#1M MASONITE. JP MORGAN HOMEBUILDING AND BUILDING PRODUCTS CONFERENCE May 15, 2019 NYSE: DOOR Open to extraordinaryM#2Safe Harbor / Non-GAAP Financial Measures SAFE HARBOR / FORWARD LOOKING STATEMENT This presentation contains forward-looking information and other forward-looking statements within the meaning of applicable Canadian and/or U.S. securities laws, including our long term growth framework, discussion of housing and other markets, and the effects of our restructuring and strategic initiatives. When used in this 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, downward trends in our end markets and in economic conditions; reduced levels of residential new construction; residential repair, renovation and remodeling; and non-residential building construction activity due to increases in mortgage rates, changes in mortgage interest deductions and related tax changes and reduced availability of financing; competition; the continued success of, and our ability to maintain relationships with, certain key customers in light of customer concentration and consolidation; new tariffs and evolving trade policy between the United States and other countries, including China; increases in prices of raw materials and fuel; increases in labor costs, the availability of labor, or labor relations (i.e., disruptions, strikes or work stoppages); our ability to manage our operations including anticipating demand for our products, managing disruptions in our operations, managing manufacturing realignments (including related restructuring charges), managing customer credit risk and successful integration of acquisitions; the continuous operation of our information technology and enterprise resource planning systems and management of potential cyber security threats and attacks; 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; political, economic and other risks that arise from operating a multinational business; uncertainty relating to the United Kingdom's anticipated exit from the European Union; fluctuating exchange and interest rates; our ability to innovate and keep pace with technological developments; product liability claims and product recalls; retention of key management personnel; environmental and other government regulations, including the FCPA, and any changes in such 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. Adjusted EBITDA is defined as net income attributable to Masonite adjusted to exclude the following items: depreciation; amortization; share based compensation expense; loss (gain) on disposal of property, plant and equipment; registration and listing fees; restructuring costs; asset impairment; loss (gain) on disposal of subsidiaries; interest expense (income), net; loss on extinguishment of debt; other expense (income), net; income tax expense (benefit); loss (income) from discontinued operations, net of tax; and net income (loss) attributable to non-controlling interest. This definition of Adjusted EBITDA differs from the definitions of EBITDA contained in the indentures governing the 2026 Notes and 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. Adjusted EBITDA is used to evaluate and compare the performance of the segments and it is one of the primary measures used to determine employee incentive compensation. Intersegment transfers are negotiated on an arm's length basis, using market prices. We believe that Adjusted EBITDA, from an operations standpoint, provides an appropriate way to measure and assess segment performance. Our management team has established the practice of reviewing the performance of each segment based on the measures of net sales and Adjusted EBITDA. We believe that Adjusted EBITDA is useful to users of the consolidated financial statements because it provides the same information that we use internally to evaluate and compare the performance of the segments and it is one of the primary measures used to determine employee incentive compensation. 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 restructuring costs, asset impairment charges, loss (gain) on disposal of subsidiaries, loss on extinguishment of debt and other items, if any, that do not relate to Masonite's underlying business performance (each net of related tax expense (benefit)). In the fourth quarter of 2018, we changed the definition of Adjusted EPS to exclude restructuring charges and related tax impacts. This change had no impact to Adjusted EPS for the three months ended April 1, 2018. 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 masonite.com#3Company Overview Net Sales of $2.2 billion in 2018 ☐ ~34 million doors sold in 2018 Masonite at a Glance Serving approximately 9,000 customers in 64 countries Established leadership positions* in all targeted product categories in North America Residential 2018 Net Sales by Segment Corporate & Other 1% Architectural 15% Europe 17% (*) Defined as #1 or #2 in North America 3 2018 Net Sales of Doors by End Market Total non- residential construction 14% North American Residential 67% Residential repair, renovation and remodeling 50% Residential new construction 36% masonite.com#4Vertical Integration Three layers of vertically integrated supply chain; Residential example shown here: Components Production Slab Assembly Door Fabrication 4 5 molded facilities globally • 8 press lines 14 North American assembly plants 9 North American facilities • Insured replacement value of >$1 billion • 9 producing interior • 5 producing steel entry • ▸ Additional plants produce door core and other components ▸ 4 UK plants Similar vertical integration employed in Architectural business 3 producing FG entry Services retail customers and contractors/installers ► Pre-hanging and pre-finishing services masonite.com#5End Market Trends 5 NA Residential US New Housing Starts (1969 - present) 50 yr. avg. 1969 1973 1977 1981 1985 1989 1993 1997 2001 2005 2009 2013 2017 Source: U.S. Census Bureau (Actuals) Europe UK Housing Starts (2014-2018) Architectural US Non-residential Building Index (2009 - present) 60 55 50 45 197.7 199.9 188.7 40 180.1 170.1 2014 2015 2016 2017 Source: ONS/National House Building Council (NHBC) 35 2018 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Source: Architectural Billings Index (Rolling 12 month average) Score above 50 indicates a positive outlook for spending masonite.com#6Current Market Trends 2019 Doors per House Survey Performed further review of builder 6 ☐ 30 floorplans to evaluate current trends in: ✓ Total square footage ✓ Interior doors per floorplan For builders we serve, current overall average for interior doors/home is 18 Data illustrates impact to average number of doors/home as growth skews to Entry Level segment 25 20 15 10 5 Interior Doors per Square Foot¹ Interior Doors ~2000 sq. ft = 16 ~2500 sq. ft = 19 ~3000 sq. ft = 22 0 1,000 1,500 2,000 2,500 3,000 3,500 4,000 Continued focus on higher AUP product critical to help mitigate lower doors per house (1) 2019 data is based on sample of 75 floor plans from various regions across 5 of Masonite's top national builders, first presented on Q1 2019 Earnings Call masonite.com#7North American Residential 2018 2019 ($ in millions) FY B/(W) Q1 B/(W) Net Sales $1,454.8 1.8% $353.7 (1.7%) Net sales ex-Fx & Acq Adj. EBITDA* 1.3% (3.9%) $202.5 1.1% $53.6 6.3% Adj. EBITDA Margin* 13.9% (10bps) 15.2% 120 bps 7 1 of 2 vertically integrated residential interior door manufacturers in North America Net Sales by End Market Established leadership positions^ in interior molded, steel, fiberglass and stile & rail doors Net Sales by Customer Channel New Residential Construction -45% RRR-55% Retail -35% Wholesale -65% (*) See safe harbor/non-GAAP financial measures on page 2 for definitions and other information and appendix for non-GAAP reconciliations (^) Defined as #1 or #2 in North America Katonan masonite.com#8Europe 2018 2019 ($ in millions) FY B/(W) Q1 B/(W) Net Sales $369.0 26.4% $84.3 (3.2%) Net sales ex-Fx & Acq (1.1%) 3.9% Adj. EBITDA* $45.0 33.1% $10.0 0.7% Adj. EBITDA Margin* 12.2% 60bps 11.9% 50 bps 8 Acquisitions have expanded UK product offering across interior and exterior doors European Net Sales Innovative "Go-to-Market❞ business model with Door-Stop International and DW3^ Net Sales by End Market Mixed Use, ~5% Other -10% UK-90% New Residential, ~30% RRR, ~65% (*) See safe harbor/non-GAAP financial measures on page 2 for definitions and other information and appendix for non-GAAP reconciliations (^) DW3 was acquired on January 30, 2018 masonite.com#9Architectural 2018 2019 ($ in millions) FY B/(W) Q1 B/(W) Net Sales $323.5 12.1% $85.6 28.3% Net sales ex-Fx & Acq (2.7%) 8.4% Adj. EBITDA* $37.7 25.2% $7.6 (0.6%) Adj. EBITDA Margin* 11.7% 130bps 8.8% (270 bps) (*) (^) 9 Vertically integrated Architectural wood door manufacturer in North America Net Sales by End Market Office Other¹ Hospitality Education/G ovt Healthcare Established leadership positions^ in interior wood doors, door core and veneers Architectural Transformation² Comprehensive set of initiatives to integrate business from 2016 to 2021 Consolidate brands from 8➡1 Harmonize product lines from 43 8 Increase ability to flex production across plants from 0%-80% 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 (1) Other consists of stock doors, multifamily and retail (2) Excludes Graham/Maiman acquisition in June 2018 masonite.com#10Margin Improvement Initiatives MVantage Utilization Plant Transformation ✓ 7 sites completed in 2018; 2 currently underway in 2019 Performance Improvement Team (PIT) events. Training and Standards ✓ 2018 had highest annual Continuous Improvement (CI) belt certifications since 2013 ✓ Kaizen events up 86% YoY in 2018 and up 14% YoY in Q1 2019 Continued capital investments to support efficiency improvements ■ Footprint Optimization Verdi, NV cut-stock plant startup progressing as planned Capacity investments at targeted sites to cost effectively supply North America ✓ Announced closure of 2 North America Residential plants and 1 Architectural plant Leveraging global supplier footprint to achieve lowest landed cost Reduced headcount in SG&A and Overhead " Portfolio Optimization Targeted divestiture of non-core businesses/product lines in UK ✓ 2 divestitures completed Q1 2019 ✓ 1 additional non-core business targeted for divestiture 2H 2019 Rationalizing SKUs to increase efficiency and reduce complexity for customers Continue to launch new offerings and manage product portfolio to drive higher AUP ✓ North America Residential vitality index now >11% Improved mix focus across all regions 10 Executing well on our key strategic initiatives and previously announced restructuring masonite.com#11Cash Flow Priorities 11 Working Capital Shareholder Returns Cash Flow Capex Acquisitions Priorities Fund working capital needs - Invest in organic growth initiatives Pursue value-added acquisitions Return excess cash to shareholders masonite.com#12NON-GAAP RECONCILIATIONS 12 masonite.com#13Reconciliation of Adj. EBITDA to net income (loss) attributable to Masonite 13 North Year Ended December 30, 2018 American (in thousands) Adjusted EBITDA Residential Europe Architectural Corporate & Other $ 202,465 $ 44,985 $ 37,742 $ (17,256) $ Consolidated 267,936 Less (plus): Depreciation 29,959 9,922 10,431 8,777 59,089 Amortization 1,466 14,716 9,236 3,165 28,583 Shared based compensation expense 7,681 7,681 Loss (gain) on disposal of property, plant and equipment 1,799 92 180 1,399 3,470 Restructuring costs 275 1,349 1,624 Asset impairment 5,243 5,243 Interest expense (income), net 39,008 39,008 Loss on extinguishment of debt 5,414 5,414 Other expense (income), net (57) 61 (2,537) (2,533) Income tax expense (benefit) 23,813 23,813 Net income (loss) attributable to non- controlling interest 3,402 792 3,834 Net income (loss) attributable to Masonite $ 165,981 $ 13,602 $ 17,895 $ (104,768) $ 92,710 Year Ended December 31, 2017 (in thousands) North American Residential Corporate & Europe Architectural Other Adjusted EBITDA $ 200,179 $ 33,820 $ 30,050 $ (9,543) $ Consolidated 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 11,644 11,644 Loss (gain) on disposal of property, plant and equipment 770 293 328 502 1,893 Restructuring costs (27) 2,394 (1,517) 850 Loss (gain) on disposal of subsidiaries 212 212 Interest expense (income), net 30,153 30,153 Other expense (income), net 232 (1,802) (1,570) Income tax expense (benefit) (27,560) (27,560) Net income (loss) attributable to non- controlling interest 3,519 1,723 5,242 Net income (loss) attributable to masonite.com Masonite $ 162,723 $ 15,655 $ 9,554 $ (36,193) $ 151,739#14Reconciliation of Adj. EBITDA to net income (loss) attributable to Masonite (in thousands) Adjusted EBITDA North Three Months Ended March 31, 2019 Corporate & Other Consolidated (5,753) $ 65,479 14 American Residential Europe Architectural $ 53,621 $ 9,997 $ 7,614 $ Less (plus): Depreciation 9,079 2,382 2,741 4,083 18,285 Amortization 449 3,965 2,093 1,090 7,597 Shared based compensation expense 2,680 2,680 Loss (gain) on disposal of property, plant and equipment 341 2,469 97 6 2,913 Restructuring Costs 1,880 862 604 394 3,740 Asset Impairment 10,625 10,625 Loss (gain) on disposal of subsidiaries 4,605 4,605 Interest expense (income), net Other income, net of expense (139) Income tax expense (benefit) 11,127 (991) 58 11,127 (1,130) 58 Net income (loss) attributable to non- controlling interest 986 204 1,190 Net income (loss) attributable to Masonite $ 30,261 $ (4,147) $ 2,079 $ (24,404) $ 3,789 Three Months Ended April 1, 2018 North American (in thousands) Residential Europe Architectural Corporate & Other Consolidated Adjusted EBITDA $ 50,398 $ 9,930 $ 7,660 $ (6,574) $ 61,414 Less (plus): Depreciation 7,344 2,303 2,030 Amortization 481 3,239 2,254 2,257 611 13,934 6,585 Shared based compensation expense 3,065 3,065 Loss (gain) on disposal of property, plant and equipment 533 79 612 Interest expense (income), net 8,756 8,756 Other expense (income), net 35 (57) (22) Income tax expense (benefit) 6,701 6,701 Net income (loss) attributable to non- controlling interest 970 (13) 957 Net income (loss) attributable to Masonite $ 41,070 $ 4,353 $ 3,297 $ (27,894) $ 20,826 masonite.com