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Voting Outcome On CNIFP Proposal

STOCK EXCHANGE LISTINGS: NEW ZEALAND, AUSTRALIA, NEW YORK (FFS).


Voting Outcome On Cnifp Proposal


Auckland, 15 August 2002 – Fletcher Challenge Forests advised today the following detailed results of the voting at the Special Shareholders’ Meeting held on Tuesday 13 August 2002. The figures are expressed as a percentage of the total eligible votes cast, in each case.

FOR AGAINST
Resolution 1 70.7% 29.3%
Resolution 2 (a) 60.4% 39.6%
Resolution 2 (b) 60.2% 39.9%
Resolution 2 (c) 60.2% 39.8%
Resolution 2 (d) 59.9% 40.1%
Resolution 2 (e) 60.0% 40.0%
Resolution 3 71.3% 28.7%

Resolutions 1 and 3 required a 75% majority vote to be passed, and Resolutions 2a to 2e required a 50% majority vote to be passed. Therefore, Resolutions 1 and 3 were lost, and Resolution 2 was passed. The transaction cannot however proceed, because all resolutions were required to be passed for this to occur.

Rubicon, a 17.6% shareholder, was the major shareholder disqualified from voting on Resolution 2.

The following is a summary of voting on Resolution 1 by our small shareholders, being shareholders with less than 1 million shares. A total of 11,030 small shareholders voted.

FOR: 65% (7,163 holders with a total of 276,455,980 shares or 67.1%)
AGAINST: 35% (3,867 holders with a total of 135,295,361 shares or 32.9%)


Ends


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