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Price Determined Fletcher Dividend Reinvestment

PRICE DETERMINED FOR FLETCHER CHALLENGE BUILDING DIVIDEND REINVESTMENT PLAN

AUCKLAND, 6 November 2000 – Fletcher Challenge today announced that the Building Division share price used to calculate entitlements under its Dividend Reinvestment Plan has been set at $1.7865. The price is the weighted average sale price of the Building shares sold on the New Zealand Stock Exchange in the five days immediately following the dividend Record Date (27 October 2000).

The Dividend Reinvestment Plan is not applicable to the Fletcher Challenge Energy or Forests shares as no final dividend has been declared in relation to these shares.

Building shareholders who have elected to participate in the Dividend Reinvestment Plan reinvest their dividends to receive additional shares, rather than cash. The new shares will be allocated on the Dividend Date, 9 November 2000. The number of Building shares to which participants are entitled is the total of the net dividend remittance per share which would otherwise have been payable to participants, divided by 1.7865.

For American Depositary Receipt holders the share price used to calculate the entitlement is NZ$17.865.

For New Zealand resident shareholders, full dividend withholding payment credits are attached to the dividend and no resident withholding tax is applicable. For non-residents, the net dividend remittance per share includes the Conduit Tax Relief additional dividend. The total amount is then subject to the 15% New Zealand non-resident withholding tax.

Where the number calculated in accordance with this formula includes a fraction, the shares to be acquired by a participant will be the nearest whole number. If the fraction is exactly one half, that number of shares will be rounded up to the next whole number. For American Depositary Receipt holders, fractions are paid out in cash.

ENDS

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