INVESTOR PRESENTATION

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Dwain Wilkinson
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1 INVESTOR PRESENTATION Spring 2018 NYSE: DOOR

2 Safe Harbor / Non-GAAP Financial Measures 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 our 2018 outlook and long term growth framework, housing and other markets, and the effects of our strategic initiatives. 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, 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's formal trigger of the two year process for its exit from the European Union and related negotiations; 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, to meet our pension obligations, and to meet our debt service obligations, including our obligations under our senior notes and our ABL 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; cyber security threats and attacks; the actions taken by, and the continued success of, certain key customers; our ability to maintain relationships with certain customers; the ability to generate the benefits of our restructuring activities; retention of key management personnel; environmental and other government regulations; and limitations on operating our business as a result of covenant restrictions under our existing and future indebtedness, including our senior notes and our ABL Facility. 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 fourth quarter of 2015, we revised our calculation of Adjusted EBITDA to separately exclude loss (gain) on disposal of subsidiaries. This definition of Adjusted EBITDA 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 or diluted Adjusted EPS 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 EBITDA margin is defined as Adjusted EBITDA divided by Net Sales. Management believes this measure provides supplemental information on how successfully we operate our business. Adjusted EPS is diluted earnings per common share attributable to Masonite (EPS) less asset impairment charges, loss (gain) on disposal of subsidiaries, and other items, if any, that do not relate to Masonite s underlying business performance (each net of related tax expense (benefit)). Beginning in the fourth quarter of 2017, we revised our calculation of Adjusted EPS to exclude the beneficial impact of the deferred tax revaluation recognized as a result of The Tax Cuts and Jobs Act of 2017 and the release of a valuation allowance in Canada as such tax assets are likely to be realized in future periods. The revision to this definition had no impact on our reported Adjusted EPS for the three months or year ended January 1, 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. 2

3 Agenda Company Overview Business Segments and Strategies Financial Review 3

4 COMPANY OVERVIEW 4

5 Our Footprint 5

Our Footprint Masonite has an integrated

Production Step #2 Slab Assembly Step #3

6 Our Footprint Masonite has an integrated supply chain Step #1 Door Facings Production Step #2 Slab Assembly Step #3 Dorfab 5 molded facilities globally 15 North American assembly plants 10 North American Dorfab facilities 8 press lines 10 producing interior 5 producing steel entry Services retail customers Insured replacement value of >$1 billion 3 producing FG entry 6 UK plants Pre-hanging and pre-finishing services 6

Residential Mexico (70% of net sales) includes: Based on 2017 Net Sales and

7 Our Footprint Diversified end markets and multiple growth opportunities NA Residential Architectural Europe Other Architectural US New Housing Europe NA Residential Mexico (70% of net sales) includes: Based on 2017 Net Sales and company estimates Canada RRR Canada New Housing US RRR 70% United States Canada Mexico 7

8 Healthy End Markets US New Housing Starts (1968 present) UK Housing Starts ( E) US Non-residential Building Index (2007 present) yr avg Source: U.S. Census Bureau Source: NHBC Housing Tracker Source: Architectural Billings Index (Rolling 12 month average) Score above 50 indicates a positive outlook for spending 8

9 BUSINESS SEGMENTS AND STRATEGIES 9

10 North American Residential ($ in millions) FY B/(W) 1Q B/(W) Net Sales $1,429 6% $360 6% Adj. EBITDA* $200 (6%) $50 12% Adj. EBITDA Margin* 14.0% (170bps) 14.0% 70bps 1 of 2 vertically integrated residential interior door manufacturers in North America Established leadership positions^ in interior molded, steel, fiberglass and stile & rail doors 2017 Net Sales by End Market 2017 Net Sales by Customer Channel New Residential Construction 45% RRR 55% Retail 35% Wholesale 65% 10 (*) See safe harbor/non-gaap financial measures on page 2 for definitions and other information and appendix for non-gaap reconciliations (^) Defined as #1 or #2 in North America

11 Driving Increased Sales Investing in products, brand and customer experience Portfolio Mix Trend Leading Products Brand Investment Trade up opportunity New products and designs at higher price points New website, logo and marketing materials 11

Europe 2017 2018 ($ in millions) FY B/(W) 1Q B/(W) Net Sales $292 (3%) $87 24% Adj. EBITDA* $34 (13%) $10 29% Adj. EBITDA Margin* 11.5% (140bps) 11.

International & DW3 2017 European Net Sales 2017 Net Sales by End Market Mixed Use, 5% Other 10% New Residential 45% RRR 50% UK 90% 12 (*) See safe

12 Europe ($ in millions) FY B/(W) 1Q B/(W) Net Sales $292 (3%) $87 24% Adj. EBITDA* $34 (13%) $10 29% Adj. EBITDA Margin* 11.5% (140bps) 11.4% 30bps Acquisitions have expanded UK product offering across interior and exterior doors Innovative Go-to-Market business model with Door- Stop International & DW European Net Sales 2017 Net Sales by End Market Mixed Use, 5% Other 10% New Residential 45% RRR 50% UK 90% 12 (*) See safe harbor/non-gaap financial measures on page 2 for definitions and other information and appendix for non-gaap reconciliations (^) DW3 was acquired on January 30, 2018

13 Product Portfolio Door Kits Door Sets upvc Exterior GRP Exterior Exterior Solid & Fire Bespoke Doors & Windows Interior Door Slabs Added Value ($ per product) 13

Architectural 2017 2018 ($ in millions) FY B/(W) 1Q B/(W) Net Sales $288 (3%) $67 (7%) Adj.

5% 420bps ONLY vertically integrated Architectural wood door manufacturer in North America Established

14 Architectural ($ in millions) FY B/(W) 1Q B/(W) Net Sales $288 (3%) $67 (7%) Adj. EBITDA* $30 19% $8 48% Adj. EBITDA Margin* 10.4% 200bps 11.5% 420bps ONLY vertically integrated Architectural wood door manufacturer in North America Established leadership positions in interior wood doors, door core and veneers Net Sales by End Market Transition to a Unified Brand Office Other^ Education/G ovt Hospitality Healthcare 14 (*) See safe harbor/non-gaap financial measures on page 2 for definitions and other information and appendix for non-gaap reconciliations (^) Other consists of stock doors, multifamily and retail

ARCHITECTURAL BUSINESS TRANSFORMATION Masonite Brands 6 1 2016 2018 2021 Product lines 29 12 Overlapped Volume Flex* 0% 80% 0% 50%-65% 80% Operations Quality

15 ARCHITECTURAL BUSINESS TRANSFORMATION Masonite Brands Product lines Overlapped Volume Flex* 0% 80% 0% 50%-65% 80% Operations Quality and delivery challenges Industry standard leadtimes Improved Quality Industry leading service and quality levels (*) Excludes recent Graham/Maiman acquisition 15

16 Architectural Margin Progression Quarterly Adjusted EBITDA Margin* Architectural Business Segment 11.5% 11.8% 12.4% 10.2% 7.3% 1Q17 1Q18 2Q17 3Q17 4Q17 16 (*) See safe harbor/non-gaap financial measures on page 2 for definitions and other information and appendix for non-gaap reconciliations

Graham & Maiman Wood Doors Recently acquired the operating assets of the Graham and Maiman divisions of the Assa Abloy

Maiman a provider of architectural stile and rail doors, thermal fused wood doors and wood door frames Assets from these

$70M of net sales in 2017 Assets purchased for $40 million, subject to typical post-closing adjustments We expect double

17 Graham & Maiman Wood Doors Recently acquired the operating assets of the Graham and Maiman divisions of the Assa Abloy Door Group Graham a provider of premium and custom grade flush wood doors to the non-residential construction industry Maiman a provider of architectural stile and rail doors, thermal fused wood doors and wood door frames Assets from these businesses generated approx. $70M of net sales in 2017 Assets purchased for $40 million, subject to typical post-closing adjustments We expect double digit adjusted EBITDA* margins by the second year of Masonite ownership 17 (*) See safe harbor/non-gaap financial measures on page 2 for definitions and other information and appendix for non-gaap reconciliations

18 FINANCIAL REVIEW 18

19 Historical Performance & Growth Net Sales & Gross Profit Adj. EBITDA* & Margin $1,838 $1,872 $1,974 $2,033 $2, % 12.8% 12.6% 12.8% 7.5% $265 $351 $410 $407 $417 $137 $204 $252 $255 $ Q18 TTM Q18 TTM Gross Profit Net Sales Adj. EBITDA Adj. EBITDA margin Demonstrated operational leverage and margin expansion (*) See safe harbor/non-gaap financial measures on page 2 for definitions and other information and appendix for non-gaap reconciliations and 2017 Adj. EBITDA totals reflects recent accounting changes related to pension costs. 19

20 Long Term Growth Framework^ Net Sales Trajectory 2017 and 2020 $ in billions ~$140M^ ~$70M ~$250M $2.5 $2.0 ^ Europe increase includes DW NA Residential Europe Architectural 2020E Expected growth in all three reportable segments (^) - Company long term growth framework is a forward-looking statement and subject to risks and uncertainties. See "Safe Harbor/Forward Looking Statement 20

21 Long Term Growth Framework^ Adj. EBITDA* Margin Trajectory ~2% ~1% ~1% 16% - 17% 12.6% 2017 Volume Leverage AUP/Mix Net Productivity 2020E Strong incremental margin performance (^) - Company long term growth f ramework is a f orward-looking statement and subject to risks and uncertainties. See "Saf e Harbor/Forward Looking Statement (*) See def inition of Adjusted EBITDA on page 2. We are not prov iding a quantitativ e reconciliation of our Adjusted EBITDA or Adjusted EPS outlook to the corresponding GAAP inf ormation because the GAAP measures that we exclude f rom our Adjusted EBITDA and Adjusted EPS outlook are dif f icult to predict and are primarily dependent on f uture uncertainties. 21

22 Cash Flow Priorities Priorities Working Capital Fund working capital needs Shareholder Returns Cash Flow Capex Invest in organic growth initiatives Pursue value-added acquisitions Acquisitions Return excess cash to shareholders 22

23 Organic Investment - Capital Expenditures Capex Spending Strategic Priorities Based on ~$80 million per year Strategic Maintenance Cost reduction/quality improvement Capacity expansion New product development Digital tools 40% Examples 60% Automating paint lines, core routing and board stacking Increasing fiberglass capacity Optimizing plant layout Equipment upgrades to enhance trimming throughput and packaging efficiency 23

24 SUMMARY Strong market position in residential and architectural door markets Residential and non-residential markets should continue to drive long term growth Investing to elevate the door category, transform architectural and improve productivity Deliver product, service and design innovations that enhance beauty and functionality Digital team focused on delivering an Extraordinary Customer Experience Capital deployment priorities: Fund working capital CapEx to support growth Strategic acquisitions Opportunistic share repurchases 24

25 NON-GAAP RECONCILIATIONS 25

26 Reconciliation of Adj. EBITDA to net income (loss) attributable to Masonite (In thousands) December 31, 2017 January 1, 2017 Twelve months ended, January 3, 2016 December 28, 2014 December 29, 2013 Adjusted EBITDA $ 254,506 $ 252,013 $ 204,197 $ 137,087 $ 105,877 Less (plus): Depreciation 57,528 57,604 59,160 60,622 62,080 Amortization 24,375 24,727 23,725 21,722 17,058 Share based compensation expense 11,644 18,790 13,236 9,605 7,752 Loss (gain) on disposal of property, plant and equipment 1,893 2,111 1,371 3,816 (1,775) Registration and listing fees 2,421 Restructuring costs 850 1,445 5,678 11,137 10,630 Asset impairment 1,511 9,439 18,202 1,904 Loss (gain) on disposal of subsidiaries 212 (6,575) 59,984 Interest expense (income), net 30,153 28,178 32,884 41,525 33,230 Loss on extinguishment of debt 28,046 Other expense (income), net (2,153) (2,459) (1,757) (587) 2,316 Income tax expense (benefit) (27,560) 21,787 14,172 4,533 (21,377) Loss (income) from discontinued operations, net of tax Net income (loss) attributable to non-controlling interest 5,242 5,520 4,462 3,222 2,050 Net income (loss) attributable to Masonite 151,739 98,622 (47,111) (37,340) (11,010) 26

27 Reconciliation of Adj. EBITDA to net income (loss) attributable to Masonite (In thousands) Three Months Ended April 1, 2018 North American Residential Europe Architectural Corporate & Other Adjusted EBITDA $ 50,398 $ 9,930 $ 7,660 $ (6,574) $ 61,414 Less (plus): Depreciation 7,344 2,303 2,030 2,257 13,934 Amortization 481 3,239 2, ,585 Share based compensation expense 3,065 3,065 Loss (gain) on disposal of property, plant and equipment Interest expense (income), net 8,756 8,756 Other expense (income), net 35 (307 ) (272) Income tax expense (benefit) 6,701 6,701 Loss (income) from discontinued operations, net of tax Net income (loss) attributable to noncontrolling interest 970 (13) 957 Net income (loss) attributable to Masonite $ 41,070 $ 4,353 $ 3,297 $ (27,894) $ 20,826 (In thousands) Three Months Ended April 2, 2017 North American Residential Europe Architectural Corporate & Other Adjusted EBITDA $ 44,937 $ 7,738 $ 5,214 $ (5,295) $ 52,594 Less (plus): Depreciation 7,484 1,810 2,370 2,360 14,024 Amortization 993 1,667 2,161 1,149 5,970 Share based compensation expense 2,427 2,427 Loss (gain) on disposal of property, plant and equipment (399) 140 (27) 12 (274) Restructuring costs Interest expense (income), net 7,024 7,024 Other expense (income), net 157 (671 ) (514 ) Income tax expense (benefit) (1,679 ) (1,679 ) Loss (income) from discontinued operations, net of tax Net income (loss) attributable to noncontrolling interest ,513 Net income (loss) attributable to Masonite $ 35,942 $ 3,964 $ 439 $ (16,780 ) $ 23,565 Total Total (in thousands) North American Year Ended December 31, 2017 Corporate & Residential Europe Architectural Other Consolidated Adjusted EBITDA 200,179 33,820 30,050 (9,543) 254,506 Less (plus): Depreciation 29,798 9,588 9,032 9,110 57,528 Amortization 3,369 7,867 8,742 4,397 24,375 Shared based compensation expense ,644 11,644 Loss (gain) on disposal of property, plant and equipment ,893 Restructuring costs - (27) 2,394 (1,517) 850 Asset impairment Loss (gain) on disposal of subsidiaries Interest expense (income), net ,153 30,153 Other expense (income), net (2,385) (2,153) Income tax expense (benefit) (27,560) (27,560) Loss (income) from discontinued operations, net of tax Net income (loss) attributable to noncontrolling interest 3, ,723 5,242 Net income (loss) attributable to Masonite 162,723 15,655 9,554 (36,193) 151,739 (in thousands) North American Year Ended December 31, 2017 Corporate & Residential Europe Architectural Other Consolidated Adjusted EBITDA 212,619 39,028 25,160 (24,794) 252,013 Less (plus): Depreciation 31,159 8,480 9,622 8,343 57,604 Amortization 4,383 9,069 7,999 3,276 24,727 Shared based compensation expense ,790 18,790 Loss (gain) on disposal of property, plant and equipment 1, (31) 2,111 Restructuring costs , ,445 Asset impairment - - 1,511-1,511 Loss (gain) on disposal of subsidiaries - (1,431) - (5,144) (6,575) Interest expense (income), net ,178 28,178 Other expense (income), net (3,249) (2,459) Income tax expense (benefit) ,787 21,787 Loss (income) from discontinued operations, net of tax Net income (loss) attributable to noncontrolling interest 3, ,131 5,520 Net income (loss) attributable to Masonite 172,594 21,537 4,231 (99,740) 98,622 27

2018 INVESTOR DAY. March 2, 2018 NYSE: DOOR

2018 INVESTOR DAY. March 2, 2018 NYSE: DOOR 2018 INVESTOR DAY March 2, 2018 NYSE: DOOR Safe Harbor / Non-GAAP Financial Measures SAFE HARBOR / FORWARD LOOKING STATEMENT This investor presentation contains forward-looking information and other forward-looking