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Half Year Results Announcement

Half Year Results Announcement To 31 December 2002 Strong First Half Operating Result – Full Year Outlook In Line With Last Year

AUCKLAND, 13 February 2003 – Fletcher Challenge Forests’ operating earnings, prior to unusual items, rose strongly in the six months to December to $47 million, a 68% increase over the $28 million recorded in the corresponding six months to December 2001. Operating revenue increased 11% to $359 million Operating earnings from the North American business rose 55% to $17 million Our Engineered Wood Products business was successfully restructured.

Operating earnings included an unrealised foreign exchange gain of $12 million, compared to $1 million in the corresponding period. Our foreign exchange hedging arrangements mitigate the effect of the strengthening New Zealand dollar on operating earnings.

The forest crop valuation this period was negative $3 million compared to an increase of $17 million in the corresponding period, reflecting the impact of recent lower average log prices used in the Company’s 12-quarter forest valuation price series, partially offset by yield improvements.

Net profit after tax, before unusual items, was $20 million, an increase of $1 million over the corresponding period.

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