Fletcher Building successfully completes entitlement offer

Fletcher Building successfully completes entitlement offer (NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES) Auckland, 16 May 2018: Fletcher Building Limited is pleased to advise the successful completion of the Retail component of its NZ$750 million fully underwritten pro-rata accelerated 1 for 4.46 entitlement offer ("Retail Offer") of new Fletcher Building Limited shares ("New Shares"). The Retail Offer has raised gross proceeds of approximately NZ$229.5 million from the issue of approximately 47.8 million new shares at an issue price of NZ$4.80 per share. The Entitlement Offer was announced on 17 April 2018. Approximately 20.2 million new shares were offered for sale under the retail shortfall bookbuild ("Retail Bookbuild").The Retail Bookbuild was well supported by eligible institutional shareholders and new investors. The clearing price under the Retail Bookbuild was NZ$6.45 per share, representing a premium of NZ$1.65 per share over the Entitlement Offer price of NZ$4.80. Eligible retail shareholders who elected not to take up their entitlements and ineligible retail shareholders will receive NZ$1.65 for each entitlement not taken up by them. Amounts payable to eligible retail shareholders who did not take up their full entitlement or ineligible retail shareholders with nominated Australian dollar bank accounts will be converted from New Zealand dollars by the Registrar at the prevailing exchange rate for buying Australian dollars using New Zealand dollars at the time of payment. That exchange rate may be different to the exchange rate used to set the A$ Offer Price. The ASX settlement date for new shares issued under the Retail Entitlement Offer and the Retail Bookbuild is 17 May 2018. The NZX settlement date for new shares issued under the Retail Entitlement Offer and the Retail Bookbuild is 18 May 2018. Allotment of these shares on NZX and ASX is expected to occur on 18 May 2018. The Retail Premium will be despatched and paid to retail shareholders who elected not to take up their entitlements and ineligible retail shareholders on 23 May 2018. Fletcher Building Chairman, Sir Ralph Norris, commented, "It is pleasing to see that many of our retail shareholders took up the opportunity to participate in the offer, while those that did not or were ineligible to participate will receive a premium of NZ$1.65 per entitlement." Fletcher Building CEO, Ross Taylor, commented, "The completion of the entitlement offer means we can now significantly reduce group debt and improve the capital structure of Fletcher Building. This puts us in a stronger position to focus our portfolio and pursue a new group strategy, and we look forward to briefing the market on this in more detail in June." Further information and shareholder enquiries Shareholders with any questions in relation to the 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:00318033 For:FBU Type:OFFER Time:2018-05-16 08:50:05