FBU on-market share buyback, FY21 EBIT guidance $650-$665m

Share Buyback25 May 2021FBUMaterials

FletcherBuilding
Investor Day
May 2021
26 May 2021

Welcome and introduction
3
Fletcher Building Limited Investor Day Presentation | © May 2021
1.Introduction, Fletcher Building OverviewRoss Taylor9:00am / 11:00am
2a. Group FinancialsBevan McKenzie9:20am / 11:20am
2b.Q+ARoss Taylor and Bevan McKenzie9:40am / 11:40am
3. SafetyWendi Croft10:00am / 12:00pm
4. Building ProductsHamish McBeath10:15am / 12:15pm
5.ConcreteNick Traber10:45am / 12:45pm
6. DistributionBruce McEwen11:15am / 1:15pm
7. Residentialand DevelopmentSteve Evans11:45am / 1:45pm
8. ConstructionPeter Reidy12:15pm / 2:15pm
9.AustraliaDean Fradgley12:45pm / 2:45pm
10.People, Innovation and SustainabilityClaire Carroll1:15pm / 3:15pm
11.Concluding Remarks and Q+ARoss Taylor1:40pm / 3:40pm
Presenter
Section
AEST / NZT

Presentations from our Executive Team members
Chief Executive
Residential and
Development
STEVE
EVANS
Chief Executive
Australia
DEAN
FRADGLEY
Chief Executive
Construction
PETER
REIDY
Chief Executive
Distribution
BRUCE
McEWEN
Chief Executive
Building Products
HAMISH
McBEATH
Chief Financial
Officer
BEVAN
McKENZIE
Chief People and
Communications
Officer
CLAIRE
CARROLL
Chief Health and
Safety Officer
WENDI
CROFT
Operational Heads presenting
Functional Heads presenting
Chief Information
Officer
DANIEL
BEECHAM
Functional Heads
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Fletcher Building Limited Investor Day Presentation | © May 2021
Group General
Counsel and
Company Secretary
ANDREW
CLARKE
Chief Executive
Concrete
NICK
TRABER

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Fletcher Building Limited Investor Day Presentation | © May 2021
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Fletcher Building Limited
Agenda
1. Introduction, Fletcher Building OverviewRoss Taylor
2. Group FinancialsBevan McKenzie
3.SafetyWendi Croft
4. Building ProductsHamish McBeath
5. ConcreteNick Traber
6. DistributionBruce McEwen
7. Residentialand DevelopmentSteve Evans
8. ConstructionPeter Reidy
9. AustraliaDean Fradgley
10. People, Innovation and SustainabilityClaire Carroll
11. Concluding Remarks and Q+ARoss Taylor
•CEO of Fletcher Building since November 2017
•Spent career in the Real Estate, Construction, Engineering and Building Products sectors internationally;
worked extensively across: New Zealand, Australia, Asia, Europe and the USA
•Direct experience across much of the sector value chain, having led businesses with activities in:
investment, development, construction, product manufacturing, and resources extraction & operations

Significant NZ and Australia player, focused in the building products and
distribution sectors
External
Revenue
FY21F
$5.2b$2.8b
Australia
c.4,600 people
New Zealand
c.9,100 people
South Pacific
c.800 people
People: c.14,500
External Revenue: NZD c.$8.0 billion
NZX/ASX listed: FBU
$0.1b
36%
15%
17%
19%
9%
4%
NZ Residential
NZ Commercial
NZ Infrastructure
AU Residential
AU Commercial
AU Infrastructure
Total FB Revenue
by Market (%)
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Fletcher Building Limited Investor Day Presentation | © May 2021

Leading NZ sector exposures with strong market positions and brands
Building Products
$1.4b
32%
1
7%
1
#2 largest
homebuilder
800 homes p.a.
20%
1
$1.7b
Distribution
Concrete
Residential &
Development
Construction
140 points
of presence
Market shareSites
Gross Revenue
Brands
$0.8b
Auckland
Christchurch
$0.7b
New Zealand
$1.4b
1. Estimates based on the markets in which we participate, e.g. SME, Commercial, Plumbing, Bathroom, Group Home Builders and
Retail for PlaceMakers and Mico
38%
1
c.100
c.65
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Fletcher Building Limited Investor Day Presentation | © May 2021

Australia position smaller but scale in specific sectors
$2.8b
29%
1
19%
1
221
1. Estimates based on the markets in which we participate, e.g. Plumbing distribution market for Tradelink
74
10
Fletcher Building Limited Investor Day Presentation | © May 2021
Market shareSites
Gross Revenue
Brands
Australia
Building Products
Distribution

Having reset the business, delivering performance in FY21, we are
strongly positioned for ongoing performance and growth
FY19FY20FY21FY22FY23+
Refocus & stabiliseOngoing performance & growthSet up for
performance
Performance
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Fletcher Building Limited Investor Day Presentation | © May 2021

Our strategy is aligned to this next phase of ongoing performance & growth
Vision
Purpose
Strategic
Goals
Our
People
Group
Measures
Values
Focused on
operational excellence
Global expertise –
locally delivered
Obsession for customers
Strive for growth
and innovation
Driven by purpose
and values
To be the leader in New Zealand and Australian building products and solutions
Improving the world around us through smart thinking, simply delivered
Zero injuries every day
Market leading customer
solutions and services
Lowest delivered cost
Economic performance
of each business in
industry top quartile
Leadership in innovation,
sustainability, and
growth via disruption
12
Fletcher Building Limited Investor Day Presentation | © May 2021
Zero Serious InjuriesNPS ≥ 55Engagement ≥ 80% 30% Carbon Reduction
DIFOTIS ≥ 98% EBIT Margin ≥ 10%Cash Conversion ≥60%ROFE ≥ 15%
DIFOTIS = Delivery In Full On Time On Spec

Focus on achieving our vision, anchored by our purpose and values
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Fletcher Building Limited Investor Day Presentation | © May 2021
Vision
Purpose
Strategic
Goals
Our
People
Group
Measures
Values
Focused on
operational excellence
Global expertise –
locally delivered
Obsession for customers
Strive for growth
and innovation
Driven by purpose
and values
To be the leader in New Zealand and Australian building products and solutions
Improving the world around us through smart thinking, simply delivered
Zero injuries every day
Market leading customer
solutions and services
Lowest delivered cost
Economic performance
of each business in
industry top quartile
Leadership in innovation,
sustainability, and
growth via disruption
Zero Serious InjuriesNPS ≥ 55Engagement ≥ 80% 30% Carbon Reduction
DIFOTIS ≥ 98% EBIT Margin ≥ 10%Cash Conversion ≥60%ROFE ≥ 15%

Our strategic goals driving us to achieve performance and growth
14
Fletcher Building Limited Investor Day Presentation | © May 2021
Vision
Purpose
Strategic
Goals
Our
People
Group
Measures
Values
Focused on
operational excellence
Global expertise –
locally delivered
Obsession for customers
Strive for growth
and innovation
Driven by purpose
and values
To be the leader in New Zealand and Australian building products and solutions
Improving the world around us through smart thinking, simply delivered
Zero injuries every day
Market leading customer
solutions and services
Lowest delivered cost
Economic performance
of each business in
industry top quartile
Leadership in innovation,
sustainability, and
growth via disruption
Zero Serious InjuriesNPS ≥ 55Engagement ≥ 80% 30% Carbon Reduction
DIFOTIS ≥ 98% EBIT Margin ≥ 10%Cash Conversion ≥60%ROFE ≥ 15%

Our people are integral to delivery of our strategy
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Fletcher Building Limited Investor Day Presentation | © May 2021
Vision
Purpose
Strategic
Goals
Our
People
Group
Measures
Values
Focused on
operational excellence
Global expertise –
locally delivered
Obsession for customers
Strive for growth
and innovation
Driven by purpose
and values
To be the leader in New Zealand and Australian building products and solutions
Improving the world around us through smart thinking, simply delivered
Zero injuries every day
Market leading customer
solutions and services
Lowest delivered cost
Economic performance
of each business in
industry top quartile
Leadership in innovation,
sustainability, and
growth via disruption
Zero Serious InjuriesNPS ≥ 55Engagement ≥ 80% 30% Carbon Reduction
DIFOTIS ≥ 98% EBIT Margin ≥ 10%Cash Conversion ≥60%ROFE≥ 15%

Key group measures are aimed to deliver financial and non-financial
performance and growth
16
Fletcher Building Limited Investor Day Presentation | © May 2021
Vision
Purpose
Strategic
Goals
Our
People
Group
Measures
Values
Focused on
operational excellence
Global expertise –
locally delivered
Obsession for customers
Strive for growth
and innovation
Driven by purpose
and values
To be the leader in New Zealand and Australian building products and solutions
Improving the world around us through smart thinking, simply delivered
Zero injuries every day
Market leading customer
solutions and services
Lowest delivered cost
Economic performance
of each business in
industry top quartile
Leadership in innovation,
sustainability, and
growth via disruption
Zero Serious InjuriesNPS ≥ 55Engagement ≥ 80% 30% Carbon Reduction
DIFOTIS ≥ 98% EBIT Margin ≥ 10%Cash Conversion ≥60%ROFE≥ 15%

Significant
near-term
“self-help”
valuecreation
opportunity
FocusStrong
financial
positioning
Global and
regional
macro trends
aresupportive
Well-positioned
for long-term
andsustainable
growth
01
0405
Confident this strategy positions us well to drive shareholder value in the
short-and long-term
0203
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Fletcher Building Limited Investor Day Presentation | © May 2021

4.0
4.5
5.0
5.5
6.0
Floating 1 Year Mortgage
NZ markets look favourable and “stronger for longer”
8.7
8.6
8.5
8.8
9.1
8.6
8.5
8.9
9.8
10.4
FY19FY20FY21FFY22FFY23F
CommercialInfrastructure
15.6
15.2
17.5
17.8
17.7
FY19FY20FY21FFY22FFY23F
Residential WPIP ($b)
NZ Historical and Forecast
Commercial and Infrastructure WPIP ($b)
Source: Infometrics, RBNZ, NZ Initiative
WPIP = Work Put In Place
-2.0
0.0
2.0
4.0
FY19FY20FY21FFY22FFY23F
•Strong economic backdrop
•Ongoing structural undersupply of housing in
NZ (housing undersupply of 40,000 dwellings)
•Growing population
•Demographic ageing contributing to
additional increases in housing demand with
smaller households
•Monetary policy settings likely to support
low-interest rate environment in the medium-
term (low term deposit interest rates and low
borrowing rates driving housing investment)
•Residential consents at record high but
capacity constraints drives solid WPIP pipeline
•Govt. committed to infrastructure spend
•Employment rate strong
GDP
NZ Historical and Forecast
NZ Historical
OCR
0.25%
as at
30-Apr-21
18
Fletcher Building Limited Investor Day Presentation | © May 2021

Australia macro backdrop supportive for growth
Source: BIS Oxford Economics, RBA
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Fletcher Building Limited Investor Day Presentation | © May 2021
AU Historical and Forecast
Commercial and Infrastructure Work Done (A$b)
AU Historical and Forecast
AU Historical
Cash Rate
Target
0.10%
as at
30-Apr-21
80.6
72.8
75.3
75.7
76.6
FY19FY20FY21FFY22FFY23F
-8.0
-4.0
0.0
4.0
8.0
FY19FY20FY21FFY22FFY23F
45.9
49.4
46.5
44.3
46.2
96.1
95.3
104.4
120.1
132.8
FY19FY20FY21FFY22FFY23F
CommercialInfrastructure
4.00
4.50
5.00
5.50
Floating 1 Year Mortgage (%)
Residential Work Done (A$b)
•Strong economic backdrop
•Government stimulus driving home building
•Low term deposit interest rates and low
borrowing rates driving housing investment
•Govt. committed to infrastructure spend
•Employment rate strong
•Consents growth points to growing outlook
for work done
GDP

FY21 Forecast and share buyback
Strong earnings growth and improved profitability, EBIT at top end of guidance range, on-market share
buyback of up to $300m
Note: Measures before significant items are non-GAAP measures used by management to assess the performance of the business and are derived
from Fletcher Building Limited’s financial statements. Details of historic significant items can be found in note disclosures of the financial statements
➔Solid revenue of approximately $8b, trading conditions in 2H21 broadly consistent with 1H21
➔Forward indicators point to ongoing robust volumes, with industry operating at or near capacity in certain areas
➔Input cost pressures (esp. steel, energy) flowing through to price
➔FY21 EBIT before significant items expected to be at the top end of earlier guidance, in a range of $650-665 million
➔Cash flows remain strong, FY21F leverage of c.0.3x
➔FBU intends to conduct an on-market share buyback and purchase up to NZ$300m over the next 12 months
➔Management expects Board to declare an FY21 final dividend in August 2021
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Fletcher Building Limited Investor Day Presentation | © May 2021

Near-term outlook
Driving growth through operational improvement & growth initiatives, well-positioned through to FY23+
1.Australia margins lift to 5-7% on continued improvement in
operating disciplines and growth initiatives
2.Construction margins lift to 3-5% as forward order book
replaces nil margin legacy work
3.NZ Core margins expand slightly as adjacencies add
operating leverage and continue to drive BU performance
4.Residential & Development targeting strong top-line growth
at >15% margin, accretive to overall Group margin
Pathway to c.10% EBIT margin in FY23
➔Investing for growth through capital expenditure envelope
and targeted operating expenditure spend
➔Investing $50-100m p.a. capex for growth & efficiency
➔Investing $30-40m p.a. opexfor growth initiatives and
systems development
➔Focus areas for growth:
➔Core: product adjacencies, decarbonisation, customer
ecosystems, modern manufacturing
➔Residential & Development: scale base business, offsite
manufacturing, apartments
➔Digital and backbone systems
Positioned for earnings growth to FY23 and beyond
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Fletcher Building Limited Investor Day Presentation | © May 2021

Fletcher Building Limited
•Group CFO since November 2016
•Led several significant portfolio changes, including Higgins acquisition and International divestment;
led reset of Group balance sheet and improved cash generation
•Previously in global positions in strategy, M&A and commercial at Boston Consulting Group
and Roquette Frères
Agenda
1. Introduction, Fletcher Building OverviewRoss Taylor
2. Group FinancialsBevan McKenzie
3.SafetyWendi Croft
4. Building ProductsHamish McBeath
5. ConcreteNick Traber
6. DistributionBruce McEwen
7. Residentialand DevelopmentSteve Evans
8. ConstructionPeter Reidy
9. AustraliaDean Fradgley
10. People, Innovation and SustainabilityClaire Carroll
11. Concluding Remarks and Q+ARoss Taylor

Margins➔EBIT margin
1
: target >10%
➔+100bps margin FY19-21F
➔Path to c.10% in FY23
Investment
& Returns
➔Base capex: sustainable average of $200-250m p.a.
➔ROFE: target >15%
➔Base capex down from c.$300m p.a.
➔ROFE c.18% FY21F
Cash Flow
➔Working capital: target 5-day reduction off FY18 base
➔Cash conversion
2
: target 60%
➔W/cap target delivered two years early
➔Cash conversion 85% FY19-21F
Balance Sheet
& Funding
➔Leverage
3
: target 1.0x -2.0x
➔Reduce gross debt and funding costs
➔Robust liquidity & maturity profiles
➔Leverage c.0.3x FY21F
➔Funding costs reduced >$100m FY18-FY21F
➔Liquidity c.$1.4b FY21F
Shareholder
Returns
➔Dividend pay-out ratio: 50-75% of net earnings
1
➔Additional capital returns where sensible
➔Dividend reinstated FY21
➔On-market buyback up to $300m
Overview
Material progress on key financial targets, strong balance sheet, well-positioned for shareholder returns
ProgressFocus
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Fletcher Building Limited Investor Day Presentation | © May 2021
1. Before significant items
2. Free Cash Flow / EBIT
3. Net Debt / EBITDA. Leverage range was adjusted from 1.5x-2.0x to take account of impact of IFRS 16 accounting standard on EBITDA

Margins
100bps improvement in EBIT margin since FY19, path to c.10% in FY23
1.Australia marginslift from c.3.5% in FY21F to 5-7% on
continued improvement in operating disciplines and growth
initiatives
2.Construction margins lift from c.2% in FY21F to 3-5% as
forward order book replaces nil margin legacy work
3.NZ Core margins expand slightly as adjacencies add
operating leverage and continue to drive BU performance
4.Residential and Developmenttargeting strong top-line
growth at >15% margin, accretive to overall Group margin
Pathway to 10% in FY23EBIT Margin
1
(%)
7.2%
c.8.2%
c.10%
FY19FY21FFY23 Target
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Fletcher Building Limited Investor Day Presentation | © May 2021
1. Before significant items; FY19 is adjusted for proforma IFRS16 to allow like-for-like comparison

Margins
Efficiency programs have delivered material cost reductions, especially in Core Divisions;
focused on driving additional operating leverage off this base
1. Core Divisions = Building Products, Concrete, Distribution, Australia. Overhead costs = Warehousing, Distribution, and Selling, General &
Administration Expenses. FY19 adjusted for IFRS 16 to allow like-for-like comparison
➔Efficiency programs commenced in FY18: focused initially on
Australia, then on New Zealand
➔Gross cost-out (overheads and COGS; fixed and variable) of
>$250m, including gross fixed cost-out in FY21 of >$150m.
A portion of the benefits have served to offset inflation
➔In the Core Divisions, efficiency programs have delivered a
net 100bps improvement in overheads % from FY19 to FY21
on a broadly flat revenue base
➔Cost base now broadly right-sized –will make targeted
overhead investments to support key growth initiatives and
drive operating leverage
Core Divisions: Overhead Costs % of Revenue
1
22.9%
c.21.9%
FY19FY21F
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Fletcher Building Limited Investor Day Presentation | © May 2021

Investment
Base capex expected to average $200-250m p.a. in FY22-FY24
Growth & Efficiency
Maintenance
Total
$150-200m
$50-100m
$200-250m
➔Maintenance investment compares to depreciation (excl. ROU
1
) of c.$180m p.a.
➔Includes ongoing investment to create fit-for-purpose systems environment,
c.$25-40m p.a.
➔Target ROFE >15% on growth and efficiency investments
➔Focused on modern manufacturing, product adjacencies, digital / customer
ecosystems and opportunities for disruption
Average Spend p.a.Focus Areas
➔Our focus is organic investments to scale current business and drive operating
leverage
➔Expect to manage growth capex within base envelope, though there may be
some variability in annual spend depending on phasing of investments
➔Base capex excludesnew Winstone Wallboards (WWB) plant
Base Capex
26
Fletcher Building Limited Investor Day Presentation | © May 2021
1. Right-of-use

Investment
New WWB plant replaces end-of-life asset and provides growth capacity
➔New plant near Tauranga provides 30Mm
2
North Island capacity (currently 20Mm
2
)
➔Maintenance investment to replace end-
of-life asset, also providing capacity for
long-term demand and product innovation
➔Construction program advancing well,
FY21 capex now expected to be c.$80m
(previously c.$50m) –no change in overall
project cost, timing variance only
22
c.80
FY20FY21FFY22FFY23F
WWB Investment Phasing ($m)
NZ Plasterboard Consumption (m
2
)
vs. Population (m)
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
0
1,000
2,000
3,000
4,000
5,000
6,000
19701975198019851990199520002005201020152020
Est Resident PopulationTotal Plasterboard Sales m2
c.220
c.75
27
Fletcher Building Limited Investor Day Presentation | © May 2021

Residential and Development Funds Invested: FY21F-22F ($m)
Investment
Residential & Development scaling to c.1,000 houses p.a. and proving out growth opportunities
–expect funds invested to build from c.$560m currently to c.$750m in FY22
➔Base housing business –scale to c.1,000 units p.a.
➔Growth opportunities –OSM
1
, apartments, retirement offer
in existing communities
➔Land Development –targeting ongoing $25m+ p.a. EBIT,
combination of surplus FB properties and acquired sites
➔Funds expected to build in FY22 to c.$750m as we reinvest in
land stocks and to support growth opportunities
➔Cash conversion
2
: averaged c.120% from FY19-FY21;
expected to be lower in FY22-FY23 as net working capital
builds
440
560
100-150
30
90
50-100
0-25
c.200
Residential -
Base Business
Residential -
Apartments & OSM
DevelopmentTotal Division
c.750
Key:FY21F
Likely incremental investment FY22
1. Offsite Manufacturing
2. Pre-Tax Free Cash Flow / EBIT
28
Fletcher Building Limited Investor Day Presentation | © May 2021

Investment
We are making targeted OPEX spend to support delivery of organic growth initiatives
Spend p.a.Timing
Core Divisions
1
–product adjacencies,
decarbonisation, customer ecosystems
c.$10-20mFY22-FY23
Resi& Devt –scaling base business,
apartments, OSM, retirement
c.$5mFY22-FY23
OPEX on Key Initiatives
(incremental to FY21 base)
WWB –plant transition costsc.$15-20mFY23
➔Targeted investment of c.$30-40m p.a. OPEX (above
the line) in FY22-FY23 to support growth initiatives
and accelerate systems development
Digital and backbone systemsFY22-FY25c.$10-20m
➔WWB plant transition costs in FY23 expected to be
a significant item (below the line charge)
1. Core Divisions = Building Products, Concrete, Distribution, Australia
29
Fletcher Building Limited Investor Day Presentation | © May 2021

13.5%
c.18%
> 15%
FY19FY21FFY23 Target
Return on investment
Currently exceeding 15% ROFE target –expect to continue to do so as funds base lifts on investments in
growth and WWB plant
Operating Funds
(closing)
$4.0bc.$3.7b
$4.2-4.4b
➔ROFE
1
target of >15% through-the-cycle, also acts as hurdle
for growth investments
➔FY21 ROFE well ahead of target
➔Operating funds base will lift from FY21 to FY23 on:
➔Growth capex
➔Investment in Residential and Development working
capital
➔Completion of WWB plant
➔Unwind of final FCC legacy provisions
➔Expect to continue delivering above 15% ROFE target
1. Return on Funds Employed (ROFE) is EBIT to average funds (net debt and equity less deferred tax asset); FY19 adjusted for IFRS 16 to allow
like-for-like comparison
ROFE
1
(%) and Closing Operating Funds ($b)
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Fletcher Building Limited Investor Day Presentation | © May 2021

Cash flow
Working capital target of 5-day improvement in Core Divisions delivered ahead of plan
➔Target set in FY18 was to reduce Core working capital by
5-days by FY23, through improved stock & receivables
management. Creditor terms considered appropriate and
held broadly steady
➔1-day = c.$15m cash release, hence total benefit >$75m
➔Targeted improvement in stock and receivables achieved
two years early
➔Small amount (c.$25m) of inventory rebuild expected in
FY22 to build supply chain resilience; otherwise working
capital now considered to be at appropriate levels
1. FY18 adjusted for IFRS 16 to allow like-for-like comparison
Working Capital
1
Receivables & Inventory –Core Divisions (days)
116
c.110
FY18FY21F
31
Fletcher Building Limited Investor Day Presentation | © May 2021

Cash flow
Underlying cash generation of the business has been strong
Underlying Trading Cash-Flow
1
($m)
➔Group cash generation has been strong: total of c.$2.0b
underlying trading cash-flow
1
in FY19-FY21
➔Strong underlying cash conversion
2
of c.85% in FY19-FY21 –
driven by working capital management, strong Residential &
Development cash flows, and limited cash tax paid due to
FCC legacy losses
➔Cash conversion will be lower in FY22-23 as we invest in
rebuild of Residential housing inventories and WWB plant
➔Expect to return to cash tax payments in NZ mid-2022
1. Trading Cash-Flow = EBITDA less Lease Principal Payments & Lease Interest Paid plus / minus Working Capital Movements. Underlying trading
cash-flow excludes FCC Legacy Cash-Flow and Significant Items.
2. Cash conversion = Free Cash Flow / EBIT. Excludes significant items and FCC legacy cash-flows
585
565
850-900
FY19FY20FY21F
32
Fletcher Building Limited Investor Day Presentation | © May 2021

Funding
Drawn debt and funding costs have reduced materially, while maturity and liquidity profiles remain strong
➔Gross debt reduced by c.$1b since Jun-18
➔Funding costs reduced from $155m in FY18 to c.$50m in FY21
➔Robust maturity profile –average 4.7 years
➔Jun-21F liquidity of c.$1.4b
➔Banking covenants return to normal testing from 30 June;
material headroom on all covenants
Debt maturity profile ($m)
Debt drawings ($m)
100
57
149
55
459
525
400
9
14
FY22FY23FY24-25FY26+
Capital NotesUSPP
Bank SyndicateOther
566
361
1,120
459
97
94
23
Jun-18Jun21F
Capital NotesUSPP
Bank SyndicateOther
1,877
843
33
Fletcher Building Limited Investor Day Presentation | © May 2021

Leverage
Strong balance sheet, well-positioned to support continued execution of strategy
➔Cash generation has supported strong balance sheet position
and a sustained reduction in leverage
➔Investments in FY22-23 in the WWB plant, Core growth
capex, and residential land and housing stocks are expected
to lift leverage above the current level of c.0.3x
➔However, leverage is still expected to be below bottom end
of target range as underlying cash-flows remain strong
Leverage (Net Debt / EBITDA)
0.3x
0.9x
FY20FY21F
Target range
2.0x
1.0x
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Fletcher Building Limited Investor Day Presentation | © May 2021

Capital return
With the balance sheet materially de-levered, FBU intends to conduct an on-market share buyback of
up to NZ$300m over the next 12 months
➔Fletcher Building continuously assesses 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 has a continued preference for prudent balance sheet management; however, projects that its leverage (Net
Debt / EBITDA) is likely to remain below the target leverage range in the medium-term
➔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 effectivenessfor
all shareholders and earnings per share accretion
➔The buyback is expected to commence in June 2021
➔Through the course of the buyback period, Fletcher Building will continue to assess market conditions, Fletcher Building’s
prevailing share price, and available investment opportunities
35
Fletcher Building Limited Investor Day Presentation | © May 2021

Dividends
FY21 interim paid and final FY21 dividend expected, targeting a pay-out ratio of 50-75% of net earnings;
imputation expected from FY22
➔Policy to pay dividends in the range of 50-75% of net earnings before significant items and having regard to available cash flow
➔HY21 interim dividend of 12cps paid in March 2021
➔Management expects Board to declare an FY21 final dividend in August 2021
➔FBU expects to be in a position to impute the FY22 final dividend (giving rise to the NRWT
1
benefit for non-NZ resident
shareholders), and targets imputation of at least the final dividend on an ongoing basis
➔Franking of dividends not expected in the near-term
1. Non Resident Withholding Tax
36
Fletcher Building Limited Investor Day Presentation | © May 2021

FY21 EBIT Guidance
Expected to be $650-665m, at top end of the prior guidance range
Group
Concrete$110-115m
Building Products$190-195m
Australia$100-105m
Distribution$125-130m
$650-665m
Residential & Development$145-150m
Corporate$(55)m
Construction$25-30m
➔FY21 EBIT before significant items expected to be $650-665m (previously $610-
660m). Updated guidance equates to c.49/51% H1/H2 split
➔Trading conditions in 2H21 broadly consistent with 1H21; some impact (c.$10m-
$15m) in 2H21 from supply chain constraints and input cost pressure (energy, steel)
➔Improved outcome on sale of Rocla Gailes site means FY21 Land Development EBIT
expected to be c.$50m
➔Rocla: if completed, sale price expected to be c.NZ$60m, additional non-cash
impairment c.$20m and reclass of FCTR
2
c.$30m. Completion targeted for 1Q22
➔Significant Items: total FY21 c.$130m (excluding FCTR)
➔Group capex expected to be c.$230m: base capex c.$150m, WWB c.$80m
FY21F EBIT
1
Division
1. EBIT before significant items
2. FCTR = Foreign Currency Translation Reserve
37
Fletcher Building Limited Investor Day Presentation | © May 2021

Summary
Material progress on key financial targets, strong balance sheet, well-positioned for shareholder returns
Margins
➔+100bps margin improvement since FY19, driven particularly by targeted efficiency programs
➔Path to c.10% margin in FY23
Investment
& Returns
➔Base capex $200-250m p.a., residential investment c.$200m FY22, targeted OPEX spend to support growth
➔Exceeding ROFE target of >15%
Cash Flow
➔Working capital efficiency embedded, has delivered c.$75m cash release
➔Cash conversion well above target FY19-FY21, lower in FY22-23 as we invest in WWB and Residential
Balance Sheet
& Funding
➔Strong balance sheet: leverage0.3x, liquidity $1.4b, well-placed to support organic growth investments
➔Gross debt reduced >$1b, funding costs reduced >$100m p.a.
Shareholder
Returns
➔Well-positioned for sustainable dividend pay-out of 50-75% of net earnings
➔In addition, on-market share buyback of up to NZ$300m over the next 12 months
38
Fletcher Building Limited Investor Day Presentation | © May 2021

Questions
39
Fletcher Building Limited Investor Day Presentation | © May 2021

Fletcher Building Limited
•CE Health & Safety since October 2018
•Leading Protect reset within Fletcher Building
•Previously led health and safety for international organisations in multiple jurisdictions,
including North and South America, Europe, Asia, Australia and New Zealand
Agenda
1. Introduction, Fletcher Building OverviewRoss Taylor
2. Group FinancialsBevan McKenzie
3.SafetyWendi Croft
4. Building ProductsHamish McBeath
5. ConcreteNick Traber
6. DistributionBruce McEwen
7. Residentialand DevelopmentSteve Evans
8. ConstructionPeter Reidy
9. AustraliaDean Fradgley
10. People, Innovation and SustainabilityClaire Carroll
11. Concluding Remarks and Q+ARoss Taylor

Safety is a key element of our Strategy
Serious Injuries
2
Total Recordable Injury
Frequency Rate
1
Safety
1. TRIFR = Total no. of recorded injuries per million man hours worked. Does not include Restricted Work Injuries
2. Serious Injury include immediate treatment as an in-patient at hospital for more than 24 hours or immediate treatment for a serious injury or illness as
defined by Safe Work Australia
YTD21 = Data presented is from Jul-20 to Apr-21
10.7
8.5
6.8
6.0
6.4
6.7
6.9
5.1
5.2
5.7
5.3
FY11FY13FY15FY17FY19YTD21
33
21
21
8
6
FY17FY18FY19FY20YTD21
➔‘Protect’ safety programme to realise a future
where zero injuries everyday is possible
➔Current focus is on critical risks, high potentials,
and resetting culture & behaviours
➔Serious Injury elimination is our initial goal
➔TRIFR target to under 3.0 in the long run
(well below industry average)
41
Fletcher Building Limited Investor Day Presentation | © May 2021

The five pillars of our Protect strategy
42
Fletcher Building Limited Investor Day Presentation | © May 2021
SHIFT
MINDSETS
DEVELOP
LEADERS
ENABLE
FRONTLINE
MANAGE
CRITICAL RISKS
DRIVE
ACCOUNTABILITY

43
Fletcher Building Limited Investor Day Presentation | © May 2021

Questions
44
Fletcher Building Limited Investor Day Presentation | © May 2021

Fletcher Building Limited
•Appointed CE of the Building Products Division in June 2019. Prior to this, he was CE of the Steel Division
•Having risen through the business from shift manager, Hamish has deep operational
knowledge of our manufacturing plants, supply chains and customer
Agenda
1. Introduction, Fletcher Building OverviewRoss Taylor
2. Group FinancialsBevan McKenzie
3.SafetyWendi Croft
4. Building ProductsHamish McBeath
5. ConcreteNick Traber
6. DistributionBruce McEwen
7. Residentialand DevelopmentSteve Evans
8. ConstructionPeter Reidy
9. AustraliaDean Fradgley
10. People, Innovation and SustainabilityClaire Carroll
11. Concluding Remarks and Q+ARoss Taylor

Building Products
The leading New Zealand building products solutions provider
Products
•Winstone Wallboards is NZ’s only manufacturer and distributor of plasterboard and drywall
systems under the iconic GIB® brand
•Laminex NZ provides a range of decorative surfaces and panel products. It manufactures particle
board and low pressure laminated productsand distributes a range of products including Strand
board, Formica HPL and Caesarstone
•TINZ is New Zealand's only manufacturer and distributor of glass wool insulation under the Pink
Batts brand. Supported by a nationwide installer network trading as Pinkfit
Pipes
•Humes is a manufacturer of concrete pipes, precast concrete products and a distributor of
drainage products and solutions via its 14 distribution sites
•Iplex is a manufacturer of plastic pipe, offering a broad range of products / solutions for the civil,
rural, plumbing, energy and communication sectors
Steel
•Portfolio of businesses, operating under the umbrella of Fletcher Steel, includes EasySteel; Pacific
Coilcoaters; Dimond Roofing; Fletcher Reinforcing; CSP Pacific; and Fletcher Wire Products
➔Market leading building products brands for the finishing trades with world leading technical
product knowledge
➔Integrated value chain in pipes, servicing a wide range of customers
➔Balanced portfolio of Steel businesses holding No. 1 or No. 2 position across its categories
46
Fletcher Building Limited Investor Day Presentation | © May 2021
Business Unit
Overview

Building Products
We have an unrivalled network across New Zealand
1,900
People
Enough pipes p.a. to
circumnavigate the globe
240 tonnesp.a.
of milk bottles recycled
Equivalent of 5,000 homes
of glass recycled every year
2.25 Mm
2
of particle board
47
Fletcher Building Limited Investor Day Presentation | © May 2021

Building Products
Leading market positions across the building products, pipes and steel verticals
Source: FBU Management estimates
HY21 Revenue Weighted Sector Exposure
46%
26%
28%
100%
Market share %
Key:FBU ShareOther Competitors
ProductsPipesSteel
$1.3b$2.1b$0.6b
Market Size ($b) and Share (%)
Key:ResidentialNon Residential
Infrastructure / Other
48
Fletcher Building Limited Investor Day Presentation | © May 2021

Building Products
Business strategies and cost bases reset, c.14% EBIT margin sustainable
$167m
$190-195m
FY19FY21F
12.7%
c.14.0%
24.0%
c.25.2%
FY19FY21F
EBIT marginROFE
EBIT ($m)
1
EBIT Margin
1
(%) and ROFE
2
(%)
FY19YTD21
TRIFR
3
6.47.6
NPS
3546
Engagement
72%73%
Carbon (‘000t)
4
6250
Key Non-financial Measures
1. Before significant items; FY19 is adjusted for proforma IFRS16 to allow like-for-like comparison
2. ROFE (Return on Funds Employed) calculated based on closing funds
3. TRIFR = Total no. of recorded injuries per million man house worked, does not include Restricted Work Injuries, YTD is 10 months ended 30 April 21
4. Combined scope 1& 2 carbon emissions, YTD21 is 9 months ended 31 March 21
49
Fletcher Building Limited Investor Day Presentation | © May 2021

Building Products
Investing in the foundations for future growth
➔Products –Weatherline, Barrierline, expanded commercial insulation offer
➔Pipes –rainwater, PE long-run and coiling solutions, expansion into new
segments with existing products
➔Steel –solar profiles, EV charging solutions
New product
development
➔Continued development and expansion of digital capability, providing
greater customer intimacy
➔Commenced work on broader gypsum board range to optimise new
Taurikoplant capability post commissioning
Innovation
New ventures
➔Dedicated team funded in FY22 and FY23 to identify and execute on
medium-term growth adjacencies
Automation➔Automation of manufacturing and supply chain
50
Fletcher Building Limited Investor Day Presentation | © May 2021
Economic
performance
of each
business in
industry top
quartile
Leadership in
innovation,
sustainability,
and growth via
disruption
Market leading
customer
solutions and
services
Lowest
delivered cost

Building Products
Strong focus on efficient sites and new product development
•Laminex LPL Rainbow Packer
•Sorts, stores and restacks LPL
sheets into rainbow packs
•Allows customer orders to be
consolidated, lowering cost to
serve and increasing throughput
•TINZ Bagger
and Bag
Placer
•Productivity
improvement
~7%
51
Fletcher Building Limited Investor Day Presentation | © May 2021
Automation of manufacturing and supply chainProgramme of new product development –Laminex
Leadership in
innovation,
sustainability,
and growth via
disruption
Lowest
delivered cost

Building Products
A simplified distribution business and a low cost, efficient manufacturing footprint
FY21
14 Distribution Sites
FY23
2 Pipe Manufacturing Plants 3 Precast Sites
➔Consolidating North Island pipe
manufacturing
➔Expanding operational footprint in Papakura
➔Upgrading plant equipment to automate
processes
52
Fletcher Building Limited Investor Day Presentation | © May 2021
Lowest
delivered cost

Building Products
Steel well-positioned for ongoing share gain
➔Upgrade of PCC ovens commencing FY22. Will generate improved
operational efficiencies, product offerings and significant reduction in
carbon emissions c.50%
➔Plant modernisation programme across Reinforcing, Dimond and Easysteel
processing sites continued
➔Have rebalanced ourcategories, with an improved cost to serve focus,
introduced specialist product roles
➔Adding new product solutions in roofing and infrastructure
➔Closed two sites in the South Islandand moved to a new purpose-builtsite
in Wellington
➔National footprint optimised to provide short lead-time, local availability on
core products
49%
40%
11%
EBIT Weighting FY21F
➔Developing digital solutions that are in line with customers' needs and
reduce cost to serve
➔Fletcher Steel NPS of 43 for FY21 YTD
Key:RoofingDistribution
Infrastructure
53
Fletcher Building Limited Investor Day Presentation | © May 2021
Service focus
Best-in-class
manufacturing
Category
review
Network
optimisation
Economic
performance
of each
business in
industry top
quartile
Leadership in
innovation,
sustainability,
and growth via
disruption
Market leading
customer
solutions and
services
Lowest
delivered cost

Building Products
Winstone Wallboards investment delivering capacity and innovation
54
Fletcher Building Limited Investor Day Presentation | © May 2021

Building Products
Closing summary
➔Business strategies and cost bases reset
➔Strong focus on modern, automated manufacturing plants to drive operational efficiency
➔Good programme of NPD aimed at broadening our addressable market
➔Opportunities to push into adjacent sectors to deliver medium-term growth
Significant improvement in performance, maintaining EBIT margin at c.14%
sustainable at current activity levels
55
Fletcher Building Limited Investor Day Presentation | © May 2021

Questions
56
Fletcher Building Limited Investor Day Presentation | © May 2021

Fletcher Building Limited
•18 years global experience in cement, aggregates,concrete and related businesses
•Joined Fletcher Building in January 2021. Prior to this, he was CEO of Holcim Switzerland & Italy,
and Global Head of Cement Operations and CEO of Holcim Ecuador
•Diplomas in Economics from University of Zurich; Harvard AMP & Singularity University alumni
Agenda
1. Introduction, Fletcher Building OverviewRoss Taylor
2. Group FinancialsBevan McKenzie
3.SafetyWendi Croft
4. Building ProductsHamish McBeath
5. ConcreteNick Traber
6. DistributionBruce McEwen
7. Residentialand DevelopmentSteve Evans
8. ConstructionPeter Reidy
9. AustraliaDean Fradgley
10. People, Innovation and SustainabilityClaire Carroll
11. Concluding Remarks and Q+ARoss Taylor

Business Unit
Overview
•Leader in aggregates, recycling / clean fill and transportation services
•11 active quarries, six clean fills and 74 trucks nationwide serving all major markets across NZ
•Strong capability to offer integrated solutions and services to industrial, infrastructure and retail customers
•Only local integrated manufacturer of cement / special binders and distribution services
•State of the art plant at Portland with dedicated shipping, trucking and rail distribution; six service centres nationwide
•Full suite of products & services for industrial and retail customers
•Leader in Certified Concrete (ready-mix), masonry (concrete blocks and pavers) and Dricon(bagged dry concrete)
•75 certified, six masonry and two Driconplants across NZ
•Strong products and solutions across all major segments (residential, infrastructure and commercial)
Concrete
Leading NZ Concrete business based on strong brands, capabilitiesandfootprint
➔Covering full concrete value chain, only in-country manufacturer of cement
➔Uniquefootprint and logistics network, technical capabilities and brands
➔Well-positioned in the fastest growing NZ marketsand sectors (residential, infrastructure)
58
Fletcher Building Limited Investor Day Presentation | © May 2021

Concrete
Unique footprint and capabilities to serve customer needs across New Zealand
340,000
ready-mix deliveries
>100
points of sale
>4,000
customers
225,000
truck loads
38,000
nautical miles
1,200
people
>1,000
concrete mix
designs
59
Fletcher Building Limited Investor Day Presentation | © May 2021

Concrete
Well-positioned across concrete value chain and exposure to most attractive sectors
HY21 Revenue Weighted Sector Exposure
AggregatesCement
$1.0b
$0.6b
$0.4b
Certified ConcreteMasonry
$0.1b
Market share %
Key:FBU ShareOther Competitors
Key:ResidentialNon Residential
Infrastructure / Other
52%
21%
27%
Market Size ($b) and Share (%)
Dricon
Source: FBU Management estimates
60
Fletcher Building Limited Investor Day Presentation | © May 2021
100%

Concrete
Solid improvement of profits and returns since FY19
$89m
$110-115m
FY19FY21F
EBIT ($m)
1
FY19YTD21
TRIFR
3
2.02.9
NPS
5164
Engagement
75%72%
Carbon (‘000t)
4
686512
Key Non-financial Measures
11.1%
c.13.5%
14.0%
c.18.4%
FY19FY21F
EBIT marginROFE
EBIT Margin
1
(%) and ROFE
2
(%)
1. Before significant items; FY19 is adjusted for proforma IFRS16 to allow like-for-like comparison
2. ROFE (Return on Funds Employed) calculated based on closing funds
3. TRIFR = Total no. of recorded injuries per million man house worked, does not include Restricted Work Injuries, YTD is 10 months ended 30 April 21
4. Combined scope 1& 2 carbon emissions, YTD21 is 9 months ended 31 March 21
61
Fletcher Building Limited Investor Day Presentation | © May 2021

Concrete
Initiatives in place to drive both margin expansion (1-2%)
and above market growth in the short-and medium-term
FY21-23 top line growthand cost reduction initiativesFY23+ growth opportunities
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Fletcher Building Limited Investor Day Presentation | © May 2021
Market leading
solutions &
services
➔Growth through differentiation
(enhancedproducts & service
offering)
➔Full benefit from asset renewal
anddebottlenecking
Lowest
delivered cost
➔Footprint & supply chain optimisation
➔Operational excellence and lean
support organisation
Innovation
➔Innovative products &services
➔Integrated solutions offering
Digital
➔Operation & supply chain
optimisation
➔Digital customer experience
Sustainability
➔Alternative fuels & raw materials
➔Supplementary cementitious
materials
➔Concrete recycling & re-use
Economic
performance
of each
business in
industry top
quartile
Leadership in
innovation,
sustainability,
and growth via
disruption
Market leading
customer
solutions and
services
Lowest
delivered cost

Concrete
Innovationas key driver for growth
+$2m sales
>25% growth
from masonry products
+2m sales
>25% growth
from differentiated
certified concrete
+$4m sales
>30% growth
retaining wall systems
+$2m sales
>30% growth
X-Pod flooring system
Management estimates, revenue and growth are FY20 to FY21F
63
Fletcher Building Limited Investor Day Presentation | © May 2021
Leadership in
innovation,
sustainability,
and growth via
disruption
... to integrated solutionsFrom innovative products...

Concrete
Digitalas key driver for growth
64
Fletcher Building Limited Investor Day Presentation | © May 2021
40% digital
certified delivery
process
-$1m cost
bydigitalquarry
surveying & design
>50% digital
cementsupply chain
1
st
in NZ
digital RMX B2C sales
channel
... to digital customer experienceFrom digital operation & supply chain...
Market leading
customer
solutions and
services

Concrete
Sustainability as key driver for growth
65
Fletcher Building Limited Investor Day Presentation | © May 2021
35%
substitution
of coal with
alternative fuels
95% products
of RMX products
with Environmental
Product Declaration
>25,000t
of supplementary
cementitious materials
in 2021
>$3m contribution
from alternative fuels
and raw materials in 2021
>50,000t
of recycled & reused concrete
in 2022
Leadership in
innovation,
sustainability,
and growth via
disruption
... to circular solutionsFrom leading CO
2
footprint...

Concrete
Closing summary –NZ Concrete provides strong platform for sustainable growth
66
Fletcher Building Limited Investor Day Presentation | © May 2021
NZ leading concrete business based on strong brands, capabilitiesandfootprint
➔FY21-23: Performance improvement driven by top line and cost initiatives
➔FY23+: Significant Growth opportunities related to:
➔Innovation: innovative products, services and integrated solutions
➔Digital: digital operational, supply chain and enhance customer experience
➔Sustainability: leverage leadership in CO
2
reductions to circularity in products and
building
Initiatives in place to drive margin expansion (1-2%) and above market
growth in the short-and medium-term

Questions
67
Fletcher Building Limited Investor Day Presentation | © May 2021

Fletcher Building Limited
•Proven track record of driving change during seven years at Fletcher Building and previous tenure
•Led Distribution Division through cost structure reset, driving digital innovation and
pivoting for market growth
•CA qualified; Bachelor of Commerce from the University of Canterbury
Agenda
1. Introduction, Fletcher Building OverviewRoss Taylor
2. Group FinancialsBevan McKenzie
3.SafetyWendi Croft
4. Building ProductsHamish McBeath
5. ConcreteNick Traber
6. DistributionBruce McEwen
7. Residentialand DevelopmentSteve Evans
8. ConstructionPeter Reidy
9. AustraliaDean Fradgley
10. People, Innovation and SustainabilityClaire Carroll
11. Concluding Remarks and Q+ARoss Taylor

Distribution
Leading trade distribution businesses in New Zealand
69
Fletcher Building Limited Investor Day Presentation | © May 2021
➔Leading trade distributor across the NZ market in building and plumbing supplies with strong geographic network reach
➔Positioned for growth across the key metro markets, with a strong regional play to diversify sales and earnings risk
➔Investing in capability to deliver market leading customer service through an integrated digitised supply chain
➔Harnessing digital capability to enable our customers to transact when and where they need it
➔Deep customer connections, leading technical knowledge and strong grass roots presence through leading respected brands
Business Unit
Overview
•PlaceMakers has served the NZ building industry for 40 years, 64 branches nationwide
•It operates as New Zealand’s largest supplier of building materials and hardware, selling over 74,000 product lines from concrete to paint and plasterboard
•Leading timber framing fabricator in New Zealand
•Eight plants across New Zealand producing over 100,000m³ of timber framing p.a.
•Mico has 75 years of experience in providing plumbing and bathroom products throughout New Zealand, 65 branches nationwide
•Mico’steam delivers customers with a wide range of products from piping and valves to baths, vanities and more
•Forman Building Systems has been delivering energy efficient quality environments for over 100 years
•Specialist Distributors of Insulation, Ceilings, Wall and Passive Fire

Distribution
Strong presence across New Zealand
140
points of presence
from Kaitaia to Invercargill
2,500
people
4m+
customer visits a year
70k+
trade customers
250,000
customer deliveries
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Fletcher Building Limited Investor Day Presentation | © May 2021

Distribution
Well-positioned in trade market mainly exposed to residential sector
Source: FBU Management estimates
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Fletcher Building Limited Investor Day Presentation | © May 2021
HY21 Revenue Weighted Sector Exposure
Market Size ($b) and Share (%)
Key:FBU ShareOther Competitors
$3b$0.8b$0.4b$0.3b$0.5b$3b
Comm.Bath.GHBsRetailSmall to Medium Sized EnterprisesPlum
-bing
100%
Market share
81%
19%
Key:ResidentialNon Residential

7.2%
c.7.4%
FY19FY21F
46.0%
c.52.7%
Distribution
Sustainable performance improvement through efficiency savings
$115m
$125-130m
FY19FY21F
FY19YTD21
TRIFR
3
5.85.8
NPS
3638
Engagement
75%68%
Carbon (‘000t)
4
87
EBIT margin
ROFE
72
Fletcher Building Limited Investor Day Presentation | © May 2021
1. Before significant items; FY19 is adjusted for proforma IFRS16 to allow like-for-like comparison
2. ROFE (Return on Funds Employed) calculated based on closing funds
3. TRIFR = Total no. of recorded injuries per million man house worked, does not include Restricted Work Injuries, YTD is 10 months ended 30 April 21
4. Combined scope 1& 2 carbon emissions, YTD21 is 9 months ended 31 March 21
EBIT ($m)
1
Key Non-financial Measures
EBIT Margin
1
(%) and ROFE
2
(%)

Distribution
Near-term operational focus on continued profitable growth
➔Strong foundations in place to drive ongoing operational performance
improvements in the current business
➔Target to capture a greater share of our customers spend with deeper data
analytics to grow leadership position in key categories
➔Enhancing our service offerings to improve customer service and engagement
➔All to capture a greater mix of margin accretive customers, drive market share
gain and earnings growth
73
Fletcher Building Limited Investor Day Presentation | © May 2021
Economic
performance
of each
business in
industry top
quartile
Leadership in
innovation,
sustainability,
and growth via
disruption
Market leading
customer
solutions and
services
Lowest
delivered cost

Distribution
Key strategic priorities to drive market share gain and earnings growth
74
Fletcher Building Limited Investor Day Presentation | © May 2021
Market leading
customer solutions
and services
➔E-Commerce with seamless integration into customer ecosystems
➔Big data analytics to create customer insights and solutions
Lowest delivered cost
➔Network optimisation for customer centricity and efficiency
➔Workforce optimisation standardising new ways of working
Economic performance
of each business in
industry top quartile
➔Customer segmented pricing & discount management
➔Procurement value creation through smart sourcing
Leadership in
innovation,
sustainability, and
growth via disruption
➔Digitised end-to-end supply chain to deliver best-in-class order fulfilment
➔Sales excellence to capture market share and share of wallet growth
Economic
performance
of each
business in
industry top
quartile
Leadership in
innovation,
sustainability,
and growth via
disruption
Market leading
customer
solutions and
services
Lowest
delivered cost

Distribution
E-Commerce with seamless integration into customer ecosystem
➔Launched PlaceMakers mobile app & portal capability in Q1 FY21
➔Mobile capability for flexible customer use
➔Live stock availability and personalised pricing
➔Constantly improving customer experience through
enhanced functionality, such as “Skip the Counter”
➔Building customer personalisation with marketing
automation to create targeted offers
➔Regional test and learn customer experiences to build
customer adoption
➔27% of trade customers registered on the platform
➔Quickly grown to 2.1% of monthly sales
75
Fletcher Building Limited Investor Day Presentation | © May 2021
What have we done to improve performance?What we are doing to drive growth
Market leading
customer
solutions and
services

Distribution
Network optimisation for customer centricity and efficiency
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Fletcher Building Limited Investor Day Presentation | © May 2021
What have we done to improve performance?What we are doing to drive growth
Grouped geographically close metro PlaceMakers branches to:
➔Drive scale efficiencies
➔Improve customer service
➔Enable property reconfiguration
➔Simplified and aligned regional leadership to drive
consistency of execution
➔Products delivered from nearest branch or DC, closest to
site delivery
➔Unified and cohesive sales team that collaborates to take
market share
➔Streamlined technical customer support to deliver
consistent and superior service
➔Improved purchasing power with more efficient inventory
management
Lowest
delivered cost

Distribution
Digitised end-to-end supply chain
77
Fletcher Building Limited Investor Day Presentation | © May 2021
What have we done to improve performance?What we are doing to drive growth
Created PlaceMakers delivery services, digitising distribution
capability to drive improved:
➔Safety and efficiency
➔Customer service
➔Delivery to expectation (DIFOT)
➔Digitising branch processes to capture customer order
information, reduce errors and create a frictionless
customer experience
➔Customer receives digital visibility of product on their
order / delivery
➔1.4 million advance delivery notifications, now with
“Uber-style” live delivery tracking
➔Advanced analytics to provide insight on operational
performance and customer insights
➔Growing the fleet size and delivery capability to deliver
specialist product
Leadership in
innovation,
sustainability,
and growth via
disruption

Distribution
Closing summary –driving transformation through digital capability and delivery
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Fletcher Building Limited Investor Day Presentation | © May 2021
➔Strong financial performance with growing EBIT margins and strong return on funds employed (ROFE)
➔Ongoing innovation in customer-focused digital solutions to drive a seamless integrated supply chain to make it easier for
customers to do business the way they chose
➔Key transformation initiatives underway to position the business for the future in a competitive market
➔Market leading brands and capability to capture greater share of customer spend and grow overall market share in key segments
by 0.5-1.0% each year
Sustainable earnings growth through focused top-line sales growth, pricing disciplines and cost efficiencies,
to deliver ongoing EBIT margin expansion of 50-100bps by FY23

Questions
79
Fletcher Building Limited Investor Day Presentation | © May 2021

Fletcher Building Limited
•30 years experience across residential and construction sector, including international roles
in Australia, Asia and UK –joined Fletcher Building in May 2014
•Led the establishment of the separate Residential & Development Division and
successfully restructured the FB property portfolio
Agenda
1. Introduction, Fletcher Building OverviewRoss Taylor
2. Group FinancialsBevan McKenzie
3.SafetyWendi Croft
4. Building ProductsHamish McBeath
5. ConcreteNick Traber
6. DistributionBruce McEwen
7. Residentialand DevelopmentSteve Evans
8. ConstructionPeter Reidy
9. AustraliaDean Fradgley
10. People, Innovation and SustainabilityClaire Carroll
11. Concluding Remarks and Q+ARoss Taylor

Residential and Development
NZ’s leading Residential and Industrial Development business
➔Centred around Auckland and Christchurch, delivering new master-planned communities at scale. Extensive land portfolio sourced through direct
acquisition, partnerships with government and iwi, and through other developers where we can influence / control the masterplan. Driving
efficiency in design and reducing cost to build through scale
➔Market leading offsite manufacturing facility supports growth in homes constructed, now one year into delivery of panelised homes
➔Pivoting into the Apartment market and adding a Retirement offering of up to 100 homes p.a. to our communities
➔Supplementing FB Properties with further Industrial Development of land
Industrial
Development
Apartments
Retirement
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Fletcher Building Limited Investor Day Presentation | © May 2021
Business Unit
Overview
•Fully integrated developer and speculative builder of quality homes in Auckland and Christchurch
•Forecast to sell c.850 homes in FY21 with extensive land pipeline to support 1,000+ homes sold p.a.
•Offsite manufacturer of panelised homes supplying Fletcher Living, Kainga Ora and group home builders
•Forecast to complete 100 homes in FY21 with a planned step up in volumes in future years driving earnings
•Newly established team focused on delivery of multi-level housing in Auckland
•Forecast to grow business to c.300 units p.a. within Fletcher Living communities and on standalone sites
•Differentiated market proposition with ORAs based on 15% DMF, share of capital gains, no integrated care
but healthcare services offered through partner
•Developer of industrial sites in FB portfolio and in Auckland region leveraging in-house development expertise
and resource

Residential and Development
Performance improvement driven by measured growth
$137m
$145-150m
FY19FY21F
21.4%
c.19.9%
21.0%
c.26.4%
FY19FY21F
EBIT marginROFE
FY19YTD21
TRIFR
3
6.05.6
NPS
6368
Engagement
85%80%
Carbon (‘000t)
4
0.40.3
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Fletcher Building Limited Investor Day Presentation | © May 2021
EBIT ($m)
1
Key Non-financial Measures
EBIT Margin
1
(%) and ROFE
2
(%)
1. Before significant items; FY19 is adjusted for proforma IFRS16 to allow like-for-like comparison
2. ROFE (Return on Funds Employed) calculated based on closing funds
3. TRIFR = Total no. of recorded injuries per million man house worked, does not include Restricted Work Injuries, YTD is 10 months ended 30 April 21
4. Combined scope 1& 2 carbon emissions, YTD21 is 9 months ended 31 March 21
FY19FY21F
Zoned lots
under control
5,4224,691
Units taken to profit
735c850

➔Scaling the delivery of homes from 850 to over 1,000 in the next
two years, with additional growth planned in subsequent years
➔Delivering new developments across Auckland and Canterbury
with focus on sites of at least 100 homes. Strong pipeline across
sections, partnerships and raw land
➔Significant value added from delivering master-planned
communities at scale including land cost, procurement of civil
infrastructure, product mix, public amenity
➔Focussing on mid-market housing where customer desire and
product demand is maximised
➔Driving innovation through use of new building materials and
OSM solutions
➔Leading industry sustainability initiatives in waste minimisation,
and through our 1.5 degree home
Residential
Growing to 1,000 homes p.a. in Auckland and Christchurch
1. A further c2,000 sections are currently under conditional agreements or final negotiation
2. Rural land at Taupakiput in at 2 x land acquisitions, not as developed section
Zoned
land
Future
zone land
Rural
land
2
TOTAL
In current possession
3,173-13,174
Unconditional
contracts
72079611,517
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Fletcher Building Limited Investor Day Presentation | © May 2021
Sections Available
1
Economic
performance
of each
business in
industry top
quartile
Leadership in
innovation,
sustainability,
and growth via
disruption
Market leading
customer
solutions and
services

➔Over 25% of our homes now suitable for panelisationthrough the DfMA
1
process
➔Delivered over 100 homes so far, with pipeline of c.200 homes into FY22,
including first external customer
➔Advanced technology steps with incorporation of hsbCAD
2
and Pryda
3
for mid
floor and truss designs
➔Waste minimisation and quality of product both at world class levels
➔Additional benefits include significant reduction in build time (savings of up to
six weeks per home) and increased recycling of working capital
➔Further scale opportunities being investigated, including façades and pods
Offsite Manufacturing
Speed and volume deliver benefits
1. Design for Manufacture and Assembly (DfMA) is a design approach that focuses on ease of manufacture and efficiency of assembly. By simplifying the
design of a product it is possible to manufacture and assemble it more efficiently, in the minimum time and at a lower cost
2. hsbCADis a Computer Aided Design (CAD) system that converts architectural design into a production design and data without any lossof information
3. Prydasupplies design software used for creating tailored floor and trusses
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Fletcher Building Limited Investor Day Presentation | © May 2021
Leadership in
innovation,
sustainability,
and growth via
disruption
Market leading
customer
solutions and
services

➔In response to population growth and evolving demographics, densification within
New Zealand continues. This provides significant opportunities including in some
of our bigger developments
➔Pipeline has been identified and secured to scale the business to c.300
apartments a year by FY24
➔Key driver of a growth engine that can deliver c.15% p.a. returns in future. This
includes driving costs down through clever design and smart procurement
➔Focus is on mid market product, as we do throughout the residential business
➔Innovation through Clever Core likely to play an important part in growth of the
apartments business, including the use of pods and prefabricated facades
Apartments
Plan to scale up to c.300 units p.a. by FY24
Hobsonville
Panmure
Oranga
Northcote
Three Kings
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Fletcher Building Limited Investor Day Presentation | © May 2021
Apartment Locations (FY22-24)
Economic
performance
of each
business in
industry top
quartile
Leadership in
innovation,
sustainability,
and growth via
disruption
Market leading
customer
solutions and
services
Lowest
delivered cost

➔Our current communities cater to homeowners, from their first home to
their last, but there are further opportunities that we have not yet
explored –Retirement is an appealing next step
➔Based on an established ORA
1
structure, but with a differentiated DMF
2
of 15% plus sharing of capital gains with residents
➔On site shared services (residents’ lounge and communal amenity) and
concierge plus regular check-ins
➔Access to healthcare through external partner, directly contracted by
the resident
➔Resource consents lodged for WaiataShores and Red Beach, and looking
to grow delivery through FY24-25 to 100 units and c.$10-15m EBIT p.a.
Retirement
Adding to our communities
1. Occupational Right Agreement
2. Deferred Management Fee
Integrated into Fletcher Living communities
All the convenience you need, nothing you don’t. No expensive shared facilities
Frequent check in with our team provides peace of mind for you and your family
Technology solutions to provide connection to family and support wellness and basic healthcare
Partnership with NZ’s leading provider of in-home care provides access to help when you need it
We maintain your home and the shared spaces and take care of your basic costs
LowerDMFandallcustomers share in capital gains during residence
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Fletcher Building Limited Investor Day Presentation | © May 2021
Leadership in
innovation,
sustainability,
and growth via
disruption
Market leading
customer
solutions and
services

➔Our Development Team has proven skills and well-developed track record
from working on the FBU portfolio. This has included sales at Rocla Gailes
and CCT Penrith this year
➔Team now expanded to supplement the FB asset disposal pipeline with
attractive external development opportunities
➔Our competitive advantage is in the ability to source land and navigate
the complex rezoning process of land in Auckland
➔Continue to generate c.$25m EBIT p.a. through this business
Industrial Development
Supplementing Fletcher Building properties
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Fletcher Building Limited Investor Day Presentation | © May 2021
Economic
performance
of each
business in
industry top
quartile

Residential and Development
Closing summary –Strong delivery of performance so far, future focused to grow
➔A significant base of Residential earnings which are growing
and will be supplemented with:
➔Growing Apartments business based on scaling to c.300
units p.a.
➔Clever Core moving out of start-up mode into EBIT
generation as it ramps up sales beyond 200 units p.a.
➔Emergence of Retirement earnings as the business grows
to 100+ new units p.a.
➔Consistent Development EBIT of c.$25m p.a.
➔Funds expected to build to c.$750m in FY22 as we reinvest in
land stock and support growth opportunities
Residential Units Taken To Profit
0
200
400
600
800
1,000
1,200
FY14FY15FY16FY17FY18FY19FY20FY21FFY22FFY23F
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Fletcher Building Limited Investor Day Presentation | © May 2021

Questions
89
Fletcher Building Limited Investor Day Presentation | © May 2021

Fletcher Building Limited
•Peter Reidy joined Fletcher Building as Chief Executive of Construction in October 2018
•Success in leading cultural change and delivering sustainable results across customer intensive
infrastructure based businesses in sectors including transport, water, energy, tourism, construction in
NZ, Australia, SE Asia and the UK
•Public and private sector leadership experience
Agenda
1. Introduction, Fletcher Building OverviewRoss Taylor
2. Group FinancialsBevan McKenzie
3.SafetyWendi Croft
4. Building ProductsHamish McBeath
5. ConcreteNick Traber
6. DistributionBruce McEwen
7. Residentialand DevelopmentSteve Evans
8. ConstructionPeter Reidy
9. AustraliaDean Fradgley
10. People, Innovation and SustainabilityClaire Carroll
11. Concluding Remarks and Q+ARoss Taylor

•Buildings: Major buildings for Government, institutions and businesses throughout New Zealand –
since 1909
•Infrastructure: Major transport projects throughout New Zealand, including Puhoi to Warkworth, Peka
Pekato Otaki and Hamilton City Edge
•SouthPacific: Buildings, civil & marine engineering throughout the South Pacific region –since 1946
•Brian Perry Civil: Ground engineering, marine and utilities (including Three Waters) throughout New
Zealand and the South Pacific
•Incorporates specialist businesses Pipeworks and Piletech
•Higgins:Roading specialist –building, maintaining and materials supply
•Number two asphalt producer in the New Zealand market with 13 asphalt plants, bitumen distribution
and storage facilities
•Long-term maintenance contracts with Waka Kotahi and local authorities
Construction
Leading New Zealand Tier 1 Contractor
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Fletcher Building Limited Investor Day Presentation | © May 2021
➔Vertical and horizontal construction offering in New Zealand and South Pacific, with strong heritage brands
➔Full lifecycle service offering
➔Specialised self-perform businesses
Brands
Business Units

Construction
The Construction sector matters to New Zealand
South Pacific
1. Excludes Residential and Professional Services
New Zealand
92%
South Pacific
8%
Revenue Split
SectorSizeFletcher Share
Commercial
$8.5bc.2%
Infrastructure
$8.9bc.13%
South Pacific
$2.3bc.4%
$19.7b
1
c.7%
Construction Market Size
(Work Put In Place FY21)
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Fletcher Building Limited Investor Day Presentation | © May 2021

Construction
Positioned in growth sectors
TRANSPORT
SECTOR SIZE / P.A.
$7-7.5b
➔Highway and local road construction
➔Road maintenance
➔Ports / marine upgrades
➔Airport runways
BUILDINGS
SECTOR SIZE / P.A.
$8-8.5b
➔Health –hospital upgrades
➔Defence
➔Education –school construction
➔Auckland Airport
THREE WATERS
SECTOR SIZE / P.A.
$1.5-2.0b
➔Water & wastewater network upgrades
➔Treatment plant upgrades
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Fletcher Building Limited Investor Day Presentation | © May 2021

Construction
Current earnings reflective of nil margin legacy work
$51m
$25-30m
FY19FY21F
3.0%
c.2.2%
FY19FY21F
FY19YTD21
TRIFR
2
6.14.9
NPS
3
34n/a
Engagement
72%66%
Carbon (‘000t)
4
4233
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Fletcher Building Limited Investor Day Presentation | © May 2021
EBIT ($m)
1
Key Non-financial Measures
EBIT Margin
1
(%)
1. Before significant items; FY19 is adjusted for proforma IFRS16 to allow like-for-like comparison
2. TRIFR = Total no. of recorded injuries per million man house worked, does not include Restricted Work Injuries, YTD is 10 months ended 30 April 21
3. NPS survey to be distributed May 2021 for Brian Perry Civil, Higgins and South Pacific
4. Combined scope 1& 2 carbon emissions, YTD21 is 9 months ended 31 March 21

Construction
Order book growth rebalanced to lower risk
➔67% of our order book comprises medium risk style contracts –
including multi-year alliance contracts, programme agreements and
asset maintenance
➔Underpins 75% of forecast revenue for FY22 and 50% of FY23
New portfolio comprising
predominantly lower-risk
smaller projects and
maintenance contracts
Legacy high-risk, lump sum D&C
Preferred status
$2.2b
$0.3b
$0.7b
$2.5b
-
$0.5b
HY18FY21F
$3.3b Order Book
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Fletcher Building Limited Investor Day Presentation | © May 2021

Construction
Growth driven by lower risk contracts
FY21F Annual Revenue
$0.9b
$0.5b
Sector Exposure
77%
23%
Private
Local and Central
Government
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Fletcher Building Limited Investor Day Presentation | © May 2021
Major Projects >$100m
•Commercial Buildings
•Roads
•Water
Infrastructure Services
•Brian Perry Civil
•Higgins
•South Pacific

Construction
Our 3-stage roadmap to create value
BUILDCAPABILITY AROUND
GROWTH CUSTOMERS
GROWASSET LIFECYCLE
PRODUCTS + SERVICES
STRENGTHENDELIVERY
CAPABILITY AND CAPACITY
•Risk management platform and field tools
•Specialised plant and assets
•Upskilling people
•Self-perform resources
Diversifying revenue, offering a broader
range of integrated services and technology
97
Fletcher Building Limited Investor Day Presentation | © May 2021

Construction
Strengthen delivery capability and capacity
➔Asphalt
➔Marine
➔Trenchless pipelines
➔Critical skills
➔Apprentices
➔Diversity
➔Training & Development
Specialised PlantPeople DevelopmentDigital Platforms
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Fletcher Building Limited Investor Day Presentation | © May 2021

Construction
Build capability around growth customers
AMETI
Eastern Busway 2, 3, 4
ALLIANCE
PROJECT
$500m
FLETCHER
SHARE
$240m
Watercare Enterprise Model
10-year programme
ENTERPRISE
MODEL
$2.4b
FLETCHER
SHARE
$1.2b
* Preferred
Kings Road
Fiji Roads Authority
CONSTRUCTONLY
(VARIOUS PROJECTS)
$80m
99
Fletcher Building Limited Investor Day Presentation | © May 2021

Construction
Grow asset lifecycle products and services
100
Fletcher Building Limited Investor Day Presentation | © May 2021
Asset ManagementBituminous Products

101
Fletcher Building Limited Investor Day Presentation | © May 2021
Construction
Closing summary
➔Reshaped forward order book with growth rebalanced to lower risk
➔Legacy run-off will largely be completed by the end of FY23
➔Strong secured revenue for FY22
➔Investing in specialised assets, digital risk management tools, safety leadership and people development programmes
➔Expect EBIT to be bottom of margin range (3-5% by FY22) as order book replaces nil margin legacy work
➔Focused on creating a sustainable Fletcher Construction

Fletcher Building Limited
•Chief Executive of Australia since 2018; joined Fletcher Building in 2013. Previous roles include Chief
Executive of Distribution
•Internationally experienced leader in B2B and B2C, with a successful track record of growth and
turnaround strategies
•10 years with Wolseley-Ferguson, the world’s largest plumbing distributor; 10 years with Kingfisher, the
largest DIY retailer in Europe
Agenda
1. Introduction, Fletcher Building OverviewRoss Taylor
2. Group FinancialsBevan McKenzie
3.SafetyWendi Croft
4. Building ProductsHamish McBeath
5. ConcreteNick Traber
6. DistributionBruce McEwen
7. Residentialand DevelopmentSteve Evans
8. ConstructionPeter Reidy
9. AustraliaDean Fradgley
10. People, Innovation and SustainabilityClaire Carroll
11. Concluding Remarks and Q+ARoss Taylor

Australia
We have well-established and leading brands that operate across manufacturing and distribution sectors
•Laminex is the leading manufacturer and distributor of decorative surfaces and joinery products for over
80 years
•Iplex manufactures and distributes a comprehensive range of pipeline solutions
•Rocla manufacturers a range of engineered concrete solutions from pipe and precast through to railway
sleepers
•The business is in divestment phase
•FI provides energy efficient & acoustic solutions to heating, ventilation and air conditioning (HVAC)
markets
•Tradelink is a leading plumbing supplier of own brand and proprietary products servicing the trade
plumber, large home builder and retail customer
•Stramit is a large scale steel rollformerto the residential and commercial building markets and is the
country’s largest shed distributor via its Fair Dinkum Shed brand
•Oliveri Solutions is a leading manufacturer and master distributor of kitchen and bathroom products
Civil /
Infrastructure
➔Businesses of scale in specific sectors
➔Positioned for growth across the key markets
Business UnitOverviewResidentialCommercial
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Fletcher Building Limited Investor Day Presentation | © May 2021

Australia
Overall market outlook is expected to be stable over the next two years; strong growth in medium-term
Source: BIS Oxford Economics. Work done, current prices
AU Historical and Forecast Market Outlook
The Australian market has rebounded well from the impact of COVID-19
➔Residential (60% exposure)
➔Residential detached sector remains buoyant supported by
government stimulus and low interest rates
➔Medium to high density construction activity continues to drag
on the overall residential sector
➔Alterations & Additions remain strong in the near-term
➔Commercial (28% exposure) building activity remains negative in the
short-term
➔Civil / Infrastructure (12% exposure) remains buoyant in subsectors
such as transportation and mining, but down in utilities
Value of Non-Residential and Infrastructure (A$b)
Residential/ A&A (A$b)
CAGR
6%
CAGR
-1%
81
73
75
76
77
FY19FY20FY21FFY22FFY23F
46
49
47
44
46
96
95
104
120
133
FY19FY20FY21FFY22FFY23F
Non-ResidentialInfrastructure
Key:
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Fletcher Building Limited Investor Day Presentation | © May 2021

Australia
Despite a broadly flat market, good progress made on profitable share gains
1. Rocla –Pipes only
Source: FBU Management estimates
60%
28%
12%
Key:ResidentialNon ResidentialInfrastructure
Our growth strategy has seen us drive performance and deliver
stronger results in key categories. This has shifted the divisional
exposure to the more stable and profitable residential sector,
supporting the improved quality of underlying returns
LaminexTradelink & OliveriIplexFletcher
Insulation
Rocla
1
Stramit
$4.2b$2.6b$1.8b$1.4b$0.4b$0.5b
Market share %
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Fletcher Building Limited Investor Day Presentation | © May 2021
HY21 Revenue Weighted Sector Exposure
Market Size (NZ$b) and Share (%)
Key:FBU ShareOther Competitors

Australia
The Division has evidenced material profit improvement in FY21; this will continue into FY22 and beyond
as we target 5-7% EBIT margin by FY23
$77m
$100-105m
FY19FY21F
Key Financial Efficiency Measures
2.5%
c.3.6%
5.0%
c.7.6%
FY19FY21F
EBIT marginROFE
FY19YTD21
TRIFR
3
5.45.8
NPS
3325
Engagement
64%59%
Carbon (‘000t)
4
349263
FY19FY21F
Sales per FTE (NZD)
$555k$607k
GM per FTE (NZD)
$159k$181k
GMR
8.8%12.8%
Overheads
5
26.5%25.5%
Working capital days
81.978.3
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Fletcher Building Limited Investor Day Presentation | © May 2021
1. Before significant items; FY19 is adjusted for proforma IFRS16 to allow like-for-like comparison
2. ROFE (Return on Funds Employed) calculated based on closing funds
3. TRIFR = Total no. of recorded injuries per million man house worked, does not include Restricted Work Injuries, YTD is 10 months ended 30 April 21
4. Combined scope 1& 2 carbon emissions, YTD21 is 9 months ended 31 March 21
5. SG&A and WH&D
EBIT ($m)
1
Key Non-financial Measures
EBIT Margin
1
(%) and ROFE
2
(%)

Australia
Quality of underlying earnings improved materially; now in growth mode
➔Digital momentum in key businesses
➔Extensive network rationalisation
➔Automation investments underway
➔Pricing programme well established with momentum evidenced
➔Segmental economic strategies driving improved gross margin
➔Material growth in sales and margin per FTE driving sustainable
efficiency
➔Vitality at record levels, NPD has momentum
➔Taking market share in margin accretive areas
➔Range optimisation with exit of 15,000 individual products
➔All businesses digitally mature by FY24-25 with digital marketplaces
in place in Tradelink & Laminex
➔Laminex launching new business model in FY21 under Haven brand
➔A strong multi-year pipeline of new product development,
strengthening existing positions and creating additional revenue
streams
➔Mature programmes of automation in manufacturing business units
➔Accelerated growth of sustainable earnings driven by strong
performance in margin accretive categories
➔Specification, primary demand and aggregation in core markets
5-7% EBIT margin by FY23Positioned for growth FY23+
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Fletcher Building Limited Investor Day Presentation | © May 2021
Economic
performance
of each
business in
industry top
quartile
Leadership in
innovation,
sustainability,
and growth via
disruption
Market leading
customer
solutions and
services
Lowest
delivered cost

Laminex
Performing very well in market; gross margin now at top quartile levels,
supported by sustainable low operating costs
FY19FY20FY21F
Gross Margin improvement
170bps improvement
2019 2021
Decorated Board Sales
Gross Margin Improvement
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Fletcher Building Limited Investor Day Presentation | © May 2021
Targeted segment
growth
➔Strong share growth in decorative category
➔Primary demand strategy driving profitable
growth
Margin
➔Price effectiveness strong
➔Range rationalisation; >9,000 SKUs exited
➔Outperform manufacturing cost indices
New product
development
➔Vitality >11%
➔Strong performance in new décor ranges
➔Formica relaunch providing duel brand
strategy
Customer
excellence
➔Online sales >25% of total revenue,
annualising at $170m+
➔New operating model launches in June
Economic
performance
of each
business in
industry top
quartile
Leadership in
innovation,
sustainability,
and growth via
disruption
Market leading
customer
solutions and
services

Laminex
Now leading the market with best-in-class vitality and innovation
➔The strong digital offer is
attracting new business
➔Online sales at 27% of
total revenue
➔New décor ranges are
performing well and this is
increasing category share
and margin
110
Fletcher Building Limited Investor Day Presentation | © May 2021
Leadership in
innovation,
sustainability,
and growth via
disruption
What have we done to improve performance?What we are doing to drive growth
➔Primary demand via our sales team is driving specification
➔Vitality has grown materially; NPD is now >10%
➔Dual brand strategy –Formica brand re-launch
➔Focus and growth in our margin accretive categories like
Décor are ahead of business plan
➔Expansion into adjacencies –Laminex Surround
➔Testing alternate fibre. Successful bamboo trial
➔Next phase of digital coming
➔New distribution model –Haven Kitchens by Formica

Laminex
Laminex will launch trial stores in June this year with a market leading B2B joinery offer
Made and distributed by
our manufacturing base
Sell the whole kitchen
solution
Oliveri / Tradelink
Five store trial in Victoria
PRE-ASSEMBLED
HIGH QUALITY,
RIGID CARCASS
KITCHENS WITH
FREEATHOME
DESIGN SERVICE
100%INSTOCK,
100% OF TIME.
PICK UP A
KITCHEN
TODAY!
YOU RESELL
HAVEN
KITCHENS BY
FORMICA
TO THE END
CONSUMER AT
YOUR DEFINED
PRICEANDMARGIN
Pre-Assembled
Quality
Kitchens
Always
InStock
You’reIn
Control
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Fletcher Building Limited Investor Day Presentation | © May 2021

Tradelink & Oliveri
Making pleasing progress, supported by margin expansion & efficiency gains
46%
41%
8%
6%
SME
Projects
Retail/other
Network
builders
Customer Mix
112
Fletcher Building Limited Investor Day Presentation | © May 2021
Economic
performance
of each
business in
industry top
quartile
Market leading
customer
solutions and
services
Lowest
delivered cost
Targeted SME
plumber growth
➔46% of total revenue is SME, up from 34%
➔Gross margin has momentum
➔Quote turnaround speed improved by 50%
Gross margin
➔Own brand at record levels
➔Material expansion of Oliveri brand into
markets
➔Price effectiveness
Digital
➔B2C website live and ahead of plan
➔B2B digital plan live in FY22
Operational
efficiency
➔Strongest sales per FTE
➔Oliveri cost to manufacture at global best-in-
class levels
➔Showroom programme complete

Tradelink & Oliveri
Efficiencies evidenced through strong sales metrics, own brand sales exceeding expectations,
and digital offer launched with improving volumes and conversion rates
Higher margin own brand
front of wall sales (FOW)
is now 35% vs. a prior
target of 25%
FY17FY18FY19FY20FY21 YTD
% of FOW
Own Brand Sales
100
120
140
160
180
400
450
500
550
600
FY18FY19FY20FY21F
GM$
Sales $
Sales & Margin per FTE
Sales/FTEGM/FTE
Sales and margin per FTE
both increasing
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Fletcher Building Limited Investor Day Presentation | © May 2021
What have we done to improve performance?What we are doing to drive growth
➔Own brand front of wall now at 35%
➔B2C website now live –30% uplift in retail revenues
➔B2B digital will be live in FY22
➔Price effectiveness controls significantly improved
➔SME plumber weighting of total revenue continues to grow
Lowest
delivered cost

Fletcher Insulation
Transformational change now complete; significant efficiency gains delivered;
now executing growth strategy
FY19FY20FY21 YTD
$ per KG
Glasswoolmanufacture cost
GlasswoolManufacture Cost
114
Fletcher Building Limited Investor Day Presentation | © May 2021
Lower
manufacturing
costs
➔Direct to site model has facilitated a 35% reduction
in bricks and mortar
➔Factory of the future investment in Dandenong, VIC
➔Best-in-class manufacturing efficiency achieved
Targeted segment
growth
➔Expansion into installed solutions
➔Share gains in residential sector
➔Pull through for upstream manufacturing
Operational
efficiency
➔98% direct to site delivery
➔Digital programme underway
➔Lowest overhead costs in its history
Customer leading
➔Market beating house wrap system
➔DIFOTIS >95%, best-in-class performance
➔New product launches now in market
Market leading
customer
solutions and
services
Lowest
delivered cost

Iplex
Pleasing progress in strategic areas of growth set against a slow project
market; simplified business model driving increased earnings
FY19FY21
SKU Count
Product (SKU) Count by Location
A 6% reduction in SKUs leading to
an 11% reduction in required stock holdings
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Fletcher Building Limited Investor Day Presentation | © May 2021
Targeted
segment focus
➔Strategy relaunch to focus on core strengths and
margin accretive categories
➔Range rationalisation to focus on where we can win
11% reduction
Manufacturing
excellence
➔Investment in automation and latest technologies
➔Manufacturing site optimisation
➔Exit of low margin product categories
Customer
excellence
➔Digitisation programme underway via Iplex
Connect
➔Primary demand team supporting municipal bodies
and asset owners
➔Direct to site service provides competitive
advantage and improved experience
New product
development
➔Investment in black max product range
➔Lightweight piping solutions for improved
sustainability & safety
Economic
performance
of each
business in
industry top
quartile
Leadership in
innovation,
sustainability,
and growth via
disruption
Market leading
customer
solutions and
services
Lowest
delivered cost

Stramit
Material improvement in profitability YoY; performed well in its key
strategic growth areas
Sheds Revenue
201920192019202020202020202020212021
$m
2019 2021
34% increase
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Fletcher Building Limited Investor Day Presentation | © May 2021
Economic
performance
of each
business in
industry top
quartile
Leadership in
innovation,
sustainability,
and growth via
disruption
Market leading
customer
solutions and
services
Lowest
delivered cost
Targeted
segment
growth
➔Core growth with reduced reliance on
project volumes
➔Strong momentum in margin accretive
Sheds and Doors
Operational
efficiency
➔Continued manufacturing efficiency
programme driving highest ever
production volumes
➔Automation to support growth
New product
development
➔Launched SharpLine® roofing and
InfinitiLine® gutters
➔Strong pipeline of new products
Customer
excellence
➔New Stramit website
➔New Fair Dinkum Shed website driving
lead generation

Australia
Closing summary
➔We are on track for 5-7% EBIT margin by FY23. And we are well set for profitable growth
➔These returns are within our span of control in a broadly flat market and should we see more robust market activity levels,
coupled with our future growth plans, further gains will be delivered
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Fletcher Building Limited Investor Day Presentation | © May 2021
Economic
performance
of each
business in
industry top
quartile
Leadership in
innovation,
sustainability,
and growth via
disruption
Market leading
customer
solutions and
services
Lowest
delivered cost
Strong
operational
discipline
Momentum in
vitality &
innovation
Digitisation
at pace
Growing share
profitably &
sustainably
30%
carbon reduction
by 2030
Commitment to
zero harm

Fletcher Building Limited
•Fletcher Building’s Chief People & Communications Officer since April 2018, having joined the
company in 2013. Held previous People roles with Construction and Building Products
•Successful development and delivery of comprehensive People strategies, leading significant
organisational change at Fletcher Building, focused on supporting performance, diversity and
talent development
Agenda
1. Introduction, Fletcher Building OverviewRoss Taylor
2. Group FinancialsBevan McKenzie
3.SafetyWendi Croft
4. Building ProductsHamish McBeath
5. ConcreteNick Traber
6. DistributionBruce McEwen
7. Residentialand DevelopmentSteve Evans
8. ConstructionPeter Reidy
9. AustraliaDean Fradgley
10. People, Innovation and SustainabilityClaire Carroll
11. Concluding Remarks and Q+ARoss Taylor

Fletcher Building Limited
Sustainability

Improving the world around us through smart thinking, simply delivered
TRANSPARENT
ENVIRONMENTAL, SOCIAL AND
GOVERNANCE REPORTING
BE THE LEADER IN
MAKING SUSTAINABLE
BUILDING PRODUCTS
CAREFUL MANAGEMENT
OF OUR RESOURCES
AND EMISSIONS
PARTNER WITH OUR
SUPPLY CHAIN TO
DELIVER SUSTAINABLE
OUTCOMES
SUPPORT OUR
PEOPLE AND OUR
COMMUNITIES
BUILD HEALTHY HOMES
AND DELIVER SUSTAINABLE
INFRASTRUCTURE
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Fletcher Building Limited Investor Day Presentation | © May 2021

We know where it comes from... it’s a big opportunity
Group Carbon Emissions
Other2%
Electricity NZ3%
Process heat8%
Diesel9%
Electricity AU22%
GBC57%
GBC:
➔Clinker 36%
➔Coal 21%
Electricity Australia:
➔Significant contributor due to carbon intensity of grid, in
particular coal in Victoria
Diesel:
➔Mainly Higgins and Winstone Aggregates
Process heat:
➔Mainly WWB, Fletcher Insulation, Laminex Australia, PCC
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Fletcher Building Limited Investor Day Presentation | © May 2021

... and we have a plan to take advantage of it...
Our Carbon Reduction Roadmap: Highest Emitters 87% of Total Emissions
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
FY18FY19FY20FY21FY22FY23FY24FY25FY26FY27FY28FY29FY30
Golden Bay CementLaminex AUFletcher InsulationIplex AU (excluding Rocla)
Winstone WallboardsTotal|All FBTarget|All FBTarget|Major emitters
Emissions (tCO
2
e)
123
Fletcher Building Limited Investor Day Presentation | © May 2021

... from high impact projects
Key high impact initiatives to drive carbon reduction by FY30
Process heat
Process heat
Diesel
Diesel
Electricity AU
Electricity AU
GBC
GBC
F Y 1 8F Y 3 0
-28%
-28%
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Fletcher Building Limited Investor Day Presentation | © May 2021
GBC: -15%
➔Alternative fuels and supplementary cementitious materials
Electricity Australia: -9%
➔Green electricity and rooftop solar
Diesel: -3%
➔Transition to Electric Vehicles (EV)
Process heat: -1%
➔Gas and LPG transition to electricity & biomass
Other: -2%

... and we measure, disclose and verify our sustainability performance
125
Fletcher Building Limited Investor Day Presentation | © May 2021
Major product lines now hold EPDs
Workforce participation disclosed
and gender parity review completed
Listed in the Asia-Pacific indexMost improved NZ company last year

Fletcher Building Limited
Innovation

Innovation at Fletcher Building –three key pillars
Innovationinvolvesthewholeorganisation,fromthebottom-up,top-down,andoutside-in
127
Fletcher Building Limited Investor Day Presentation | © May 2021
Leadership in
innovation,
sustainability,
and growth via
disruption
Innovation is a process and disciplineCreating an Explorers Mindset
We bring the outside in
and partner with disruptors

Pillar 3: Ecosystem scans
128
Fletcher Building Limited Investor Day Presentation | © May 2021
We bring the outside in and
partner with disruptors
Leadership in
innovation,
sustainability,
and growth via
disruption
Clean ConcreteEnvironmental SustainabilityModular / Offsite Construction
DistributionTransport & Logistics

We bring the outside in and partner
129
LastingOutcomes
executivesand
seniorleaders
engaged
150+
pilotsand
partnerships
progressed
20
sessionswith
startups, VCs,
andinnovators
51
start-ups/
techinnovators
mapped
700+
We bring the outside in and
partner with disruptors
Leadership in
innovation,
sustainability,
and growth via
disruption
➔Emergingoutsidetechnologyis
being implementedtodayinour
BUsasa resultof theseactivities
➔Wearegainingvaluebyleveraging
whatalreadyexistsin themarket
➔Ourfuturepipelineismore
resilientand therearereal
opportunitiestobecomea
disruptorin ourmarket

Fletcher Building Limited
People

Our people are integral to delivery of our strategy
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Fletcher Building Limited Investor Day Presentation | © May 2021
Vision
Purpose
Strategic
Goals
Our
People
Group
Measures
Values
Focused on
operational excellence
Global expertise –
locally delivered
Obsession for customers
Strive for growth
and innovation
Driven by purpose
and values
To be the leader in New Zealand and Australian building products and solutions
Improving the world around us through smart thinking, simply delivered
Zero injuries every day
Market leading customer
solutions and services
Lowest delivered cost
Economic performance
of each business in
industry top quartile
Leadership in innovation,
sustainability, and
growth via disruption
Zero Serious InjuriesNPS ≥ 55Engagement ≥ 80% 30% Carbon Reduction
DIFOTIS ≥ 98% EBIT Margin ≥ 10%Cash Conversion ≥60%ROFE≥15%

Driven by our values
132
Fletcher Building Limited Investor Day Presentation | © May 2021
Vision
Purpose
Strategic
Goals
Our
People
Group
Measures
Focused on
operational excellence
Global expertise –
locally delivered
Obsession for customers
Strive for growth
and innovation
Driven by purpose
and values
To be the leader in New Zealand and Australian building products and solutions
Improving the world around us through smart thinking, simply delivered
Zero injuries every day
Market leading customer
solutions and services
Lowest delivered cost
Economic performance
of each business in
industry top quartile
Leadership in innovation,
sustainability, and
growth via disruption
Zero Serious InjuriesNPS ≥ 55Engagement ≥ 80% 30% Carbon Reduction
DIFOTIS ≥ 98% EBIT Margin ≥ 10%Cash Conversion ≥60%ROFE ≥ 15%

Our strategy positions us well to drive shareholder value in the short-and
long-term
Vision
Purpose
Strategic
Goals
To be the leader in New Zealand and Australian building products and solutions
Improving the world around us through smart thinking, simply delivered
Zero injuries every day
Market leading customer
solutions and services
Lowest delivered cost
Economic performance
of each business in
industry top quartile
Leadership in innovation,
sustainability, and
growth via disruption
Significant near-
term “self-help”
valuecreation
opportunity
FocusStrong
financial
positioning
Global and
regionalmacro
trends are
supportive
Well-positioned for
long-term and
sustainable growth
01
0405
0203
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Fletcher Building Limited Investor Day Presentation | © May 2021

Delivering performance & growth against robust NZ+AU macro backdrop
Driving growth through operational improvement and growth initiatives; well-positioned through to FY23+
1. Before significant items
2.Trading Cash-Flow = EBITDA less Lease Principal Payments & Lease Interest Paid plus / minus Working Capital Movements. Underlying trading cash-flow
excludes FCC Legacy Cash-Flow and Significant Items.
3. Return on Funds Employed (ROFE) is EBIT to average funds (net debt and equity less deferred tax asset)
136
Fletcher Building Limited Investor Day Presentation | © May 2021
➔FY21 EBIT before significant items guidance
of $650-665m
➔Improved EBIT
1
margin, FY21F: c.8.2%
➔Strong FY21F Underlying trading cash
flows
2
of $850-900m
➔FY21F ROFE
3
margin of c.18%
➔Strong balance sheet; dividends and share
buyback
➔Australia margins lift to 5-7%
➔Construction margins lift to 3-5% as order
book replaces nil margin legacy work
➔NZ Core margins expand slightly as
adjacencies add operating leverage and
continue to drive BU performance
➔Residential & Development targeting strong
top-line growth at >15% margin
➔Strong investment in both growth opex
and capex
➔Core: product adjacencies, decarbonisation,
customer ecosystems, modern
manufacturing
➔Residential & Development: scale base
business, offsite manufacturing,
apartments
➔Digital and backbone systems
FY21FY22-23FY23+
Strong performance improvements
achieved across all financial metrics
over the last three years
Driving growth through operational
improvement and growth initiatives
to deliver c.10% EBIT margin
Well-positioned through to FY23 and
beyond with key focus areas for growth

Important Information
ThispresentationhasbeenpreparedbyFletcherBuildingLimitedanditsgroupofcompanies(“FletcherBuilding”)forinformationalpurposes.Thisdisclaimerappliestothis
documentandtheverbalorwrittencommentsofanypersonpresentingit.
Incertainsectionsofthispresentation,FletcherBuildinghaschosentopresentcertainfinancialinformationexclusiveoftheimpactofsignificantitems.Anumberofnon-GAAP
financialmeasuresareusedinthispresentationwhichareusedbymanagementtoassesstheperformanceofthebusinessandhavebeenderivedfromFletcherBuilding’s
financialstatements.Youshouldnotconsideranyofthesestatementsinisolationfrom,orasasubstitutefor,theinformationprovidedintheFinancialStatementswhichare
availableatwww.fletcherbuilding.com.
TheinformationinthispresentationhasbeenpreparedbyFletcherBuildingwithduecareandattention,however,neitherFletcherBuildingnoranyofitsdirectors,employees,
shareholdersnoranyotherpersongivesanyrepresentationsorwarranties(eitherexpressorimplied)astotheaccuracyorcompletenessoftheinformationandtothe
maximumextentpermittedbylaw,nosuchpersonshallhaveanyliabilitywhatsoevertoanypersonforanyloss(including,withoutlimitation,arisingfromanyfaultor
negligence)arisingfromthispresentationoranyinformationsuppliedinconnectionwithit.
ThispresentationcontainsnotonlyinformationaboutthehistoricalperformanceofFletcherBuildinganditsoperations,butalsosomeforwardlookingstatements,thatis
statementsrelatedtofuture,notpast,eventsorothermatters.Forwardlookingstatementsmayincludestatementsregardingourintent,belieforcurrentexpectationsin
connectionwithourfutureoperatingorfinancialperformance,ormarketconditions.Suchforwardlookingstatementsarebasedoncurrentexpectations,estimatesand
assumptionsandaresubjecttoanumberofrisksanduncertainties,includingmaterialadverseevents,significantone-offexpensesandotherunforeseeablecircumstances.
Thereisnoassurancethatresultscontemplatedinanyoftheseprojectionsandforwardlookingstatementswillberealised.Actualresultsmaydiffermateriallyfromthose
projected.Exceptasrequiredbylaw,ortherulesofanyrelevantstockexchangeorlistingauthority,nopersonisunderanyobligationtoupdatethispresentationatanytime
afteritsreleaseortoprovidefurtherinformationaboutFletcherBuilding.
Theinformationinthispresentationdoesnotconstitutefinancialproduct,legal,financial,investment,taxoranyotheradviceorarecommendation.
138
Fletcher Building Limited Investor Day Presentation | © May 2021

---

Fletcher Building Limited, Private Bag 92114, Auckland 1142, 810 Great South Road, Penrose, Auckland 1061, New Zealand

Fletcher Building announces on-market share buyback, updates FY21 EBIT
guidance to $650m to $665m

Auckland, 26 May 2021: Fletcher Building Limited (‘Fletcher Building’ or the ‘Company’)
announces that it will undertake a capital return to shareholders of up to NZ$300 million through
an on-market share buyback. The buyback will commence in June 2021.

Fletcher Building CEO Ross Taylor said: “Fletcher Building’s balance sheet is in a strong position,
with leverage expected to remain below our target range in the medium term. This position
provides us with capacity to recommence capital management and distribute up to NZ$300
million to shareholders, with the most effective method being an on-market share buyback.”

The announcement coincides with Fletcher Building’s virtual Investor Day for investors and
analysts from 11:00am NZT to 4:00pm NZT today.

Fletcher Building management will present on the Company Strategy, Group Financial
Performance, Safety, and People, Innovation and Sustainability; as well as in-depth presentations
from the six Operational Divisions on key drivers of performance and growth across the business.
Attached are the slide presentations in order of presentation.

Included in the Group Financial presentation is an update on guidance for FY21 EBIT (before
significant items) which is expected to be in the range of $650 million to $665 million, at the top
end of the previous guidance range.

Ross Taylor said: “We continue to make material progress on executing our strategy and
achieving key financial targets. We are seeing a broadly stable market environment with trading
conditions in the second half of FY21 largely consistent with the first. Despite some supply chain
constraints and input cost pressures, we continue to see good margin performance from the
business. Forward indicators for market activity are pointing to ongoing robust volumes in New
Zealand and Australia, with our businesses focused on delivering above market growth and
improved profitability in this environment.”

To register for the event and to watch the webcast live, please access the following microsite:
https://fletcherbuildinginvestorday.gcs-web.com

The microsite will be available for a replay of the presentations.

Fletcher Building Limited, Private Bag 92114, Auckland 1142, 810 Great South Road, Penrose, Auckland 1061, New Zealand
Investors and analysts will be able to ask questions live via the webcast facility following each of
the presentations. While every endeavor will be made to answer all the questions that are
submitted, this may not be possible due to time constraints, and is at the discretion of Fletcher
Building management.

#Ends

Authorised by:
Chris Reid
Company Secretary

For further information please contact:
MEDIA
Christian May
General Manager - Corporate Affairs
+64 21 305 398
christian.may@fbu.com
INVESTORS AND ANALYSTS
Aleida White
Head of Investor Relations
+64 21 155 8837
aleida.white@fbu.com

Amended SPH Notice – Perpetual Limited and subsidiaries Fletcher Building share buyback to commence on 10 June 2021

Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.