2015 Fourth Quarter Earnings PresentationNYSE: DOOR

February 25, 2016

2

Safe Harbor / Non-GAAP Financial Measures

SAFE HARBOR / FORWARD LOOKING STATEMENTThis 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,” “framework,” “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, our ability to successfully implement our business strategy; 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 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 MEASURESAdjusted EBITDA is a measure used by management to measure operating performance. Beginning with the first quarter of 2015, we revised our calculation of Adjusted EBITDA to separately exclude loss on extinguishment of debt, which would be a component of other expense (income), net, but is separately stated due to its magnitude. Furthermore, beginning with the third quarter of 2015, we revised our calculation of Adjusted EBITDA to separately exclude loss (gain) on disposal of subsidiaries. The revisions to this definition had no impact on our reported Adjusted EBITDA for any periods in 2014 or earlier. As revised, 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, loss (gain) on disposal of subsidiaries, registration and listing fees, interest expense, net, loss on extinguishment of debt, 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. A reconciliation of Adjusted EBITDA to net income (loss) attributable to Masonite for the periods indicated is set forth in the appendix to this presentation.

Adjusted EPS for the year ended January 3, 2016 and December 28, 2014 is diluted earnings per common share attributable to Masonite (EPS) less asset impairment charges, loss (gain) on disposal of subsidiaries and loss on extinguishment of debt. Management uses this measure to evaluate the overall performance of the Company and believes this measure provides investors with helpful supplemental information regarding the underlying performance of the Company from period to period. This measure may be inconsistent with similar measures presented by other companies.

We are not providing a quantitative reconciliation of our Adjusted EBITDA or Adjusted EPS outlook to the corresponding GAAP information because the GAAP measures that we exclude from our Adjusted EBITDA and Adjusted EPS outlook are difficult to predict and are primarily dependent on future uncertainties.

① Company / Industry Update

② 2015 Financial Review

③ Financial Outlook

④ Summary / Q&A

4

U.S. single family starts/completions lagged multi-family; Single family in Canada declined

Company / Industry UpdateState of NA Housing Market: Growing Modestly

$1,908.0#

2015 U.S. Housing Starts

2010 2011 2012 2013 2014 20150

500

1,000

1,500

2,000

Single family starts Multi family starts

2015 U.S. Housing Completions

2010 2011 2012 2013 2014 20150

500

1,000

1,500

2,000

SF Completions MF Completions

2015 U.S. Existing Home Sales

2015 Housing Statistics

U.S. Housing Starts up 10.8% Single family starts up 10.4%

U.S. Housing Completions up 9.3% Single family completions up 4.5%

Canadian housing starts up 6% Single, detached home starts down 7%

U.S. Existing home sales up 6.5%

2010 2011 2012 2013 2014 20150

1,000

2,000

3,000

4,000

5,000

6,000

Existing Home Sales

Source: U.S. Census Bureau, National Association of Realtors, Canadian Mortgage & Housing Corp (CMHC)

50 year average

(in 000s)

(in 000s)

(in 000s)

5

Company / Industry Update2015 Recap

Strategy execution driving improved financial results

Highlights

(*) – See appendix for non-GAAP reconciliations(^) – Free cash flow defined as Adjusted EBITDA less capex

North America AUP

Foreign exchange headwinds decreased net sales by $93 million, or 5%

2015 gross profit growth of 32% 430 basis point gross profit margin expansion

2015 adjusted EBITDA* growth of 49% Adjusted EBITDA margin of 10.9% 340 basis point margin expansion

Refinanced debt, saving approximately $15 million of cash interest annually

Generated $153 million of free cash flow^

Transformed European business with acquisitions of National Hickman and PDS and the sale of our door business in France

South Africa subsidiary sale process has been initiated.

11 consecutive quarters of North American AUP growth

2015 North American AUP increased 5.6% Q4 lower than prior quarters due to lapping

2014 price increases

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

Q1'15

Q2'15

Q3'15

Q4'15

-6%

-4%

-2%

0%

2%

4%

6%

8%

6

Initiatives focused on expanding product offerings and increasing consideration of doors

Company / Industry Update2015 Recap

$1,908.0#

2015 Initiatives

Expansion of our UK business serves entire product portfolio, extends our capabilities

Most new products introduced in nine years Driving positive mix shift with emphasis on new

product design and value-added services

Began transition to Masonite branded doors at Lowe’s

7

Seven consecutive quarters of Adjusted EBITDA growth over 25%

Company / Industry UpdateAdjusted EBITDA* Growth Outpacing Net Sales Growth

($ in millions)

(*) – See appendix for non-GAAP reconciliations(#) – Excluding $92.9 million of negative foreign exchange in 2015

2010 – 2015Growth

Adj. EBITDA

2010 2011 2012 2013 2014 2015$0

$50

$100

$150

$200

$250

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$80.7 $82.0$97.3 $105.9

$137.1

$204.2

$1,383.3$1,489.2

$1,676.0$1,731.1

$1,837.7

$1,872.0 35%

Net sales

42%$1,964.9#

Net sales (ex forex)

153%

① Company / Industry Update

② 2015 Financial Review

③ Financial Outlook

④ Summary / Q&A

Volume increases from growth in housing market and RRR market

Extra week in fiscal year (+4%)

Increased AUP

Increased volume from additional Lowe’s business

$37.7

$56.8

Q4'14 Q4'15

$448.9

$485.4

Q4'14 Q4'15

Adj. EBITDA* Net Sales ContributorsNet Sales($ in millions) ($ in millions)

Q4’14 Q4’15 Q4’14 Q4’15

(*) – See appendix for non-GAAP reconciliations.9

2015 Financial ReviewQ4’15 Net Sales and Adjusted EBITDA

Masonite’s results continue to improve by focusing on high value products and services

+51%+8%+13%Excluding impact of F(x): +60%Excluding impact of F(x):

Adjusted EBITDA Call-Outs

$3.3M utilities refund

$1.7M sales tax accrual reversal

Benefit of extra week in fiscal year

(*) – See appendix for non-GAAP reconciliations

Net Sales

Gross Profit

Gross Profit %

SG&A

SG&A %

Adj. EBITDA*

Adj. EBITDA %

Q4’15

$485.4

$95.0

19.6%

$67.6

13.9%

$56.8

11.7%

Q4’14

$448.9

$67.6

15.1%

$53.9

12.0%

$37.7

8.4%

B/(W)

+8.1%

+40.5%

+450 bps.

(25.4%)

(190 bps.)

+50.7%

+330 bps.

10

2015 Financial ReviewQ4’15 Consolidated P&L Information

Gross profit margin expanded by 450 basis points

($ in millions)

11

2015 Financial ReviewQuarterly Adjusted EBITDA Growth versus 2014

Quarterly Adjusted EBITDA* growth greater than 30% in each quarter

(*) – See appendix for non-GAAP reconciliations

Q1'14 Q1'15 Q2'14 Q2'15 Q3'14 Q3'15 Q4'14 Q4'15$0

$10

$20

$30

$40

$50

$60

$70

+91.6%

+34.1%

+41.9%

+50.7%

($ in millions)

(*) – See appendix for non-GAAP reconciliations

Net Sales

Gross Profit

Gross Profit %

SG&A

SG&A %

Adj. EBITDA*

Adj. EBITDA %

2015

$1,872.0

$350.9

18.7%

$244.1

13.0%

$204.2

10.9%

2014

$1,837.7

$265.4

14.4%

$224.1

12.2%

$137.1

7.5%

B/(W)

+1.9%

+32.2%

+430 bps.

(8.9%)

(80 bps.)

+49.0%

+340 bps.

12

2015 Financial Review2015 Consolidated P&L Information

Adjusted EBITDA margin expanded by 340 basis points

($ in millions)

13

2015 Financial ReviewNet Sales and Adjusted EBITDA Growth versus 2014

Strong Adjusted EBITDA growth vs. 2014 in NA and Europe / Other

Net Sales + $71M+ $122M excl. FX

Adj. EBITDA* +$44M+ 36.4%

AUP + 5.6%

Net Sales - $29M + $5M excl. FX

Adj. EBITDA* +$24M+ 153.2%

AUP + 5.1%^

(*) – See appendix for non-GAAP reconciliations(^) – EUR/ROW AUP does not include PDS or National Hickman contributions

North America Europe / Other

Adjusted EBITDA and AUP increases in two largest reportable segments

Q4'14 Q1'15 Q2'15 Q3'15 Q4'15

0.0

1.0

2.0

3.0

4.0

5.0

Total Debt Net Debt

Leverage Ratios

Unrestricted Cash $89.2 Total Available Liquidity $234.0

Liquidity at January 3, 2016 (millions of USD)

TTM Adj. EBITDA^ $204.2TTM Interest Expense $32.9

Total Debt $468.9

Net Debt $379.7

14

8.25% Senior Unsecured Notes due 2021

(^) – See appendix for non-GAAP reconciliations.(*) – Free cash flow defined as Adjusted EBITDA less capex

Masonite’s balance sheet and liquidity position remain strong

Coverage Ratios

Free Cash Flow*($ in millions)

2015 Financial ReviewLiquidity, Credit, and Debt Profile

2012 2013 2014 2015$0

$40

$80

$120

$160

$200

$48.9$59.9

$86.9

$153.1

Target total debt leverage ratio <3x

Q4'14 Q1'15 Q2'15 Q3'15 Q4'15

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

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

① Company / Industry Update

② 2015 Financial Review

③ Financial Outlook

④ Summary / Q&A

16

We believe economic tailwinds outweigh headwinds

2016 OutlookMacro Factors

$1,908.0#

Tailwinds Headwinds

U.S. housing market is forecast to continue modest growth

Expect mid to high-single digit growth in U.S. housing completions

Expect low to mid-single digit growth in the U.S. RRR market

Expect continued strength in U.K. housing market

New product investments driving higher AUP

Commodities market continues to be favorable

Global economic uncertainty could impact housing market

Weak economy and housing market in Canada due to declining commodities

Potential for continued weakening of foreign currencies

17

Continued solid net sales growth and Adjusted EBITDA pass through# of >30%

2016 OutlookMasonite Financial Outlook*

2016 Full Year Outlook

Net Sales

Adjusted EPS ^

+ 6% - 8%(+ 7% - 9% excl. Fx)

$2.70 - $3.00

Adjusted EBITDA^ $235 - $255M

(*) – Based on macro assumptions highlighted on prior page. (#) - Adj. EBITDA pass through is the change in Adj. EBITDA divided by the change in net sales.(^) – See definition of non-GAAP financial measures on page 2. We are not providing a quantitative reconciliation of our Adjusted EBITDA or Adjusted EPS outlook to the corresponding GAAP information because the GAAP measures that we exclude from our Adjusted EBITDA and Adjusted EPS outlook are difficult to predict and are primarily dependent on future uncertainties.

2015 2018$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

$1.9

18

Continued housing market recovery expected to support sales growth & margin accretion

Company OutlookLong Term Growth Framework^

Net Sales($ in billions)

Adjusted EBITDA* Margin

7% - 10%CAGR

2015 20180%

5%

10%

15%

20%

25%

0.109

14% - 15%

(^) - Company long term growth framework is a forward-looking statement and subject to risks and uncertainties. See "Safe Harbor/Forward Looking Statement”(*) – See definition of Adjusted EBITDA on page 2. We are not providing a quantitative reconciliation of our Adjusted EBITDA or Adjusted EPS outlook to the corresponding GAAP information because the GAAP measures that we exclude from our Adjusted EBITDA and Adjusted EPS outlook are difficult to predict and are primarily dependent on future uncertainties.

19

Disciplined framework for deploying cash back into the business and to our investors

Cash Flow Deployment

1) Fund working capital

3) Strategic acquisitions

4) Return cash to shareholders

Continue to target Net Working Capital of 12-15% of net sales

Tuck-in acquisitions to enhance portfolio and value-added service offerings

Opportunistic share repurchases

2) Invest in growth initiatives Investment in new products and technology enablers (~3% of Net Sales)

Cash Priorities

① Company / Industry Update

② 2015 Financial Review

③ Financial Outlook

④ Summary / Q&A

Seven consecutive quarters of >25% Adj. EBITDA* growth

Excluding foreign exchange net sales increased 7% Gross profit increased 32% and gross margin

expanded 430 basis points Adj. EBITDA increased 49% to $204 million Adj. EBITDA margin up 340 basis points to 10.9% Transformed our European / UK business profile Acquisition of USA Wood Door provides more value

added service capabilities

21

SummaryMasonite’s Balanced Growth Strategy Is Working

2015 Year in Review 2016 What’s Expected

Deliver an unparalleled customer experience Continued launch of new product designs

Logan as addition to successful Heritage series Vista Grande Mini Blinds Pearl and Quill glass designs

Expected net sales growth of 6-8% and adjusted EBITDA pass through in excess of 30%

Announced share repurchase program of up to $150M

(*) – See appendix for non-GAAP reconciliations

Questions & Answers

Appendix

24

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

(In thousands)January 3,

2016December 28,

2014January 3,

2016September 27,

2015June 28,

2015March 29,

2015December 28,

2014

Adjusted EBITDA 56,840$ 37,722$ 204,197$ 185,079$ 170,164$ 155,157$ 137,087$

Less (plus):

Depreciation 14,890 14,798 59,160 59,068 60,356 60,482 60,622

Amortization 7,481 5,549 23,725 21,793 20,424 21,042 21,722

Share based compensation expense 6,261 2,270 13,236 9,245 10,010 9,701 9,605Loss (gain) on disposal of property, plant and equipment 786 1,457 1,371 2,042 1,987 2,673 3,816

Registration and listing fees — — — — — — —

Restructuring costs 1,195 (57) 5,678 4,426 13,200 12,772 11,137

Asset impairment — 18,202 9,439 27,641 18,202 18,202 18,202

Loss (gain) on disposal of subsidiaries 30,263 — 59,984 29,721 — — —

Interest expense (income), net 7,165 10,491 32,884 36,210 39,478 43,285 41,525

Loss on extinguishment of debt — — 28,046 28,046 28,046 28,046 —

Other expense (income), net 1,782 (1,670) (1,757) (5,209) (3,893) (1,952) (587)Income tax expense (benefit) (599) 1,131 15,168 16,898 21,412 7,778 4,533Loss (income) from discontinued operations, net of tax 247 194 908 855 787 717 630Net income (loss) attributable to non-controlling interest 1,583 1,724 4,462 4,603 4,099 4,217 3,222

Net income (loss) attributable to Masonite (14,214)$ (16,367)$ (48,107) (50,260)$ (43,944)$ (51,806)$ (37,340)$

Twelve Months EndedThree Months Ended

25

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

(In thousands)December 28,

2014December 29,

2013December 30,

2012January 1,

2012January 2,

2011

Adjusted EBITDA 137,087$ 105,877$ 97,261$ 81,994$ 80,678$

Less (plus):

Depreciation 60,622 62,080 63,348 60,784 58,633

Amortization 21,722 17,058 15,076 10,569 8,092

Share based compensation expense 9,605 7,752 6,517 5,888 9,626Loss (gain) on disposal of property, plant and equipment 3,816 (1,775) 2,724 3,654 1,301

Registration and listing fees — 2,421 — — —

Restructuring costs 11,137 10,630 11,431 5,116 7,000

Asset impairment 18,202 1,904 1,350 2,516 —

Loss (gain) on disposal of subsidiaries — — — — —

Interest expense (income), net 41,525 33,230 31,454 18,068 245

Loss on extinguishment of debt — — — — —

Other expense (income), net (587) 2,316 528 1,111 1,030Income tax expense (benefit) 4,533 (21,377) (13,365) (21,560) (11,396)Loss (income) from discontinued operations, net of tax 630 598 (1,480) 303 1,718Net income (loss) attributable to non-controlling interest 3,222 2,050 2,923 2,079 1,390

Net income (loss) attributable to Masonite (37,340) (11,010) (23,245) (6,534) 3,039

Year Ended