Announcements     |   28 March 2003

Fletcher Building Finance Issues Shares to FBL

Fletcher Building Finance, a wholly subsidiary of Fletcher Building advises that it has, as at 28 March 2003, issued twenty million ordinary shares to its parent Fletcher Building Limited.  The nominal value of each share subscribed for is $1.00 per share for which payment is made in cash.  This will increase the total number of ordinary shares on issue, all of which are held by Fletcher Building, from ten million shares to thirty million shares.

The issue of the shares have been made pursuant to a directors' resolution of 28 March 2003 and will increase the capitalisation of the Company to facilitate the payment of a dividend plus tax credits up to Fletcher Building.

The ordinary shares of Fletcher Building Finance are not quoted securities on any exchange.  Capital notes issued by the Company are however listed on the New Zealand Stock Exchange.