Announcements     |   30 January 2009

Rollover of March 2009 Capital Notes

Fletcher Building Limited advises that noteholders of the March 2009 Capital Notes (FBU180) have been sent an election notice outlining the new terms that will apply from 16 March 2009. Noteholders have the option to retain some or all of their capital notes on the new terms offered or to convert them into fully paid Fletcher Building shares. However, Fletcher Building Limited or any subsidiary has the right to redeem or purchase for cash any of the capital notes that noteholders elect to convert.

Fletcher Building has determined that it will exercise this option and will purchase for cash those capital notes which noteholders have elected to convert.

The noteholders have until 25 February 2008 to advise their election to convert their capital notes for cash.

The new terms of the capital notes are:

New Election Date:
15 March 2015

New Interest Rate:
8.50% per annum

Interest Dates:
Interest dates will not change being each 15 March and 15 September thereafter until, and including, the Final Interest Date

The Capital Notes will be known as: March 2015

Copies of the election notice and a covering letter to the noteholders are attached to this announcement.

Contact:

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