FLEETWOOD LIMITED — Management Reports 2016

Feb 28, 2016

Teleconference 29 February 2016 12:00pm AWST, 3:00pm AEDT Dial-in 1800 123 296, Conference ID 5013 1477

Group Structure

Industry leaders, # 1 or 2 in markets

Accommodation

Division

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Recreational Vehicles Division

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Recreational vehicles, parts & accessories

• Manufacturing facilities in Qld, Vic, WA and NSW

• Osprey village, South Hedland

• Searipple village, Karratha

• Camec – caravan parts & accessories

• Flexiglass – commercial vehicles canopies & trays

• Bocar – ute trays & accessories

• Fleetwood RV – Coromal & Windsor caravans

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Overall Themes for 1H 2016

• Strong education demand in Victoria

• Rio Tinto agreement resulted in increased occupancy at Searipple

• Significant headway made in entering affordable housing market

• Final outcome on Osprey commercials resulted in significant debt reduction

… however

• Difficult market in WA manufactured accommodation

• Caravan manufacturing results remained challenging, however positive signs

• Construction adjudication in Queensland

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Accommodation Division

Growth in education and affordable housing. Weak demand in mining sector.

Affordable Housing

• Osprey village sold to WA Government

• • Increased volume in Queensland

• Opportunities in WA and NSW

Education

• Significant demand from Victorian Transfer Program

• Strong demand for new buildings in Victoria

Resources

• Very challenging market, particularly in WA

• Construction adjudication in Queensland

• Searipple occupancy supported by agreement with Rio Tinto

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Fleetwood East

Wollert Child and Family Centre (City of Whittlesea)

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Recreational Vehicles Division

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Fleetwood RV (Coromal and Windsor caravan brands)

• Improved design and manufacturing process

• Senior management change

• Modest uplift in orders

Camec

• Competitive pressure

• Continued to develop new Asian sourced products

Flexiglass

• Maintained volume in a declining market

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Element Caravan

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Financial Performance

Group Revenue ($m)

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188.4 176.2
185.3
144.9
194.3 190.3
148.6 157.0 147.1
2012 2013 2014 2015 2016
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MA Revenue ($m) MA EBIT ($m)

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124.2
126.3 108.5 38.9
85.2
125.2 121.2 16.7
94.4 91.7 95.3 37.3
14.9 6.3 9.7 1.8 4.0 * 0.1
2012 2013 2014 2015 2016
2012 2013 2014 2015 2016
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NPAT ($m)

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27.5
27.7 7.8
8.9 1.4 0.1
4.2 3.9
-5.1
2012 2013 2014 2015 2016
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RV Revenue ($m)

RV EBIT ($m)

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64.1 67.6
57.6 55.5
1.8
68.7 69.0
53.8 56.7 51.8 5.1
0.1 -1.0
2012 2013 2014 2015 2016 -4.8 -1.2 -4.0 -4.5
-3.0
2012 2013 2014 2015 2016
First half Second half
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Results above exclude impairment loss, & loss from discontinued operations * Excludes impact of Osprey Project

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Outlook

Manufactured Accommodation

Affordable housing

• Gateway Lifestyle volume in line with expectation

• Opportunities in WA and NSW

Recreational Vehicles

Component parts and accessories

• Competitive environment remains challenging

• Asian supply increasing

• Consolidation of distribution functions

Mining

• Sector volume is low and competition fierce

• Visibility on Searipple utilisation

• Considering further restructuring in WA

Education

Caravan manufacturing

• Turnaround expected to take time, however new products generating increased sales

• Development of dealer network, particularly NSW

• Focus on manufacturing efficiency

• Demand expected to remain strong

• Funding commitments from Vic government provide visibility

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