- Masonite reported increased door volume, net sales, and adjusted EBITDA for Q3 2014 compared to Q3 2013, driven by higher pricing and increased volume in North America. Net sales increased 9.9% and adjusted EBITDA rose 25.4%. - Average unit prices increased in all three of Masonite's reportable segments: North America, Europe/Rest of World, and Africa. However, results for the Europe/Rest of World and Africa segments reflected some unusual charges and costs. - Excluding these unusual items, adjusted EBITDA growth for Q3 2014 would have been over 50% compared to Q3 2013, reflecting improving fundamentals in Masonite's business.

1. 2014 Third Quarter Earnings Presentation
NYSE: DOOR
November 6, 2014

2. Safe Harbor / Non-GAAP Financial Measure
SAFEHARBOR/FORWARDLOOKINGSTATEMENTS
Thisinvestorpresentationcontainsforward-lookinginformationandotherforward-lookingstatementswithinthemeaningofapplicableCanadianand/orU.S.securitieslaws, includingourdiscussionofimprovementsinthehousingmarketandrelatedmarketsandtheeffectsofourpricingandotherstrategies,andtheexpectedimpactoftheexplosionatourEstcourtMillinSouthAfrica.WhenusedinthisInvestorPresentation,suchforward-lookingstatementsmaybeidentifiedbytheuseofsuchwordsas“may,”might,“could,” “will,”would,”“should,”“expect,”“believes,”“outlook,”“predict,”“forecast,”“objective,”“remain,”“anticipate,”“estimate,”“potential,”“continue,”“plan,”“project,”“targeting,” orthenegativeofthesetermsorothersimilarterminology.
Forward-lookingstatementsinvolvesignificantknownandunknownrisks,uncertaintiesandotherfactorsthatmaycausetheactualresults,performanceorachievementsofMasonite,orindustryresults,tobemateriallydifferentfromanyfutureplans,goals,targets,objectives,results,performanceorachievementsexpressedorimpliedbysuchforward- lookingstatements.Asaresult,suchforward-lookingstatementsshouldnotbereadasguaranteesoffutureperformanceorresults,shouldnotbeundulyreliedupon,andwillnotnecessarilybeaccurateindicationsofwhetherornotsuchresultswillbeachieved.Factorsthatcouldcauseactualresultstodiffermateriallyfromtheresultsdiscussedintheforward-lookingstatementsinclude,butarenotlimitedto,generaleconomic,marketandbusinessconditions;levelsofresidentialnewconstruction,residentialrepair,renovationandremodelingandnon-residentialbuildingconstructionactivity;competition;ourabilitytosuccessfullyimplementourbusinessstrategy;ourabilitytomanageouroperationsincludingintegratingourrecentacquisitionsandcompaniesorassetsweacquireinthefuture;ourabilitytogeneratesufficientcashflowstofundourcapitalexpenditurerequirementsandtomeetourdebtserviceobligations,includingourobligationsunderourseniornotesandourseniorsecuredasset-backedcreditfacility;laborrelations(i.e., disruptions,strikesorworkstoppages),laborcosts,andavailabilityoflabor;increasesinthecostsofrawmaterialsoranyshortageinsupplies;ourabilitytokeeppacewithtechnologicaldevelopments;theactionsby,andthecontinuedsuccessof,certainkeycustomers;ourabilitytomaintainrelationshipswithcertaincustomers;newcontractualcommitments;ourabilitytogeneratethebenefitsofourrestructuringactivities;retentionofkeymanagementpersonnel;environmentalandothergovernmentregulations; limitationsonoperatingourbusinessasaresultofcovenantrestrictionsunderourexistingandfutureindebtedness,includingourseniornotesandseniorsecuredasset-basedcreditfacility;andotherfactorspubliclydisclosedbythecompanyfromtimetotime.
NON-GAAPFINANCIALMEASURE
AdjustedEBITDAisameasureusedbymanagementtomeasureoperatingperformance.AdjustedEBITDAisdefinedasnetincome(loss)attributabletoMasoniteplusdepreciation, amortization,restructuringcosts,loss(gain)onsaleofproperty,plantandequipment,impairment,registrationandlistingfees,interestexpense,net,otherexpense(income),net, incometaxexpense(benefit),loss(income)fromdiscontinuedoperations,netoftax,netincomeattributabletonon-controllinginterestandsharebasedcompensationexpense. AdjustedEBITDAisnotameasureoffinancialconditionorprofitabilityunderGAAP,andshouldnotbeconsideredasanalternativeto(i)netincome(loss)ornetincome(loss) attributabletoMasonitedeterminedinaccordancewithGAAPor(ii)operatingcashflowdeterminedinaccordancewithGAAP.Additionally,AdjustedEBITDAisnotintendedtobeameasureoffreecashflowformanagement'sdiscretionaryuse,asitdoesnotincludecertaincashrequirementssuchasinterestpayments,taxpaymentsanddebtservicerequirements.WebelievethattheinclusionofAdjustedEBITDAinthispresentationisappropriatetoprovideadditionalinformationtoinvestorsaboutouroperatingperformance. Notallcompaniesuseidenticalcalculations,andasaresult,thispresentationofAdjustedEBITDAmaynotbecomparabletoothersimilarlytitledmeasuresofothercompanies. Moreover,AdjustedEBITDAaspresentedforfinancialreportingpurposesherein,althoughsimilar,isnotthesameassimilartermsintheapplicablecovenantsinourABLFacilityorourseniornotes.AdjustedEBITDA,ascalculatedunderourABLFacilityorseniornoteswouldalsoinclude,amongotherthings,additionaladd-backsforamountsrelatedto:costsavingsprojectedbyusingoodfaithtoberealizedasaresultofactionstakenorexpectedtobetakenpriortoorduringtherelevantperiod;feesandexpensesinconnectionwithcertainplantclosuresandlayoffs;andtheamountofanyrestructuringcharges,integrationcostsorotherbusinessoptimizationexpensesorreservedeductedintherelevantperiodincomputingconsolidatednetincome,includinganyone-timecostsincurredinconnectionwithacquisitions.ThetableintheappendixsetsforthareconciliationofAdjustedEBITDAtonetincome(loss)attributabletoMasonitefortheperiodsindicated.
2

3. ①Company / Industry Update
②Q3’14 Financial Review
③Summary / Q&A

4. Company / Industry UpdateNorth American Trends Remain Positive
4
The Macroeconomic Recovery Continues
NA Door Volume Growth
Economy in NA is Aiding Growth*
•Q3’14 U.S. Housing starts +16%
•Single Family +8%
•Multi-family +33%
•Equivalent starts +13%
•Q3’14 U.S. Housing completions +21%
•Single Family +9%
•Multi-family +53%
•Equivalent completions +16%
•Canadian Housing starts +2%
Despite the unusually harsh winter in Q1’14, volume growth in NA continues to increase as the housing market continues its recovery
NA Volume Growth In Line with Economy
2013
2014
(*) –Source: U.S. Census Bureau, Canada Mortgage & Housing Association
14%
5%
0%
5%
10%
15%
Wholesale
Retail
(year over year comparison)
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
1Q
2Q
3Q
4Q
1Q
2Q
3Q

5. 5
Only ~1/3rdof 2014 NA Pricing Actions Have Posted in Our Results
Company / Industry UpdateNA Pricing –Majority of Recent Pricing Not Yet Realized
Q1’14
Q2’14
Q3’14
Q4’14
Q1’15
Q2’15
Q3’15
Q4’15
North America Retail & U.S. Wholesale Customers Mid-High Single Digit Increase
Q1’14
Q3’14
Low Single Digit to High Single Digit Increase on Targeted Products in NA Wholesale & Retail
Quarterly Year Over Year Benefits
2014
2015
Recent Pricing
= Benefit realized.
= Benefit expected to be realized in respective quarter.

6. 6
Company / Industry UpdateNorth American Price Environment Has Been Improving
Improving Price Environment Includes Logical Price Progression*
(*) –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, Jan. 2014 and Sep.
2014 across various markets with in the U.S. with (unnamed) retail customers “A” and “B”.
$44-$49
$41
$52
1/14
10/13
9/14
$49
$41
$52
Getting Fair Value Benefits All Parties Throughout the Value Chain
$22-$30
$19-$26
$29
$19-$26
$32
1/14
10/13
9/14
$32
A
B
=
Retail Prices In Line With Value Allow for Investment Opportunities and Better Products
More Frequent Store Delivery
Improves Customer Service
Product Education &
Marketing Capabilities
New Products and Styles
Increased Consumer
Value Proposition
+
+

7. Company / Industry UpdateNorth American Residential New Product Innovation
7
2014 / 2015 New Product Launches
Shaker Doors –1 Panel
•Combines the classic lines of a wood shaker door with the durability of molded panel engineering.
•Available in Safe ‘N Sound / Emerald “green” specification with matching bi-fold doors.
•3-Panel began shipping to North American retail and wholesale customers during the third quarter of 2014.
•Has an average unit price (AUP) considerably higher than traditional molded panel designs.
Shaker Doors –3 Panel

8. Company / Industry UpdateFive Focus Areas Designed to Accelerate Growth
Automation
Product Line Leadership
Electronic Enablement
Sales and Marketing Excellence
Portfolio Optimization: Strategic Tuck-ins & Market Exits
8
Goal: Grow Share & Expand Margins Beyond Macroeconomic Recovery

9. ①Company / Industry Update
②Q3’14 Financial Review
③Summary / Q&A

10. $28.4
$35.6
$25.0
$30.0
$35.0
$40.0
$45.0
$50.0
Q3'13 Q3'14
$433.1
$476.1
$300.0
$400.0
$500.0
$600.0
Q3'Q3'14
7.7
8.5
5.0
6.0
7.0
8.0
9.0
10.0
Q3'13 Q3'14
Door Volume^ Net Sales Adjusted EBITDA*
(in millions) (millions of USD) (millions of USD)
Q3’13 Q3’14 Q3’13 Q3’14 Q3’13 Q3’14
(^) – Does not include Africa segment.
(*) – See appendix for non-GAAP reconciliations.
(~) – Inclusive of a ~$3.0 million charge for quality and inventory obsolescence issues in the Europe / Rest of World segment.
2014 Third Quarter Financial Results
Door Volume, Net Sales and Adjusted EBITDA
10
Door Volume, Net Sales & Adjusted EBITDA Reflect Improving Fundamentals
+10.4% +9.9% +25.4%
~

11. (*) –See appendix for non-GAAP reconciliations
(~) –Inclusive of a ~$3.0 million charge for quality and inventory obsolescence issues in the Europe / Rest of World segment.
Net Sales
Gross Profit
Gross Profit %
SG&A
SG&A %
Adj. EBITDA*
Adj. EBITDA %
Q3’14
$476.1
$66.2
13.9%
$53.9
11.3%
$35.6
7.5%
Q3’13
$433.1
$59.0
13.6%
$51.4
11.9%
$28.4
6.6%
Change
+9.9%
+12.2%
+30 bps.
+4.9%
-60 bps.
+25.4%
+90 bps.
2014 Third Quarter Financial ResultsConsolidated P&L Information
11
Improving Margins from Higher Pricing and Increased Volume
(Millions of USD)
~

12. Q3’13 Net Sales
Volume*
Avg. Unit Price
Other
FX
Q3’14 Net Sales
North America
$333.1
$28.4
$14.1
($1.8)
($3.7)
$370.1
Europe/ROW
$81.9
$7.8
$2.6
($0.4)
$2.0
$93.9
Africa
$18.1
($7.5)
$2.4
$0.0
($0.9)
$12.1
Total
$433.1
$28.7
$19.0
($2.2)
($2.5)
$476.1
6.6%
4.4%
(0.5%)
(0.6%)
9.9%
(*) -Includes the incremental impact of our 2014 acquisitions.
(Millions of USD)
+11.1%
+14.7%
-33.1%
% Change
2014 Third Quarter Financial ResultsNet Sales Reconciliation by Reportable Segment
Average Unit Price Increased in All Three Reportable Segments
12

13. 13
Adjusted EBITDA Increased 25% Q3’14 vs. Q3’13
2014 Third Quarter Financial ResultsAdjusted EBITDA Quarterly Progression
Adjusted EBITDA* Continues to Grow As Economy Continues Its Recovery
(*) –See appendix for non-GAAP reconciliations.
(~) –Inclusive of a ~$3.0 million charge for quality and inventory obsolescence issues in the Europe / Rest of World segment.
(in millions)
$0
$5
$10
$15
$20
$25
$30
$35
$40
$45
$50
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
~

14. 14
Europe / Rest of World & Africa Segment Results Both Reflect Unusual Items
Update:
•Explosion occurred June 6, 2014.
•Total impact estimated at $6-7MM.*
•Majority of impact in Q3’14:
•Q3’14 Adjusted EBITDA = ($2.6MM)
•Q3’13 Adjusted EBTIDA = +$1.8MM
•Year-over-year change of $4.4MM
•Received and recorded partial BI payment of ~$0.8MM in Q3’14.
•Mill running at ~80% capacity at quarter end.
•Full capacity was restored November 1, 2014.
Africa Segment
(*) –Assumes 65-75 million South African Rand with a conversion ratio of ~10.7 Rand to 1.0 USD.
Europe / Rest of World Segment
Update:
•August 21, 2014 voluntarily sought a stay of proceedings from the Israeli courts in an attempt to restructure the business.
•Non-Adjusted EBITDA restructuring charge of ~$9.7MM was recorded in our third quarter 2014 results.
•Also recorded ~$3.0MM Adjusted EBITDA charge related to quality and inventory obsolescence issues.
Recent Geographic Exits:
•Israel2014
•Poland2014
•Hungary2012
•Romania2012
•Ukraine2010
•Turkey2010
2014 Third Quarter Financial ResultsInternational Business Update

15. $0
$5
$10
$15
$20
$25
$30
$35
$40
$45
$50
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
15
Q3’14 Adjusted EBITDA (Normalized) Increased >50%
2014 Third Quarter Financial ResultsAdjusted EBITDA Quarterly Progression
Excluding Unusual Items in the Quarter, Adjusted EBITDA Increased Significantly
(*) –See appendix for non-GAAP reconciliations.
(^) –Europe / Rest of World pro-forma results are adjusted by ~$3.0 million for quality and inventory obsolescence issues. Masonite Africa Q3’14 results are assumed to
equal prior year actual results of $1.8MM until full business interruption analysis can be completed.
^
(in millions)

16. Financial Policy & Coverage Ratios
Selected Cash Flow DataYTD2014
YTD 2013
Cash flow from operations
$56.2
$29.8
Additions to property, plant & equipment
($35.2)
($24.9)
Cashused in acquisitions
($50.4)
($15.1)
Gross Proceeds from issuanceof LT debt
$138.7
$0.0
Paymentof financing costs
($1.9)
$0.0
Increase (decrease) in cash & cash equivalents
$101.9
($9.1)
Target
financial
leverage
range
UnrestrictedCash
$202.8
ABL Borrowing Base
$120.5
ARPurchase Agreement
$16.6
Total Available Liquidity
$339.9
Liquidity at September 28, 2014 (millions of USD)
LTMAdj.EBITDA^
$117.2
LTM Interest Expense
$39.5
Total Debt
$511.8
Net Debt
$309.0
2014 Third Quarter Financial ResultsLiquidity, Credit and Debt Profile
Debt Issuance History
8.25% Senior Unsecured Notes due 2021
$0
$100
$200
$300
$400
$500
2011
2012
2013
2014
16
(^) –See appendix for non-GAAP reconciliations.
Masonite’s Balance Sheet Remains Strong with Ample Liquidity Available
8.25% Senior Unsecured Notes due 2021
3.3
3.6
5.2
4.7
4.4
2.3
2.6
3.5
3.0
2.6
3.6
3.2
2.8
2.9
3.0
2.1
1.8
1.5
1.6
1.5
0.0
1.0
2.0
3.0
4.0
5.0
6.0
9/29/13
12/29/2013
3/30/2014
6/29/2014
9/28/2014
Total Debt / Adj. EBITDA
Net Debt / Adj. EBITDA
Adj. EBITDA / Interest
(Adj. EBITDA - Capex) / Interest

17. ①Company / Industry Update
②Q3’14 Financial Review
③Summary / Q&A

18. Fundamentals Continue to Improve
U.S. new housing starts and completions both continue to grow at double digit rates.
Q3’14 top-line results were strong:
Volume & net sales both grew 10%
Highest rate of organic sales growth in five years.
Q3’14 bottom-line results were strong:
Adjusted EBITDA (as reported) grew 25.4%.
Adjusted EBITDA margin (as reported) expanded to 7.5% (+90 basis points).
Q3’14 Adjusted EBITDA (pro-forma) >50%.
Recent pricing actions expected to continue delivering significant benefits.
Five Key Focus Areas Designed to Accelerate Growth
Automation
Product Line Leadership
Shaker Door series launched in 2014 and will continue in 2015.
Electronic Enablement
Sales & Marketing Excellence
Portfolio Optimization: Strategic Tuck-in Acquisitions & Market Exits
Exit of operations in Israel helps strengthen geographic portfolio.
18
SummaryMasonite’s Balanced Growth Strategy is Working

19. Questions & Answers

20. Appendix

21. Reconciliation of Adjusted EBITDA to Net Income
(loss) Attributable to Masonite
21
3Q Adjustments to Adj. EBITDA
North America
Europe, Asia and Latin
America Africa Total
Adjusted EBITDA, as reported
36,329 1,902 (2,634) 35,597
Charges from product and inventory
obsolescence issues in Europe, Asia and
Latin America segment
— 3,000 — 3,000
Incremental decline in Africa segment
Adjusted EBITDA
— — 4,467 4,467
Pro Forma Adjusted EBITDA
36,329 4,902 1,833 43,064
Three Months Ended September 28, 2014
(In thousands)
September 28
2014
September 29
2013
September 28
2014
September 29
2013
September 28,
2014
June 29,
2014
March 30,
2014
December 29,
2013
September 29,
2013
Adjusted EBITDA $ 35,597 $ 28,432 $ 99,365 $ 88,070 $ 117,172 $ 110,007 $ 99,418 $ 105,877 $ 113,687
Less (plus):
Depreciation 15,842 15,505 45,824 47,682 60,222 59,885 61,000 62,080 63,544
Amortization 4,889 4,277 16,173 12,883 20,348 19,736 18,479 17,058 16,889
Share based compensation expense 2,255 1,841 7,335 5,752 9,335 8,921 8,205 7,752 7,664
Loss (gain) on disposal of property, plant and
equipment 236 (2,772) 2,359 (1,810) 2,394 (614) (797) (1,775) 231
Impairment — — — 1,904 — — 1,903 1,904 3,254
Registration and listing fees — 1,998 — 1,998 423 2,421 2,421 2,421 1,998
Restructuring costs 9,913 1,265 11,194 4,467 17,357 8,709 9,911 10,630 10,847
Interest expense (income), net 10,447 8,330 31,034 24,788 39,476 37,359 34,973 33,230 33,169
Other expense (income), net (404) (255) 1,083 (776) 4,175 4,324 (949) 2,316 (1,445)
Income tax expense (benefit) 2,004 (6,272) 3,402 (7,716) (10,259) (18,535) (22,308) (21,377) (14,743)
Loss (income) from discontinued operations, net
of tax 124 62 436 196 838 776 649 598 236
Net income (loss) attributable to non-controlling
interest 258 838 1,498 2,123 1,425 2,005 2,166 2,050 2,915
Net income (loss) attributable to Masonite $ (9,967) $ 3,615 $ (20,973) $ (3,421) $ (28,562) $ (14,980) $ (16,235) $ (11,010) $ (10,872)
Three Months Ended Nine Months Ended Twelve Months Ended