Final Voting Tally Confirms Ovewhelming Desires

FINAL VOTING TALLY CONFIRMS OVEWHELMING DESIRE FOR SHAREHOLDERS TO CONCLUDE SEPARATION

AUCKLAND, 8 March 2001 – Fletcher Challenge today confirmed that final voting numbers from Tuesday’s Special Shareholder Meeting strongly reinforced the shareholder support for separation.

Final voting figures indicate that 99% of votes endorsed the separation of Fletcher Building as a new, stand-alone company. This represents a vote of 99% in favour from Building shareholders, and a vote of 99% in favour from Energy and Forests shareholders voting together.

In relation to the Energy transaction, in which Shell and Apache Corporation acquire Fletcher Challenge Energy in a NZ$4 billion deal, 96% of votes from Energy shareholders were in favour of the sale, with 96% of votes from Building and Forests shareholders also in favour.

“These final majorities underscore clearly the resounding shareholder support for the separation recommendations, including the sale of Energy to Shell and Apache,” said Roderick Deane, Chairman of Fletcher Challenge. "Shareholders made their views known in no uncertain terms, and it is very pleasing to see democracy in action,” he said.

On March 15 the High Court will make a final ruling on the separation transactions. With High Court sanction, the remaining steps will be in train. This will result in a payment and other distributions to Fletcher Energy shareholders, and the listing of Fletcher Building and Rubicon by the end of March.

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