Sale Of Forest Cutting Rights Unconditional

Auckland, 14 March 2003 – Fletcher Challenge Forests advises that the US$65 million forest cutting rights contracts with two entities managed and advised by UBS Timber Investors are now unconditional. Closing is scheduled for the end of March, 2003.

Details of the cutting rights contracts can be found on the Company’s website, http:// http://www.fcf.co.nz, under “News Releases”.