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Decision On Exportco Participation Deferred

Fletcher Challenge Forests Defers Decision On Exportco Participation

Auckland, 17 January 2003 – Fletcher Challenge Forests confirmed today that it did not intend to participate in the proposed export log marketing venture under discussion with Carter Holt Harvey and the Receivers of the Central North Island Forest Partnership at this stage.

Chief Executive Terry McFadgen said “Whilst we are attracted to the concept of a collaborative marketing entity for export logs, there are many strategic, structural and governance issues to resolve. Inevitably these are complex and in our view require significant additional time to bring to finality. We favour wide consultation across the industry as the next step in the process, to ensure that the proposed venture can achieve its ultimate goals.”

Mr McFadgen noted that the Company would maintain a watching brief on developments and would continue a dialogue with Carter Holt Harvey, the Receivers of the Central North Island Forest Partnership, and other interested industry participants.

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