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Fletcher Challenge Forests Calls Special Meeting


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

Fletcher Challenge Forests Calls Special Meeting On Forests Sale

Auckland, 22 January 2003 – Fletcher Challenge Forests Limited will hold a special meeting of shareholders on Friday, 20 February, to consider a proposal to sell its forest assets to a consortium led by the Kiwi Forest Group and to return capital to its shareholders.

The company issued its notice of the special meeting today, with a mailing to shareholders that included resolutions to be considered, an explanatory memorandum that includes an assessment of the impact of the proposals on the continuing business of the company, and an independent appraisal of the proposed transactions by Grant Samuel & Associates.

The independent directors of the Company recommend the transaction to shareholders. The independent appraisal by Grant Samuel & Associates concludes that the transaction is in the best interests of Fletcher Challenge Forests’ shareholders.

The document is available on the Company’s website: www.fcf.co.nz.


ENDS

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