FLETCHER BUILDING LIMITED — Investor Presentation 2012

May 30, 2012

BUILDING PRODUCTS ANALYST’S PRESENTATION

31 May 2012

Tim Richards

Chief Executive of Building Products

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Victoria Park Tunnel , Auckland

Building Products Analyst’s Presentation | Fletcher Building | © May 2012

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Cautionary Statement

This presentation contains not only a review of operations, but also some forward looking statements about Fletcher Building and the environment in which the company operates. Because these statements are forward looking, Fletcher Building’s actual results could differ materially. Media releases, management commentary and analysts presentations, including those relating to the February 2012 half year results announcement, are all available on the company’s website and contain additional information about matters which could cause Fletcher Building’s performance to differ from any forward looking statements in this presentation. Please read this presentation in the wider context of material previously published by Fletcher Building.

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Building Products Analyst’s Presentation | Fletcher Building | © May 2012

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Building Products Division

The Building Products Division currently comprises: Plasterboard Group Insulation Group Roof Tiles Group Fletcher Aluminium Tasman Sinkware

Building Products Division Plasterboard Insulation Roof Tiles Aluminium Windows Sinkware Group Group Group & Doors • Winstone • Fletcher Insulation • AHI Roofing (NZ) • Fletcher • Tasman Sinkware Wallboards • Baron Insulation • Decra Roofing Aluminium • ee-Fit Systems (USA) • Tasman Insulation • AHI Roofing • Forman Group (Malaysia) • Home&dry • AHI Roofing • DVS (Hungary) • PinkFit

Building Products Analyst’s Presentation | Fletcher Building | © May 2012

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Building Products Division Financial Results

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	NZ$m 1HY12 1HY11 % Net Sales 355 371 -4 EBITDA (excl unusuals) 56 69 -19 EBIT (excl unusuals) 43 56 -23 Funds Employed 578 674 -14 EBITDA/sales % 15.8 18.6 -15 EBIT/sales % 12.1 15.1 -20 ROFE % 14.9 16.6 -10

Building Products Analyst’s Presentation | Fletcher Building | © May 2012

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Volumes down across all businesses with some price improvement

Gross Sales NZ$m	Dec 11	Dec 10	%	Volume	Price	EBITDA
New Zealand
Plasterboard	71	77	-8		-	
Insulation a	93	91	+2			
RoofTilesb	93	93	-	-		
Aluminium	31	36	-14			
Australia
Insulation	104	106	-2			
Sinkware	15	18	-17			
Notes: a) Includes Forman Group
b) Includes NZ, Europe, Japan, Africa, USA

Building Products Analyst’s Presentation | Fletcher Building | © May 2012

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Plasterboard Group

Winstone Wallboards No. 1 in New Zealand Sole New Zealand plasterboard manufacturer Leading market share Significant proportion of sales from value added performance board

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Building Products Analyst’s Presentation | Fletcher Building | © May 2012

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Key Facts

Plasterboard

Products

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• Plasterboard

• Compounds/Accessories

• Systems

• Rondo residential products

Comments

• Two manufacturing plants (Auckland and Christchurch)

• Distributes through merchants, including all major groups

• 192 employees (FTEs)

Building Products Analyst’s Presentation | Fletcher Building | © May 2012

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Insulation Group

• Australia New Zealand • Tasman Insulation – New Zealand’s sole manufacturer

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• Fletcher Insulation

• Baron Insulation

• Commercial & Industrial

  • Forman Group

• ee-Fit

• Providing an installed solution to customers

• NZ’s No. 1 distributor and installer of commercial insulation, ceiling and wall systems

• NZ’s No. 1 distributor and installer of industrial insulation

• Pinkfit/ Home&dry

• Providing an installed solution to customers.

• – Partnering with EECA for EnergyWise home insulation retrofit subsidies, marketing directly to home owners

Building Products Analyst’s Presentation | Fletcher Building | © May 2012

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Insulation Group

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Strategic review of Australian insulation business being undertaken

Australian market suffering from excess inventory, increased competition, reduced demand, as a result of sudden termination of government home insulation of government home insulation subsidy scheme

High Australian dollar has undermined domestic manufacture of insulation material

Outcome of strategic review may result in additional costs to improve business performance

Building Products Analyst’s Presentation | Fletcher Building | © May 2012

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Roof Tile Group

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World’s largest manufacturer of stone chip coated metal roof tiles

Global manufacturing presence in New Zealand, the U.S.A., Malaysia & Hungary Core market positions in New Zealand, the U.S.A., Japan, Sub Saharan Africa & Eastern Europe

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Building Products Analyst’s Presentation | Fletcher Building | © May 2012

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Roof Tile Group

Growth Strategy:

Drive growth by a disciplined focus on selected global core markets Define & implement optimal market models to allow more “in country” management of outcomes and hence value creation opportunity

Enhance the product offer and hence penetration against other roofing materials e.g. Value Based Tile launch in selected core markets

Implement Multi-Domestic Model – initially increase capacity utilisation of existing footprint through integrated supply chain and then move to “in region” manufacture in selected global markets, support of increased volume Build organisational capability

Building Products Analyst’s Presentation | Fletcher Building | © May 2012

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Key Facts

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Europe
Hungary
North America CEA Japan
Los Angeles
SEA
Africa
Malaysia
Latin America
Sales Volumes by Geography
Other New Zealand
8% 10%
Manufacturing Auckland
USA Australasia
22% RTG Sales Regions
Africa
29%
Japan
Europe
18%
14%
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Building Products Analyst’s Presentation | Fletcher Building | © May 2012

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Complementary businesses

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Fletcher Aluminium

No. 2 in New Zealand’s market Innovative product range Scale fabrication investment in Christchurch

Tasman Sinkware No. 1 in Australian market Australia’s only world class sink manufacturer Strong brands in premium and mid-range products

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Building Products Analyst’s Presentation | Fletcher Building | © May 2012

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Key residential products and brands

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Building Products Analyst’s Presentation | Fletcher Building | © May 2012

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Key commercial products and brands

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