Fletcher Forests Enters Into CNIFP Agreement

Fletcher Challenge Forests Enters Into CNIFP Agreement

Auckland, 28 March 2002 – Fletcher Challenge Forests (“FCF”) has today entered into an agreement with the Receivers of the Central North Island Forest Partnership (“CNIFP”) under which FCF will progress, on an exclusive basis, a proposed acquisition of the assets of the CNIFP.

The contract for the proposed acquisition is subject to a number of conditions to be satisfied within the next five weeks including financing satisfactory to FCF. The proposed purchase will also subsequently require FCF shareholder approval at a special meeting called for that purpose.

FCF welcomes this opportunity to finalise a proposal to acquire this strategic asset.

FCF has been granted a temporary waiver from the New Zealand Stock Exchange’s Listing Rule 10.7.4(b) and (c) by the Exchange’s Market Surveillance Panel, on the basis that FCF will make a further announcement setting out all the details required by Listing Rule 10.7.4 once the key conditions to the proposed acquisition have been satisfied.

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