Decision On Final Dividend Deferred

AUCKLAND, 25 September, 2000 – On 30 August, the Board of Fletcher Challenge Ltd announced that, unless the separation process of the Company resulted in a third party sale recommendation, the Directors intended that Fletcher Challenge Building and Fletcher Challenge Energy would declare a final dividend of 8 cents per share and 10 cents per share respectively (record date 29 September and payment date 12 October and 13 October for American Depositary Receipt holders).

The Chairman, Dr Roderick Deane, said this morning “As final decisions have not yet been made on the separation of the Building, Energy and Forests Divisions, the Board considers it prudent to defer making a decision on the final Building and Energy dividends”.

Dr Deane added that a further announcement will be made as soon as possible when the Board is in a position to advise the outcome of the separation process. At that time, unless the separation process of the Company results in third party sales recommendations, the Board will declare final dividends of 8 cents per share and 10 cents per share for Fletcher Challenge Building and Fletcher Challenge Energy respectively, and announce record and payment dates.

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