Votes Cast At Special Shareholders’ Meeting

Monday, 23 February 2004, 5:22 pm
Press Release: Tenon

Auckland, 23 February, 2004 –The following is a summary of the votes cast at the Special Shareholders’ Meeting, held on 20 February, 2004.

Number of shares
Total Votes Votes For Percentage Votes Against Percentage

Forest Sale Proposal 289,640,688 286,788,544 99.02% 2,852,144 0.98%
Return of Capital 289,210,296 287,483,608 99.40% 1,726,688 0.60%

Number of holders, postal votes & proxies
Total Holders Holders for Percentage Holders Against Percentage

Forest Sale Proposal 5,423 5,025 92.66% 398 7.34%
Return of Capital 5,353 5,112 95.50% 241 4.50%

Ends

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