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Price Confirmed for Tahorakuri Forest Estate

1 August

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


US$64 Million Purchase Price Confirmed for Tahorakuri Forest Estate

Fletcher Challenge Forests announced today that Jaakko Poyry had finalised its independent valuation of the Tahorakuri forest estate (Tahorakuri) at US$63.8million. The Company’s agreement with Rubicon Limited provides for an adjustment mechanism should an independent valuation performed by Jaakko Poyry determine a valuation greater than US$66 million or less than US$62 million.

Mr Terry McFadgen the Chief Executive Officer of Fletcher Challenge Forests said, “The finalisation of the Jaako Poyry report now confirms the agreed sale price to Rubicon. No adjustment will be required to the previously announced sale price of US$64 million. The Jaakko Poyry report is also consistent with the findings of Grant Samuel & Associates, who valued Tahorakuri at between NZ$130 and NZ$140 million.”

Ends

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