FBU successfully completes institutional entitlement offer

NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES Fletcher Building successfully completes institutional entitlement offer Auckland, 18 April 2018: Fletcher Building Limited (the "Company" or "Group") is pleased to advise that it has successfully completed the institutional entitlement offer ("Institutional Entitlement Offer") of its fully underwritten 1 for 4.46 pro-rata accelerated entitlement offer ("Entitlement Offer") of new fully paid ordinary shares in Fletcher Building ("New Shares") announced on 17 April 2018. A total of approximately NZ$750 million will be raised under the Offer. The Institutional Entitlement Offer closed today at 4:00pm and raised gross proceeds of approximately NZ$500 million (subject to change due to ongoing shareholding reconciliations). Fletcher Building received strong support from existing institutional shareholders with eligible institutional shareholders electing to take up approximately 98% (subject to change due to ongoing shareholding reconciliations) of their entitlements under the Institutional Entitlement Offer. Institutional bookbuild As a result of the strong support provided by eligible institutional shareholders in the Institutional Entitlement Offer, only a limited number of New Shares are available for the institutional bookbuild component of the Offer, which will open today, Wednesday 18 April at 6:30pm (NZ time) and close tomorrow, Thursday 19 April 2018. Commencement of Retail Entitlement Offer Eligible retail shareholders with a registered address in New Zealand or Australia at 9:00pm (NZ time) and 7:00pm (Sydney time) on the Record Date (Thursday 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) and 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 Entitlement ("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. 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 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:00316915 For:FBU Type:OFFER Time:2018-04-18 17:05:02