FB successfully completes institutional shortfall bookbuild

NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Fletcher Building successfully completes institutional shortfall bookbuild Auckland, 20 April 2018: Fletcher Building Limited is pleased to advise the successful completion of the institutional shortfall bookbuild ("Institutional Bookbuild") of its NZ$750 million fully underwritten pro-rata accelerated 1 for 4.46 entitlement offer ("Entitlement Offer") of new Fletcher Building Limited shares ("New Shares"). The Entitlement Offer was announced on 17 April 2018. The institutional shortfall bookbuild of 2.2 million entitlements was well supported by eligible institutional shareholders and new investors. The clearing price under the Institutional Bookbuild was NZ$6.15 per share, representing a premium of NZ$1.35 per share over the Entitlement Offer price of NZ$4.80, and pleasingly also a premium to the Entitlement Offer theoretical ex-rights price of NZ$6.00. Eligible institutional shareholders who elected not to take up their entitlements and ineligible institutional shareholders will receive NZ$1.35 for each entitlement not taken up by them (less any withholding tax). Amounts payable to eligible institutional shareholders who did not take up their full entitlement or ineligible institutional shareholders with nominated Australian dollar bank accounts will be converted from New Zealand dollars by the Registrar at the prevailing exchange rate for buying Australian dollars using New Zealand dollars at the time of payment. That exchange rate may be different to the exchange rate used to set the A$ Offer Price. Following ongoing shareholder reconciliations, the gross proceeds (excluding the premium) raised in the Institutional Entitlement Offer and Institutional Bookbuild has increased to approximately NZ$515 million. Announcement of A$ Offer Price The A$ Price has been set at A$4.51. The A$ Offer Price was determined using the RBA AUD/NZD exchange rate on Thursday 19 April 2018 at 4.00pm (Sydney time). Commencement of Retail Entitlement Offer Eligible retail shareholders with a registered address in New Zealand or Australia at 9:00pm (NZ time) / 7:00pm (Sydney time) on the Record Date (19 April 2018) will be invited to participate in the Retail Entitlement Offer. The Retail Entitlement Offer will open on Monday, 23 April 2018 and close at 7:00pm (NZ time) / 5:00pm (Sydney time) on Friday, 11 May 2018. Eligible retail shareholders will have the opportunity to participate at the same offer price and offer ratio as the Institutional Entitlement Offer. Eligible retail shareholders can choose to take up their entitlements ("Retail Entitlements") in whole, in part or not at all. Retail Entitlements cannot be traded or sold on the NZX or ASX. Retail Entitlements not taken up by eligible retail shareholders by the close of the Retail Entitlement Offer and the entitlements of ineligible retail shareholders (had such ineligible retail shareholders been able to participate in the Retail Entitlement Offer), will be offered for sale through a retail bookbuild to be conducted on Tuesday, 15 May 2018 ("Retail Bookbuild"). Any proceeds (in excess of the Offer Price) from the sale of Retail Entitlements through the Retail Bookbuild will be paid (net of any applicable withholding tax) on a pro rata basis to those eligible retail shareholders who do not take up their entitlements in full or who are not eligible to participate in the Retail Entitlement Offer. There is no guarantee that any amount will be realised for the sale of Retail Entitlements through the Retail Bookbuild. Any amounts paid to eligible retail shareholders who do not take up their full entitlement or ineligible retail shareholders with nominated A$ bank accounts will be converted from New Zealand dollars by the Registrar at the prevailing exchange rate for buying Australian dollars using New Zealand dollars at the time of payment. That exchange rate may be different to the exchange rate used to set the A$ Offer Price. Recommencement of trading Fletcher Building shares are expected to resume trading on the NZX and ASX today. Further information and shareholder enquiries Shareholders with any questions in relation to the Entitlement Offer, can contact the Fletcher Building Offer Information Line on 0800 650 034 (within New Zealand) and 1800 501 366 (within Australia) or +64 9 488 8777 (outside of New Zealand or Australia) between 8.30am and 5:00pm (NZ time and Sydney time) Monday to Friday. For other questions, shareholders should consult their broker, solicitor, accountant, financial adviser, or other professional adviser. #Ends For further information please contact: MEDIA Leela Gantman Head of Communications +64 27 541 6338 Leela.gantman@fbu.com INVESTORS AND ANALYSTS Rodney Deacon Head of Investor Relations +64 21 631 074 Rodney.deacon@fbu.com End CA:00317011 For:FBU Type:OFFER Time:2018-04-20 08:33:05