FLETCHER BUILDING LIMITED — Capital/Financing Update 2008

Dec 7, 2008

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News Release

STOCK EXCHANGE LISTINGS: NEW ZEALAND (FBU), AUSTRALIA (FBU).

FLETCHER BUILDING FINANCE ALLOTMENT OF CAPITAL NOTES

Auckland, 8 December 2008 – Fletcher Building Finance Limited advises that on 5 December 2008 it allotted 29,670,000 May 2014 Capital Notes and 12,291,000 May 2016 Capital Notes pursuant to its offer of Capital Notes contained in the investment statement and prospectus dated 21 November 2008. A portion of these Capital Notes formed part of the $20 million firm commitments that Fletcher Building Finance Limited entered into with each of the three Joint Lead Managers following registration of the Prospectus.

The details of the issue, as required by listing rule 7.12.1, are:

Issuer	Fletcher Building Finance Limited
Class of security issued andISIN	Capital Notes FBF050(NZFBFDA005C2)Capital Notes FBF060(NZFBFDA008C6)
Number of securities issued	29,670,000 Capital Notes 15 May 2014(FBF050)12,291,000 Capital Notes 15 May 2016(FBF060)
Nominal value / Issue price	$1.00 per Capital Note$29,670,000 in aggregate 15 May 2014(FBF050)$12,291,000 in aggregate 15 May 2016(FBF060)
Payment method	Cash
Amount paid up (if not in full)	Paid in full
Percentage of the total classof securities issued	15 May 2014 (FBF050) – 100% (to date)15 May 2016 (FBF060) – 100% (to date)
Reason for the issue	Issue of new Capital Notes by FletcherBuilding Finance to raise funds for thegeneral operations of Fletcher BuildingGroup, including the retirement of debt
Specific authority for theissue	Investment statement and prospectusdated 21 November 2008 and Boardresolution dated 21 November 2008

Any terms or details of theissue	As set out in the investment statementand prospectus dated 21 November2008 and the trust deed dated 12November 2002 and supplemental trustdeed dated 21 November 2008
Total number of securities ofthe class in existence afterthe issue	15 May 2014 (FBF050) - 29,670,00015 May 2016 (FBF060) - 12,291,000
Issue date	5 December 2008

Sara Double Treasurer Phone: +64 9 525 9339 Fax: +64 9 525 9029 End