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Noteholder Vote overwhelmingly in favour

Noteholder Vote overwhelmingly in favour
of Capital Note Arrangement

AUCKLAND, 5 March 2001 – Noteholders in the seven series of Fletcher Challenge Industries Limited Capital Notes have voted overwhelmingly in favour of the Capital Notes arrangement proposed by Fletcher Challenge.

An Extraordinary Resolution for each series of Capital Notes seeking approval of the arrangement was put to Noteholders at adjourned meetings held in Auckland today. The resolution was passed at each such Series meeting by a majority ranging from 96.7 per cent to 99.6 per cent of the votes cast.

Under the arrangement, Capital Noteholders will have 65 per cent of their existing investment redeemed for cash. The remaining 35 per cent of Noteholders’ investment in Capital Notes will be taken over by Fletcher Building and the interest coupon for each series of these Capital Notes will be increased by 0.50 per cent. These notes will be convertible into Fletcher Building shares in certain circumstances

Mr Michael Andrews, Chief Executive Officer of Fletcher Challenge, welcomed the endorsement of the proposed arrangement by the Capital Noteholders.

The completion of the Capital Notes arrangement is subject to the proposed Fletcher Challenge separation transactions being completed. These transactions will be voted on by shareholders at the Special Meeting to be held tomorrow, March 6.

ENDS

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