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Central North Island Forest Partnership Management

Central North Island Forest Partnership Management Arrangements

Auckland, 29 November 2002 – Fletcher Challenge Forests (FCF) today confirmed that it was in discussion with the Receivers of the Central North Island Forest Partnership (CNIFP) regarding a new management structure for the CNIFP.

Chief Executive Terry McFadgen said “The exact shape of the new structure has not yet been determined, but the broad approach we are proposing is to establish an independent management company for CNIFP which will contract selected services back to FCF and other external service providers. One of the objectives is to ensure that the synergies and scale benefits arising from the co-ordinated operation of the CNIFP and FCF forest estates are preserved for the benefit of both parties.”

He added that there were a number of other potential benefits with this approach, including its likely permanence through any change of CNIFP ownership. FCF would also benefit from a simplification of its current operations, and from having more flexibility to manage its own estate.

He noted that whilst the financial impacts of the proposed new arrangements would not be able to be determined until the final structure was agreed, the cost to FCF is expected to be at the bottom end of the $10-$20 million per annum range previously indicated, prior to any allowance for the benefits arising from the joint export marketing entity currently under discussion with Carter Holt Harvey and the Receiver.

Any new management arrangements will take some time to resolve and put in place, and would involve a structured transition.

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