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Special Shareholders’ Meeting

Sir Dryden Spring Has Decided Not To Chair Special Shareholders’ Meeting

Auckland, 9 August 2002 – Sir Dryden Spring today announced that he would not chair the Fletcher Challenge Forests Special Shareholder Meeting next Tuesday.

Sir Dryden said it was very important that shareholders who give proxies to the Chairman of the meeting are satisfied that they will be validly exercised. “In light of legal uncertainty, I suggested to the Board that I not chair the meeting”, said Sir Dryden, “and they have accepted that recommendation.”

The Board will elect Director Michael Walls to chair the Meeting. Mr Walls will also accept proxies from ADR holders.

The Market Surveillance Panel yesterday pointed to legal uncertainty about Sir Dryden’s status in voting any proxies given to the Chairman at the Special Shareholder Meeting. This uncertainty arises because Sir Dryden is a director of the National Bank, which is a current lender to the CNIFP and a proposed new lender to Fletcher Challenge Forests in the CNIFP proposal.


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