Announcements     |   20 August 2003

25 million shares placed at $4.10 per share

Fletcher Building announces that it has successfully completed the equity placement component of the funding package for its acquisition of Tasman Building Products.

The Chief Executive Officer, Mr Ralph Waters, said that the placement had been very successful, with 25 million shares being placed at a price of NZ$4.10 per share, realising  NZ$102.5 million in total.  The shares are expected to be issued on settlement on Wednesday, 27 August 2003.

Mr Waters said support for the placement had been uniformly strong amongst a broad range of institutional investors, particularly those that already held shares in Fletcher Building.  The underwritten placement was conducted by a global book-build lead and underwritten by JB Were.

The trading halt on Fletcher Building shares on the New Zealand and Australian Stock Exchanges will be lifted from the opening of trading today.