FLETCHER BUILDING LIMITED — Capital/Financing Update 2009

May 19, 2009

NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES OR TO U.S. PERSONS

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News Release

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

Fletcher Building Share Purchase Plan issue price and scaling

Auckland, 20 May 2009 - Fletcher Building Limited (“Fletcher Building”) advises that the Issue Price for the $100 million Share Purchase Plan (“SPP”) has been confirmed at NZ$5.35 per share. This is the same as the institutional placement price and is less than a 3% discount to the volume weighted average price of Fletcher Building shares over the pricing period of 6 to 19 May 2009.

As previously announced, the SPP was over-subscribed meaning that all applications have been scaled back in accordance with the terms and conditions of the SPP offer.

Based on the issue price of $5.35 and the NZ$/A$ exchange rate of 0.77665 as at 9.00 a.m. today, all valid applications have been scaled back on a pro-rata basis by applying a percentage of 56.559426% to application monies. By way of illustration, for a shareholder who applied for the maximum of NZ$11,500 or A$9,000 of shares, the effect of the scaling is set out in the table below.

	New Zealand	Australia	Australia
Applicationamount	NZ$11,500.00	A$9,000.00	NZ$11,588.23
Less scaleback	NZ$4,995.67		NZ$5,033.99
Final entitlement	NZ$6,504.33		NZ$6,554.24
Issue Price	NZ$5.35		NZ$5.35
Shares issued	1,216	1,226	1,226
Refund	NZ$4,994.40	A$3,905.87

The timetable for the allotment of shares, refunding of application monies and commencement of trading is as follows:

21 May 2009	Allotment of new shares issued under the SPP
22 May 2009	Shareholder statements issued to SPP participants
22 May 2009	Refunded amounts credited to bank accounts and refundcheques sent to shareholders
22 May 2009	Shares issued under the SPP are expected to commencetrading on the NZX and ASX

ENDS

For further information contact:

Philip King General Manager Investor and Media Relations Ph: +64 9 525 9043 Mob: +64 27 444 0203

NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES OR TO U. S. PERSONS

This announcement has been prepared for publication in New Zealand and Australia and may not be released in the United States. This announcement does not constitute an offer of securities for sale in the United States or to “U.S. persons” (as defined in Regulation S under the US Securities Act of 1933, as amended (the “Securities Act”) and may not be released or distributed in the United States or to any U.S. person. Fletcher Building’s shares have not been and will not be registered under the Securities Act or the securities laws of any state of the United States and may not be offered, sold or otherwise transferred in the United States except in a transaction exempt from, or not subject to, the registration requirements of the Securities Act and applicable state securities laws.