#1THE AZEK COMPANY VVV VVV AAL Roadshow Presentation June 2020#2Disclaimer AZEK COMPANY THE Important Notice Some statements made in this Roadshow presentation may constitute forward-looking statements within the meaning of the federal securities laws. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts, but rather are based on current expectations, estimates, assumptions, forecasts or projections about the company's industry and the company's business and financial results. Forward-looking statements often include words such as "anticipates," "estimates." "expects" "projects," "forecasts", intends," "plans," "believes", "suggest", "estimate", "target", "should", "could", "would", "may", "might", or "will" and words and terms of similar import Forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which are outside our control Forward-looking statements include, but are not limited to, statements about our market opportunity and the potential growth of that market, the potential impact of the COVIO-19 public health pandemic, our strategy, outcomes and growth prospects, trends in our industry and markets and the competitive environment in which we operate. Actual results, events, developments, performance or achievements may vary matenally from those stated in, or implied by, any forward looking statements, and the assumptions on which forward looking statements are based may prove to be incorrect. Factors and uncertainties that might cause such differences in such forecasts and projections and other forward looking statements include, but are not limited to: the fact that our business, financial condition and results of operations are being, and are expected to continue to be, adversely affected by the current CONID 19 pandemic, the fact that demand for our products is significantly influenced by general economic conditions and trends in consumer spending an outdoor living and home exteriors; risks associated with us competing against other manufacturers, risks related to the seasonal nature of certain of our products and the impact of changes in weather conditions and product mix; our ability to develop and introduce new and improved products, our ability to effectively manage changes in our manufacturing process, risks related to our ability to accurately predict demand for our products and to maintain relationships with key distributors or other customers, risks related to shortages in supply, price increases of deviation in the quality of raw materials; our ability to retain management: risks related to acquisitions or joint ventures; our ability to maintain product quality and product performance and potential exposures resulting from our product warranties; our ability to ensure that our products comply with local building codes and ordinances; risks arising from the material weaknesses we have identified in our internal control over financial reporting and our ability to maintain an effective system of internal controls. Other risks may also cause actual results to differ materially from those projected by any forward-looking statements. New factors emerge from time to time and it is not possible for the company to predict all such factors, nor can the company assess the impact of any such factor on its business or the extent to which any factor, or combination of factors, may cause results to dirler materially from those contained in any forward-looking statement. The forward-looking statements made in this presentation relate only to events as of the date on which such statements are made. We undertake no obligation to update any forward- looking statements after the date of this presentation or to conform such statements to actual results or revised expectations, except as required by law. In addition, while we believe the industry and market data included in this presentation were based on reasonable assumptions when prepered, the industry and market data involve risks and uncertainties and are subject to change based on various factors. In particular, the market and industry estimates in this presentation were prepared prior to the COVID-19 pandemic. The data provided by Principia Consulting, LLC (Principia") is as of October 2019 and presents final data for 2018. Principia's final 2019 data is expected to be released in the second half of 2020. We expect that the COVID-19 pandemic may materially reduce the growth of various of the markets discussed in this presentation, and we cannot predict the extent to which these estimates will be affected. These and other factors could cause results to differ materially from those expressed in, or implied by, the estimates made by independent parties and by us. We have filed the Registration Statement (including a preliminary prospectus) with the SEC for the offering to which this presentation relates. Before you invest, you should read the preliminary prospectus in the Registration Statement and the other documents we have filed with the SEC for more complete information about us and the offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, we or an underwriter participating in this offering will arrange to send you the prospectus if you request it from Barclays, c/ Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, by telephone at (888) 603-5847 ur by email at [email protected], BufA Securities, NC1- 004-03-43; 200 North College Street, 3rd Floor, Charlotte, North Carolina 28255-0001, Attention: Prospectus Department of by email at de [email protected], Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, by telephone at (866) 471-2526, by facsimile at (212) 902-9316 or by email at [email protected],or Jefferies, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, by telephone at (877) 821-7388 or by email at Prospectus [email protected]. Non-GAAP Measures This presentation () contains non-GAAP measures, uses terms which are not generally used in presentations made in accordance with GAAP, () uses terms which are not measures of financial condition or profitability and (v) contains terms which are unlikely to be comparable to similar measures used by other companies in our industry. As a result, these financial measures have limitations as analytical and comparative tools and you should not consider these items in isolation, or as a substitute for analysis of our results as reported under GAAP. For a reconciliation of non-GAAP measures used in this presentation to the closest comparable GAAP measure, see the Appendix hereto.#3Offering Summary Issuer Ticker / Exchange Offering Size Over-Allotment Filing Range Use of Proceeds Lock-Up Period Expected Pricing Active Bookrunners The AZEK Company AZEK/NYSE 31,250,000 shares (100% Primary) 15% (100% Primary) THE AZEK COMPANY $19 - $21 per share | Redeem Senior Notes, plus accrued and unpaid interest thereon, prepay principal under Term Loan Credit Agreement, and general corporate purposes 180 Days June 11, 2020 Barclays, Bofa Securities, Goldman Sachs & Co. LLC, Jefferies N#4THE AZEK COMPANY I. Introduction#5Today's Presenters Jesse Singh Chief Executive Officer 3M (GE Ralph Nicoletti SVP, Chief Financial Officer newell TIFFANY & CO BRANDS Jon Skelly SVP, Strategy & Execution GRAINGER THE AZEK COMPANY THE IWOH DEPOT 3#6A Unique, Long-Term Growth Story Sustainability is at Our Core Resilient, Growing Markets with Material Conversion Branded Category Leader in Well-Structured Markets Multiple Levers to Drive Growth Attractive Margins with Significant Upside Execution-Focused Management Team AZEK COMPANY THE Category leader in sustainable building products focused on recycling plastic waste, preserving natural resources and utilizing energy-efficient manufacturing processes Large, high growth markets benefitting from long-term material conversion, favorable secular trends in Outdoor Living and stable R&R demand through economic cycles Well known in the industry as a leader in innovation generally holding #1 or #2 market positions in core product categories Driving above-market growth and accelerating conversion through new products, leveraging downstream-focused salesforce and increased retail penetration Customer value proposition and vertically integrated, U.S. manufacturing base drives attractive margins with significant upside from recent investments in recycling and continuous improvement initiatives (including AIMS) (¹) AZER grated Management System (AS) Diverse management team with significant public company and industry experience executing goal-orientated strategic roadmap#7The AZEK Mission and Values THE AZEK COMPANY BEAUTIFULLY ENGINEERED TO LAST We are an industry leading manufacturer of beautiful, low-maintenance building products and we are committed to accelerating the use of recycled materials ALWAYS DO THE RIGHT THING MTH TH THE AZEK COMPANY Core Value: Always Do The Right Thing Drives Everyday Behavior O PURPOSE Who We Are We make homes and structures more beautiful and more useful with leading-edge sustainable products Beauty Sustainability PROOF Why We're Different We leverage our material science to create premium branded products that are stylish, long-lasting. low-maintenance and sustainable Material Science Low Maintenance We believe our values position us well in the face of COVID-19 AZEK COMPANY THE PATH AHEAD Where We're Going We are positioned to profitably grow the overall market, the category and our presence by engineering new products that accelerate conversion to better performing materials Expand Market Accelerate Conversion#8Always Do the Right Thing Recycle ☐ 290mm lbs. of waste and scrap diverted from landfills In 2019 through our recycle program ~98% of scrap re used -80% and ~50% of the content in our TimberTech capped composite and capped polymer decking products, respectively, is recycled material -44% of extruded materials from recycle in 2019, and we expect this to increase to ~54% in 2020 Environmental Majority of Residential products are recyclable at the end of their useful lives >1mm trees saved since 2015 Reducing carbon impact from deforestation of exotic woods * Chicago HQ: LEED Certified 2019 Efficient water usage- closed-looped water filtration systems that recycle 96% of water used Social Implemented social distancing and other safety protocols in early March Community engagement: - Proactively reached out to FEMA and local gov. AZEK materials used to support temporary hospitals (Javits Center) Focus on Safety -45% improvement in reportable events since 2016 Committed to diversity: 50% executive team gender/ethnic diversity Manufactured in the U.S. Engaged employee base AZEK COMPANY THE Governance * 30 % gender / ethnic diversity on Board of Directors Formalizing and expanding ESG policies, programs, initiatives and disclosures to further demonstrate commitment to sustainability ESG strategy oversight by Board of Directors Separate Board Chair and Chief Executive Officer S#9Differentiated and Expanding Product Portfolio RESIDENTIAL LTM Q2 2020: 83% NET SALES | 91% ADJ. EBITDA, Decking Portfolio Breadth 1. Segment Ad EBITDA contribution percentages exclude the impact of corporate and unallocated costs Material Conversion Exteriors Rail Accessories THE AZEK COMPANY COMMERCIAL LTM Q2 2020: 17% NET SALES | 9% ADJ. EBITDA Scranton Products Outdoor Living Vycom#10AZEK at a Glance LEADER IN BRANDED OUTDOOR LIVING PRODUCTS -1,500 employees ✓ 190 direct sellers AZEK BY THE NUMBERS -98% of sales in North America 4,200+ active pro dealers (1) (AZEK Building Products) $848mm / 15.8% LTM 3/31 Net Sales/ Yor% Growth Q2 2020 net sales increased 11.7% YoY April and May 2020 net sales declined modestly (5%) YoY despite macroeconomic headwinds $195mm / 23.0% LTM 3/31 A. EBITDA / % Margin Source: Company information and management emate Nate: FY ended September. Refer to Appendix for reconciliation for Aduated ETDA BROAD & COMPLEMENTARY PORTFOLIO, RESILIENT MARKETS (2019 Net Sales) Commercial 17% Exteriors 25% (Sin milions) 1. includes desiers with at least $2,000 of parchases within lnst 12 months and excludes Versatex dealers 2. Based on the midpoint of the range provided for the preliminary results of the two months ended May 32. Net Sales Product 5633 5682 Decking, Rail & Accessories 58% Adjusted EBITDA CAGR 5794 $848 16.3% 15.8% Commercial 17% STRONG MOMENTUM & IMPROVING PROFITABILITY 2017 2018 2019 LTM 3/31 Residential New Construction 11% THE AZEK COMPANY $131 20.7% Application YOY Sales Growth/Adjusted EBITDA Margin +220 bps margin improvement Residential R&R 77% A leading branded Outdoor Living building products company across diversified product categories $195 5180 $150 22.0% 22.6% 23.0% 2017 2018 2019 LTM 3/31 8#11AZEK's Long History of Growth and Innovation Internal Development - Product Introductions & Key Milestones New Management Team CPG 1983 - Plastic Sheets 1990-Bathroom Partitions 1997-Launched Composite Decking 1999-Launched AZEK Trim 1980-2009 2002-Bathroom Partitions Acquired Capital and Sorstand Products 2007-PVC Decking Acquired Procell Decking Systems (founded 2004) 2012- AZEK Gen1 Capped PVC Decking 2015 - Launch of Premium Vintage & Legacy Decking Collections 2010-2015 2012- Composite Decking / Fasteners Acquired Timber Tech (founded 1997) Timberlech 2016-Began Launching High Privacy Partitions 2017-Developed Multi-Year New Product Roadmap 2018-Recycling Initiatives "Project Green" 2018-Corporate Re-branding. New Values & Mission Rollout 2017 - Rail Acquired Ultral.or (founded 2012) Acquisitions ULTRALOX Legacy of innovation driving category leadership in Outdoor Living THE AZEK COMPANY 2019-TimberTech EDGE Decking, Multi-Width Decking, PaintPro Trim 2016 - 2020+ 2018 - Trim Acquired Versate (founded 2004) VERSATEX 2019-Opened Chicago Training Center and HQ 2019-Outdoor Living - TimberTech Rebrands, Digital Reset, Advertising 2020-Launched TimberTech PRO Reserve and EDGE Prime+ Decking collections 2020-PVC Recycling Acquired Return Polymers (founded 1992) POLYMERS THE AZEK COMPANY 9#12AZEK's Value Creation Model Material Conversion Growth Margin ● Brand Market Conversion ATTRACTIVE MARKETS Outdoor Living H Sustainability CORE STRENGTHS Integrated Manufacturing Material Science HA FOCUSED STRATEGY R&R Focus Product Innovation Retail / Segment Consumer Expansion Journey AZEK Integrated Management System (AIMS) & Recycling Customer Connection Strategic M&A THE AZEK COMPANY Powerful Tailwinds Attractive Margins Accelerating Performance 10#13AZEK's Strategic Investments: 2017-2020 Significant multi-year investments driving sustained, long-term growth and profitability Accelerated Investments in Growth Strategic Margin Enhancement Plan -$60 million incremental capital investment over last 2 years ✓ Invested in downstream sales team and expanded marketing and retail teams Invested in Exteriors business ✓ Invested in new product capabilities and launched several successful new products ✓ THE AZEK COMPANY Invested in the TimberTech brand, downstream channels (Pro and Retail locations), consumer experience and digital capabilities Completed strategic acquisitions of Ultralox, Versatex and Return Polymers Invested in process-based team focused on continuous improvement Mapped out recycling vertical-integration strategy with significant cost savings Invested in upgraded manufacturing equipment to utilize recycled content and built in-house recycling capabilities >$40 million increase in annual SG&A investment since 2017 Added ~40 engineers and R&D team members since 2016 Added ~90 direct sellers since early 2016 11#14Jesse Singh Chief Executive Officer 3M 86 Exceptional Management Team AZEK is led by a world-class management team with extensive experience through multiple cycles Jeanine Gaffke SVP, Chief Marketing Officer EMERSON Diversey Ralph Nicoletti SVP, Chief Financial Officer TIFFANY & Cu newell Michelle Kasson VP, Chief Information Officer Dennis Kitchen SVP, Chief HR Officer OMAUSER M BorgWarner Joe Ochoa President, Residential Jon Skelly SVP,Strategy & Execution GRAINGER AZEK COMPANY Scott Van Winter President, Commercial Jindal 'TORAY' THE Paul Kardish SVP, Chief Legal Officer KOHLER Bobby Gentile SVP, Operations newell 12#15Resilient Business Model and COVID-19 Response Our highly resilient business model positions us well in the current market environment and has enhanced our ability to take swift action in response to the COVID-19 pandemic BUSINESS MODEL RESILIENCE 3 Very strong momentum coming into the current slowdown with increasing conversion and strong housing market There are approximately 57 million installed decks ( in the U.S., many of which are wood and nearly half of them are beyond their useful life Outdoor construction has remained relatively resilient given ability for contractors to social distance effectively From 2007 to 2009, our net sales declined 15%, while cash flows from operations remained positive and increased over the period Highly flexible cost structure that can rapidly be adjusted with volume; lower raw material input costs drove stable profitability performance (~70% of costs are raw material) Source: Company information and management estimates 1. Principa estimates. 2. North America Deck & Rail Association estimates THE AZEK COMPANY COVID-19 ACTIONS & RESPONSE Phase I: Immediate Safety and Liquidity Actions ✓ Implemented health and safety measures for our team members before shutdowns Drew maximum amount of availability under our Revolving Credit Facility to enhance cash position Deferred non-essential capital expenditures and conserved working capital Phase II: Aligned Business for Potential Volatility "10% YoY cost reduction target in 2H20 with a focus on Vycom and less productive resources, including headcount and compensation, marketing and travel Executed fixed, variable and overhead cost reductions at our factories, while maintaining flexibility for growth ✓Engaged with distribution partners on expected demand and inventory planning 13#16Shifts in Consumer Behavior Accelerate Initiatives Expanding strategies to capture contractor, consumer, DIY and retail home improvement share EXPECTED HOMEOWNER TRENDS ↑ Shopping from Home and Digital ↑ DIY and Repair Projects ↑ Outdoor R&R Demand ↑ Contactless Designs and Proposals Lead Times and ↑ Flexibility ↑ Single Family Home Demand vs. Apartment Living THE AZEK COMPANY PLAYING OFFENSE ✓ Focus on digital marketing and expansion of digital consumer engagement and marketing campaigns (website traffic up >80% YoY in April) ✓Highlighting health and social distancing benefits of high privacy barriers Leveraging call center and direct sales force to directly support consumers (leads up 2x in April) ✓ Recently introduced value-oriented EDGE decking collections appeal to DIY market Expanded contractor and architect training (AZEK University) to digital and achieving significant increases in reach Expanding digital content and tools for consumers and generalist contractors to capture larger share of wood market ✓Enhancing tools and content with retail home improvement partners ✓ Funding and implementing key growth initiatives 14#17Internet Search Trends Suggest Continued Consumer Interest in Outdoor Living Seasonal trends, combined with extended periods of sheltering at home for large portions of the population, are likely driving increased consumer awareness and demand for Outdoor Living products, as indicated by the recent surge in search activity for relevant keywords WEBSITE TRAFFIC of Sessions, Feb Ap) 1.3mm 2019 (of Leads in April) SK 40% HOMEOWNER LEADS 2019 1.9mm +215% 2020 15K SEARCH TERM(S): "OUTDOOR LIVING" May 2015 SEARCH TERM(S): "DECKING" Nav 2016 SEARCH TERM(S): "TIMBERTECH" OR "AZEK" THE AZEK COMPANY Jan 2018 2020 Google Search Activity 2020 Google Search Activity Dec 2009 2020 May 2015 June 2018 Ous 2013 Note: Google Trends chart numbers represent search interest relative to the highest point on the chart for the given region United States) and time llest 5 years). A value of 300 is the peak popularity for the terms and a value of 0 means there was not enough doto for this term May 2023 2020 Google Search Activity May 2020 15#18THE AZEK COMPANY II. The AZEK Difference#19Large, High Growth Markets Benefiting from Material Conversion Our products are accelerating conversion from traditional materials-substantial runway remaining Decking - $3.18 Decking Market: 4.6% CAGR AZEK Materials Category: 6.9% CAGR Rail-$2.1B Rail Market: 4.5% CAGR AZEK Materials Category: 6.1% CAGR Trim - $2.0B Trim Market: 1.0% CAGR AZEK Materials Category: 2.7% CAGR TRIM PVC 11% +42% Conversion Opportunity RAIL Wood the 476 Composite & Auvinun 14% +67% Conversion Opportunity Other 17% AZEK is in the early innings of long-term material conversion trend THE AZEK COMPANY DECKING Wood Competit +80% Conversion Opportunity 1 Premium hardwood, cedar and redwood comprise 13% of the total decking market Core $7.2 billion market; AZEK product categories growing at "6% (or 1.7x market) driven primarily by conversion Source: Principle Principio's Trim market definition excludes broader applications such as tongue and groove profiles, sheets, sis thresholds and column wraps Note Material shore 's are based on eelume demanded in bilions of Ninear feet Decking, Howl and Trim conversion opportunity is based on volume demanded for wood solutions in billions of near feet. Trim conversion opportunity also includes engineered wood Principle's Trim merket definition excludes brauder applications such as taeque and groove profiles, sheets, als, thresholds and column wraps. Other includes (A) hallow vinyl, plastic lumber and metal for decking, (3)ron, stainless steel, hollow vinyl and other plastic for rolling and (c)engineered wood, fiber cement, vinyl ather polymer composite and other for trim. 1. Decking category includes composite and PVC decking all category includes composite and amnum rail and trim category includes PVC tr 16#20Sustainability ✓ Premium Aesthetics Superior Value Proposition vs. Traditional Materials AZEK's products are driving significant conversion through a compelling value proposition: superior aesthetics, durability, ease-of-installation, reduced maintenance and lower total lifecycle costs ACCELERATING CONVERSION INSTALLATION COST (1) (2) Labor and Other Cust Decking Material Costs $8.6K $0.7 $7.9 Pressure Treated Lumber $9.0K $1.4 Low Maintenance $7.6 -15% of total cost attributed to materials $9.3K EDGE Prime Trading up to better-looking multi-colcred buard would only cost an extra $300 EDGE Prime (Mono) Superior Quality THE LIFECYCLE COST (1) (3) AZEK COMPANY Installation Costs Maintenance Costs $18.8K $10.2 $8.6 Pressure Treated Lumber $11.8K $2.8 $9.0 Timberlach EDGE Prime (Mono) >35% savings in total lifecycle costs Attractive Lifecycle Cost Source: Management estimates I These emptions and estimates are based on AZIK market knowledge and feedback from decking-focused contractors with experience installing TimberTech and wood decking products Actual costs for any particular installation can vary significantly Total Deck Project Installation Casts represent the total aggregate costs of an initial deck installation for a 36' x 20' elevated deck and exclude costs associated with the installation of rol or stains 2. 3. Total Deck Life-Cycle Costs represent both the aggregate costs of on initial deck installation and the estimated maintenance costs over a 25-year period for a 16 x 20' elevated deck excluding potential replacement costs 17#2168% Homeowners Investing More in Outdoor Living Homeowners are adding on decks and renovating patios to create entertaining and living spaces that add more functional square footage; the broader Outdoor Living category represents "$18 billion opportunity OUTDOOR LIVING POPULARITY IS GROWING (2) SELECTED OUTDOOR LIVING SPACES (2019 % of respondents reporting popularity increasing, net) Decks #1 Outdoor Living Space 57% #2 Blended Indoor/ Outdoor Space 30% #3 Exterior / Security Lighting COVID-19 stay-at-home orders may provide a catalyst for increased investment in Outdoor Living spaces Pergolas THE AZEK COMPANY Outdoor Kitchens Indoor/Outdoor Spaces -10% of exterior remodeling projects are financed through home equity lines of credit Composite products are benefitting from growth in the Outdoor Living market given their high durability and low maintenance; our broad portfolio allows us to expand our market opportunity 1.Teta U.S. market sales of wood and wood look siding pavers, outdoor furniture and outdoor lighting were $10.9 billion in 2018 according to Freedonia, and when combined with the total U.S. market sales of deck, rail and trim, according to Principio, in 2013, totaled $18.1 bilion in 2018 2 AA 02 2019 Home Design Trends Survey. 3. Census Bureau Deta-2017 American Housing Survey Exterior remodeling includes porches, decks, pocios and terraces 18#22A Branded Category Leader DECKING 2019 Remodeling Brand Use Report 5.8 Trox 5.8 AZEK 5.1 Haberlech Imbar Company A Company Company C 5.5 TRIM 2019 Remodeling Brand Use Report 5.3 5.0 5.3 C Company D Company E Company B Company F AZEK Others Others Decking Wood $3.18 Trim $2.0B Wood AZEK THE AZEK COMPANY PVC/ Composite (1) #2 manufacturer in PVC/Composite Decking -34% share in Pro channel Non-Wood #1 manufacturer in PVC Trim -36% share in Pro channel 2 Significant share in decking and exteriors markets - both are transitioning away from traditional wood materials Source Management estimates Henley Wood and The Famouth Group 2019 Remodeling Brond Use Reports Note: Quality Ratings are based on a 7-point scale, with representing the highest brand quality data is based on 2018 nominal market valve Ties market includes moulding but excludes specialty exteriors 1 includes 4% of tator market weve attributed to other non-wood materials z Pro channel shore according to management estimates and includes only PVC/composite decking and PVC tropicale 19#23The Industry's Broadest Decking Portfolio Broad and balanced approach accelerates material conversion across a wide range of price segments GOOD BETTER BEST (S/linear foot) TimberTech AZEK> Capped Polymer Decking TimberTech PRO> 4-Sided Capped Composite Decking TimberTech EDGE 3-Sided Capped Composite Decking Trex $1.85 Premier Prime $1.85-$2.25 $2.35-$2.50 Enhance Basics $1.75-$1.90 Source: Market prices, Trex May 2020 Imstor Presentation and Company surveys. 1. includes both mono and variegated products. Select $2.25-$2.50 $2.50 Terrain $2.25-53.19 Prime $2.50-$2.75 Enhance Naturals $2.50-$2.75 $3.75 Harvest $3.39-$3.79 Reserve $3.79-$4.19 Arbor $4.09-54.49 Legacy $4.09-54.49 Transcends 53.89-54.25 THE AZEK COMPANY PREMIUM $5.00 $6.00 Vintage $5.19-55.59 2019 product launches 2020 product launches 20#24Differentiated Technology Advanced material science results in leading authenticity, beauty and durability TimberTech VINTAGE AZEK COLLECTION TimberTech RESERVE PRO, COLLECTION 50-Year Fade & Stain/Limited Lifetime Product ✔Capped Polymer Decking ✓ Unique & proprietary capped polymer technology leads to a cooler, lighter board 1. The company website 30-Year Fade & Stain/30-Year Limited Lifetime Product 4-Sided Capped Composite Decking Antique Leather 1 I 1 I I THE AZEK COMPANY Trex TRANSCEND (0) 25-Year Limited Fade & Stain / 25-Year Limited Residential Warranty 3-Sided Capped Composite Decking Hovene Gold 21#25Comprehensive and Complementary Exteriors Portfolio A market leader in Exteriors offering a full line of trim and moulding, value-added products and paintable trim EXTERIORS PORTFOLIO OVERVIEW FUNCTIONAL VALUE-ADDED PRODUCTS WINDOW TRIM CROSS HEAD MOULDING WINDOW CASTING TRIM TRIM SHEET SHUTTERS COLLIMIN WRAP BEADBOARD (WALL) BAKE MOULDING CORNER BOARD 1 AZEK does not sell fabricated products, but sells directly to the original equipment manufacturers who fabricate these products COLUMN WRAP GATE / FENCE FABRICATED PRODUCTS (¹) Broad portfolio that facilitates beauty, productivity and wood conversion THE AZEK COMPANY PERGOLA CHANNEL FLOWER BOX 22#26Barriers to Entry PVC/Composite Decking and PVC Trim markets are difficult for new entrants to penetrate Extended warranties, demand for aesthetics and new products require significant material science and test capabilities Relies on exclusive two-step distributors to service the market. Typically only 4 strong distributors in any market Highly fragmented, multi-tiered market with contractor and channel loyalty to top brands Extended liability for the contractor / builder creates high selectivity in evaluating new products Requires both direct sales contractor engagement and consumer focused marketing to generate pull through demand High shipping costs with low labor content and localized production that leverages recycled materials benefits domestic manufacturers Limited number of foreign operators bringing PVC / Composite Decking & PVC Trim products into the U.S. 1. includes special order and stocking locations Manaiseturers 130+ Distributor Branch Locations 4,200 Active Pro Dealers -4,100 Home Improvement Centers !!! THE 3,000-AZZK Pro Rewards Members 45,000 Contractor Database Consumers AZEK COMPANY Large salesforce focused on developing and cultivating relationships with contractors and dealers driving increased demand Broad and deep relationships with distributors, dealers and contractors built over 20+ years 23#27AZEK is a Clear Leader in Outdoor Living THE AZEK COMPANY Key Comparability Factors Scale Profitability Business (5 miliona) LTM 3/31 Net Sales Growth % CAGR FY 2017-02 2020 LTM 3/31 Adj. Gross Margin (bot improvement since FY 2017) LTM 3/31 Adj. EBITDA Margin to improvement since FY 2017) Introduced Recycling Material Breadth New Product Introductions Patents Granted | Pending End Market Focus LTM 3/31 MX: Residence Commercial Awareness (5) Source Company on AN-GA fone 2017 $848 15.8% 39.9% -440 for 23.0% 2018 Decking (PVC & Composite), Rall and Exteriors 9 decking products introduced since 2016 -124 Granted | -11 Pending Predominantly Residential Residential 83% Commercial 17 Leading Quality & Brand Recognition Trex $766 528 for and evector presentations 44.5% 22.30) bar 28.5% -30 005 2007 AZEK COMPANY Composite Decking 3 decking products introduced since 2016 5 Granted 1 Pending Predominantly Residential Residential commercial Leading Consumer Awareness does the tyres af enhar compo it or indo per 30 717 fer photo of ATC G L Astro y des deprecat perse, anore expetse and certi bukes varoton en 2 Teppista de and art Thertorty Text grepp which efect as one for deprecation and aestion and men for a pero eto proctmpestiving Terbes Ad gro protada, ts for compte p mainted andra ferveuses may be Ärived. 4 4 donos a show AZ med cliuches launcien rmariet 24#28I I 1 Multiple Levers to Drive Growth ORGANIC GROWTH LEVERS Strong Market Growth Long-term material conversion trend Secular growth (Outdoor Living) R&R demand Accelerate Growth through New Products Large, dedicated R&D team ✓Broad range of technologies and materials ✓ Robust new product roadmap Leverage Investments in Sales and Marketing Organization Expand sales force in strategic areas of focus (i.e. Exteriors) Invest in under- penetrated markets New geographies, smaller dealers and new channels Investment in digital and consumer branding Grow Presence in Retail Simplify and improve consumer experience ✓Launch tailored new products Elevate brand awareness Expand DIY offering THE AZEK COMPANY I I I I 1 1 Our multi-pronged growth strategy enables us to drive above-market growth across cycles Selectively Execute Strategic Acquisitions 25#29TimberTech EDGE Decking Collections Robust New Product Roadmap Recent product launches and near-term pipeline are simplifying portfolio, expanding addressable opportunities and accelerating growth Vintage Multi-Width Decking Q1 PaintPro Trim Qz NEW PRODUCT STRATEGY Secure positions in current market Build out portfolio Expand market opportunity 2019 Calendar Year Q3 TimberLine Woodgrain Sheet Q4 Reserve Capped Composite Decking Collection THE EDGE Prime Decking Collection Q1 Vintage and Harvest MAX Decking AZEK COMPANY 2020 Calendar Year PaintPro Tilm Expansion Modular manufacturing enables capital efficient portfolio expansion; exciting new product launches coming in Q1 2021 Q2 26#30Leverage Investments in Sales & Marketing DOWNSTREAM SALES FORCE & MARKETING 000 TYYN 000000 MYYYY WWW 000000 MMMMM Added ~90 direct sellers since 2016 Expanded specialist sales teams and added new inside sales team to focus on new geographies, channels and consumers Expanded marketing and digital resources, rapidly expanded content and deployed a new digital platform MARKETING INVESTMENTS ACROSS THE CHANNELS Distributor / Dealer ✓ Upgraded displays and marketing materials Joint downstream marketing programs Showroom integration to digital platform LITERALLY Contractor ✓ Specialized training (AZEK University) Digital lead generation AZEK Pro Rewards program THE AZEK COMPANY Retail Interactive in store displays and improved marketing resources Expanded support at Special Order Desk ✓ Integrated digital assets and support INVESTMENTS IN THE CONSUMER Consumer research on pain points leading to a new integrated approach to brand and marketing We believe our investments have positioned us well during the recent volatility Upgraded website and digital journey Implemented a new platform & campaign ("Go Against the Grain") that is building the brand Aggressive approach to social media, digital marketing and sampling 27#31Pro Continue to Grow Presence in Retail AZEK has realized significant growth in Retail since 2015 DECKING CATEGORY SUMMARY (2018) $3.1B (Total Decking: All Materials) Unmansin Delting Source: Musegement estimates Retail -35% ($1.18) Stocking -50% $0.3B (PVC/Composite Decking) Special Order -50% EXPANDING PRESENCE IN RETAIL Expanded dedicated retail sales team Simplified and improved e-commerce presence New in-store decking displays, support and guides Supporting DIY with "how to" tools for customers/contractors AILL THE AZEK COMPANY Driving Results HOME DEPOT LOWE'S Significant special order sales growth: >20% CAGR since FY 2015 New decking stocking positions Recent investments present significant opportunity to expand position in Retail; new stocking wins in the U.S. and in Canada MENARDS 28#32Operational Excellence Drives Margin Expansion Substantial investments in people, processes and equipment over the last three years Culture of Continuous Improvement Invested in Manufacturing Enabled Recycle Capability 2017-LTM Q2 2020 440+ bps Recycle AIMS Margin Improvement Near-Term ADJUSTED GROSS MARGIN EXPANSION STORY AIMS Recycle AZEK Integrated Management System (AIMS) Operating Leverage Near-Term Expansion Recycle Roadmap THE Long-Term AZEK COMPANY focus on driving margin expansion Investment and initiatives executed to drive ongoing significant cost benefits Future Opportunity 29#33Recycling is in the Early Stages STATE-OF-THE-ART RECYCLING FACILITY New polyethylene recycling facility opened December 2018 Recently expanded capabilities within PVC recycling through Return Polymers acquisition (January 2020) Transforms plastic waste into raw materials ✓ Nearly all scrap generated is recycled internally 1 2 3 THE AZEK COMPANY THREE STAGES OF RECYCLING JOURNEY ENABLE RECYCLE CAPABILITY Developed initial recycle formulation Upgraded manufacturing lines $11+ million capital investment IN-HOUSE / VERTICAL INTEGRATION Opened integrated PE recycle facility $22+ million capital investment Increase recycle content Up to 80% recycled content in capped composite decking Over 50% recycled content in PVC decking COST REDUCE Optimize formulation Source lower cost materials HDPE Significant opportunity to improve our margins as we continue to leverage recent investments in recycling capabilities; our recent acquisition of Return Polymers is expected to further vertically integrate our PVC recycling initiatives 2018 2019 2020+ 30#34THE AZEK COMPANY III. Financial Overview#35Financial Highlights Above-Market Growth THE AZEK COMPANY Strong and Expanding Margins ✓ Attractive Long-Term Financial Model Demonstrated Resilience Across Cycles 31#3615) Recent Sales Performance Strong momentum in the business leading up to COVID-19 impact; continued strength in Q2 (11.7% sales increase) NET SALES AND GROWTH Residential Commercial Growth 5633 $131 $502 2017 7.8% $682 5140 $542 2018 7.6% 9.1% 7.9% 16.5% 7.1% $794 $139 $655 2019 60.3% 20.9% 15.8% (0.8%) $848 $141 15-19 CAGR (Voy Growth) 11.2% DR&A 15.1% Exteriors 12.3% Total Residential 1,4% Total Commercial Source: Company financials Note: Frended September. 1. "Decking, Roll, and Accessories and Exteriors metrics represent not product sales growth including acquisitions of Ultralox (clased December 2017) and Versate closed June 2018). $707 LTM 3/31 Market Growth $357 $63 $294 H1 2019 SALES GROWTH EQUATION Conversion/ Outdoor Living THE AZEK COMPANY Browth 15.2% $412 566 $346 H1 2020 Long Term Sales Growth Target 32#37Improving Profitability ($inion) $225 35.5% 2017 ADJUSTED GROSS PROFIT AND MARGIN $254 37.3% 2018 $315 39.6% $339 $138 38.5% $162 39.3% 2019 LTM 3/31 H1 2019 H1 2020 Recent investments in recycling and productivity initiatives starting to deliver results Acquisition of Return Polymers delivered immediate procurement cost savings (~$2 million annualized) ($n $131 Source: Company financials Note: FY onded September. Refer to Appende for reconciliations for Adjusted Gross Profe and Adjusted EBITDA 20.7% 2017 ADJUSTED EBITDA AND MARGIN $150 27.0% 2018 $180 22.6% $195 THE AZEK COMPANY 23.0% $74 20.8% ✓ >$40 million increase in SG&A expense since 2017 Highly variable cost structure $90 21.8% 2019 LTM 3/31 H1 2019 H1 2020 33#38Preliminary Financial Results (S in millions) Net Sales Residential Net Sales Commercial Net Sales Net Income (Loss) Adjusted EBITDA May 31, 2020 $124.9-$132.6 $107.6-$114.2 $17.3-$18.4 TWO MONTHS ENDED ($2.5) -($2.1) $28.7 - $33.8 May 31, 2019 $135.8 $111.4 $24.4 ($5.3) $28.3 % Change (1) (5%) 0% (27%) NM 10% Resilient results in current market environment THE AZEK COMPANY Higher organic DR&A sales, offset by decline in trim Improved Adjusted EBITDA Margin and reduced SG&A spend Company financials Note: While we currently expect that our final results will be consistent with the preliminary estimates set forth above, we coution you that the estimated pinencial informative for the two months ended May 31, 2020 is not a guarantee of future performance or outcomes and ectacf results may differ materially from those described herein te addition, the preliminary estimates set forth above should not be considered an indication of expected performance for the remainder of the three months ending June 30, 2020 1 Besed on the midpoint of the range provided for the preliminary results of the two months ended May 31. 34#39Capital Structure Summary Disciplined approach to capital deployment; LTM 3/31/20 RONTA of 34% ($ in millions) CAPITALIZATION SUMMARY Cash and Cash Equivalents Revolving Credit Facility First Lien Term Loan Capital and Finance Leases Total Secured Debt Senior Unsecured Notes Total Debt Net Debt LTM 3/31 Adj. EBITDA Credit Statistics Total Debt/LTM Adj. EBITDA Net Debt/LTM Adj. EBITDA Pre-IPO Pro Forma(¹) 3/31/2020 $99 114 804 12 $931 350 $195 IPO Adj. ($198) (350) $1,281 ($548) $1,181 ($554) 6.6x 6.1x $6 (198) Post-IPO Pro Forma 3/31/2020 $105 114 606 12 $732 $732 $627 $195 3.8x 3.2x Company financials Note Refer to Appendix for reconciliations for return on net tongibile ossets (ROWTA), tat detand net dent ASSUMPTIONS AZEK COMPANY $625 million primary offering Net proceeds to repay Senior Notes and other debt Invest to support the business Debt repayment Acquisitions THE CAPITAL ALLOCATION PRIORITIES Cives pro forme effect to the issance of $350 milion of new Senior Unsecured Notes on May 12, 2020, the redemption of 5315 milion of Senior Unsecured Notes plus accrued and anpaid interest the repoyment of $25 milion under our Revolving Credit Facility, and a $4.6 million increase in cash Includes present vstve of capital lease and finance lease payments. 35#40Long-Term Financial Growth Model Focused on delivering sustainable long-term growth and profitability 3-5 YEAR TARGET Sales Growth Adjusted EBITDA Growth Market Growth Net Leverage Capital Expenditures SALES GROWTH EQUATION Conversion/ Outdoor Living Source: Management estimates. Note: FY ended September 1. Represents percent of net sales Growth Initiatives 8-10% 10-14% 2.0-3.0x 5-7% Long-Term i Sales Growth !Target ! Price / Mix KEY FINANCIAL DRIVERS ✓ Material Conversion / Secular Growth ✓ New Products Channel Growth Volume Growth Recycle / AIMS ADJUSTED EBITDA MARGIN EXPANSION EQUATION THE AZEK COMPANY Operational Excellence SG&A Leverage I Long-Term i EBITDA ! Margin 36#41Well Positioned to Outperform in Any Market Environment Resilient, Growing Markets Favorable long-term trends: material conversion, Outdoor Living, resilient R&R demand Outdoor construction continues as it's considered a relatively safe environment Homeowners spending more time at home may increase desire for Outdoor Living spaces Consumer interest in Outdoor Living products/decking has recently increased as demonstrated by increase in web traffic on these topics Branded Category Leader Hold #1 or #2 position in well-structured markets Broadest product portfolio serving all price points Relationships with distributors, dealers and contractors built over 20+ years Multiple Levers to Drive Above Market Growth New products - launched two new product platforms in 2020 (Reserve and Prime+) Leverage investments in sales and marketing, digital and consumer branding Grow presence in retail-new deck stocking positions, improve consumer experience, expand DIY solutions Attractive Margins with Significant Upside Unique customer value proposition Vertically integrated U.S. manufacturing network and culture of continuous improvement Early Innings of recycling opportunity THE AZEK COMPANY A unique, long-term growth and ESG story; well positioned to outperform in any market environment 37#42AZEK COMPANY THE Appendix#43Gross Prot Adjustments Depreciation and motivation Business transformation cass Acquisition cons Adjusted Grass Profe Adjusted dro Morg A Non-GAAP Reconciliations ADJUSTED GROSS PROFIT RECONCILIATION Twelv Mor Ended FY2017 FY2018 PY239 LTM3/31 5369.0 5282.0 5253.2 5275.5 A duration (mm) mof $1 Segundum the canded 2000 d2009 and 2014 2018 11 SIR, 2 ofert and $2.4 1273, 13d587espectief anation foglle composed of wings ng mshing on U and for them the endet Merth 3300 m of 532.5 Total Blance Sheet Debt Pls Capital and Finance Lesses Armend to round the otury of scared b NET DEBT RECONCILIATION Less: Cash and Cavalents Net Deb (5 min for the nod 32019 al 2007 a 11, Adjustad FRITDA Less Deprecation Adjusted FRITA 24 5224.5 $254.1 $14.9 35.3% 37.36 Net Tangle Assets Has de best of owe Accourts pirable Mas Praparty, plant and coupit, ut Total Net Tangale Asst RONTA JA ITA/NetTag Source: Company francia Pre-IPO $330.9 33.3% 3/11/2020 $1,208.7 $5.30ation $1,2806 53.181.9 RETURN ON NET TANGIBLE ASSETS RECONCILIATION Six Manthu Ended 1819 1820 $108.3 $130.7 1554 10 27.9 (5554.00 $137.7 $16LA 38.5 33.3% Port-PO Pro Form 1/11/2030 $720.0 57434 (205.0) 5627.3 Twelve Morths Ended LTM 3/31 $198.9 (186) $1563 1150 34.0% Depreciation and amortization Tax benefit se impment to Bares transformada Costa Capital structure transaction costs ta public offering costs Other und Adjusted EBITDA . Morge ADJUSTED EBITDA RECONCILIATION Twelve Months Ended FY2017 FY2018 FY2019 LTM 3/31 (567.4) 56.7 ($20.2) AS 0.3 reproduceermesse com (23.3) 22 5.8 24 81.2 20.3 1/ $135.3 $150.1 $179.6 37 166 THE AZEK COMPANY 22035, 23 and 81.2 (0.5) AS 30 71 10.0 03 $134.9 23.0 and he saint met 50 and 568 in 2018 123 $$45 pic het ended Ma 11.2 2018 of 10 37, and retares Six Months Ended 3419 1420 (520.8) (558) 418 10.7 cofthewe made onded March 31, 2629 for conting cost to noring of suriond of St 1 motofen for the tinging of bad March 31, 2016 2015.mp and 343nr. 36nion and 320 no 2019. 28-and 2017.contion to the roof the war management tool 533 milion $1 for the mood March 31, 1026-and 2008 respectivds and 53 and 543 20302003, respectives and to the cat of our app quren of mon and 115minor temos ded March 31, 2000ond 2018, ily and 520 in 100 cm of our new g ac 500 and 513 ration for the mund March 3, and, and $5.3 mi 2004 and other ingration nimed cons of S6 mon and St.5me for the moonMan 20000 (14) $74.3 $89.6 2008 22.8% 14 2014 2015 among the story of a sured that the sale on hea of acoustionat 500 for the Man 3, 200 and $2.2018 Adfor tacked March 31, 2000 efectos descreed to compened acustion of 31.7o and stay t in red the mery acred beams for sale on the date of action of S ay dip vuramwerentnamestor and $ dwal23132 38