Winter 2014 Investor Presentation 20/26/2014

Investor Presentation February 2014

2

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 that involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Masonite International Company (the “Company”), 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. When used in this Investor Presentation, such statements may contain 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 information in this Investor Presentation may include, without limitation, statements regarding intentions, goals, targets, preliminary results, performance, goals, achievements, operations, acquisitions and integration of acquired businesses, plans and objectives, strategies, business and economic conditions, and projected costs. These statements reflect the Company’s current expectations regarding future events and operating performance are based on information currently available to the Company and speak only as of the date of this Investor Presentation. All forward-looking statements in this Investor Presentation are qualified by these cautionary statements. Forward-looking statements involve significant risks and uncertainties, 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. Forward-looking information is based on various material factors or assumptions, which are based on information currently available to the Company. Material factors or assumptions that were applied in drawing a conclusion or making a target, objectives or goal set out in the following forward-looking information are as set out within this Investor Presentation. Readers are cautioned that the preceding and enclosed list of material factors or assumptions is not exhaustive. Although the forward-looking statements contained in this Investor Presentation are based upon what the Company believes are reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this Presentation, and should not be relied upon as presenting the Company’s views on any date subsequent to such date. The Company assumes no obligation to update or revise these forward-looking statements to reflect new information, events, and circumstances or otherwise, except in such circumstances as may be required by applicable law.

3

Non-GAAP Financial Measure

Adjusted EBITDA is a measure used by management to measure operating performance. Beginning in the fourth quarter of 2013, we revised our calculation of Adjusted EBITDA to exclude costs related to the registration and listing of Masonite’s common shares. Management believes that the revised definition of Adjusted EBITDA better reflects the underlying performance of our reportable segments. The revision to this definition had no impact on our reported Adjusted EBITDA for the three months or year ended December 30, 2012, or January 1, 2012. As revised, Adjusted EBITDA 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 table below sets forth a reconciliation of Adjusted EBITDA to net income (loss) attributable to Masonite for the periods indicated.

1. Company & Industry Overview

2. Financial Results

3. Summary

5

Company & Industry Overview Masonite is a Global Building Products Company

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

Net Sales of $1.7 billion; approximately 32 million doors sold annually.

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

Serves more than 7,000 customers worldwide in 80 countries.

One of only two vertically integrated residential door manufacturers and the only vertically integrated commercial door manufacturer in NA.

Manufacturing Headquarters

North America

CANADA

UNITED STATES

MEXICO

S. America

CHILE

Europe

FRANCE

UK

ISRAEL

CZECH REPUBLIC

IRELAND

Southeast Asia

MALAYSIA

South Africa

SOUTH AFRICA

NA End-Markets

Sales by Reportable Segment

North America, 76%

Europe, Asia & Latin

America, 20%

S. Africa, 4%

Residential RRR, 43%

Residential new

construction, 35%

Non-residential

building constrcution,

21%

6

Company & Industry Overview

Masonite Has Transformed Itself Over the Past Several Years

Actions Taken

-

5,000

10,000

15,000

20,000

2006 2013

Pre-Acquisitions Acquisitions

Total Headcount

Cumulative Global Plant Closures

-

10

20

30

40

50

60

2006 2007 2008 2009 2010 2011 2012 2013

ROW North America

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 product categories

7

Company & Industry Overview Residential Interior Molded Facings and Interior Door Consolidation

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

8

NA Non-Residential Interior Wood

7 Players^ 4 Players

NA Residential Specialty (Stile & Rail)

4 Players* 2 Players

(^) – 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.

Company & Industry Overview Non-Residential and Specialty Door Consolidation

2012

2012

2011

2012

2013

9

• 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)

100

110

120

130

140

2011 2012 2013 2014

(*) – Net of cash acquired

Company & Industry Overview Tuck-In Acquisitions: Door-Stop International

10

Baillargeon

Birchwood Marshfield

Algoma

Ledco

India

Lifetime

Lemieux

Algoma

Marshfield

Door Components

Residential Doors

Steel Stile & Rail Molded

Non-Residential

Fiberglass

Exterior Interior Door Core

Veneers / Facings

Interior Wood

Steel & Glass

Lead

ers

hip

Po

siti

on

Lead

ers

hip

Po

siti

on

Lead

ers

hip

Po

siti

on

Lead

ers

hip

Po

siti

on

Lead

ers

hip

Po

siti

on

Lead

ers

hip

Po

siti

on

Lead

ers

hip

Po

siti

on

2010-2013 acquisitions. Limited Masonite presence. Defined as #1 or #2 (based on internal estimates).

Company & Industry Overview Tuck-In Acquisitions Have Created Leadership Positions

Chile

Door-Stop

11

Q4’13 Q1’13

Masonite Is Committed To Capturing an Appropriate Value For the Products & Services We Provide

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.

Company & Industry Overview Residential Pricing Environment Improving

12

Retailers have put in place what appears to be a more logical pricing progression across the product category

Retailer B Retailer A

Recent U.S. Retail Price Shops Suggest Consumer Prices Have Increased

(*) - 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 and Jan. 2014 across various markets with in the U.S.

$22-$30

1/14

$19-$26

10/13

$44-$49

1/14

$41

10/13

$29

1/14

$19-$26

10/13

$49

1/14

$41

10/13

Company & Industry Overview Recent Retail Price Shops

13

$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.

Company & Industry Overview Improved Pricing Environment & Core Focus Areas

Automation

Product Line Leadership

Electronic Enablement

Sales and Marketing Excellence

Industry Structure

The Combination of These Items is Expected to Grow Share and Expand Margins Beyond Macro Economic Recovery

14

0

200

400

600

800

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

2009 2010 2011 2012 2013

2014 Outlook Is Positive for U.S. Building Activity

2014 Building Expectations Are Positive U.S. New Housing Starts & Completions

• National Association of Homebuilders forecasts New Housing Starts of 1,055,000 in 2014

14% year over year growth

• Home Improvement Research Institute (HIRI) forecasts Home Improvement spend of $313 billion in 2014

6.8% year over year growth

• McGraw Hill Construction estimates 900K square feet of non-residential construction in 2014

11.4% year over year growth

U.S. Non-Residential Construction U.S. Repair, Renovation & Remodel

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

Source: HIRI (Sep 2013) Source: McGraw-Hill (4Q13)

Company & Industry Overview Positive Construction Indicators Heading into 2014

2. Financial Results

1. Company & Industry Overview

3. Summary

16

$97.3

$105.9

$60

$70

$80

$90

$100

$110

$120

2012 2013

$1,676.0$1,731.1

$1,000

$1,100

$1,200

$1,300

$1,400

$1,500

$1,600

$1,700

$1,800

$1,900

$2,000

2012 2013

30.931.6

20.0

25.0

30.0

35.0

40.0

2012 2013

Fiscal 2013 Full Year Financial Results Door Volume, Net Sales and Adjusted EBITDA

Net Sales Adj. EBITDA* Door Volume^

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

2012 2013 2012 2013 2012 2013

Door Volume up 2.3%, Net Sales up 3.3%, Adjusted EBITDA up 8.8%

(^) - Does not include South Africa business (*) - See appendix for non-GAAP reconciliations.

17

7.1 6.9

0

5

10

15

20

2012 2013

8.46.8

0

5

10

15

20

2012 2013

Fiscal 2013 Full Year Financial Results Wholesale Volume Pacing Market, Retail Down Behind Lowe’s Loss

Wholesale Customer Unit Volume Increased Double Digits in 2013

15.3

17.9

0

5

10

15

20

2012 2013

(in millions)

2012 2013 2012

NA Retail Non-Residential & ROW NA Wholesale

(in millions) (in millions)

2012 2013 2013

+17.0% -19.0% -2.8%

18

Fiscal 2013 Full Year Financial Results Consolidated P&L Information

SG&A as a Percent of Sales -30 bps; Adjusted EBITDA Margin +30 bps

Net Sales

Gross Profit

Gross Profit %

SG&A

SG&A %

Adj EBITDA*

Adj EBITDA %

2013

$1,731.1

$225.5

13.0%

$209.1

12.1%

$105.9

6.1%

2012

$1,676.0

$216.3

12.9%

$208.1

12.4%

$97.3

5.8%

Change

+3.3%

+4.3%

+10 bps.

+0.5%

-30 bps.

+8.8%

+30 bps. (*) - See appendix for non-GAAP reconciliations.

19

$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.

11.6%

11.8%

12.0%

12.2%

12.4%

12.6%

12.8%

13.0%

2010 2013

Historic Financial Results Volume Recovery is Expected to Accelerate Top & Bottom Line Growth

20

Financial Policy & Coverage Ratios

Selected Cash Flow Data 2013 2012

Cash flow from continuing operations $46.1 $55.7

Additions to property, plant & equipment ($46.0) ($48.4)

Cash used in acquisitions ($15.4) ($88.4)

Gross Proceeds from issuance of long-term debt $0 $103.5

Payment of financing costs $0 ($2.0)

Increase (decrease) in cash & cash equivalents ($21.4) $13.1

Fiscal 2013 Financial Results Liquidity, Credit and Debt Profile

Target

financial

leverage

range

Unrestricted Cash $100.9

ABL Borrowing Base $108.2

AR Purchase Agreement $13.0

Total Available Liquidity $222.1

Liquidity at Dec 29, 2013 (millions of USD)

LTM Adj. EBITDA $105.9

LTM Adj. EBITDA Margin 6.1%

Total Debt $378.2

Net Debt $277.3

3.93.7

3.4

3.3

3.6

2.6 2.6 2.6

2.3

2.6

3.1 3.13.3

3.6

3.2

1.6

1.92.0 2.1

1.8

1.0

2.0

3.0

4.0

5.0

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

Total Debt / Adjusted EBITDA Net Debt / Adjusted EBITDA

Adj. EBITDA/Interest (Adj. EBITDA - Capex) / Interest

Debt Maturity Schedule

$125

$500

0

100

200

300

400

500

600

2013 2014 2015 2016 2017 2018 2019 2020 2021

8.25% Senior Unsecured Notes

$125mm add-on Jan. 2014

$125 mm Asset Backed Loan

1. Company & Industry Overview

3. Summary

2. Financial Results

22

North American Pricing Trends Improving Mid-single digit U.S. Wholesale price increases took effect on

March 18, 2013 and September 30, 2013 Average unit price increased Q2-Q4 (3 consecutive quarters) U.S. Wholesale & NA Retail prices increases in Q1 2014

Strategic Tuck-In Acquisition Program ~$125 million^ add-on bond offering successfully completed Completed acquisition of UK based Door-Stop Expanded our leadership position

#1 or #2 in all seven targeted product categories

Market Indicators Remain Favorable New housing expected to experience robust 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 and Marketing Excellence Strategic Tuck-In Acquisitions

(^) – Net of expenses ~$137 million dollars was raised (bonds priced at 108.75).

Summary Positioning the Company for a Sustained Recovery

Appendix

Non-GAAP Financial Measure

24

Reconciliation of Adjusted EBITDA to Net Income (Loss) Attributable to Masonite:

(In thousands) December 29, 2013 December 30, 2012 January 1, 2012 January 2, 2011

Adjusted 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