2 q16 earnings presentation final

1. the beautifuldoor
August 2016
2Q16 Earnings Presentation

2. 2
SAFE HARBOR / FORWARD LOOKING STATEMENT
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,” “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; the United Kingdom referendum to exit the European Union; 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 MEASURES
Our management reviews net sales and Adjusted EBITDA (as defined below) to evaluate segment performance and allocate resources. Net assets are not allocated to the reportable segments.
Adjusted EBITDA is a non-GAAP financial measure which does not have a standardized meaning under GAAP and is unlikely to be comparable to similar measures used by other companies. Adjusted
EBITDA should not be considered as an alternative to either net income or operating cash flows 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. Beginning with the third
quarter of 2015, we revised our calculation of Adjusted EBITDA to separately exclude loss (gain) on disposal of subsidiaries. The revision to this definition had no impact on our reported Adjusted
EBITDA for the three and six months ended June 28, 2015. Adjusted EBITDA (as revised) is defined as net income (loss) attributable to Masonite adjusted to exclude the following items: depreciation;
amortization; share based compensation expense; loss (gain) on disposal of property, plant and equipment; registration and listing fees; restructuring costs; asset impairment; loss (gain) on disposal of
subsidiaries; interest expense (income), net; loss on extinguishment of debt; other expense (income), net; income tax expense (benefit); loss (income) from discontinued operations, net of tax; and net
income (loss) attributable to non-controlling interest. This definition of Adjusted EBITDA is differs from the definitions of EBITDA contained in the indenture governing the 2023 Notes and the credit
agreement governing the ABL Facility. 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 tables in the appendix to this presentation reconcile Adjusted EBITDA to net income (loss) attributable to Masonite for the
periods indicated. We are not providing a quantitative reconciliation of our Adjusted EBITDA outlook to the corresponding GAAP information because the GAAP measures that we exclude from our
Adjusted EBITDA outlook are difficult to predict and are primarily dependent on future uncertainties.
Adjusted EPS for the quarter ended July 3, 2016 and June 28, 2015 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, net of related tax expense (benefit). 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.
Safe Harbor / Non-GAAP Financial Measures

3. 3
Company & Industry Update
the beautifuldoor

4. 4
Company & Industry Update
2Q Overview
Residential volume & increased AUP contributed to double digit Adj. EBITDA growth
Quarterly AUP growth2Q16 Highlights
 Net sales increased 8% to $514.0 million
 Adj. EBITDA* increased 16% to $68.5 million
 Ninth consecutive quarter of double-digit
Adj. EBITDA* growth
 Adj. EBITDA margin +90bps to 13.3%
 Adjusted EPS* increased to $1.02 vs. $0.42 in
2Q 2015
 Repurchased $31 million of company shares
 13th consecutive quarter of positive overall
AUP growth
 AUP increased in all reportable segments
 NA Residential +2%
 Europe +8%
 Architectural +2%
(*) – See appendix for non-GAAP reconciliations
-4%
-2%
0%
2%
4%
6%
8%
10%
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
Q1'16
Q2'16

5. 5
Company & Industry Update
Segment Overview
North American Residential
(*) – Source: U.S. Census Bureau
($ in millions) 2Q16 2Q15 Diff
Net Sales $348.2 $304.9 +14%
Adj. EBITDA $55.7 $46.7 +19%
Margin 16.0% 15.3% +70bps
 U.S. housing starts and completions*
increased 0.2% and 5%, respectively, in 2Q16
 Double digit volume growth in retail and
wholesale channels
 AUP experienced offsetting dynamics
 Headwind from higher relative growth in
interior vs. exterior
 Tailwind from increased pre-hung units
 Strong performance from new products
 Heritage and Vista Grande continue to
outpace expectations
 Negative Fx due to declines in Mexican Peso
and Canadian Dollar

6. 6
Company & Industry Update
Segment Overview
Europe
($ in millions) 2Q16 2Q15 Diff
Net Sales $82.2 $77.1 +7%
Adj. EBITDA $12.8 $8.1 +59%
Margin 15.6% 10.4% +520bps
 “Brexit”-related uncertainty driving some
slowdown in new residential construction
activity in 2Q
 Demographics suggest UK still needs
~200K houses per year
 RRR demand remains robust, with DSI
delivering 15% volume growth
 Net sales and Adj. EBITDA impacted by
decline in Pound Sterling vs. Euro and US
dollar
 Portfolio optimization driving continued Adj.
EBITDA margin expansion
 Integrations of PDS and National
Hickman continue

7. 7
Company & Industry Update
Segment Overview
Architectural
($ in millions) 2Q16 2Q15 Diff
Net Sales $77.6 $76.0 +2%
Adj. EBITDA $7.7 $8.2 -6%
Margin 9.9% 10.8% -90bps
 Volume flat in 2Q
 Implementation of new Door Configurator
and ERP platform created production
backlog at one facility during the quarter
 Tight labor market and new employees
contributing to lower productivity at the plants
 Market strength in Office and Healthcare
sectors. Hospitality demand strong but at lower
end of product range
 USA Wood Door growth demonstrates value
proposition of value-added services offerings

8. 8
Company & Industry Update
Key Investments – Florida Expansion
 State of the art facility in Tampa area
 Services growth markets in both
Residential and Architectural channels
with quick ship options
 Expands USA Wood Door’s geographic
coverage to virtually all of East Coast
 Establishes distribution for interior and
exterior residential doors and components

9. 9
Company & Industry Update
Key Investments – Digital Initiatives
 Formation of Masonite Intelligence Team
 Digital team separate from Corp IT
 Create a working e-commerce platform
 Enhanced Customer Platforms
 Customized door configurators
 Routes to market / Ease of order
 Cadenced implementation of new ERP
platform in Architectural segment
 Allows improved integration of
common processes and shared
manufacturing across plants
 Improved Corporate systems such as
new HRIS to improve ability to support
business growth
Customer Efficiencies Business Efficiencies
ERPSales HR

10. 10
the beautifuldoor
Financial Overview

11. 11
$59.1
$68.5
2Q15 2Q16
$476.4
$514.0
2Q15 2Q16
Financial Overview
2Q16 Net Sales and Adjusted EBITDA
Adj. EBITDA Quarterly DriversNet Sales
($ in millions) ($ in millions)
2Q15 2Q16 2Q15 2Q16
+16%+8%
+10%Excluding impact of F(x):
 Strong volume growth in
North American residential
segment
 “Brexit” concerns in UK
housing market
 Fx negatively impacted
quarterly results
 Weaker CAD vs. USD
 Weaker GBP vs. Euro
and USD

12. 12
Financial Overview
2Q16 Consolidated P&L Information
Net Sales
Gross Profit
Gross Profit %
SG&A
SG&A %
Adj. EBITDA
Adj. EBITDA %
Adj. EPS
2Q16
$514.0
$111.1
21.6%
$69.0
13.4%
$68.5
13.3%
$1.02
2Q15
$476.4
$95.0
19.9%
$58.8
12.3%
$59.1
12.4%
$0.42
B/(W)
+7.9%
+16.9%
+170 bps.
(17.3%)
-110 bps.
+15.9%
+90 bps.
+$0.60
($ in millions)

13. 13
Financial Overview
Segment Sales Walk
($ in millions)
+16% ex Fx +10% ex Fx +3% ex Fx
(*) – Includes the incremental impact of recent acquisitions and dispositions
Reflects removal of
S. Africa

14. 14
Financial Overview
2016 Viewpoints
Headwinds
 Continued U.S. housing market growth
 Expect mid to high-single digit growth in
U.S. housing completions
 Expect mid-single digit growth in the
U.S. RRR market
 New product investments driving higher AUP
 Benign commodities market
 Tightening labor market in U.S.
 Increased hiring costs
 Lower productivity from new recent
employee hires
 “Brexit” risk impact in UK housing market
 Weak currencies including Pound Sterling and
Mexican Peso impact negatively impact costs
Tailwinds

15. 15
Financial Overview
Liquidity, Credit and Debt Profile
Credit & Debt (millions of USD)
TTM Adj. EBITDA $234.1 $170.2
TTM Interest Expense $28.5 $39.5
Total Debt $471.0 $468.2
Net Debt* $408.6 $331.9
2Q16 2Q15
Six months
ended 7/3/2016
Six months
ended 6/28/2015
Unrestricted cash $62.4 $136.3
Total available liquidity $228.8 $278.3
Cash flow from operations $57.0 $40.2
Capital expenditures $38.1 $17.9
Liquidity & Cash Flow (millions of USD)
(*) – Net debt equals total debt less cash

16. 16
Summary / Q&A
the beautifuldoor

17. 17
Summary
2016 Focal Points
2Q16 Highlights 2016 Drivers
 Net sales increased 8% (+10% ex. Fx)
 Gross profit increased 17% and gross margin
expanded 170 bps
 Adj. EBITDA increased 16% to $68.5 million
 Adj. EBITDA margin up 90 bps to 13.3%
 Repurchased $31 million of company shares
 Solid U.S. macro environment
 Uncertain outlook in UK post-Brexit; uneven
housing market continues in Canada
 Tightening labor market in North America
 Continued impact from new product launches
 Focus on lean operating environment

18. 18
Summary
Masonite’s Profitable Growth Agenda
Beneficial Tailwinds
 Market Recovery
 Consolidation
 Optimized Portfolio
 Leveraging Improved Cost Structure
& Capabilities
Strategic Focus
 Unparalleled Customer Experience
 New product innovation
 Digital innovation in routes to market
 MVantage Lean Enterprise
 Automation, Efficiency, Speed,
Simplicity

19. the beautifuldoor
Appendix

20. 20
Reconciliation of Adjusted EBITDA to Net Income (loss) Attributable
to Masonite
(In thousands)
North
American
Residential Europe Architectural
Corporate &
Other Total
Adjusted EBITDA 55,666$ 12,839$ 7,672$ (7,661)$ 68,516$
Less (plus):
Depreciation 8,126 2,480 2,076 2,131 14,813
Amortization 1,225 2,393 2,064 836 6,518
Share based compensation expense - - - 4,782 4,782
Loss (gain) on disposal of property, plant and equipment 199 (1) 62 - 260
Restructuring costs - - - (103) (103)
Loss(gain) on disposal of subsidiaries - (1,431) - - (1,431)
Interest expense (income), net - - - 6,933 6,933
Other expense (income), net - 22 - (823) (801)
Income tax expense (benefit) - - - 2,855 2,855
Loss (income) from discontinued operations, net of tax - - - 184 184
Net income (loss) attributable to non-controlling interest 858 - - 293 1,151
Net income (loss) attributable to Masonite 45,258$ 9,376$ 3,470$ (24,749)$ 33,355$
(In thousands)
North
American
Residential Europe Architectural
Corporate &
Other Total
Adjusted EBITDA 46,713$ 8,053$ 8,185$ (3,894)$ 59,057$
Less (plus):
Depreciation 7,925 1,882 2,020 2,583 14,410
Amortization 1,091 924 2,074 886 4,975
Share based compensation expense - - - 3,106 3,106
Loss (gain) on disposal of property, plant and equipment 317 5 9 19 350
Restructuring costs 3 467 - 518 988
Loss(gain) on disposal of subsidiaries - - - - -
Interest expense (income), net - - - 6,787 6,787
Other expense (income), net - 45 - (680) (635)
Income tax expense (benefit) - - - 15,013 15,013
Loss (income) from discontinued operations, net of tax - - - 240 240
Net income (loss) attributable to non-controlling interest 823 - - (442) 381
Net income (loss) attributable to Masonite 36,554$ 4,730$ 4,082$ (31,924)$ 13,442$
Three Months Ended July 3, 2016
Three Months Ended June 28, 2015

21. 21
Reconciliation of Adjusted EBITDA to Net Income (loss) Attributable
to Masonite
(In thousands)
July 3,
2016
April 3,
2016
January 3,
2016
September 27,
2015
June 28,
2015
March 29,
2015
December 28,
2014
September 28,
2014
Adjusted EBITDA 68,516$ 58,241$ 56,840$ 50,512$ 59,057$ 37,788$ 37,722$ 35,597$
Less (plus):
Depreciation 14,813 14,570 14,890 14,554 14,410 15,306 14,798 15,842
Amortization 6,518 6,464 7,481 6,258 4,975 5,011 5,549 4,889
Share based compensation expense 4,782 3,728 6,261 1,490 3,106 2,379 2,270 2,255
Loss (gain) on disposal of property, plant
and equipment 260 132 786 291 350 (56) 1,457 236
Registration and listing fees — — — — — — — —
Restructuring costs (103) 19 1,195 1,139 988 2,356 (57) 9,913
Asset impairment — — — 9,439 — — 18,202 —
Loss (gain) on disposal of subsidiaries (1,431) — 30,263 29,721 — — — —
Interest expense (income), net 6,933 7,232 7,165 7,179 6,787 11,753 10,491 10,447
Loss on extinguishment of debt — — — — — 28,046 — —
Other expense (income), net (801) 786 1,782 (1,720) (635) (1,184) (1,670) (404)
Income tax expense (benefit) 2,855 6,210 (599) (2,510) 15,013 3,264 1,131 2,004
Loss (income) from discontinued
operations, net of tax 184 188 247 192 240 229 194 124
Net income (loss) attributable to non-
controlling interest 1,151 1,084 1,583 762 381 1,736 1,724 258
Net income (loss) attributable to Masonite 33,355$ 17,828$ (14,214)$ (16,283)$ 13,442$ (31,052)$ (16,367)$ (9,967)$
Three Months Ended

22. 22
Reconciliation of Adjusted Net Income (loss) Attributable to Masonite
to Net Income (loss) Attributable to Masonite
(In thousands) July 3, 2016 June 28, 2015
Net income (loss) attributable to Masonite 33,355$ 13,442$
Add: Loss (gain) on dispoal of subsidiaries (1,431) -
Adjusted net income (loss) attributable to Masonite 31,924$ 13,442$
Diluted earnings (loss) per common share attributable to Masonite ("EPS") 1.06$ 0.42$
Diluted adjusted earnings (loss) per common share attributable to Masonite
("Adjusted EPS") 1.02$ 0.42$
Shares used in computing diluted EPS 31,331,664 31,693,824
Incremental shares issuable under share compensation plans and warrants - -
Shares used in computing diluted Adjusted EPS 31,331,664 31,693,824
Three Months Ended

23. 23
the beautifuldoor