Ply Gem Holdings reported results for the third quarter of 2014, with net sales increasing 7.5% year-over-year to $437.8 million. Gross profit margin expanded 180 basis points to 22.5% due to price increases and efficiency gains. Adjusted EBITDA grew 14.7% to $55.4 million. Both the Windows & Doors and Siding, Fencing & Stone segments saw sales growth and gross margin expansion through price increases and synergies from recent acquisitions, despite higher raw material costs and integration expenses. The company expects continued growth in US housing starts and full-year 2014 adjusted EBITDA of $23-28 million for the fourth quarter.

1. November 7, 2014
Ply Gem HoldingsThird Quarter 2014 Results
Gary E. RobinetteShawn K. Poe
President & Chief Executive OfficerChief Financial Officer

2. LegalDisclaimer
1
Theseslidesandtheaccompanyingoraldiscussionmaycontain“forward-lookingstatements”withinthemeaningofthePrivateSecuritiesLitigationReformActof1995.Suchstatementsinvolveknownandunknownrisks,uncertaintiesandotherfactorsthatcouldcausetheactualresultsoftheCompanytodiffermateriallyfromtheresultsexpressedorimplied,including: downturnsinthehomerepairandremodelingorthenewconstructionendmarkets,ortheeconomyortheavailabilityofconsumercredit;competitionfromotherexteriorbuildingproductsmanufacturersandalternativebuildingmaterials;changesinthecostsandavailabilityofrawmaterials;consolidationandfurthergrowthofourcustomers;lossof,orareductioninordersfrom,anyofoursignificantcustomers;inclementweatherconditions;increasesinunionorganizingactivityandworkstoppagesatourfacilitiesorthefacilitiesofoursuppliers;ourabilitytoemploy,trainandretainqualifiedpersonnelatacompetitivecost;claimsarisingfromtheoperationsofourvariousbusinessespriortoouracquisitions;productsliabilityclaims,includingclassactionclaims,relatingtotheproductswemanufacture;lossofcertainkeypersonnel;interruptionsindeliveriesofrawmaterialsorfinishedgoods;environmentalcostsandliabilities;inabilitytorealizeanticipatedsynergiesandcostsavingswithrespecttoacquisitions;manufacturingorassemblyrealignments;threatsto,orimpairmentsof,ourintellectualpropertyrights;increasesinfuelcosts;materialnon-cashimpairmentcharges;oursignificantamountofindebtedness;covenantsintheABLFacility,thecreditagreementgoverningourSeniorSecuredTermLoanFacilityandtheindenturegoverningthe6.50%SeniorNotes;limitationsonournetoperatinglossesandpaymentsunderthetaxreceivableagreementtoourcurrentstockholders;failuretosuccessfullyconsummateandintegratefutureacquisitions;actualorperceivedsecurityvulnerabilitiesorcyberattacksonournetworks;failuretoeffectivelymanagelaborinefficienciesassociatedwithincreasedproductionsandnewemployeesaddedtothecompany;failuretogeneratesufficientcashtoserviceallofourindebtednessandmakecapitalexpenditures;controlbytheCIPartnerships;failuretomaintaineffectiveinternalcontrolsoverfinancialreporting;andtheriskssetforthintheCompany’sfilingswiththeSecuritiesandExchangeCommission. Consequentlysuchforward-lookingstatementsshouldberegardedastheCompany’scurrentplans,estimatesandbeliefs. Exceptasrequiredbylaw,theCompanydoesnotundertakeandspecificallydeclinesanyobligationtopubliclyreleasetheresultsofanyrevisionstotheseforward-lookingstatementsthatmaybemadetoreflectanyfutureeventsorcircumstancesafterthedateofsuchstatementsortoreflecttheoccurrenceofanticipatedorunanticipatedevents.
Inaddition,theseslidesandtheaccompanyingoraldiscussionreferencenon-GAAPfinancialmeasures,suchasadjustedEBITDA.Areconciliationofnon-GAAPfinancialmeasurestothemostdirectlycomparableGAAPfinancialmeasureisprovidedintheAppendixtotheseslidesandisincludedinournewsreleaseissuedonNovember7,2014andpostedonwww.plygem.com.

3. 2
41%
55%
45%
Third Quarter 2014 ResultsToday’s Presentation
90%
10%
Agenda
•ThirdQuarter ReviewGary Robinette
•Financial ResultsShawn Poe
•Acquisition Synergies and Cost SavingsShawn Poe
•Margin InitiativesGary Robinette
•Economic OutlookGary Robinette
•Questions and Answers Gary Robinette & Shawn Poe
•Closing RemarksGary Robinette

4. 3
41%
55%
45%
One of the Largest Manufacturers of Exterior Building and Home Improvement Products
90%
10%
Company
Overview
Repair and Remodel
Leverage to New Housing Starts
New Products and Innovation Drive Share Gains
M&A Opportunities
Platform Built for Growth and Operating Leverage
•Leading Manufacturer of Exterior Building Products
•Comprehensive Product Portfolio with Strong Brand Recognition
•Multi-Channel Distribution Network Servicing a Broad Customer Base
•Balanced End Market Exposure Driven by Diversified Product Mix
•Highly Efficient, Low Cost Operating Platform
•Proven Track Record of Acquisition Integration & Cost Savings Realization
•Strong Management Team with Significant Ownership
US
Canada
84%
16%
(*)
Siding
Windows
44%
56%
(*)
(*) LTM September 27, 2014, Pro Forma for Simonton acquisition

5. 4
Ply GemResults
Key Highlights
Third Quarter Results
Third Quarter 2014Highlights
•Net sales increase of 7.5% was due to a 7.2% increase in U.S. single-family housing starts, an increase in average selling prices in both of our business segments and the acquisition of Simonton.
•Gross margin expansion of 180 basis points driven by increased average selling prices and operating efficiency improvements in our U.S. windows business partially offset by integration and restructuring costs related to the consolidation of our Western Canadian windows business and unfavorable foreign currency impact from a weakening Canadian dollar.
New construction53%
Home repair & remodel47%
End Market Exposure without Simonton (*)
($ in Millions)
Q3 2014
Q3 2013
Net Sales
Y-O-Y Change
$437.8
7.5%
$407.4
Gross Profit
GrossProfit %
$98.6
22.5%
$84.2
20.7%
Adj. EBITDA
$55.4
$48.3
(*) LTM September 27, 2014
New construction48%
Home repair & remodel52%
End Market Exposure –Pro Forma with Simonton (**)
(**) LTM September 27, 2014, Pro Forma Simonton acquisition

6. 5
Windows & Doors (W&D)
Segment
Key Highlights
Third Quarter Results
Leader in
Vinyl and Aluminum Windows
$146.9
$127.3
$46.5
$51.9
Q3 2014
Q3 2013
Net Sales
U.S.
Canada
$179.2
$193.4
New-co77%
R&R23%
End Market Exposure
•7.9% increase in net sales due to the Simonton acquisition. Excluding Simonton, net sales increased 3.9% due to higher average selling prices, improved product mix, increased New-co window units partially offset by unfavorable window unit sales to dealer customers and the weakening Canadian dollar in our Western Canada business.
•Gross margin improved by 380 basis points driven by a 710 basis point gross margin improvement in our legacy U.S. business due to improved pricing, product mix and manufacturing efficiencies partially offset by gross margin contraction in Western Canada due to near-term integration and restructuring costs related to the consolidation of manufacturing operations and unfavorable foreign currency exchange rates.
•SG&A expense increased by 3.9% which was attributed to the Simonton acquisition and one-time integration costs of our Western Canadian businesses. Excluding Simonton and Western Canada integration costs, SG&A expense decreased 5.3%.
Q3 2014
Q3 2013
U.S.
13.5%
5.8%
Canada
21.7%
26.2%
W&D Segment
15.5%
11.7%
Gross Margin %
(*) For the three months ended September 27, 2014
(**) LTM September 27, 2014, Pro Forma for Simonton acquisition
New-co63%
R&R37%
Without Simonton (*)
Pro Forma with Simonton (**)

7. Q3 2013 Gross Margin
11.7%
U.S.W&D C.M. Improvement
5.1%
Simonton AcquisitionImpact
0.4%
Western Canada Integration/Unfavorable FX
-1.7%
Q3 2014 Gross Margin
15.5%
W&D Gross Margin
Near-term integration and restructuring costs associated with consolidating operations in Western Canada and unfavorable foreign currency exchange rate partially offset by raw material sourcing cost savings & synergies.
Less operating leverage due to sales
volume decreases driven by weather and
pull-back in new construction demand
6
W&D Segment Gross Margin Bridge and Historical Performance
U.S. Windows improved contribution margin due to selling
price increases, improved product mix and operational
efficiencyimprovements.
20.9%
15.4%
14.0%
15.4%
13.1%
13.8%
9.7%
11.7%
1,046
622
445
471
431
535
618
634
2007
2008
2009
2010
2011
2012
2013
LTM
Historical Gross Margin Performance
Gross Profit %
U.S. SFHS (*)
Simonton impact on overall segment gross margin for one
week of quarter.

8. 7
Siding, Fencing & Stone (SFS)
Segment
Key Highlights
Third Quarter Results
MarketLeader in Vinyl Siding
$206.0
$189.3
$38.4
$38.9
Q3 2014
Q3 2013
Net Sales
U.S.
Canada
$228.2
New construction35%
Home repair & remodel65%
End Market Exposure (*)
•7.1% increase in net sales due largely to favorable market demand in metal accessories and vinyl siding with units shipped increasing 15.6% and 6.8%, respectively. In addition, higher selling prices were realized in response to increased raw material costs.
•Gross margin expanded by 40 basis points, driven by increased selling prices, improved operating leverage resulting from favorable demand and volume, and cost savings/synergies experienced by Mitten offsetting higher materials costs.
•SG&A expense experienced a minor increase of $0.3 million. SG&A expense as a percentage of sales decreased from 8.9% in the prior year to 8.4% which is attributed to leveraging the fixed component of SG&A expense.
Gross Margin %
Q3 2014
Q3 2013
U.S.
27.7%
27.6%
Canada
30.1%
28.1%
SFS Segment
28.1%
27.7%
$244.4
(*) For the three months ended September 27, 2014

9. Q3 2013 Gross Margin
27.7%
Sellingprice/product mix
4.4%
Freightcosts
-1.9%
Commoditycosts
-5.4%
Fixed manufacturing/warranty
1.6%
Mitten marginsavings/synergies
1.7%
Q3 2014 Gross Margin
28.1%
SFS Gross Margin
Continued increasing freight carrier rates partially offset by remaining impact of the Q1 2014 price increases. Additional recovery through future selling price increases.
8
SFS Segment Gross Margin Bridge and Historical Performance
Reflects favorable product mix and pricing.As noted during
previous price increases, the pull through of pricing changes
occur over a 30 to 60 day period.
20.4%
18.4%
25.9%
25.7%
24.8%
27.4%
26.8%
26.3%
.5208
.6200
.5288
.6458
.7371
.7775
.8333
.8917
2007
2008
2009
2010
2011
2012
2013
LTM
Historical Gross Margin Performance
Gross Profit %
PVC Resin Price (*)
Mitten gross margin improvements associated with cost savings
and synergies related to raw material sourcing, material
improvements, and manufacturing efficiencies.
Increased raw material costs, mainly PVC and aluminum
commodity costs partially offset by remaining impact ofthe
Q1 2014 price increases. Additional recovery through future
selling price increases.
Improved operating leverage as volume and demand increased,
and favorable warranty claim rates.

10. 9
Acquisition
Synergies
(1)Improved procurement economics as a result of increased purchasing power
(2)Freight cost maximization and improved fixed overhead as a result of various manufacturing cost reductions from rationalizations
(3)SG&A leverage scale and back office efficiencies
(4)Expand vertical integration efficiency
EBITDA Impact of Expected Simonton Synergies and Cost Savings
$8
Million
Raw material sourcing (1)
$3.6M
Mfg. efficiencies (2)
$2.7M
Insourcing products (4)
$1.5M
SG&A (3)
$0.2M
Simonton Synergies and Cost Savings

11. 10
Margin Initiatives
The Market Innovator
The Leading Brand
Lean through Technology
Our Future Leaders
New Channels and Markets
Selling Price Increases
March 2014 price increases for window and siding products positively impacted Q3 results
SFS Segment –7% metal products (effective September 2014) and 5% to 10% designer accents and shutters (effective December 2014)
Selling prices will be adjusted based on macro factors such as raw material costs, product demand, etc.
Continued Implementation of Enterprise Lean and Sales & Operations Planning (S&OP) System in U.S. Windows and Doors
Enterprise Lean provides product simplification, improves manufacturing flexibility and will provide for an estimated annual savings of $10M when fully implemented in 2016
S&OP system provides enhanced capacity and resource planning system which will reduce future ramp-up costs and maximize fixed manufacturing investments
Ply Gem Margin Enhancement Initiatives
Cross Selling Opportunities with Simonton and Legacy Ply Gem R&R Markets
Expand penetration of our product categories across our customer base and newly acquired Simonton customer base

12. 11
Ply GemOutlook
The Market Innovator
The Leading Brand
Lean through Technology
Our Future Leaders
New Channels and Markets
4Q 2014 Guidance
Based on the current forecast of the U.S. housing market and R&R spend, we expect our EBITDA for Q4 2014, including the impact of Simonton, in the range of $23.0 to $28.0 million
New Product Introductions
Engineered slate roofing shipments into the Mid-Atlantic and Northeast markets and branding of Ply Gem Roofing launched in Q3
Economic Outlook & Guidance
Expect Continued Growth in U.S. Housing Starts
Consensus for 2014 has lowered but currently remains above 635,000 SFHS
Expect continued choppiness in U.S. housing recovery for Q4 and into 2015
Canadian housing starts expected to be flat for Q4 and into 2015

13. Q&A
12

14. Appendix: Non-GAAP Adjusted EBITDA Reconciliation
13

15. (amountsin thousands)
For the three months ended
September 27, 2014
For the three months ended
September 28, 2013
Net income
$21,405
$16,895
Interest expense, net
16,282
21,760
Benefit for income taxes
(10,514)
(1,442)
Depreciation and amortization
11,378
12,097
Non cash loss onforeign currency transactions
766
376
Acquisitioncosts
664
150
Customer inventory buybacks
306
2,503
Restructuring/integration expense
1,067
1,529
Noncash charge of purchase price allocated to inventories
38
1,132
Tax receivable agreement liability adjustment
13,988
(6,669)
AdjustedEBITDA
$55,380
$48,331
14
Third Quarter Adjusted EBITDA Reconciliation
Appendix

16. (amountsin thousands)
For the three months ended
September 27, 2014
For the three months ended
September 28, 2013
SFSSegment
W&D Segment
Total
SFSSegment
W&D Segment
Total
Non cash loss onforeign currency transactions
$352
$414
$766
($19)
$395
$376
Acquisitioncosts
-
664
664
150
-
150
Customer inventory buybacks
306
-
306
200
2,303
2,503
Restructuring/integration expense
-
1,067
1,067
310
1,219
1,529
Noncash charge of purchase price allocated to inventories
-
38
38
1,132
-
1,132
$658
$2,183
$2,841
$1,773
$3,917
$5,690
15
EBITDA Adjustments By Segment
Appendix