CITIC on the imminent sale of Fletcher Forests

CITIC NEW ZEALAND LIMITED

18 August 2000

CITIC STATEMENT

This statement is made in response to market speculation on the imminent sale of Fletcher Forests

This statement is made by Greg Molloy, CITIC New Zealand Limited.

“There has been no real progress in resolving the protracted dispute between Fletcher and CITIC in relation to the Central North Island Forestry Partnership.

“While we have been continuing to negotiate with Fletcher over past months we are disappointed at progress.

“None of the disputes we have with Fletcher have been resolved including that in relation to the supply of pulpwood to Norske Skog. The Central North Island Forestry Partnership is now in the position of supplying pulpwood without a contract.

“Our High Court action to resolve the serious dispute between us continues on schedule, and we are at present in the discovery stage.

“A Court hearing is scheduled for September 19, 2000.”

For further information please contact

Mr Greg Molloy
CITIC New Zealand Ltd
Tel 0-9-309 1528. Cell phone 025 449 110

Issued on behalf of CITIC New Zealand by
Dennis Lynch, Network Communications
Tel 0-9-379 3154

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