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Georgia-Pacific Approves Capital Investments, Confirms Re-Audit Results

Press release from the issuing company

ATLANTA, Aug. 1 - The board of directors of Georgia-Pacific Corp. today approved investments to continue strengthening the company's premium paper towel manufacturing capabilities and declared a regular quarterly dividend on the company's common stock. Also today, the board received a report from its audit committee confirming that a re-audit by Ernst & Young of Georgia-Pacific's financial statements from 1999 through 2001 has been completed and that the re-audit will not result in restatements of Georgia-Pacific's operating results or financial position as filed with the Securities and Exchange Commission in March 2001. The audit committee authorized the re-audit in connection with the company's ongoing separation efforts and the change in its outside auditors. The board approved installation of a through-air-dried (TAD) paper towel machine and related converting equipment at the Wauna, Ore., mill and installation of converting equipment for mills at Halsey, Ore., Palatka, Fla., and Port Hudson, La., at a cost of approximately $250 million. These investments are part of the company's ongoing strategy for producing softer, stronger and more absorbent paper towels that will be sold under Brawny and private label brands. The Wauna machine's projected capacity is approximately 80,000 tons annually, with production scheduled to begin in 2004. Previous investments in paper towel improvements included installation of TAD machines and converting equipment in mills at Port Hudson and Gien, France. In other action, the board also declared a regular quarterly dividend of 12.5 cents per share on the corporation's common stock. The dividend is payable Aug. 21, 2002, to shareholders of record Aug. 12, 2002.

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