 9/30/07

Adj. EBITDA by Geographic SegmentLTM ending 9/30/07

Sales by Product TypeLTM ending 9/30/07

North America

Europe andOther

Interior

Exterior


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Global Manufacturing and Distribution Footprint

Over 65 Manufacturing Sites in 18 Countries - Well Positioned for International Growth


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Innovative Product Offerings

Transforming homes with exceptional definition and elegance


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Safe N Sound

Doors with DorCor

A Masonite Innovation

DorCor = Wheat Straw Board

Rapidly renewable resource Lightweight

Formaldehyde free

Lower cost


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Customers / Channels

>3,500 Customers Globally

Repair, Renovation and Remodeling Direct to Retail Home Centers

New Home Construction

One Step Distributors Two-step Distributors

European distributors and home centers


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Vertically-Integrated Manufacturer

Interior and Exterior Door Plants

Manufacturing / Light Assembly

to support Wholesale and Retail Customers

Medium Capital Investment

Dorfab Facilities

Assembly and orderfulfillment for RetailCustomers

Low Capital Investment

Components Plants

Core components include: Door Facings Door Lites (glass) Cutstock, Door core and Hardboard

High Capital Investment

Masonite

Ireland

Steel Edge Line

Pittsburg, KS

DorFab Operations


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Highly Variable Cost Structure

Materials ( > 50% of COGS $) Fully variable- Wood components, hardboard, MDF- Steel, glue, resin, paint

Distribution Primarily variable

Direct Labor Primarily variable

Overhead Partially variable

Cost of Goods Sold 79% of 2006 Revenue

SG&A Partially variable


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New Senior Management Team CEO / Finance / HR /Manufacturing and Supply Chain / General Counsel

Major Talent Upgrades Throughout the Company:

Product Management

Sales and Marketing

Manufacturing/Supply Chain

Finance Deployed Lean Sigma in 19 Total Sites

Instilling Performance Culture and Meritocracy

Broad Employee Engagement and Communication

Strategic Goals - Build Capabilities and Develop Talent


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Create Customer Excitement

Lead Times and Fill Rates Improved

Understand Voice of Customer

Product/Brand focus groups

Customer shop-alongs

Website focus groups

Driving Innovation Accelerating ProductIntroductions

Launching New Consumer-Oriented Websitewww.masonite.com

Every interaction with customers is an opportunity to delight them


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Drive Exceptional Improvements in Manufacturing

Safety = 40% reduction in Injuries YTD

YTD September Gross Margin Improvement = 225 bps

Lean Sigma, Supply Chain, Price

September 30 Inventory Reduced $63 M (15.9%) YOY

Headcount = Down 16% from September 2006

Consolidating Door Capacity Closed 12 Plants since 2005

Increasing Molded Skins Capacity through Lean Sigma

Positioning Masonite well for housing rebound


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Done in a self-funding way

1,800

1,850

1,900

1,950

2,000

2,050

2,100

Q205 Q305 Q405 Q106 Q206 Q306 Q406 Q107 Q207 Q307

Net Debt (Millions of US Dollars)

Initiated Management Changes


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Strong cash generative capability

US $ M FY 2006

YTD 2007

September

Adjusted EBITDA 332.6$ 249.4$Adjustments (30.2) (16.4)

Cash Interest (173.0) (112.0)

Cap Ex (49.6) (22.7)

Cash Taxes (net) (7.1) (5.6)

Change in NWC 20.4 1.1Deferred Financing Fees (18.3) -

Proceeds from Asset Dispositions 20.5 0.8

Acquisitions - (7.0)

All Other (6.2) (14.2)

Change in Net Debt 89.1$ 73.4$

Interest on Senior Subordinated Notes is due semi annually on April 15 and October 15


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Significant Business in Europe and with NA Commercial Customers

68.2%

3.9%

27.9%

Europe and Other

NA CommercialNorth America

Sales by Geographic Segment

LTM ending 9/30/07


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Accelerating Growth

Vital to Our Success

Gaining Profitable Business in NorthAmerica through Improved CommercialCapabilities and Channel Specific SalesInitiatives

Rapid and Targeted New ProductIntroductions

Accelerating Global Market Expansion


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Expanded Margins

8.0%

9.0%

10.0%

11.0%

12.0%

13.0%

14.0%

15.0%

16.0%

1st Qtr 2nd Qtr 3rd Qtr 4th Qtr

2005

20062007

Adjusted EBITDA Margin

Timely progress to help weather the difficulties ahead


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Ongoing Challenges for Masonite

Further Decline in U.S. Housing Starts

Impact of Credit Crisis Globally

Continuing Softness in Repair / Renovation /Remodeling Market

Loss of approximately of Home Depot business fully

impacting Q3 2007

Benefit of favorable year-over-year price comparisonsended

Ongoing Pricing Pressures in Soft Market

Increasing pressure on Masonites margins and operating results


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New Construction Unravels

Clear indication that current downward cycle will last through 2008Clear indication that current downward cycle will last through 2008


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Covenant metrics

Historical Performance

Q4 2006 Q1 2007 Q2 2007 Q3 2007

Net Debt / LTM Adj. EBITDA 5.96x 5.74x 5.76x 5.87x

Covenant 7.40 7.40 7.40 7.30

LTM Adj. EBITDA / Cash Interest 1.91x 1.97x 1.97x 1.92x

Covenant 1.60 1.60 1.60 1.60

Future Covenants

2008 Covenants

Q4 2007 Jan - Jun Jul - Sept Oct - Dec

Net Debt / LTM Adj. EBITDA 7.00x 7.00x 6.80x 6.50x

LTM Adj. EBITDA / Cash Interest 1.65x 1.65x 1.65x 1.75x

Takeaway: Covenants will tighten further in 2008


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Net Debt as of 9/30/07

9/30/2007US $ M Outstanding Capacity

Revolving credit facility -$ 350.0$

Other bank loans 16.6 16.6

Senior secured credit facility term loan 1,145.6Senior subordinated notes due 2015 769.9

Other subsidiary long-term debt 22.2Less: Cash on hand (59.0)Net Debt 1,895.4$ *

* Net debt as defined in the credit agreement also includes notes payable andletters of credit of $14.3 million


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Final Thoughts

Masonite is a well positioned company strong brand and extensive product offering vertically integrated geographic spread

Relatively low fixed cost structure

Aggressively aligning capacity with demand

Driving Alignment and Accountability MasoniteBlueprint

New Management post LBO taking aggressiveactions to:

improve performance /margins in difficult industry

environment building base for strong, profitable growth when

markets stabilize

Priority on Cash generation / debt reduction

Masonite mgmt pres

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