Proposed Acquisition Of CNIFP Assets

Auckland, 26 June 2002 – Fletcher Challenge Forests confirmed today that a Notice of Meeting and Explanatory Memorandum containing all relevant information to enable shareholders to assess the merits of the proposed acquisition of the CNIFP assets was currently being finalised. Following review by the NZSE and ASX, the documentation would be despatched to shareholders in mid July. A special shareholders’ meeting of the Company will be held in mid August.

Grant Samuel & Associates Limited has been commissioned by the Company to prepare the required independent reports on the CNIFP transaction for the purpose of the NZSE and ASX Listing Rules, and the Takeovers Code.

The Company notes the information requests advised to the Company today by the Market Surveillance Panel of the NZ Stock Exchange. The Company confirms that any information required by the NZ Stock Exchange or the ASX as a condition of their approval of the Notice of Meeting will be included in the above document.

The Company does not anticipate that any waivers from the NZ Stock Exchange Listing Rules will be required in respect of the CNIF transaction.

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