29th November - 1st December 2006

ANALYSTS PRESENTATION

PERTH, WESTERN AUSTRALIA

Cautionary Statement

This confidential presentation contains not only a review of operations, but also some forward looking statements about Fletcher Building and the environment in which the company operates. Because these statements are forward looking, Fletcher Building’s actual results could differ materially. Media releases, management commentary and analysts presentations are all available on the company’s website and contain additional information about matters which could cause Fletcher Building’s performance to differ from any forward looking statements in this presentation. Please read this presentation in the wider context of material previously published by Fletcher Building.

The Laminex Group was formed in 2002 after the acquisition and integration of Formica Australia (September 1999) and Wesfi Limited (February 2001) with Laminex Industries.

The Laminex Group was acquired by Fletcher Building Limited in November 2002 and subsequently integrated with the existing Scott Panel and Hardware and Fletcher Wood Panels operations.

In 2006 the O’Brien Group was acquired. As well as the wholly owned operations described above, The Laminex Group also has two joint venture operations in Western Australia: the Wespine sawmilling operation (owned 50:50 with Wesfarmers) and Dynea Australia, a 50:50 JV with Dynea OY, a specialist resins manufacturer.

LEADING BRANDS

LEADING PRODUCTS

LEADING PRODUCTS

LEADING MARKET POSITIONS

High Pressure Laminate 65% 63%Decorated MDF 53% 45%Decorated Particleboard 43% 69%

Raw MDF 31% 34%Raw Particleboard 29% 56%

Market Shares Year to June 2006

Aus NZ

Source : Management Estimates

VERTICAL INTEGRATION

Forest Waste and Thinnings

Sawmill Waste

Board Plant

Low Pressure Laminate Plant

High Pressure Laminate PlantSales & Distribution Centre

(Metro)

Branch (Regional)

Customer

Componentry Business

DARDANUP SITES

Particleboard Plant

Wespine Sawmill JV

Dynea Resin Plant JV

PROSPECT DISTRIBUTION CENTRE

MURARRIE SHOWROOM

Major Sales & Distribution Sites

Major Manufacturing Facilities

MAJOR LOCATIONS

Customer Size Review

Includes Cullity Timbers customers (not previously reported)

Active Customers (Aust + NZ) grouped by annualised Sales Range

166 81 12 6 6 6 1 2

13,64

5

-

5,000

10,000

15,000

<500k

500k

-1 1-2 2-3 3-4 4-5 5-10

10-15

15-25

Annualised Sales Range

# of

Cus

tom

ers

Revenue Growth 00/01 – 05/06 $NZm

0

200

400

600

800

1000

1200

00/01 01/02 02/03 03/04 04/05 05/06

Acquisition of Wesfi Feb 2001

Inclusion of FWP & SPH

into TLG from 1/7/03

Note 1

Note 1: Underlying sales in $A were 5.5% above 01/02 but appreciation of the $NZ against the $A in 02/03 has the effect of reducing revenue on conversion to $NZ. Sales are converted from $A to $NZ at average exchange rates each year

Acquisition of O’Brien’s May 2006

EBITDA GROWTH 00/01 – 05/06 NZ$M– NZ$M

0

10

20

30

40

50

60

70

80

90

100

110

120

130

140

150

160

00/01 01/02 02/03 03/04 04/05 05/06

Pre Acquisition Post FWP/SPH Integration

Revenue by Segment 2005/06

Source : Management Estimates

04/05

Renovations26%

New Homes31%

Commercial34%

Export9%

05/06

Renovations26%

New Homes31%

Commercial33%

Export10%

Revenue by Product 2005/06

HPL15%

LPL Decorative28%

White/Raw30%

Other18%

Export9%

HPL14%

LPL Decorative26%

White/Raw29%

Other21%

Export10%

04/05 05/06

Revenue by Major Region 2005/06

04/05

Export9%

SA6%

NSW/ACT16%

VIC/TAS18%QLD/NT

15%

WA14%

New Zealand22%

05/06

Export10%

SA6%

NSW/ACT15%

VIC/TAS18%QLD/NT

15%

WA15%

New Zealand21%

Board Plant Performance (m3 per annum) – 05/06

0

100,000

200,000

300,000

400,000

500,000

600,000

Particleboard MDF

2004/05

2005/06

Customer Delivery Performance (DIFOT)

0

10

20

30

40

50

60

70

80

90

100

2002/03 2003/04 2004/05 2005/06

GROWTH

PARTICLEBOARD CAPACITY EXPANSION

Dardanup50,000m3 (15% increase in total capacity)$30m total capexStage 1 ($18m) due for completion December 2006Improve environmental performanceIncrease use of recycled fibre

Kumeu13,000m3 (14% increase in total capacity)$3m total Capex completed in May 2006Improved environmental performanceIncrease use of recycled fibre

GROWTH

PRODUCT DEVELOPMENT

• 18 products in 18 months

• Greenfirst product range

• Formica Flooring

• Engineered Stone

• Wet area panelling

GROWTH

KITCHEN COMPONENTS

• Ballarat door plant re-engineered to carcasses, doors, panels (kitchen components)

• Manufacture and sales of complete kitchens to multi-unit developers (taking away from Asian imports)

• Taken our rights to 20/20 Design package for Australia

• Successfully acquired O’Brien Group

• Supplying kitchens successfully to PlaceMakers

GROWTH

GOING FORWARD

• Starting to supply flatpack kitchens to big box retailers in Australia

• Starting to supply finished kitchens to whitegood retailers

• Capital spend on a new state of the art decorated door facility

• Developing finished benchtop business in Australia

GROWTHASIA• Develop sourcing capability in Asia

– HPL 50 colours 375– Decorated Board

PRODUCTIVITY IMPROVEMENT• WA Sales and Distribution Integration• Paper treating for LPM in NZ• Restructure laminating of decorated board to service local needs• Recycled wood• Renewable energy generation

GROWTH -• is a range of environmentally preferable products

developed to meet the growing demand for environmentally sustainable solutions from the property industry

• Products are certified by third party eco-labelling programs covering Australia, New Zealand, Korea and China

• 50% of the revenue generated by The Laminex Group is now derived from environmentally certified products

• The company is fast becoming a leader in the supply of sustainable building products

OUTLOOK

1. Consistent earnings growth in softening market

2. Resilience has improved through diversification of- market segment - geographic segment - product segment

TAUPO

• Fire on 11/9/06 completely destroyed MDF press

• Insurance policy covers new for old replacement and business interruption

• Total MDF production capacity of 164,000m3 per annum

• Export ceased on day after fire

• Any export stock at warehouse redirected to domestic customers

• All export customers advised in person

• Estimated time for reinstatement of capacity is 18 months

• Adequate volumes sourced to meet NZ domestic needs with no disruption