FLETCHER BUILDING LIMITED — Major Shareholding Notification 2020

Nov 10, 2020

Disclosure of ceasing to have substantial holding

Section 279, Financial Markets Conduct Act 2013

To New Zealand Stock Exchange

and

To Fletcher Building Limited

Date this disclosure made: 11 November 2020

Date last disclosure made: 22 May 2020

Date on which substantial holding ceased: 10 November 2020

Substantial product holder(s) giving disclosure

Full name(s): Allan Gray Australia Pty Ltd (Allan Gray Australia) and its related bodies corporate as set out in Table 1 of Annexure A (together Allan Gray Group), as investment manager for the funds or investment mandates listed at Table 2 of Annexure A.

Summary of previous substantial holding

Class of quoted voting products: Ordinary Shares

Summary for Allan Gray Group

For last disclosure,—

• (a) total number held in class: 41,759,869

• (b) total in class: 824,256,416

• (c) total percentage held in class: 5.066%

For current holding after ceasing to have substantial holding,—

• (a) total number held in class: 40,759,052

• (b) total in class: 824,256,416

• (c) total percentage held in class: 4.945%

Details of transactions and events giving rise to ceasing of substantial holding

Details of the transactions or other events requiring disclosure: On market acquisitions and disposals of shares in Fletcher Building Limited by Allan Gray Group between 22 May and 11 November, as set out in Annexure B.

Additional information

Address of substantial product holders: C/- Allan Gray Australia, Level 2, Challis House. 4 Martin Place Sydney, New South Wales 2000, Australia

Contact details: Elizabeth Lee, Company Secretary, telephone: +61 2 8224 8632, email: elizabeth.lee@allangray.com.au

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Nature of connection between substantial product holders: As investment manager for the funds or investment mandates listed at Table 2 of Annexure A.

Name of any other person believed to have given, or believed to be required to give, a disclosure under the Financial Markets Conduct Act 2013 in relation to the financial products to which this disclosure relates: Not applicable.

Certification

I, Elizabeth Lee, Company Secretary, Allan Gray Australia certify that, to the best of my knowledge and belief, the information contained in this disclosure is correct and that I am duly authorised to make this disclosure by all persons for whom it is made.

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Fletcher Building Limited

THIS IS ANNEXURE A OF 2 PAGES REFERRED TO IN THE ABOVE FORM

Table 1 – Related bodies corporate

The following entities are associates of Allan Gray Australia Pty Ltd (AGA) and each other by virtue of being related bodies corporate.

Orbis Allan Gray Limited Orbis Mansfield Street Properties Ltd Orbis Holdings Limited Orbis Investment Management (BVI) Limited (OIMLBVI) Orbis Investment Management Limited (OIML) Orbis Investment Advisory Pty Limited Orbis Asset Management Limited (OAML) Allan Gray (Holdings) Pty Ltd Orbis Administration Limited Orbis Investment Advisory (Hong Kong) Limited Orbis Investment Research Limited Orbis Client Services (Canada) Limited Orbis Investment Management (MIS) Limited Orbis Holdings (UK) Limited Triple Blue Holdings Limited Orbis Investment Management (Europe) LLP Pictet Overseas Trust Corporation and Pictet Trustee Company SA Orbis Investment Management (Luxembourg) S.A Allan & Gill Gray Foundation (Guernsey) EmCap Limited (Guernsey) (EMCAP)

Table 2 - Funds

An entity within the Group acts as investment manager for some or all of the assets in the following funds.

No	Fund name	Manager	Code	Registered holder	Persons entitled to be registered holder
1.	Allan Gray Australia Equity Fund	AGA	SMEF	Citibank N.A., Sydney Branch as SMEF’s custodian	Equity Trustees Limited as SMEF’s responsible entity
2.	Allan Gray Australia Balanced Fund	AGA	SMBF	Citibank N.A., Hong Kong Branch as SMBF’s custodian	Equity Trustees Limited as SMBF’s responsible entity
3.	Allan Gray Australia Stable Fund	AGA	SMSF	Citibank N.A., Sydney Branch as SMSF’s custodian	Equity Trustees Limited as SMSF’s responsible entity
4.	AMP Capital Specialist Australian Share Fund	AGA	SMAP	BNP Paribas Fund Services Australasia Pty Ltd as SMAP’s custodian	AMP Capital Funds Management Limited as SMAP’s responsible entity
5.	Morningstar Australian Shares High Alpha Fund	AGA	SMIA	JP Morgan Nominees Australia Ltd as SMIA’s custodian	Morningstar Investment Management Australia Limited SMIA’s trustee
6.	Construction and Building Unions Superannuation Fund	AGA	SMCB	JP Morgan Nominees Australia Ltd as SMCB’s custodian	United Super Pty Ltd as SMCB’s trustee
7.	HESTA Superannuation Fund	AGA	SMHT	JP Morgan Nominees Australia Ltd as SMHT’s custodian	H.E.S.T. Australia Ltd as SMHT’s trustee
8.	Hostplus Pooled Superannuation Trust	AGA	SMHP	Citibank N.A., Sydney Branch as SMHP’s custodian	Host Plus Pty ltd as SMHP’s trustee
9.	Russell Australian Opportunities Fund	AGA	SMRI	State Street Australia Ltd as SMRI’s custodian	Russell Investment Management Ltd as SMRI’s responsible entity
10.	MyLifeMyMoney Superannuation Fund	AGA	SMCS	NAB Custodial Services as custodian for SMCS	CSF Pty Ltd as SMCS’s trustee
11.	Maritime Super	AGA	SMMS	NAB Custodial Services as custodian for SMMS	Maritime Super Pty Ltd as SMMS’s trustee
12.	Non-Government Schools Superannuation Fund	AGA	SMNG	State Street Australia Ltd as SMNG’s custodian	Non-Government Schools Superannuation Fund Pty Ltd as SMNG’s trustee
13.	Non-Government Schools Superannuation Fund	AGA	SMNP	State Street Australia Ltd as SMNP’s custodian	Non-Government Schools Superannuation Fund Pty Ltd as SMNP’s trustee
14.	REST Superannuation Fund	AGA	SMRT	State Street Australia Ltd as SMRT’s custodian	Retail Employees Superannuation Pty Ltd as SMRT’s trustee
15.	Government Employees Superannuation Board	AGA	SMGB	Northern Trust Corporation as SMGB’s custodian	Government Employees Superannuation Board
16.	Statewide Superannuation Trust	AGA	SMSW	NAB Custodial Services as custodian for SMSW	Statewide Superannuation Pty Ltd as SMSW’s trustee
17.	Legal Super	AGA	SMLS	BNP Paribas Fund Services Australasia Pty Ltd as SMLS’s custodian	Legal Super Pty Ltd as trustee of legalsuper

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No	Fund name	Manager	Code	Registered holder	Persons entitled to be registered holder
18.	Orbis Global Equity Fund (Australia Registered)	OIML	GAPL	Citibank N.A., Hong Kong Branch, as GAPL’s custodian	Equity Trustees Limited as GAPL’s responsible entity
19.	Orbis Emerging Markets Equity Fund (AustraliaRegistered)	OIML	EMAF	Citibank N.A., Hong Kong Branch, asEMAF’s custodian	Equity Trustees Limited as EMAF’s responsible entity
20.	Orbis Global Equity LE Fund (Australia Registered)	AGA	GALE	Citibank N.A., Hong Kong Branch, as GALE’s custodian	Equity Trustees Limited as GALE’s responsible entity
21.	Orbis Global Equity Fund Limited	OIML	OGEF	Citigroup Fund Services Canada, Inc (Citi Canada) as OGEF’s custodian	OGEF
22.	Orbis Optimal SA Fund Limited	OIML	OSAP	Citi Canada as OSAP’s custodian	OSAP
23.	Institutional Global Equity Fund	OIML	IGEF	Citi Canada as IGEF’s custodian	IGEF
24.	Orbis Optimal LP	OIML	OOLP	Citi Canada as OOLP’s custodian	OOLP
25.	Orbis International Equity LP	OIML	IELP	Citi Canada as IELP’s custodian	IELP
26.	Orbis Institutional Global Equity LP	OIML	OGLP	Citi Canada as OGLP’s custodian	OGLP
27.	Orbis Institutional International Equity LP	OIML	ONLP	Citi Canada as ONLP’s custodian	ONLP
28.	Orbis Institutional U.S. Equity LP	OIML	USLP	Citi Canada as USLP’s custodian	USLP
29.	Orbis Institutional Emerging Markets EquityLP	OIML	EMLP	Citi Canada as EMLP’s custodian	EMLP
30.	Orbis SICAV – Global Equity Fund	OIML	SGPL	Citibank International plc (Luxembourg Branch) (Citi Lux) as SGPL’s custodian	SGPL
31.	Orbis SICAV Emerging Markets Fund	OIML	XJPL	Citi Lux as XJPL’s custodian	XJPL
32.	Orbis SICAV – Global Balanced Fund	OIML	GBSA	Citi Lux as GBSA’s custodian	GBSA
33.	Orbis SICAV – International Equity	OIML	SNPL	Citi Lux as SNPL’s custodian	SNPL
34.	Orbis OEIC Global Equity Fund	OIML	UKGE	Citi Lux as UKGE’s custodian	UKGE
35.	Orbis Institutional Global Equity (OFO)	OIML	OGEO	Citi Canada as OGEO’s custodian	OGEO
36.	OEIC Global Cautious Fund	OIML	OCS4	Citi Lux as OCS4’s custodian	OCS4
37.	Orbis SICAV Global Cautious Fund	OIML	OCSU	Citi Lux as OCSU’s custodian	OCSU

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Fletcher Building Limited

THIS IS ANNEXURE B OF 1 PAGE REFERRED TO IN THE ABOVE FORM

Trade Date	Reference Code	Action	No of security	Consideration
22 May 20 to 10 Nov 20	SMAP	Buy and Sell	151,044	$ 403,042
22 May 20 to 26 May 20	SMBF	Buy	16,761	$ 50,606
22 May 20 to 10 Nov 20	SMCB	Buy and Sell	-41,193	-$ 426,537
22 May 20 to 10 Nov 20	SMCS	Buy and Sell	-183,688	-$ 813,152
22 May 20 to 26 Aug 20	SMEF	Buy and Sell	-112,335	-$ 553,718
22 May 20 to 10 Nov 20	SMGB	Buy and Sell	-17,906	-$ 208,668
22 May 20 to 10 Nov 20	SMHP	Buy and Sell	-22,448	-$ 260,521
22 May 20 to 10 Nov 20	SMHT	Buy and Sell	-25,401	-$ 277,281
22 May 20 to 10 Nov 20	SMIA	Buy and Sell	-2,892	-$ 33,581
22 May 20 to 07 Sep 20	SMLS	Buy and Sell	-993,166	-$ 3,344,793
22 May 20 to 10 Nov 20	SMMS	Buy and Sell	79,857	$ 217,127
22 May 20 to 10 Nov 20	SMNG	Buy and Sell	-9,464	-$ 103,613
22 May 20 to 10 Nov 20	SMNP	Buy and Sell	60,582	$ 165,344
22 May 20 to 10 Nov 20	SMRI	Buy and Sell	168,655	$ 552,265
22 May 20 to 10 Nov 20	SMRT	Buy and Sell	-57,302	-$ 516,190
22 May 20 to 10 Nov 20	SMSF	Buy and Sell	-2,598	-$ 107,233
22 May 20 to 10 Nov 20	SMSW	Buy and Sell	-9,323	-$ 86,770
	Total		-1,000,817	-$ 5,343,672

All transactions conducted on market except as otherwise specified.

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