FLETCHER BUILDING LIMITED — M&A Activity 2008

Nov 25, 2008

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News Release

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

TERMINATION OF AGREEMENT TO ACQUIRE FIELDERS AUSTRALIA PTY LIMITED

Auckland, 26 November, 2008 - Fletcher Building Limited announced today that it has agreed with Hills Industries Ltd and FSR Investments Pty Ltd to formally terminate the conditional agreement to acquire Fielders Australia Pty Ltd.

Mr Jonathan Ling, Chief Executive Officer of Fletcher Building Limited, stated that “The decision not to proceed with the acquisition at this time is not a reflection of the Fielders business but is indicative of the current market volatility and uncertainty in the Australian economy. Although the business is still seen as a good fit for Fletcher Building, these external factors cannot be disregarded at the moment.”

ENDS.

For further information contact:

Philip King Paul Zuckerman GM Investor & Media Relations Chief Executive Steel Ph: 649 525 9043 Ph: 649 525 9152 Mob: 6427 444 0203 Mob: 6421 927 350

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