Special Shareholders’ Meeting

M E M O R A N D U M
Fletcher Challenge Forests Limited

To Fletcher Challenge Forests Staff

cc Notice Boards

From John A Dell
Date 22 January 2004

Subject Special Shareholders’ Meeting

Today the Company issued a formal notice calling a special meeting of our shareholders on Friday, 20 February, to consider proposals to sell all our forest assets and to return capital to our shareholders.

Papers are being despatched to shareholders today. The Notice of Meeting is now available on the Company’s website (www.fcf.co.nz), or if you would like a printed copy, email brenda.gray@fcf.co.nz.

John A Dell
Chief Executive Officer

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