FLETCHER BUILDING LIMITED — Capital/Financing Update 2009

May 4, 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 Oversubscribed

Auckland, 5 May 2009 - Fletcher Building Limited (“Fletcher Building”) advises that it has already received applications for shares in excess of $100 million under the Share Purchase Plan (“SPP”). As at 4 May 2009, the amount of oversubscriptions received was 44%. Accordingly, as required under the terms and conditions of the SPP, the company will be required to scaleback applications to ensure that the maximum amount raised under the SPP does not exceed $100 million.

The scaleback of applications will be on a pro-rata basis based on the dollar amount for which share applications have been made.

Fletcher Building also indicated that applications received so far under the Top-Up Offer are currently less than the maximum amount that can be raised of $20 million.

Applications for both the SPP and the Top-Up Offer must be received by Computershare by 5pm today New Zealand time. Fletcher Building will make a further announcement as to the total amount of applications received and the final amount by which all applications will be scaled back following the close of the SPP.

ENDS

For further information contact:

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

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.