FLETCHER BUILDING LIMITED — Capital/Financing Update 2009

Mar 31, 2009

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News Release

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

ASX Listing Rule Waiver

Auckland, 1 April 2009 – Fletcher Building Limited (“Fletcher Building”) announces that ASX has granted it a waiver from compliance with Listing Rule 7.1 on an on-going basis to permit the issue of securities without shareholder approval subject to the following conditions:

• Fletcher Building remains subject to, and complies with, the listing rules of the New Zealand stock market operated by NZX (“NZX”) with respect to the issue of new securities;

• Fletcher Building certifies to ASX on an annual basis (on or about 30 September each year) that it remains subject to, and has complied with, and continues to comply with, the requirements of NZX with respect to the issue of new securities;

• If Fletcher Building becomes aware of any change to the application of NZX listing rules with respect to the issue of new securities, or becomes aware that it is no longer in compliance with the requirements of NZX with respect to the issue of new securities, it must immediately advise ASX.

This waiver will have effect in relation to the recently announced capital raising initiatives and on an on-going basis, subject to annual review as set out above and ASX’s right to revoke the waiver including where Fletcher Building does not comply with the above conditions or there is a material change in the NZX listing rules with respect to the issue of new securities.

For further information contact:

Jonathan Ling Chief Executive Officer Ph: 649 525 9169 Mob: 6421 777 703

Bill Roest Chief Financial Officer Ph: 649 525 9165 Mob: 6421 990 779

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