Waiver granted by US Private Placement noteholders

Waiver granted by US Private Placement noteholders

Auckland, 1 March 2018: Fletcher Building today announced that it has received a
waiver of the breach of covenants under its US Private Placement (USPP) funding
arrangements, subject to conditions, which the Company expects to satisfy over the next
few days. The breach of certain covenants occurred as a result of the provision for losses
incurred by the Company’s Building and Interiors business, which were announced on
14 February and included in the Company’s financial statements for the six months
ended 31 December 2017.

Fletcher Building received an equivalent waiver from its bank syndicate on
13 February 2018.

The Company is now discussing with both its bank syndicate and USPP noteholders
amendments to the terms of its funding arrangements.

Fletcher Building will continue to target the end of March 2018 to complete the
amendment process. If the Company does not agree on the amendments by 31 March,
it will need to seek an extension of the waiver from the bank syndicate and the USPP
noteholders.

#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