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Reporter CNIFP Transaction Is Fair & Reasonable


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

Independent Reporter Confirms CNIFP Transaction Is Fair & Reasonable


Auckland, 19 July 2002 – Fletcher Challenge Forests today advised that independent reporter, Grant Samuel & Associates Limited, had confirmed that in Grant Samuel’s opinion the Company’s proposed acquisition of the assets of the Central North Island Forest Partnership (CNIFP), and associated arrangements involving SEAWI and Rubicon Limited, were fair and reasonable.

Grant Samuel had been commissioned by the Company to review the proposed transaction for the purposes of the Listing Rules of the New Zealand and Australian Stock Exchanges, and under the New Zealand Takeovers Code.

A Special Meeting of shareholders has been called for Tuesday, 13 August 2002 to consider the CNIFP transaction.

A full copy of Grant Samuel’s report will accompany the Notice of Meeting and Explanatory Memorandum, to be despatched to shareholders on or about Monday 22 July.

Ends


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