FLETCHER BUILDING LIMITED — Capital/Financing Update 2009

Mar 15, 2009

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News Release

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

FLETCHER BUILDING MARCH 2009 CAPITAL NOTES

Auckland, 16 March 2009 – Fletcher Building Limited advises that it has today completed the purchase of the March 2009 Capital Notes from those noteholders who had advised that they did not wish to accept the new terms set for the notes.

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

Issuer	Fletcher Building Limited
Class of security and ISIN	Capital Notes FBU180(NZFBUD0013S7),which roll into FBU220(NZFBUDA022C8)
Number acquired	53,058,750.00
Nominal value andacquisition price	$1.00 per capital note; $53,058,750.00 inaggregate
Payment method	Cash
Amount paid up (if not in full)	Paid in full
Percentage of the total classof securities acquired	15 March 2015 (FBU220) – 57%
Reason for the acquisition	As part of the rollover of the FletcherBuilding Limited March 2009 CapitalNotes
Specific authority for theacquisition	Conditions of the Capital Notes as set outin the Trust Deed
Any terms or details of theacquisition	N/A
Total number of securities ofthe class in existence afterthe acquisition	15 March 2015(FBU220) – 93,168,500(which includes Capital Notes acquiredand held as treasury stock)
Held as treasury stock	Yes
Acquisition date	16 March 2009

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

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