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Fletcher Challenge Forests Share Put Option Lapses

FLETCHER CHALLENGE FORESTS SHARE PUT OPTION LAPSES

AUCKLAND, 23 April 2001 - The right of Rubicon Limited (Rubicon) to put up to 117 million Fletcher Challenge Forests Preference Shares to Fletcher Building Limited (Fletcher Building) has lapsed without being exercised.

As part of the transactions giving rise to the separation of the Fletcher Challenge Group, Fletcher Building granted an option to Rubicon to put to Fletcher Building at a price of $0.25 per share up to 117 million of the 267 million Fletcher Challenge Forests Preference Shares acquired by Rubicon as part of the sub-underwriting arrangements entered into in connection with the Fletcher Challenge Forests rights issue completed in December 2000. That option was exercisable by Rubicon up to 22 April 2001 and has now lapsed.

Fletcher Building does not own any Fletcher Challenge Forests shares.

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