Fletcher Building Investor Day Presentation

F O C U S
Fletcher Building
Investor Day
June 2019
ROSS TAYLOR
—Chief Executive Officer
DEAN FRADGLEY
—Chief Executive Australia
BEVAN MCKENZIE
—Chief Financial Officer
26 June 2019
Note: All financials in this presentation are in NZ Dollars, unless otherwise stated.

Agenda
Fletcher Building Investor Day Presentation | © June 2019
2
Time (AEST)TopicPresenter
10:00 -10:30 AM
Introduction
•Welcome, outline for the day
•Group update
Ross Taylor, CEO
10:30 –11:15 AM
11:15 –13:45 PM
Australia division
•Australia Strategy
•Business unit booth rotation (x5)
Dean Fradgley, CE Australia
Australia BU General Managers
Lunch will be served during the BU booth rotations
13:45 -14:15 PM
Capital
•Capital Structure and Formica Proceeds
Bevan McKenzie, CFO
14:15 –14:30 PM
Conclusion
•Outlook
Ross Taylor, CEO
14:30 -15:00 PMLight refreshments / afternoon tea

F O C U S
Fletcher Building
Investor Day Presentation 2019
Content
1. Group Update
2. Australia Division
3. Capital Structure & Management
4.Outlook
5. Appendix

Our strategy
12 months ago we laid out a more focused strategy for Fletcher Building
Fletcher Building Investor Day Presentation | © June 2019
4
Vision
To be the undisputed leader in NZ and AU building solutions –with Products and Distribution at our core
Focus Areas1. Refocus on the NZ
core
2. Stabilise
Construction
3. Strengthen Australia4. Exit non-core
businesses
EnablersStrong safety
culture
Engaged and
capable
people, lean
operating
model
Fit for purpose
systems
Disciplined
performance
improvement
and capital
allocation
Leading
innovation
Organic growth
and targeted
acquisitions

We remain confident that this positions us well to drive shareholder returns
into the future
Fletcher Building Investor Day Presentation | © June 2019
5
•Focused on a more manageable footprint
•Sustainable background of population and GDP growth in NZ and Australia
•Geographic isolation gives “in country” scale positions a competitive advantage
•Able to be a global innovation “fast follower” -but 1
st
in our home markets
•Cheaper and better automation making developed country manufacturing more viable
•Materially strengthened balance sheet
Focus
Strength
Consistency
Lower risk
Positioned for
macro tailwinds
•Drive and grow our strong and well positioned NZ businesses
•Trap the upside potential in our underperforming Australian businesses
•Similar businesses in NZ and Australia, allows leverage of skills and IP

Our five year timeline
We recognised this would take time and laid out a plan over three broad stages
6
1.Refocus on
the NZ core
2.Stabilise
Construction
3.Strengthen
Australia
4.Exit non-core
businesses
NZ businesses strong and growing
Complete B+I projects
Return division to profit
Roof Tile Group and
Formica divested
Set-up for turnaround
FY2019
REFOCUS AND STABILISE
FY2020
PERFORMANCE
FY2021–23
GROWTH
Construction turnaround complete
Performance improvement
Profitable market share
Fletcher Building Investor Day Presentation | © June 2019

Our five year timeline
We recognised this would take time and laid out a plan over three broad stages
7
1.Refocus on
the NZ core
2.Stabilise
Construction
3.Strengthen
Australia
4.Exit non-core
businesses
NZ businesses strong and growing
FY2019
REFOCUS AND STABILISE
FY2020
PERFORMANCE
FY2021–23
GROWTH
Construction turnaround complete
Performance improvement
Profitable market share
Fletcher Building Investor Day Presentation | © June 2019
✓
✓
✓
✓

Through FY19 it was important to stay focused on the core while we dealt with our other priorities
✓WWB, TINZ, Laminex benefiting from strong consents / WPIP and have strong market positions
✓Humesteam and business reset after underperformance
✓WWB innovation and operational excellence
✓Market share maintained against strong competition through strong customer service
✓Site consolidation
Challenging trading environment in H2 leading to margin pressure
✓Benefiting from elevated market backdrop, particularly in Auckland
✓Innovation through Micoexpansion of category offering into concrete pipes
✓Digital mobility rolled out to all PlaceMakersbranches
✓Strong performance in aggregates will enable some recovery post cement mill failure
✓Acquired targeted bolt-onsthrough Waikato quarry
✓Completion of Auckland airport precinct ready-mix plant
✓Strong Wiri land sales mean land development expected to be $55m, above expected run rate of $25m
✓Sustainable growth in house sales volumes to c 740 in FY19
✓Panelisation plant on track to commence production in 1H20
1. Refocus on the NZ core
>$4bn revenue delivering margins of average c 11%, solid NZ market backdrop, revenue and competitive position
maintained, team and organisation evolved, and now positioned to respond to margin pressure
Fletcher Building Investor Day Presentation | © June 2019
8
Residential and
Development
Building Products
Concrete
Steel
Distribution
Note: Building Products and Steel one division effective 1 July 2019

2. Stabilise Construction
Our focus pivots to securing the division’s future, winning profitable contracts and creating a balanced portfolio
Key Strategic Priorities Remain the Same
Close out legacy
B+I projects
within
provisions
Win profitable
work in key
growth markets
Retain and
attract capability
9
Fletcher Building Investor Day Presentation | © June 2019
Areas of Focus Moving Forward
What’s Different / Changed
Six Points
of Focus
Consistent Risk
Management
Disciplines
Balanced
Risk / Reward
Right Markets
and Customers
Engineering /
Design
Management
Supply Chain
Partners
Right Skills /
Systems
Governance and risk management
•Capability to provide disciplined supply chain management through
in-house design and engineering teams
•Project reporting discipline; cost and programme schedules; day-to-
day management overhauled and standardised
Building a balanced portfolio
•Bids and targeted project portfolios aligned with overall business
risk profile and appetite
•More medium sized projects; smaller number of larger projects
•Focused on right clients who will accept sensible risk profiles and
margins
Skills
•Experienced project teams fit for purpose
•Top team being rebuilt
•Proven executives with strong domain experience
•Reintroduced project management skills and training regimes
across the businesses

2. Stabilise Construction
Remaining B+I projects stable and within provisions –will resume focused bidding in vertical
Fletcher Building Investor Day Presentation | © June 2019
10
Resume focused bidding in vertical
B+I Project Status
•Commercial Bay
•NZICC
•Auckland East Prison
•Justice Precinct
•AIAL Phase 3
•UoC RSIC
•CIAL Hotel
•MPI National Bio Labs
•GreyBase Hospital
•Union & Co
•Rhodes on Cashmere
•VUW Gateway
•AUT ETD
•Majestic Centre
•UoA Science 302
•WIAL Carpark
•Commercial Bay
•NZICC
•CIAL Hotel
•MPI National Bio Labs
•GreyBase Hospital
•Rhodes on Cashmere
•WIAL Carpark
Now
•Value of work to complete reduced from $1.4bn in
Feb-18 to $0.4bn now
•Only Commercial Bay and NZICC will continue into
calendar 2020
•Remaining project teams are experienced and
performing well
•Market conditions (contract terms, margins) have
improved
•Strong industry / government alignment through
accord
•Market outlook remains strong
•We have c 5 strong project teams we can progressively
deploy
•A select client base is keen to see us re-engage in the
sector
•Logical to build on this position
•Providing a future for people is important to ensure
we finish remaining B+I legacy projects well
Feb-18

3. Strengthen Australia
The upside opportunity for Fletcher Building in Australia remains, but the starting point for the turnaround is
worse than anticipated, with FY19 EBIT of c $55m
Fletcher Building Investor Day Presentation | © June 2019
11
Current Position
Source: BIS Oxford Economics (financial years)
Australia Residential Approvals
(30%)
•$3bn revenue
•FY19 EBIT (excluding significant items) forecast to be c $55m,
2% EBIT margin
•Sharp decline in residential market, plus higher input costs,
leading to price and margin pressure
•Poor business disciplines in certain areas
What We Are Doing
•One division now established, new leadership and governance
•Decisive intervention in FY19 to set the businesses up for
performance improvement and growth: clear BU priorities,
cost-out programme, and targeted growth investment
•Targeting $100m gross annual cost-out benefit in FY21; expect
c $50m of this to flow to net EBIT benefit in FY21
Outlook
•Achieve modest profit growth in FY20 despite ongoing expected
contraction in residential market
•Lean and focused business set up for forecast market recovery
in FY21
•Continue to target business generating 7% EBIT margin in the
medium term
FY18FY19FFY20FFY21FFY22FFY23F
230k
190k
150k-160k
170k
200k
230k
(30%)

4. Exit non-core businesses
RTG sold, Formica sale completed ahead of schedule and at the top end of valuation expectations
Fletcher Building Investor Day Presentation | © June 2019
12
Formica and RTG Divested
•Outstanding outcome on exiting of International businesses
•In FY19, successfully sold Roof Tile Group and Formica
•Roof Tile Group
•Sold on 1 November 2018
•Final net sale price of NZ$59m to IKO, in line with
expectations
•Formica
•Sold on 3 June 2019
•Final net sale price of NZ$1,185m to Broadview, ahead
of expectations
•Exited at 10.8x FY18 EBITDA
•Timely exit from softening of the US market
•Positioned our Group balance sheet in a very strong position:
•Net debt: $300m –$400m
•c 0.5x leverage
NZ$mRTGFormica
Net Sale Proceeds591,185
Less: Carrying Value77
1,310
Loss on Disposal18
125
1
1
Formica estimated loss on sale subject to completion accounting and based on estimated working capital adjustment and
impact of FCTR

Key enablers
We are making good progress on our strategic enablers
13
Fletcher Building Investor Day Presentation | © June 2019
Engaged and
capable people,
lean operating
model
•Transitioned well to new structure with a lower corporate overhead
•No trapped overhead post Formica sale
•Employee engagement up to 71%
✓
Disciplined
performance
improvement and
capital allocation
•Transparent KPIs from market through to business units
•Good baseline now allows progressive performance improvement
•Increased investment of c $50m p.a. in our core businesses from FY19
✓
x
Strong safety
culture
•Ensure we learn from the fatalities in FY19
•Reset safety –culture and practice driving to an injury free environment
•Continue to build off our industry leading TRIFR rates
Fit for purpose
systems
•Targeted ERP upgrades, with improved project governance process embedded
•Focus on customer-facing digital enhancements: e-commerce, product and customer
management systems
✓
Organic growth
and targeted
acquisitions
•Small bolt-ons and acquisitions where it makes sense, e.g. Waikato Aggregates and new
PlaceMakers branch in Rotorua
•Disciplined in execution
✓
•Residential panelisation plant
•Winstone Wallboards new exterior sheathing solution
•GBC Tyre Derived Fuel project to sustainably dispose of NZ’s end of life tyres
•Iplex NZ mobile extrusion plant
✓
Leading innovation

Focus on key enablers will drive improvements across our balanced scorecard
14
SafetyEngagement
SustainabilityCustomer
•Deeply saddened by recent
fatalities
•Reinforced our focus on
achieving an injury free
environment
•Continue to drive TRIFR to
under 5.0 (well below industry
average)
•Drive employee engagement
>80% (top quartile) with no
business lower than 70%
•Sustainability reporting in
place across environmental,
economic and social domains
•Focus on NZ cement
manufacture and power in
Australia
•Drive to a best in class net
promoter score of >55
•Rollout and embed customer
service promises across
all businesses
Total Recordable Injury
Frequency Rate
1
Employee Engagement Rating
Net Promoter
Score
3
6.7
6.9
5.1
5.0
FY16FY17FY18FY19
YTD
24
30
35
CY16CY17CY18
66%
67%
70%
71%
FY16FY17FY18FY19
Fletcher Building Investor Day Presentation | © June 2019
1
TRIFR = Total no. of recorded injuries per million man hours worked.
2
Carbon Emission Intensity = FBU Co2 Tonnes for every $1m of revenue. Restated per ISO 14064-1, previously overestimated
3
Net Promoter Score calculated as % Promoters (9 -10) minus % Detractors (0 -6).
FY16FY17FY18
143
141
149
Carbon Emission
Intensity
2

Significant items expected to be c $240m-$250m
•Formica and RTG loss on sale
1
: c $145m
•Restructuring charges (predominantly Australia division): c $100m
FY19 guidance
Major drivers of FY19 results
Fletcher Building Investor Day Presentation | © June 2019
15
FY19 EBIT (before significant items) of $620m -$650m
New Zealand core –solid performance:
•Strong market positions maintained
•Earnings slightly down YOY due to Steel competitive pressures and cement mill failure
•Land Development ahead of expectations at c $55m through good progress on Wiri North Development
Construction: back to profits, no change to B+I provisions
Australia: market headwinds and a tougher starting point driving EBIT expectations of c $55m
1
Formica estimated loss on sale subject to completion accounting and based on estimated working capital adjustment and impact of
FCTR

Capital management
Fletcher Building Investor Day Presentation | © June 2019
16
•FBU is continuously assessing its balance sheet position and investment opportunities to drive shareholder
returns
•Key considerations in assessing capital structure post the sale of Formica:
•Net Debt / EBITDA projected to be below the target range of 1.5x-2.5x and ahead of forecast
•All sensible debt reduction opportunities (c $600m-$650m over next 12 months) will be undertaken
•Remain confident on completing the legacy B+I projects within current provisions
•Continued preference for prudent balance sheet management as Company performance is reset
•On this basis, Fletcher Building considers incremental capital is available to be distributed to shareholders
through an on-market share buyback of up to NZ$300m
•This form of shareholder distribution takes into account tax effectiveness for all shareholders and earnings
per share accretion
•The buyback is expected to commence following the FY19 results release
•Dividend has been reinstated in FY19 and as advised will be weighted to the final payment

We achieved what we said we would in FY19
Through FY19 we stabilised and focused Fletcher Building and positioned ourselves well to drive performance
through FY20
Fletcher Building Investor Day Presentation | © June 2019
17
➢Landed a leaner organisation through a restructure and attracted top talent
➢Strengthened governance
➢Kept NZ businesses on track
➢Stabilised Construction returning it to profits and holding B+I provisions
➢Intervened and set Australia up for turnaround
➢Exited Formica and RTG for good prices
➢Materially de-levered the balance sheet and commenced debt reduction
➢Stayed inside our EBIT guidance range for the year
➢Reinstated dividends
➢Confirmed a capital return of up to $300m via an on-market share buyback
Through FY19 we achieved the following

Q+A

F O C U S
Fletcher Building
Investor Day Presentation 2019
Content
1. Group Update
2. Australia Division
3. Capital Structure & Management
4.Outlook
5. Appendix

20
Team and market positions
BU
Market segments
Market
Position
Market
Share
Customer
NPS
1
Sites
2
ResidentialCommercialInfrastructure
1 42%5340
2
2
19%
19%
34
48
237
1
1
2
32%
20%
33
34
11
16
234%2114
219%2519
Dean Fradgley
Chief Executive, FB
Australia
Matt Brodie
CFO, FB Australia
Justin Burgess
GM, Laminex
Tim Broxham
GM, Tradelink and
Oliveri
Nicole Sumich
GM, Iplex and Rocla
Alastair Wilson
Acting GM, Stramit
Paul Lavelle
GM, Fletcher
Insulation
Dean Fradgley
Chief Executive, FB
Australia
Matt Brodie
CFO, FB Australia
Nicole Sumich
GM, Iplex and Rocla
Alastair Wilson
Acting GM, Stramit
Paul Lavelle
GM, Fletcher
Insulation
1
NPS = Net Promoter Score
2
Pre-site consolidation
Fletcher Building Investor Day Presentation | © June 2019

21
Australian market size and share
The Australia division comprises a portfolio of manufacturing and distributing building products businesses that
have strong market positions
100%
Market
share %
Key:FBU ShareOther Competitors
Fletcher Building Investor Day Presentation | © June 2019
Laminex
Tradelink & Oliveri
Iplex
Fletcher
Insulation
Rocla
Stramit
Combined Market Size = $12.1bn
$4.4bn
$2.8bn
$1.6bn
$1.6bn
$1.2bn
$0.5bn
Market Size (NZ$bn) and Share (%)
Source : FBU management estimates

Residential Commencements (#)
FY18FY19FFY20FFY21FFY22FFY23F
(30%)
FY19 Revenue Weighted Sector Exposure
22
Australian market sector exposure and outlook
The Australian businesses are most exposed to the residential building sector which is currently in decline and
expected to come off 30% from FY18 to FY20, before returning to growth in FY21
53%
24%
23%
AU Historical and Forecast Market Outlook
Value of Non-Residential and Infrastructure (A$bn)
Key:ResidentialNon-ResidentialInfrastructure
Total AU
Revenue:
$3bn
Source: BIS Oxford Economics (financial years)
Fletcher Building Investor Day Presentation | © June 2019
FY18FY19FFY20FFY21FFY22FFY23F
46
42
47
474747
106
90
87
89
97
101
230k
190k
150k-160k
170k
200k
230k

FY15FY16FY17FY18FY19F
Australia starting point worse than expected with FY19 EBIT of c $55m
The combination of the falling residential market and poor discipline in certain areas has led to a worse than
anticipated starting point for the Australia turnaround
Fletcher Building Investor Day Presentation | © June 2019
23
Key Impacting Factors
•Sharp decline in Residential market
•Price and margin pressure in highly competitive
declining market
•2 most profitable BUs (Laminex and Stramit) heavily
exposed to Residential markets
•Higher input costs, particularly due to FX (AUD / USD)
•Opportunities for business discipline improvement in
certain areas
•Multiple silos with no capture of cross business
efficiencies
Australia EBIT
1
(NZ$m)
c $55m
$98m
$138m
$119m
$114m
1
EBIT before significant items

AU turnaround –what are we doing?
We have undertaken a divisional operational review and business unit deep dives and as a result we are now
executing: (1) clear BU priorities, (2) cost-out programme, (3) targeted growth investment and (4) strengthening
talent
Fletcher Building Investor Day Presentation | © June 2019
24
November 2018
June 2019
New divisional structure facilitates programme not previously achievable
Stage 1:
Overall Assessment
Stage 2:
Deep-dives
Stage 3:
Profit Improvement
Workshops
•Overall strategic
assessment of
division and BUs
•Market structure,
size and growth
•Competitive
position
•Early view of
performance
improvement
opportunities
•Deep-dives into
highest priority
opportunities /
challenges by BU
•Define cost out
opportunities
•Specific
opportunities in
SG&A
•Validation of COGS
opportunities
•Profit Improvement
workshops
•Prioritisation of
opportunities
•Cross BU
interdependencies
such as:
-Property
-Payroll
-EHS
Stage 4:
BU Strategy
•Articulation of
strategy for each
business and the
overall division
Stage 5:
Execution
1.BU delivery
against clear
strategic and
operational areas
of focus
2.Cost-out
programme, incl.
leveraging
divisional scale
3.Targeted growth
investment
4.Strengthening
talent
~60% of the
programme in
implementation
Q1 FY19
•Commencement of
divisional synergy
work
•Iplex/Rocla joint
management team
•Cross BU back of
house cost
reduction
•Corporate user
pays assessment
and reduction
commenced
•Sales pull through
to owned
businesses
✓✓✓✓✓

AU turnaround –what are we doing?
1. Each BU is executing against a clear set of focus areas, which will support improvement in gross margin
realisation across the division
Fletcher Building Investor Day Presentation | © June 2019
25
BU
Key Areas of Focus
Lowest
Manufacturing
Cost
Pricing Strategy
and Discipline
New Product
Development
Customer
Excellence
Operational
Efficiency
Targeted
Segment
Growth
✓✓✓✓✓✓
✓✓✓✓
✓✓✓✓
✓✓✓✓✓✓
✓✓✓✓✓✓
✓✓✓✓

BUKey Business Milestone
✓Network optimisation of sites commenced
✓Laminex sales restructure complete
✓Major new product launches (new colour range) in 5 capital cities, biggest launch in 25 years
✓Laminex digital platform e-commerce launch
✓Continuation of branch densification
✓Network optimisation ongoing with 9 loss making stores closed
✓Showroom refurbishment programme into year 2 with over 80 refurbishments completed
✓Restructure of head office staff completed
✓Oliveri new bathroom range launched to market
✓Iplex/ Rocla merger
✓IplexDarwin distribution centre closed
✓Iplex direct-to-site organic strategy executed
✓Rocla Mackay site closed
✓Rooty Hill glass wool site closed
✓Production now ceased and demand transferred to Dandenong with automation investments made
✓Eziformbusiness has been closed and all activities absorbed into Stramit
✓Continuation of property consolidations
AU turnaround –what are we doing?
2. Cost-out programme is already well advanced, including leveraging divisional scale
Fletcher Building Investor Day Presentation | © June 2019
26
200 roles have been disestablished, 18 properties have been exited, property co-location programme commenced

•$100m gross annual benefit targeted in FY21
•Benefits partly offset by inflation and market conditions –expect c one third of gross benefits ($15m) to flow to EBIT in FY20
and c half ($50m) to flow to EBIT in FY21
•Delivering these benefits requires c $110m restructuring costs (significant items) and c $60m efficiency capex
•Restructuring costs are split c 50% cash / 50% non-cash
Targeted Annual In-Year Benefits ($m)
FY19FY20FY21
Gross Annual In-Year
Benefits
1545100
Net Annual In-Year
EBIT Benefits
-1550
One-Off Restructuring Costs / Capex to Deliver Benefits ($m)
FY19FY20FY21
One-Off Restructuring
Costs
(significant items)
8030-
Efficiency Capex
1015-2015-20
Expect gross annual benefits of $100m in FY21, of which c $50m flows to EBIT
Benefits flow from cost-out programme and fast-payback efficiency capex; all initiatives planned for execution in
FY19 have been delivered; all future initiatives remain on track to deliver targeted benefits in FY20-FY21
Fletcher Building Investor Day Presentation | © June 2019
27

AU turnaround –what are we doing?
3. Targeted growth investment: mainly customer-facing initiatives such as network densification, range refresh,
new product development, and e-commerce; also includes fast payback efficiency projects
Fletcher Building Investor Day Presentation | © June 2019
28
Growth and Efficiency Capex: Average $50m-60m p.a.
•Continued investment in branch network densification with new stores,
showrooms and co-locations in Tradelink and Laminex
•Investment in digital solutions including e-commerce
•Range refresh in Laminex
•New Product Development
•Efficiency projects (typically 2-3 year payback): e.g. manufacturing automation in
Fletcher Insulation, Stramit, Iplex and Rocla; machinery upgrades in Laminex, Iplex
and Rocla
Maintenance Capex: Average $30m-40m p.a.
•Equipment refurbishment and continued management of key business risks
•Investment in IT including ERP upgrades
Average Capital Expenditure of $80m -100m p.a. to FY22
Strong capex governance and hurdles
Target 15%+ ROFE on Growth Capex

1.BU delivery against clear areas of focus
•Lowest Manufacturing Cost
•Pricing Strategy and Discipline
•New Product Development
•Customer Excellence
•Operational Efficiency
•Targeted Segment Growth
2. Cost-out programme well advanced, incl. leveraging
divisional scale and fast-payback efficiency capex
3. Targeted growth investment, especially customer-facing
initiatives: network densification, range refresh, NPD, and e-
commerce
4.Talent development
We continue to target c 7% EBIT margins, but now by FY24
We have scale positions generating around $3bn revenue with the ability to both improve performance as well as
leverage operational efficiency to deliver better returns
Fletcher Building Investor Day Presentation | © June 2019
29
Outlook
Summary of Key Actions
•Modest profit growth in FY20, achieved despite ongoing
expected contraction in residential market
•Cost-out programme targets $100m gross annual
benefits in FY21; expect c $50m of this to flow to net
EBIT benefit in FY21
•Lean and focused business set up for forecast market
recovery in FY21 and beyond
•Continue to target 7% EBIT margin in the medium term
•Starting point for the turnaround worse than expected,
hence targeting 7% margins in FY24

Jul-16
Nov-16
Mar-17
Jul-17
Nov-17
Mar-18
Jul-18
Nov-18
Mar-19
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
Our people are committed and our employee engagement has held
Our organisational health is demonstrated by improving TRIFR by 40% on last year and employee engagement
holding while restructuring businesses is completed
Fletcher Building Investor Day Presentation | © June 2019
30
1
Number of injuries over the last 12 months rolling per million hours worked
Australia Division Total Recordable Injury Frequency Rate
1
Safety Performance
•The division is targeting zero incidents, with senior
management focus on potential serious injuries and
near misses
•Continued focus and effort to ensure everyone who
works with us at Fletcher Building returns home safely
each day
Employee Engagement
•Australia has an overall engagement score of 64%
BU
FY19
Laminex
68%
Tradelink
63%
Oliveri62%
Iplex
65%
Rocla
58%
Fletcher Insulation
74%
Stramit
61%

Community
We are contributing to our communities
Contributing to our communities and reducing our impact on the environment
Fletcher Building Investor Day Presentation | © June 2019
31
•Tradelink Legacy Backyard Assist programme providing
services to Australian Defence Force veterans
•Iplex drought support
•Stramit Buy a Bale for Australia's farming community
•Laminex and Tradelink support those affected by
Townsville floods
•Laminex Habitat for Humanity to help build vulnerable
families new homes
•Iplex support Foodbank NSW & ACT ensuring food gets to
those in need
Sustainability
•LED lighting
•Hybrid vehicles
•Recycling programmes
•IS140001-5 Environmental Management Systems
•Iplex declaration to Best Environmental Practice PVC, and
all resin used in the manufacturing of our PVC pipe and
fittings is 100% recyclable

Australian summary
One division has been established and we are focused on driving performance improvement which sets the
business up for growth in FY20 and beyond
Fletcher Building Investor Day Presentation | © June 2019
32
$3bn Revenue
Targeting c 7% EBIT Margins
Operational Excellence
Market Differentiated
Customer Value Propositions
Profit
Protection
and Cost-Out
Programme in
Play
Performance
Cadence
Improving
Talent
EngagementSafety

F O C U S
Fletcher Building Investor Day Presentation | © June 2019
Australia Division
Business Unit Overviews

•$807m FY18 revenue, with ~42% market share
•5 distribution centres, 29 regional distribution
centres/showrooms, 6 manufacturing sites
•9,000+ customers and 700,000 customer orders processed per
year
•Customers:
•New homes
•Renovation
•Commercial
•Medium density
•Products:
•Particleboard
•Medium Density Fibre Board (MDF)
•High Pressure Laminate (HPL)
•Engineered Stone
•Plywood
•Compact Laminate
•Engineered Flooring
1.Sales force optimisation completed
2.Network optimisation of sites commenced
3.Biggest Laminex range update in 25 years implemented
4.New digital/e-commerce platform launched
5.Investment in new product development
•Strong key competitor expanding
•HPL market decline due to trend towards stone benchtops
•Residential downturn negatively impacting near-term outlook
1.Targeted segment growth through primary demand
2.New product development
3.Focus on customer excellence
4.Operational efficiency through manufacturing investment
Laminex
With over 85 years in the industry, Laminex is Australia’s leading surface brand
Fletcher Building Investor Day Presentation | © June 2019
34
Company Overview
Competitive Landscape
Key Areas of Focus
What is Going Well

Laminex
Our4 key areas of focus shape where and how we play
Fletcher Building Investor Day Presentation | © June 2019
35
Operational efficiency
•Cost base reset
•Range rationalisation
•Outperform manufacturing cost indices
New product development
•Launching new decorative ranges
•Utilise innovative technology for new product
developments, driving growth
2
3
1
4
Customer excellence
•Remodel of supply chain
•Online design and selection service initiatives
•Digital now live in the business
Targeted segment growth
•Win through specification
•Branded solutions offer

•$844m FY18 revenue with ~19% market share
•237 branches and 1,600 staff
•Customers:
•Commercial projects / Group home builders
•Network plumber / Network builder
•Retail
•Products:
•Front of wall (bathroom sinks, taps, basins, etc)
•Back of wall (plumbing products such as piping,
valves, hot water units, etc)
•General merchandise (tools and appliances)
1.Targeted segment growth focusing on SME with a win on
customer service
2.Drive participation of own brand products in front & back of
wall areas
3.Grow Civil network
4.Focus on achieving operational efficiencies
Competitive Landscape
•$4bn market
•#1 player has c 50% share, in a market with many independents
•Increased market headwinds resulting in margin pressure
Tradelink
Tradelink is the 2
nd
largest plumbing supplier in Australia
Fletcher Building Investor Day Presentation | © June 2019
36
Company Overview
What is Going Well
1.Small medium enterprise (SME) share increasing
2.Branch densification
3.Organisational restructure
4.Property sharing and right sizing
Key Areas of Focus

Tradelink
Our4 key strategic priorities that shape our plan will help drive where and how we play
Fletcher Building Investor Day Presentation | © June 2019
37
Targeted SME plumber growth
•Branch network densification
•Showroom refurbishments and upgrades
•Focus on customer service promise
Targeted Civil expansion
•Identify and open standalone Civil or combined Civil / trade branches in
target areas
•Build on and leverage Iplex relationship to grow Civil share
2
3
1
4
Operational efficiency
•Organisational restructure and discretionary cost saving
•Reduce property costs through site sharing and right
sizing
FBU brand development and showroom expansion
•Continue launch of FBU brand products
•Grow existing own brand participation through
specification
•In year 3 of showroom refurbishment programme

1.Continued integration of Iplexand Rocla merger
2.Focus on operational efficiency and lowering manufacturing
costs
3.Targeted segment growth
4.Attention to customer excellence
5.“4 waters” strategy focusing on solutions for all reusable
water sources
•$480m FY18 revenue, with
~32% market share
•11 sites
•Customers:
•Civil contractors
•Irrigation
•Mining
•Telco
•Plumbing and electrical
•Products:
•PVC & PE pipes and
fittings
•Ductile iron pipe, valves
and fittings
•Glass reinforced pipe
•Multiple market segments, each with different competitors
•20% of the business is exposed to residential and 80% to
infrastructure
Competitive Landscape
•$265m FY18 revenue, with
~20% market share
•16 sites
•Customers:
•Infrastructure
•Installers / hire companies
•Energy networks
•Products:
•Concrete pipe & precast
•Concrete sleepers
•Concrete poles
•Road barriers
Iplexand Rocla
Well set-up to continue the trajectory of competitive advantages, but is facing some structural market challenges
and increased competition
Fletcher Building Investor Day Presentation | © June 2019
38
IplexOverview
Key Areas of Focus
1.Merger of Iplex and Rocla
2.Revenue growth and market share recovery
3.Operational excellence
4.Customer experience focus
5.Safety
6.Unique and dedicated service model
What is Going Well
Rocla Overview

Iplexand Rocla
Our5 key strategic priorities that shape our plan will help drive where and how we play
Fletcher Building Investor Day Presentation | © June 2019
39
Iplexand Rocla merger
•Grow through continued execution of direct-to-site strategy and
leverage share of wallet opportunities with shared customers
•Implement cost out initiatives to leverage scale
Operational excellence
•Lowest cost sourcing, manufacturing and supply
•Cost-out programme
•Targeted capital investment to achieve lowest cost
Focused growth in higher margin product categories and
market segments
•Civil market segment (DTS) and water quality systems
•Service model for Rocla / Iplex
2
3
1
4
“4 waters” market strategy
•The only organisation with combined engineering, technical and practical
knowledge across all four major water management systems, making Rocla /
Iplexan ideal partner to water-stressed councils seeking water security
5
Customer excellence programme
•Cultural shift towards customer excellence and a customer centric culture
supported by customer promises and segment specific supply models and
underpinned by TouchPointprogramme

1.Invest in Dandenong glass wool plant to lower manufacturing
costs
2.Sales and marketing strategies focused on key growth segments
& innovative new product development
3.Drive operational efficiencies –supply chain, procurement,
systems & IT, integrated business planning
4.Win on customer service
•$172m FY18 revenue, with ~34% market share
•14 sites, including 2 factories, 5 distribution centres and 10
branches
•Customers:
•Supply & fit
•Metal roofing
•Hardware retail
•Commercial
•Products:
•Glass wool batts and blanket insulation
•Insulation foils and house wraps
•Strong position across key products and segments
•Residential downturn negatively impacting near-term outlook
1.Solid traction on resetting the cost base, with closure of Rooty
Hill glass wool plant complete
2.Organisation restructure complete, capability increased
3.Improving customer metrics
Fletcher Insulation
Fletcher Insulation has a strong market position and customer relationships
Fletcher Building Investor Day Presentation | © June 2019
40
Company Overview
Competitive Landscape
Key Areas of Focus
What is Going Well

Fletcher Insulation
Our4 key areas of focus shape where and how we play
Fletcher Building Investor Day Presentation | © June 2019
41
Lower manufacturing costs
•Improve operations at Dandenong glass wool factory by
investing in plant improvements and automation
•Reduce costs and deliver product improvements
Operational efficiency
•Distribution network rationalisation, lean organisational
design, supply chain optimisation
•Improved systems & IT, integrated business planning
Targeted segment growth
•Innovative new products driven by customer and
consumer insights
•Sales & marketing programmes targeted at key
segments to drive profitable growth
2
3
1
4
Customer service excellence
•Customer value proposition developed
•Refocus organisation on customer value drivers
•Increase investment in installation solutions

•~19% market share
•$506m FY18 revenue, with ~19% market share
•19 sites, including 4 factories and 14 branches
•Customers:
•Residential
•Distributors
•Sheds / doors
•Commercial
•Products:
•Roll Formed steel –roofing, rainwater, structural
•Doors –roller and personal access
•Sheds –Design and construct
Stramit
Differentiated on service in a price driven market
Fletcher Building Investor Day Presentation | © June 2019
42
Company Overview
Competitive Landscape
•Significant price based competition
•Results impacted by residential downturn and FX
Key Areas of Focus
1.Invest and innovate to reduce cost to serve
2.Improve shed platform, secure earnings and enable distributors
to win in market
3.Maintain product quality and invest in product vitality
4.Continue service differentiation strategy, focussed on customer
experience
1.Investment and innovation driving lower cost to serve and
simplified transactional environment
2.Continued market leading service levels
3.Focus on customer experience with improvement in NPS
4.Cost out programme and ongoing overhead control
What is Going Well

Stramit
Our4 key areas of focus shape where and how we play
Fletcher Building Investor Day Presentation | © June 2019
43
Operational efficiency
•Continue manufacturing efficiency programme
•Automation
New product development
•Launch updated rainwater and walling designs
Targeted customer segment growth
•Distributors
•Sheds and Doors
2
3
1
4
Customer excellence
•Maintain high service levels and product quality
•Focus on customer experience and a seamless
transaction environment

Q+A

F O C U S
Fletcher Building Investor Day Presentation | © June 2019
Australia Division
Business Unit Booths
Rotation and Lunch
For those joining via webinar, the
presentation will resume at 13:45 AEST /
15:45 NZST

Australia Business Unit booths rotation
Fletcher Building Investor Day Presentation | © June 2019
46
Business
Unit
GM Host
11:15
-
11:20am
Rotation 1
11:20-11:45am
11:45
-
11:50am
Rotation 2
11:50-12:15pm
12:15
-
12:20pm
Rotation 3
12:20-12:45pm
12:45
-
12:50pm
Rotation 4
12:50-1:15pm
1:15
-
1:20pm
Rotation 5
1:20-1:45pm
1Rocla/IplexNicole Sumich Group 1Group 3Group 2
2StramitAlastair Wilson Group 2Group 3Group 1
3LaminexJustin BurgessGroup 2Group 1Group 3
4Tradelink
/Oliveri
Tim Broxham /
John Woodcock
Group 3Group 1Group 2
5Fletcher
Insulation
Paul Lavelle Group 2Group 1Group 3
Group Two: Wendi Croft
Group Three: Thornton Williams
Group One: Claire Carroll

Laminex
Fletcher Building Investor Day Presentation | © June 2019
47
Justin Burgess, GM of Laminex
•In role 2 years
•Experience includes:
•James Hardie (13 years)
•GWA
•Boral

•$807m FY18 revenue, with ~42% market share
•5 distribution centres, 29 regional distribution
centres/showrooms, 6 manufacturing sites
•9,000+ customers and 700,000 customer orders processed per
year
•Customers:
•New homes
•Renovation
•Commercial
•Medium density
•Products:
•Particleboard
•Medium Density Fibre Board (MDF)
•High Pressure Laminate (HPL)
•Engineered Stone
•Plywood
•Compact Laminate
•Engineered Flooring
1.Sales force optimisation completed
2.Network optimisation of sites commenced
3.Biggest Laminex range update in 25 years implemented
4.New digital/e-commerce platform launched
5.Investment in new product development
•Strong key competitor expanding
•HPL market decline due to trend towards stone benchtops
•Residential downturn negatively impacting near-term outlook
1.Targeted segment growth through primary demand
2.New product development
3.Focus on customer excellence
4.Operational efficiency through manufacturing investment
Laminex
With over 85 years in the industry, Laminex is Australia’s leading surface brand
Fletcher Building Investor Day Presentation | © June 2019
48
Company Overview
Competitive Landscape
Key Areas of Focus
What is Going Well

Key focus area: Targeted segment growth
Fletcher Building Investor Day Presentation | © June 2019
49
Win through specification
•Higher margin
decorative products
•Sales teams focus on
key strategic customer
segments
•New showroom
formats in higher foot
traffic areas in
Tradelink stores
•Sales excellence and
pricing optimisation
FY19FFY20FFY21FFY22FFY23F
Decorative Revenue Sales
+26%

Key focus area: New product development
Fletcher Building Investor Day Presentation | © June 2019
50
4%
5%
10%
Former Product VitalityCurrent Product VitalityTarget Product Vitality
Win through product leadership
Product Vitality
1
•Major new colour range
launch
•Adjacencies to drive share
of wallet
•A strong new product
development pipeline
•Leveraging manufacturing
investments and technology
1
Sales of new products as a percent of total sales launched within the last 3 years

Key focus area: Customer excellence
Fletcher Building Investor Day Presentation | © June 2019
51
Customer experience initiatives
46
53
60
Former NPS ScoreCurrent NPS ScoreTarget NPS Score
•Launch online selection service and
offline design and selection service
•DIFOT
1
benefit from distribution
network
•Activate digital channel with online
ordering
1
DIFOT = Delivered In Full On Time
Net Promoter Score
(NPS)

Key focus area: Operating efficiency
Fletcher Building Investor Day Presentation | © June 2019
52
Manufacturing investment
1
44
4
44
3
6
FY19FFY20FFY21F
Fast Payback Investments (EBIT A$m)
CompactHot Melt LineCHH Particleboard Acquisition
•Stabilised assets through focused investment
•Prioritise cost of quality, improved yield (fibre and
resin recovery)
•Fast payback investments focused on high pressure
and compact laminate
•Better service delivery with a lower cost model
•Branch warehouse sites converted to service
hubs
•Distribution centres and showrooms that
align with major population growth
corridors
•First pilot of store-in-store concept
Supply chain optimisation

Closing Summary
Fletcher Building Investor Day Presentation | © June 2019
53
•Fix –Lower SG&A and COGS through streamlined business model
•Grow –Product leadership and supply chain excellence
•Accelerate –Adjacencies and new digital routes to market
The Laminex renewal programmeis well advanced

•In GM role 3 years. Previously GM Ops for one year
•Roles include:
•20 years in big box retail / wholesale / hardware
•National , General Manager, Regional roles in UK
with Marks and Spencer, Aldi, Makro Wholesale
and B&Q
•6 years in property including major developments
with Westfield (Australia)
•Experience includes:
•3 Turnaround business roles
•2 High volume GP growth focus roles
•2 Service relaunch and showroom product
environments roles
•2 Brand and Product development roles
•2 Senior roles in recession markets (UK)
Tradelink
54
Tim Broxham, GM Tradelink
Fletcher Building Investor Day Presentation | © June 2019

•$844m FY18 revenue with ~19% market share
•237 branches and 1,600 staff
•Customers:
•Commercial projects / Group home builders
•Network plumber / Network builder
•Retail
•Products:
•Front of wall (bathroom sinks, taps, basins, etc)
•Back of wall (plumbing products such as piping,
valves, hot water units, etc)
•General merchandise (tools and appliances)
1.Targeted SME and Civil segment growth
2.Pricing strategy and discipline –growth of own-brand product
sales
3.Focus on operational efficiency through organisational
restructure
4.Customer excellence prioritised
Competitive Landscape
•$4bn market
•#1 player has c 50% share, in a market with many independents
•Increased market headwinds resulting in margin pressure
Tradelink
Tradelink is the 2
nd
largest plumbing supplier in Australia
Fletcher Building Investor Day Presentation | © June 2019
55
Company Overview
What is Going Well
1.Small medium enterprise (SME) plumber share increasing
2.Branch densification
3.Organisational restructure
4.Property sharing and right sizing
Key Areas of Focus

•SME resilience in current market continues. Less
impacted to housing trends and heavily driven by
maintenance
•Tradelink sales growth outperforming market
trends. 34 months of YOY monthly sales growth
for SME
•SME growth became a focus in FY17 and
onwards. Post this strategy, we have delivered
~17% growth
•Without SME strategy in FY17, revenue would be
c A$50m less per annum
•Densification in Eastern states continues. 36
branches opened at low cost. 30 to be opened
FY20-21
56
Fletcher Building Investor Day Presentation | © June 2019
SME ongoing focus
Key focus area: Small medium enterprise (SME) plumber growth
FY17FY18FY19FFY20FFY21FFY22FFY23F
+17%
+30%
SME Plumber Sales
20 stores
24 stores
3 stores
61 stores
68 stores
56 stores
Total: 232 stores

Focus on service to build on resilient SME customer base
57
•Net promoter score 37% for Q1
2019, up 240bps improvement vs.
Q2 18
•DIFOT
1
at 92%, an improvement of
10% since 2017
•95% of all branch phone calls
answered within 5 rings
•Core range availability at 99.6%
•Employee engagement score 63%
(was 50% in 2017)
Fletcher Building Investor Day Presentation | © June 2019
Key focus area: Customer excellence
1
DIFOT = Delivered In Full On Time

2%
4%
10%
11%
15%
15%
Past Participation
Rate
Current
Participation Rate
Target Participation
Rate
OliveriOther
58
Own product participation growth
•Continue to drive participation of FBU brand
products in front & back of wall areas increasing
profitability. (Stramit, Iplex, Fletcher Insulation,
Oliveri)
•Introduce Oliveribathroom range and drive
market adoption through specification team.
•Continue showroom upgrade programme. 90
showroom upgrades in 3 years. This is evidenced
by higher growth and share in builder and retail
segments
•Showroom service promise launch and product
availability promise
•Build on Raymoressentials range targeted at SME
replacement market
Fletcher Building Investor Day Presentation | © June 2019
Key focus area: FBU brand development and showroom expansion
FBU Brand Sales
(% of Total Front of Wall Sales)

Fletcher Building Investor Day Presentation | © June 2019
59
•Maintain kitchen sink and tapware range
and build on own brand offer
•Launched bathroom range in April
•250 SKUs
•Brought to market in 9 months
•In 50 Tradelinkshowrooms
•Launched service promise in August
•DIFOT
1
98%
•Stock availability 99%
•Net Promoter Score 51
•Leveraging FBU Resources
•Sharing 5 distribution centres
•Joint sales offices
•Shared back office resources
Transitioning from manufacturer to master distributor
Key focus area: Oliveriown brand growth
1
DIFOT = Delivered In Full On Time

Realise mega trend opportunity
60
Civil Expansion
•Expansion plans aligned to growing opportunity in non-residential
projects market
3
•Growth segment within Commercial forecast
unlike housing
•Current support structures established across
SME expansion are sufficient to underpin Civil
expansion.
•Leverage existing branches to add incremental
specialist offer across every state
•Additional +10 branch expansion incorporated
into Civil strategy in planning horizon
•Build on and leverage Iplex relationship to grow
Civil share. Tradelink focus on Tier 2 & 3
customer
•A$28m revenue in FY20 from 10 branches
•A$50m revenue in FY21 from 15 branches
Civil Network Expansion Plans
Fletcher Building Investor Day Presentation | © June 2019
Existing Branches
FY21 –FY23 Branches
FY20 Branches
Key focus area: Civil expansion

61
4
Operational Efficiency
•P100 savings initiatives, organisational restructure and rightsizing
delivering savings of $14m in FY20
Property right sizing (continuation)
•Right sizing, renegotiating & property sharing
•Closure of long term loss making branches
SavingsFY19 $1.4m, FY20 $3.7m
Organisational restructure (ramp up)
•Right sizing organisation and reduction of
head office costs
Savings FY19 $1.7m, FY20 $5.7m
Supply chain efficiency(continuation)
•Network structuring and
•supply chain efficiencies
Savings FY20 +$1.0m
Operating changes (maturation)
•Flexible rostering, offshoring of estimation and
coordination functions, in-house debt recovery
Savings FY20 $2.4m
Cost of doing business reduction (ongoing fix)
•Austerity measures introduced to drive down
variable costs across all areas of business
Savings FY20 +$1m
Fletcher Building Investor Day Presentation | © June 2019
Key focus area: Operational efficiency
Acceleration of actions achieving operational efficiency

Closing summary
62
•Continuing volume & share growth against a declining market. Tradelink market share ~19% vs 17.2% FY18
•Continuing success delivering consistent year on year network plumber sales growth through service, product
and availability
•Organisational restructure completed to right size organisation and network delivering gross savings of A$14m
in FY20
•Focused network densification plan focusing on network plumber with 30 new trade branches and Civil
opportunity with 10 new branches planned for FY20-21
Tradelink on track for the 30:25:5 model
Fletcher Building Investor Day Presentation | © June 2019

Iplexand Rocla
Fletcher Building Investor Day Presentation | © June 2019
63
Nicole Sumich, GM of Iplexand Rocla
•1 year Iplex Australia and Rocla Pipelines
•4 years Iplex Australia
•Experience includes:
•10 years Rank Group
•CHH Packaging
•CHH Building Products
•Goodman Fielder
•5 years Deloitte
•5 years Caltex

1.Continued integration of Iplexand Rocla merger
2.Focus on operational excellence and lowering
manufacturing costs
3.Targeted segment growth
4.Attention to customer excellence
5.“4 waters” strategy focusing on solutions for all reusable
water sources
•$480m FY18 revenue, with
~32% market share
•11 sites
•Customers:
•Civil contractors
•Irrigation
•Mining
•Telco
•Plumbing and Electrical
•Products:
•PVC & PE pipes and
fittings
•Ductile iron pipe, valves
and fittings
•Glass reinforced pipe
•Multiple market segments, each with different competitors
•20% of the business is exposed to residential and 80% to
infrastructure
Competitive Landscape
•$265m FY18 revenue, with ~20%
market share
•16 sites
•Customers:
•Infrastructure
•Installers / hire companies
•Energy networks
•Products:
•Concrete pipe & precast
•Concrete sleepers
•Concrete poles
•Road barriers
Iplexand Rocla
Well set-up to continue the trajectory of competitive advantages, but is facing some structural market challenges
and increased competition
Fletcher Building Investor Day Presentation | © June 2019
64
IplexOverview
Key Areas of Focus
1.Merger of Iplex and Rocla
2.Revenue growth and market share recovery
3.Operational excellence
4.Customer experience focus
5.Safety
6.Unique and dedicated service model
What is Going Well
Rocla Overview

Key focus area: Iplexand Rocla merger
Fletcher Building Investor Day Presentation | © June 2019
65
•$220m of combined revenue
from shared customers
•Single management team
•Full merged business
organisational structure in place
•$4m of overhead synergies
already realised
•New role accountable for
realising cross selling
opportunities
•Iplex experience accelerates
Rocla turnaround at the same
time as realising revenue growth
opportunities and developing
future strategy
Rocla
Iplex
One company, one culture
Shared End Markets
Civil and Water
Primarily Concrete
End Markets
Rail, Utilities, Roads
Primarily Plastic End
Markets
Irrigation, Electrical,
Plumbing, Telecoms,
Mining, CSG
Other Pipe Solutions
Sourced from External
Suppliers
(Glass Reinforced Pipe, Ductile
Iron, Steel)
Value proposition of merged company provides total customer
solutions with an extensive and dedicated range

100
96
86
FY18FY19 -May YTDMay-19
100
90
76
FY16Pre-Investment
(1H19)
Post-investment
(May-19)
Key focus area: Operational excellence
Fletcher Building Investor Day Presentation | © June 2019
66
Culture of performance improvement
•Organic self help step change complete
•Selective investment is being made to further
reduce manufacturing cost
•Latest example as depicted shows cost of
manufacture pre and post capital investment
(Foam Core pipe is our largest selling product)
•Rocla is in organic self help phase –significant
progress made in the last 8 months
•Focus on lower labour (overtime, casuals,
unnecessary bonuses), waste, quality (right first
time) and indirect cost
•Capital investment stage will follow per the Iplex
journey
Rocla Pipe Manufacturing Cost Index
Iplex Manufacturing Cost Index (Foam Core Pipe)

Key focus area: Targeted segment growth
Fletcher Building Investor Day Presentation | © June 2019
67
•#1 market share
•Civil Direct To Site strategy will continue in Sept-
19 with 3
rd
site going live
•Dedicated Civil sites, extended hours
•Flexible delivery options
•Fast customer collects
•Full range with increasing vitality
•Technical support
•Professional design solutions of proprietary
products to protect waterways from storm water
pollutants
•Increased capacity and significantly reduced lead
times have unlocked additional market share in
past 12 months
•Continued growth prioritised
140
164
207
FY17FY18FY19
6.4
9.1
11.2
FY17FY18FY19
Focus on Civil and water quality sales
IplexCivil Revenue (A$m)
Rocla Water Quality Revenue (A$m)

-2
22
25
FY17FY18FY19
Key focus area: Customer experience cultural change
Fletcher Building Investor Day Presentation | © June 2019
68
Targeted programmes are resulting in improved customer experience
IplexNet Promoter Score
(NPS)
Iplex Order DIFOT
1
71%
87%
Mar-17
Sep-17
Mar-18
Sep-18
Mar-19
1
DIFOT = Delivered In Full On Time

Focus on solutions for all reusable water sources
Key focus area: “4 waters” strategy
Fletcher Building Investor Day Presentation | © June 2019
69
1) Drinking
Water
2) Sewer Water
4) Storm Water
3) Recycled
Water
1
2
4
3

Closing summary
Fletcher Building Investor Day Presentation | © June 2019
70
•Lowest cost sourcing and manufacturing model supports a targeted focus on customer
experience and superior service
•Significant opportunity to leverage the strength of the combined Iplex/Rocla business –our
customers are responding positively
•Continue to focus strategy around high growth and high margin segments of the market (Civil)
where Iplex/Rocla have strong market positions
•Market leading strategy under development to address future water needs of Australia as a
water-stressed nation. Iplex/ Rocla are uniquely positioned
Leverage Iplexexperience to accelerate the recovery of Rocla, whilst leveraging our credibility and
key capabilities to create a unique, market leading solutions provider

Fletcher Insulation
Fletcher Building Investor Day Presentation | © June 2019
71
Paul Lavelle, GM of Fletcher Insulation
•1.5 years -Fletcher Insulation
•4 years -Laminex Australia
•20 years experience in:
•General Management, Sales &
Marketing in Australia & Asia
•Fonterra Brands
•Johnson & Johnson
•Unilever

1.Invest in Dandenong glass wool plant to lower manufacturing
costs
2.Sales and marketing strategies focused on key growth segments
& innovative new product development
3.Drive operational efficiencies –supply chain, procurement,
systems & IT, integrated business planning
4.Win on customer service
•$172m FY18 revenue, with ~34% market share
•14 sites, including 2 factories, 5 distribution centres and 10
branches
•Customers:
•Supply & fit
•Metal roofing
•Hardware retail
•Commercial
•Products:
•Glass wool batts and blanket insulation
•Insulation foils and house wraps
•Strong position across key products and segments
•Residential downturn negatively impacting near-term outlook
1.Solid traction on resetting the cost base, with closure of Rooty
Hill glass wool plant complete
2.Organisation restructure complete, capability increased
3.Improving customer metrics
Fletcher Insulation
Fletcher Insulation has a strong market position and customer relationships
Fletcher Building Investor Day Presentation | © June 2019
72
Company Overview
Competitive Landscape
Key Areas of Focus
What is Going Well

Key focus area: Lower manufacturing costs
Fletcher Building Investor Day Presentation | © June 2019
73
•Closed inefficient glass wool factory in
April 2019 in Rooty Hill (NSW)
•Moved all glass wool production to the
much larger facility in Dandenong (VIC)
•Capital investment, automation and
reduction in manning has significantly
improved factory performance in
Dandenong
•Glass wool imports are increasingly
active, Dandenong’s lower manufacturing
cost levels deliver a competitive position
•Future investments planned to drive
continuous improvement and greater
efficiencies
Cost to Produce
Lower manufacturing costs
Rooty HillDandenongImpact of
Rooty Hill
Closure
Dandenong
post RH
Closure
20% cost reduction
Glass Wool Manufacturing Cost Index
Automated packing
machines -Jan 2019
Dandenong Factory Performance (OEE)
1
83
90
93
Previous OEECurrent OEETarget OEE
1
OEE = Overall Equipment Effectiveness
92+

Key focus area: Targeted segment growth
Fletcher Building Investor Day Presentation | © June 2019
74
•New product development has
been lacking in the past
•Major focus on accelerating new
product launches, driven by
customer and consumer insights
•Sales & marketing programmes
targeted at key segments to drive
profitable sales
•Increased investment in sales and
marketing capability to ensure
programmes are executed with
excellence
•Working with international
insulation leaders to secure the
latest innovations
[KPI Relevant Graph]
Targeted segment growth
FY19FFY20FFY21FFY22FFY23F
New Product Sales (% of
Revenue)
Increase new
product
contribution to
sales to +5%
Targeted
social media
Targeted
segment activation
Targeted
segment products

Key focus area: Operational efficiency
Fletcher Building Investor Day Presentation | © June 2019
75
Operational efficiency
•Optimised supply chain
footprint, including sharing
property with other FBU
businesses to reduce costs
•Completed organisational
restructure to optimise
resources and accelerate
integrated business
planning
•Investment in IT, systems &
processes to drive
profitability
•Better inventory and freight
management resulting in
lower cost to serve
Jandakot (WA)
Shared Facility with Tradelink
1.1
1.8
2.8
FY18FY19FFY20F
Operational Efficiency Gains
(A$m, in year)

Key focus area: Customer service excellence
Fletcher Building Investor Day Presentation | © June 2019
76
Customer service excellence
•Net Promoter Score (NPS)
showing good upward trajectory,
with a near term target of 25
•Customer service promise to be
launched in FY20, delivering a
significantly improved customer
experience
•Investing in technology and
digital solutions to ensure
Fletcher Insulation is easy to do
business with
•Expanding and investing in our
ee-FiTinstallation services to
deliver greater value to key
customers
16
21
25
Former NPS ScoreCurrent NPS ScoreTarget NPS Score
Net Promoter Score
(NPS)
89
95
97
Former DIFOTCurrent DIFOTTarget DIFOT
DIFOT
1
1
DIFOT = Delivered In Full On Time

Closing Summary
Fletcher Building Investor Day Presentation | © June 2019
77
•Lower manufacturing costs with focused investment in our largest facility and closed an inefficient factory
•Targeted activities to drive share in key customer segments while accelerating new product development
•Continue to deliver operational efficiencies, particularly in supply chain and procurement
•Investing in customer service excellence, launch a compelling service promise and step change our
installation service business
•Focused on being the leading provider of insulation product & service solutions in Australia

Stramit
Fletcher Building Investor Day Presentation | © June 2019
78
Alastair Wilson, Acting GM
•Four years with Stramit
•Experience includes:
•10 years in senior leadership roles
•Manufacturing and Distribution background
in both Australia and UK

•~19% market share
•$506m FY18 revenue, with ~19% market share
•19 sites, including 4 factories and 14 branches
•Customers:
•Residential
•Distributors
•Sheds / doors
•Commercial
•Products:
•Roll Formed steel –roofing, rainwater, structural
•Doors –roller and personal access
•Sheds –Design and construct
Stramit
Differentiated on service in a price driven market
Fletcher Building Investor Day Presentation | © June 2019
79
Company Overview
Competitive Landscape
•Significant price based competition
•Results impacted by residential downturn and FX
Key Areas of Focus
1.Invest and innovate to reduce cost to serve
2.Improve shed platform, secure earnings and enable distributors
to win in market
3.Maintain product quality and invest in product vitality
4.Continue service differentiation strategy, focused on customer
experience
1.Investment and innovation driving lower cost to serve and
simplified transactional environment
2.Continued market leading service levels
3.Focus on customer experience with improvement in NPS
4.Cost out programme and ongoing overhead control
What is Going Well

Key focus area: Lowest cost to manufacture
Fletcher Building Investor Day Presentation | © June 2019
80
Culture of continuous improvement
•Manufacturing costs held or reduced,
despite market driven decline in
volumes
•Property co-locations
•Continuous improvement
programme
•Automation to improve safety and
reduce cost
100 100 100 100
95
100 100
93
NSWQLDVICWA
FY17 vsFY19 Cost of Manufacture
(Index -FY17 cost)

Key focus area: Targeted customer segment growth
Fletcher Building Investor Day Presentation | © June 2019
81
Building partnerships
FY16FY17FY18FY19
Distributor (A$m)
+ 6.6%
FY16FY17FY18FY19
Doors (A$m)
+ 16.8%
FY16FY17FY18FY19
Sheds (A$m)
+ 5.2%
Driving sales growth by building engagement, awareness and capability
Leverage service excellence and market leading service promise

Key focus area: New product development
Fletcher Building Investor Day Presentation | © June 2019
82
Profitable product and service innovation
New products coming soon
Stramit FarLap
®
Roof Lap Joint System
1
st
to react to building regulation changes
1%
FY19FFY20FFY21FFY22FFY23F
+6.55% of Sales

Key focus area: Customer excellence
Fletcher Building Investor Day Presentation | © June 2019
83
Focus on service reflected in improving customer experience
•Market leading service level maintained
•‘Think national and act local’ culture,
revitalising the customer relationship
•A customer promise driving behaviour
20.2
28.0
30.1
FY17FY18FY19
Net Promoter Score (NPS)
92.9
94.2
95.5
FY18FY19FY20 Target
DIFOTIS (%)
1
1
DIFOTIS = Delivered In Full On Time In Spec

Closing summary
Fletcher Building Investor Day Presentation | © June 2019
84
•Continue to invest and innovate to reduce the cost to serve
•Maintain service levels plus focus on the customer experience
•Launch 3 new products in the next 12 months
•Extend the coverage of Taurean Doors and build on the Shed platforms
Leveraging the past to build a platform for profitable growth

F O C U S
Fletcher Building
Investor Day Presentation 2019
Content
1. Group Update
2. Australia Division
3. Capital Structure & Management
4.Outlook
5. Appendix

Investment
•Capex: Average of $275m -$325m p.a.
•Residential and Development: $750m total funds invested
•Diversified funding sources, robust liquidity and maturity profile
•Retirement of debt where sensible to reduce funding costs
Funding
Our key capital settings and targets are unchanged
Fletcher Building Investor Day Presentation | © June 2019
86
Notes:Leverage = Net Debt / EBITDA
ROFE = EBIT / Average Funds employed
Cash Conversion = Free cash flow / EBIT
Dividend pay-out ratio is pre-significant items, and having regard to available cash flow
•Target range of 1.5x –2.5x
Leverage
Returns & Cash
•Target ROFE 15%
•Target cash conversion 70%
•Pay-out ratio of 50% -75% NPAT Dividend
NB: All metrics and financials in this presentation are presented prior to impact of the adoption of IFRS 16 lease accountingstandard

Target leverage range is 1.5x –2.5x, consistent with peers
Fletcher Building Investor Day Presentation | © June 2019
87
Leverage: FBU vs Peers (Net Debt / EBITDA)
2009201020112012201320142015201620172018
Peer median ND / EBITDA
FBU ND / EBITDA (ex B+I)
1
Target Band
2.5x
1.5x
•FBU targets strong
BBB credit metrics
•Leverage range set
based on “sum of the
parts” by operating
division
•Range is consistent
with peers
1
EBITDA excludes losses on legacy B+I projects

Atthe June 2018 Investor Day we forecasted that FBU’s leverage post the exit of
International and completion of the legacy B+I projects would be c 1.0x
Fletcher Building Investor Day Presentation | © June 2019
88
1.8x
1.0x
0.8x
FY18FInternational Exit and Legacy B+I
Projects
Forecast Post-International and
Legacy B+I Projects
Target Band
2.5x
1.5x
Leverage: Forecast at Jun-18 Investor Day

Legacy B+I projects: provisions are unchanged, with remaining cash outflows in
FY20 forecast to be c $250m
Fletcher Building Investor Day Presentation | © June 2019
89
Cash flow Impact of B+I Losses (NZ$m)
(168)
(285)
(292)
(660)
(255)
(245)
FY17AFY18AFY19FFY20F
Cash OutflowEBIT LossForecast Cash Outflow
(240-250)(250-260)

Exit of International: divestments delivered ahead of schedule, with proceeds
at top end of valuation expectations
Fletcher Building Investor Day Presentation | © June 2019
90
ItemRTG FormicaTotal
Sale Price (USDm)
44840884
Deductions and Transaction Costs
(USDm)
5(45)(40)
Net Proceeds (USDm)
39795834
Average FX (USD / NZD)
0.670.670.67
Net Proceeds (NZ$m)
591,1851,244
Less: Carrying Value (NZ$m)
771,3101,387
Loss on Disposal (NZ$m)
18125
1
143
1
Formica estimated loss on sale subject to completion accounting and based on estimated working capital adjustment
•Formica sale price equates to 10.8x FY18 EBITDA

1.0x
0.5x
0.8x
0.3x
Forecast at 2018
Investor Day
FY19F Post
International Exit
Remaining Cash
Flows on Legacy
B+I Projects
Updated Forecast
Formica sale proceeds have materially de-levered the balance sheet: Jun-19 net
debt of c $300m -$400m and leverage of c 0.5x, ahead of expectations
Fletcher Building Investor Day Presentation | © June 2019
91
Net Debt (NZ$m)
1,273
350
Jun-18
Jun-19
300-400
Target
Band
2.5x
1.5x
Leverage: Post International Exit & Legacy B+I Projects

Capital allocation framework
Fletcher Building Investor Day Presentation | © June 2019
92
Base
Business
Trading
Cash flow
Capital
Investment
Interest
Tax
Dividend
50%-75% NPAT
Incremental
Cash flow
Additional
Growth
Investment
Additional
Capital Returns
Debt
Reduction
Delivering
shareholder
value and
returns
NB: Trading cash flow = EBITDA + change in Net Working Capital

Investment: average capex of $275m -$325m p.a.
Fletcher Building Investor Day Presentation | © June 2019
93
40-45%
15-20%
35-40%
$275-325m
p.a.
Maintenance
IT / ERP
Strategic /
Growth
45-50%
5-
10%
30-35%
5-10%
$275-325m
NZ Building
Products and
Distribution
Construction
Australia
Group Other
•Comprises mainly replacement of core Plant &
Equipment, as well as c $30m p.a. EHS investment (risk-
based allocation methodology)
•Maintenance and IT / ERP spend running slightly ahead
of depreciation (c $175m FY19, c $200m FY20)
•Growth projects include: Panelisation; Iplexmobile PE;
Higgins asphalt; Waikato Aggregates; Tradelink stores;
PlaceMakersBranch Fast Forward
•Fast-payback efficiency capex of c $30m-40m p.a.
(targets < 3 year payback)
•Land and buildings likely to be brought on balance sheet
initially, though will consider sale & leaseback
FY19 –23F Capex by Category
FY19 –23F Capex by Markets
Maintenance and IT / ERP Capex of $175m -$200m p.a.
Strategic / Growth Capex of $100m+ p.a.
FY20 Capex Will be Higher on WWB Plant Investment

Investment: Residential and Development funds invested stand at c $640m
currently against an envelope of $750m; strong pipeline of lots under control
Fletcher Building Investor Day Presentation | © June 2019
94
547
604
640
FY17FY18FY19F
Residential and Development Funds Invested (NZ$m)
House sales423613c 740
Section sales76101c 20
Total sales499714c 760
•Progressive investment as we scale
the business to c 1,000 units p.a.
•Close to $750m total investment
envelope, then recycle capital
•c 5 years’ supply of lots under
control, of which c 75% are on
balance sheet
•Land purchases flexed to market
conditions
•Focused on Auckland and
Christchurch, mainly < $900k sales
price
•NZ fundamentals remain
supportive, some moderation in
sales prices in 2H19
Secured Lots at
Year -End
5,1005,0004,900
1
Includes both on balance sheet holdings and unconditional agreements for lots held off balance sheet

Returns and cash generation: strong in NZ, improving AU is key to achieving
Group targets
Fletcher Building Investor Day Presentation | © June 2019
95
ROFE –FY19F (%)
1
22%
22%
16%
3%
NZ Building
Products &
Distribution
Residential +
Development
ConstructionAustralia
FY19F Year-
End Funds
($bn)
1.70.70.3
2
1.8
1
EBIT / Average Funds employed
2
Excludes B+I provisions
3
Group
Target
15%
Cash Conversion
•Target 70% cash conversion (FCF / EBIT) over
the medium term
•NZ Core currently delivering 65% -70% cash
conversion (pre-tax)
•Lower levels of cash conversion being achieved
in Construction and Australia
•Strong focus on driving working capital
efficiency: good progress on receivables /
payables, more to do on inventory

136
150
200
250
Jun-18Long Term Note
Prepaid at Par
Institutional
Capital Note
USPP 2007
Tranche
Syndicate & OtherJun-20F
Funding: we are retiring debt where it makes sense, with an additional c $600m
-$650m to be repaid through to Jun-20
Fletcher Building Investor Day Presentation | © June 2019
96
Drawn Debt Jun-18 to Jun-20 (NZ$m)
1
c 1,100 -1,200
1
Includes CCIRS component and excludes fair value hedge component
1
Repayment
Date
Oct-18
Jun-19 to
Jun-20
Jun-19
c 250
1,877

Funding: sources will remain diversified, with a rebalancing between local and
offshore debt, and maintenance of a robust maturity profile
Fletcher Building Investor Day Presentation | © June 2019
97
925
500
Total
c $2,300m
63
[XXX]
USPP
1
Bank SyndicateCapital NotesOther
Forecast Debt Facilities at Jun-20 (NZ$m)
Forecasted Debt Maturity Profile at Jun-20 (NZ$m)
1
Includes CCIRS component and excludes fair value hedge component
785
100100
16
69
166
150
469
525
400
63
FY21FY22FY23FY24-25FY26+
Capital NotesUSPPBank SyndicateOther
USPP
1

Funding: robust liquidity position, with average cost of funds of c 5.2%
Fletcher Building Investor Day Presentation | © June 2019
98
Facility
Forecast Facility Size
Jun-20 (NZ$m)
Forecast Drawings
Jun-20 (NZ$m)
Average Cost of
Funds FY20 (%)
USPP
1
7857855.0%
Bank Syndicate925-3.5% -3.75%
Retail Capital
Notes
500c 3504.8% -5.0%
Other
2
63639.5%
Total Gross Debtc 2,300c 1,200c 5.2%
1
Includes CCIRS component and excludes fair value hedge component
2
Includes financing associated with MV Aotearoa Chief ship.

Interest: as a result of debt reduction and lower fees, interest costs are tracking
down, forecast to be $80m –$90m in FY20
Fletcher Building Investor Day Presentation | © June 2019
99
111
157
130
FY17FY18FY19FFY20F
c
c 80-90
Interest Costs (NZ$m)
1
Excludes lease interest costs under IFRS 16
1

FY17FY18FY19FFY20F
NZ Cash TaxFormicaAustralia / South Pacific
Cash Tax (NZ$m)
99
85
30
60-70
Tax: cash tax forecast to be c $60m -$70m in FY20, c 29% effective tax rate
Fletcher Building Investor Day Presentation | © June 2019
100
•Cash tax payments in FY19
impacted by B+I losses
•Effective tax rate
normalises to c 29%
following the divestment of
Formica and RTG
•FBU targets imputation of
at least the final dividend,
subject to available credits
Effective
Tax Rate
1
23%23%28%c 29%
Cash Tax (NZ$m)
1
Excludes impact of significant items and B+I losses

Dividend: target pay-out ratio remains 50% -75% of NPAT; dividend reinstated
in FY19 and will be weighted to the final payment
Fletcher Building Investor Day Presentation | © June 2019
101
•FBU targets a pay out of 50-75% of
NPAT before significant items to
shareholders as an annual dividend
•Reference to available cash flow will be
considered at the time of declaring the
dividend
•FY19 dividend to be weighted to final
dividend due to phasing of FY19 cash
flows –amount to be determined by
the Board in August
•FBU targets imputation of at least the
final dividend, subject to available
credits
Dividends (cps)
H2H1
20.0
8.0
19.0
FY17FY18FY19
Nil
FY17 FY18 HY19

Capital returns: with the Balance Sheet materially de-levered, FBU intends to
commence an on-market share buyback following FY19 results of up to NZ$300m
Fletcher Building Investor Day Presentation | © June 2019
102
•Fletcher Building is continuously assessing its balance sheet position and investment opportunities in order to drive
shareholder returns
•Where there are incremental cash flows available, Fletcher Building makes a disciplined assessment of how to enhance
shareholder value with the appropriate mix of debt reduction, additional growth investment and shareholder returns
•Fletcher Building’s assessment following the completion of the Formica sale has considered the following factors:
•Net Debt / EBITDA projected to be below the target leverage range and improved relative to prior forecasts;
•All sensible debt reduction opportunities (c $600m over next 12 months) will be undertaken;
•Remain confident on completing the legacy B+I projects within current provisions;
•Continued preference for prudent balance sheet management as Company performance is reset
•On this basis, Fletcher Building considers incremental capital is available to be distributed to shareholders through an on-
market share buyback of up to NZ$300m
•This form of shareholder distribution takes into account the level of franking / imputation credits available, tax effectiveness
for all shareholders and earnings per share accretion
•The buyback is expected to commence following the FY19 results release
•Through the course of the buyback, Fletcher Building will continue to assess market conditions, Fletcher Building’s prevailing
share price, and available investment opportunities

Use of Incremental Cash flows from Formica Sale (NZ$)
Incremental cash flows summary: Formica sale proceeds will be allocated to
debt reduction, completion of legacy B+I projects and share buyback
Fletcher Building Investor Day Presentation | © June 2019
103
$1,185m
$300m
Formica Sale ProceedsUses of Proceeds
Formica Sale ProceedsShare BuybackB+I ProjectsDebt Reduction
$600m -
$650m
Up to
•Buyback of $300m adds c 0.4x to
leverage
•Cash on hand at Jun-20 expected to be
c $300m
$240m -
$250m

Impact of adoption of IFRS 16 lease accounting standard from 1-Jul-19
Fletcher Building Investor Day Presentation | © June 2019
104
•Total of c 4,800 operating leases across the Group
•Balance sheet: recognises right-of-use asset of c $1.4b -$1.5b and lease liability of c $1.7b -$1.8b
•Difference of c $0.3b taken as adjustment to retained earnings, reflecting front-loaded interest
expense under IFRS 16
•Income statement: operating lease expense now treated as depreciation and interest charges, leading to
$225m-250m increase in EBITDA and $45m-$55m increase in EBIT
•Small reduction of $10m-15m in NPBT
1
, again reflecting front-loading of lease expense under IFRS 16
•Cash flows: no impact on underlying cash flows but the new lease arrangement willresult in the
reclassification of certain cash flows
•Operating cash flows will increase by the principal payment amount with an offsetting outflow in
financing cash flows
1
NPBT = Net Profit Before Tax

Q+A

F O C U S
Fletcher Building
Investor Day Presentation 2019
Content
1. Group Update
2. Australia Division
3. Capital Structure & Management
4.Outlook
5. Appendix

We achieved what we said we would in FY19
Through FY19 we stabilised and focused Fletcher Building and positioned ourselves well to drive performance
through FY20
Fletcher Building Investor Day Presentation | © June 2019
107
➢Landed a leaner organisation restructure and attracted top talent
➢Strengthened governance
➢Kept NZ businesses on track
➢Stabilised Construction returning it to profits and holding B+I provisions
➢Intervened and set Australia up for turnaround
➢Exited Formica and RTG for good prices
➢Materially de-levered the balance sheet and commenced debt reduction
➢Stayed inside our EBIT guidance range for the year
➢Reinstated dividends
➢Confirmed a capital return of up to $300m via a share buyback
Through FY19 we achieved the following

Significant items expected to be c $240m-$250m
•Formica and RTG loss on sale
1
: c $145m
•Restructuring charges (predominantly Australia division): c $100m
FY19 guidance
Major drivers of FY19 results
Fletcher Building Investor Day Presentation | © June 2019
108
FY19 EBIT (before significant items) of $620m -$650m
New Zealand core –solid performance:
•Strong market positions maintained
•Earnings slightly down YOY due to Steel competitive pressures and cement mill failure
•Land Development ahead of expectations at c $55m through good progress on Wiri North development
Construction: back to profits, no change to B+I provisions
Australia: market headwinds and a tougher starting point driving EBIT expectations of c $55m
1
Formica estimated loss on sale subject to completion accounting and based on estimated working capital adjustment and impact of
FCTR

Outlook for FY20
Through FY20 we expect slightly softer but still healthy market conditions in NZ, and ongoing contraction in the
key residential market in Australia
Fletcher Building Investor Day Presentation | © June 2019
109
•Expect Residential consents to ease slightly off peaks, Auckland to remain strong
•Expect Non-Residential construction to remain at similar levels
•Expect Infrastructure spend to ease in major roading, with increased spend in road safety,
water, and rail
New Zealand Market
Australia Market
•Expect contraction in Residential, forecasting 150k-160k approvals in FY20, however the market
environment remains uncertain
•Expect Non-Residential market to remain broadly flat
•East Coast Infrastructure work-put-in-place expected to remain broadly flat on established
project pipeline

Q+A

F O C U S
Fletcher Building
Investor Day Presentation 2019
Content
1. Group Update
2. Australia Division
3. Capital Structure & Management
4.Outlook
5. Appendix

Glossary (1 of 2)
Fletcher Building Investor Day Presentation | © June 2019
112
TermDefinition
BUsBusiness units.This refers to all the different businesses that Fletcher Building owns across its portfolio. Each
BU has a General Manager who reports into a Divisional Chief Executive. For example, Humes is a BU in the
Building Products division
Carbon Emission IntensityFBU Co2 Tonnes forevery$1m of Revenue
Cash flow
Trading cash flow=EBITDA + Change in net working capital + provisions and other adjustments
Free cash flow =Trading cash flow–CAPEX –cash tax
Available cash flow =Free cash flow–cash interest
Cash ConversionFree cash flow / EBIT. Note that at the divisional and business unit level there is no tax included in the free
cash flow calculation
CCIRSCross currency interest rate swap –a financial instrument used to hedge the interest paid on foreign
denominated debt, which is included in the group’s total interest costs
EBITEarnings before interest, tax and significant items
EBITDAEarnings before interest, tax, depreciation, amortisation and significant items
FormicaThe collective term for Formica North America, Formica Europe, Formica Asia, Formica India and Homapal,
which were part of the International division
Funds EmployedNetdebt + equity –deferred tax balances

Glossary (2 of 2)
Fletcher Building Investor Day Presentation | © June 2019
113
TermDefinition
FY19, FY20etc.
Shorthand for Financial Year 2018 which is the 12 months ended 30 June 2018
NPS
Net Promoter Score, % Promoters (9-10) minus % Detractors (0-6)
ROFE
EBIT / average funds employed
RTG
Roof Tile Group. A business which waspart of theInternational division
SME
Small medium enterprise
Total Interest Cover
EBIT / Interest
Total Leverage
Net debt / last 12 months’ rolling EBITDA
TRIFR
Total no. of recorded injuries per million man hours worked
Working Capital
Working capital cycle =DIO+ DSO–DPO
DIO:Days inventory outstanding = gross inventory / rolling 12 months cost of goods sold
DSO:Days sales outstanding = gross trade debtors / average 3 months’ credit sales
DPO:Days payable outstanding = trade payables / purchases
WPIP
Work put in place. A term used in macroeconomics to describe the value of work carried out on projects within
a certain period, plus the value of work under construction at the end of the period minus the value at the
beginning of the period

Disclaimer
114
Fletcher Building Investor Day Presentation | © June 2019
In certain sections of this presentation the Group has chosen to present certain financial
information exclusive of the impact of Significant Items and/or the results of the Building
+ Interiors (B+I) business unit.Where such information is presented, it is clearly
described and/or marked with an appropriate footnote. This allows the readers of this
presentation to better understand the underlying operations and performance of the
Group. This presentation contains not only information about the historical performance
of Fletcher Building and its operations, but also some forward looking statements about
Fletcher Building and the environment in which the company operates. Because these
statements are forward looking, Fletcher Building’s actual results could differ materially.
All forecasts should be assumed to be those of Fletcher Building unless stated otherwise