FLETCHER BUILDING LIMITED — Capital/Financing Update 2009

Feb 9, 2009

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News Release

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

FLETCHER BUILDING FINANCE ALLOTMENT OF CAPITAL NOTES

Auckland, 10 February 2009 – Fletcher Building Finance Limited advises that it has today allotted 19,858,000 May 2014 Capital Notes and 1,159,000 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 and	Capital Notes FBF050
ISIN	(NZFBFDA005C2)
	Capital Notes FBF060
	(NZFBFDA008C6)
Number of securities issued	19,858,000 Capital Notes 15 May 2014
	(FBF050)
	1,159,000 Capital Notes 15 May 2016
	(FBF060)
Nominal value / Issue price	$1.00 per Capital Note
	$19,858,000 in aggregate 15 May 2014
	(FBF050)
	$1,159,000 in aggregate 15 May 2016
	(FBF060)
Payment method	Cash
Amount paid up (if not in full)	Paid in full
Percentage of the total class	15 May 2014 (FBF050) – 18% (to date)
of securities issued	15 May 2016 (FBF060) – 6% (to date)
Reason for the issue	Issue of new Capital Notes by Fletcher
	Building Finance to raise funds for the
	general operations of Fletcher Building
	Group, including the retirement of debt
Specific authority for the	Investment statement and prospectus
issue	dated 21 November 2008 and Board
	resolution 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) -111,857,00015 May 2016 (FBF060) -19,463,000
Issue date	10 February 2009

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