Announcements     |   15 April 2004

Fletcher Building Limited Purchases April 2004 Capital Notes

Fletcher Building Limited advises that it has today completed the purchase of the April 2004 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: FBU110 (NZFBUD0006S1) which roll into FBU180 (NZFBUD00013S7) Capital Notes

Number acquired: 18,968,750 Nominal value and acquisition price: $1.00 per capital note; $18,968,750 in aggregate

Payment method: Cash

Amount paid up (if not in full): Paid in full

Percentage of the total class of securities acquired: 44%

Reason for the acquisition: As part of the rollover of the Fletcher Building Limited April 2004 Capital Notes

Specific authority for the acquisition: Conditions of the Capital Notes as set out in the Trust Deed

Any terms or details of the acquisition: N/A

Total number of securities  of the class in existence after the acquisition : 43,472,000 (which includes the 18,968,750 acquired and held as treasury stock)

Held as treasury stock: Yes

Acquisition date: 15 April 2004

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