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Annual Shareholders’ Meeting

Shareholder Resolutions – Annual Shareholders’ Meeting

AUCKLAND, 3 November 2000 – All resolutions put to the Annual Shareholders’ Meeting of Fletcher Challenge Limited, in Auckland yesterday, were passed with over a 90% majority. As set out in the notice of meeting, the resolutions covered:

 Election of Dr Roderick Deane and Mr Michael Andrews as Directors
 Reappointment of PricewaterhouseCoopers and KPMG as Auditors
 Issue of Fletcher Challenge Forests Rights and Preference Shares

VOTING ENTITLEMENTS

As from today (the day after the 2000 Annual Shareholders’ Meeting) shareholders are entitled to the following votes in the event of resolutions put before them:

Fletcher Challenge Building shares 0.3961 votes for each share held
Fletcher Challenge Energy shares 1.5991 votes for each share held
Fletcher Challenge Forests shares 0.1045 votes for each share held

Up to and including 2 November, the day of the 2000 Annual Shareholders’ Meeting, holders of Building, Energy and Forest shares had been entitled to 0.9850, 1.8927 and 0.3414 votes respectively for each relevant share.

The voting entitlements have been recalculated with reference to the market capitalisation of each share, as set out in the Constitution of the company. The new voting entitlements will remain fixed up to and including the day of the 2001 Annual Shareholders’ Meeting.

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