13 June 2000

In response to news of the application made by three FCL shareholders for leave to issue a proceeding against him pursuant to the Securities Act, Mr Hoggard stated that he has referred the matter to his solicitors with instructions that he will oppose the application, and that he will defend any such proceeding.

Mr Hoggard said that he is confident that once all matters surrounding the issue came before the Court, his actions in connection with the share purchase will be seen in a quite different light than that which has been portrayed in the media recently.

With the matter now before the Court, he does not propose to comment further.

Issued on behalf of Mr Hoggard by Dennis Lynch, Network Communications, telephone 09 379 3154.

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