No CNIFP Related Incentives In Place

Fletcher Challenge Forests Limited
Confirms That No CNIFP Related Incentives In Place
For Directors And Executives

Auckland, 12 August 2002 – In response to rumours circulating in the market, Fletcher Challenge Forests advised that there are no arrangements in place, or contemplated, for directors or executives of the Company to receive bonuses or other emoluments should the transactions proposed for approval at the Special Shareholders’ Meeting, to be held on 13 August 2002, be approved.

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