Owens Corning and Masonite Announce the Extension of the Expiration Time and Early Participation Deadline for Tender Offer and Consent Solicitation

Owens Corning (NYSE: OC), a leader in global building and construction materials, and Masonite International Corporation (“Masonite”) (NYSE: DOOR), a leading global provider of interior and exterior doors and door systems, today announced that, in connection with the previously announced tender offer (the “Tender Offer”) by Owens Corning and consent solicitation (the “Consent Solicitation”) by Masonite, they have extended the expiration time with respect to the Tender Offer and Consent Solicitation from 5:00 p.m., New York City time, on May 13, 2024 to 5:00 p.m., New York City time, on May 14, 2024 (as the same may be further extended, the “Expiration Time”), and that they have further extended the early participation deadline from 5:00 p.m., New York City time, on May 13, 2024 to 5:00 p.m., New York City time, on May 14, 2024 (as the same may be further extended, the “Early Participation Deadline”). All other terms of the Tender Offer and Consent Solicitation remain as set forth in the Statement (as defined below). As previously announced, the requisite consents have been received to adopt certain amendments to the indenture (the “Masonite Indenture”) governing the notes issued by Masonite subject to the Tender Offer and Consent Solicitation (the “Masonite Notes”) to eliminate certain of the covenants, restrictive provisions and events of default from such indenture (the “Proposed Amendments”).

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As previously announced, Owens Corning, MT Acquisition Co ULC, a wholly owned subsidiary of Owens Corning (“Purchaser”), and Masonite have entered into an Arrangement Agreement, dated as of February 8, 2024 (as it may be amended, the “Arrangement Agreement”), providing for, among other things and subject to the terms and conditions of the Arrangement Agreement, the acquisition of all of Masonite’s issued and outstanding common shares by Purchaser (the “Arrangement”).

Owens Corning and Masonite are making the Tender Offer and Consent Solicitation pursuant to the terms of and subject to the conditions set forth in the offer to purchase and consent solicitation statement dated April 15, 2024 (as amended to date, the “Statement”), as amended by this news release, which are conditioned upon the consummation of the Arrangement and the satisfaction or waiver of other conditions described in the Statement. As a result, the Expiration Time may be extended one or more times. The settlement date for the Tender Offer and Consent Solicitation will be promptly after the Expiration Time. Owens Corning and Masonite reserve the right to terminate, withdraw, amend or extend the Tender Offer and Consent Solicitation, including to extend the Expiration Time without extending the Early Participation Deadline, as described in the Statement.