A statement from Mr Warren Young, Chairman, Timberlands West Coast Limited

21 March 2000

After further discussion with the Chief Executive today, we have together determined that in all the circumstances it is appropriate for Timberlands to bring to an end the consultancy arrangements with Mr Kit Richards.

This decision is effective from today.

In taking this action I wish to make it quite clear that the arrangements with Mr Richards subsequent to his retirement were designed and intended to benefit Timberlands. Indeed, that was the sole purpose of the arrangement.

The form and extent of the required input from Mr Richards was at the direction of the company. There was certainly no permanency in the role. From the outset it was acknowledged by both parties as short term only.

In the event, the actual time incurred by Mr Richards since his retirement has been minimal, and we have been grateful for his assistance over this transitional period.

I sincerely hope that these comments draw the matter to a conclusion – it has reached a magnitude well beyond the essence of the matter.

It would serve no useful purpose for this issue to become a protracted or continuing affair.

Accordingly, I intend to leave any further comment to the Minister.

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