Fletcher Building withdraws Steel & Tube proposal

Fletcher Building withdraws Steel & Tube proposal

Auckland, 15 October 2018: Fletcher Building has withdrawn its proposal to acquire Steel &
Tube due to lack of support from Steel & Tube’s Board to progress the proposal in a timely
manner.

Steel & Tube has announced that it does not support Fletcher Building’s revised proposal, and
that it would need a further 3-4 weeks to confirm this view. Fletcher Building has been engaging
with Steel & Tube on a proposal for 5 weeks now, which has provided ample time for the Board
to seek independent valuation advice. During that period Fletcher Building re ceived support for
progressing its proposal from major Steel & Tube shareholders Milford Asset Management and
Harbour Asset Management.

Fletcher Building presented a revised proposal and final position of NZ$1.90 per ordinary share
(payable in cash) and a permitted special dividend up to NZ$0.05 per ordinary share and
payable on transaction completion reflecting total effective consideration to shareholders of
NZ$1.95 per ordinary share. The proposal provided a significant premium of more than 50% to
Steel & Tube’s pre-announcement five day volume weighted average price.

Fletcher Building CEO Ross Taylor said: “Despite offering what we believe was a very attractive
offer to Steel & Tube shareholders, our engagement with the Steel & Tube Board has been
unsuccessful and as a result we have withdrawn the acquisition proposal.”

Based on expert advice, Fletcher Building remains confident the transaction would have
received Commerce Commission clearance. Steel & Tube’s market share information released
on 10 October 2018 doesn’t properly take into account the material impact of direct imported
products in relevant markets.

#Ends

For further information please contact:


MEDIA
Marie Winfield
Head of Communications
+64 27 488 9888
Marie.winfield@fbu.com
INVESTORS AND ANALYSTS
Rodney Deacon
Head of Investor Relations
+64 21 631 074
Rodney.deacon@fbu.com