Announcements     |   5 June 2003

Purchase of June 2003 Capital Notes

Fletcher Building advises that it has elected to purchase all of the June 2003 capital notes from those Noteholders who elected to convert their capital notes into ordinary shares of Fletcher Building Limited rather than accept the new terms set for the capital notes. The purchase will occur on 16 June 2003 in accordance with the Trust Deed under which the capital notes were issued.

For further information contact:

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