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Georgia-Pacific Shareholders Elect Directors; Board Of Directors Declares Dividends

Press release from the issuing company

AUGUSTA, Georgia. May 01, 2001 -- Georgia-Pacific Corp. shareholders at their annual meeting here today elected six directors to new terms. In addition, the company's board of directors, meeting earlier in the day, declared a regular quarterly dividend on each of the corporation's two classes of common stock. The board approved dividends of 12.5 cents per share for Georgia-Pacific Group (NYSE:GP) and 25 cents per share for The Timber Company (NYSE:TGP). The dividends are payable May 21, 2001 to shareholders of record May 10, 2001. Shareholders re-elected Worley H. Clark, president of W. H. Clark and Associates, Ltd., to serve through 2003. Barbara L. Bowles, chairman and chief executive officer of Kenwood Group, Inc.; Donald V. Fites, retired chairman and chief executive officer of Caterpillar Inc.; David R. Goode, chairman, president and chief executive officer of Norfolk Southern Corp.; and James B. Williams, chairman of the Executive Committee of SunTrust Banks, Inc., were re-elected to serve through 2004. In addition, shareholders elected John D. Zeglis, chairman and chief executive officer of AT&T Wireless Group, to serve on the board of directors through 2002. Retiring from the company's board at this year's meeting were Robert Carswell, counsel to and former partner in the law firm of Shearman & Sterling, New York, and Harvey C. Fruehauf, Jr., president of HFC Enterprises, St. Clair Shores, Mich. Carswell has served as a director since 1987, while Fruehauf joined the board in 1968. During the annual meeting, A.D. "Pete" Correll, Georgia-Pacific chairman and chief executive officer, told shareholders the company's long-standing relationships with mass retailing firms is proving to be a major advantage as the company increase its focus on consumer products. "It's clear that when it comes to the average American's preference for shopping, the Ôbig box' mass retailer is the place to be," Correll said. "And when Americans walk into these stores, the Georgia-Pacific name and its product brands are already there. These mass retailers are growing faster than GDP - and we intend to continue growing with them."

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