Fletcher Forests Welcomes Radiata Exp. Initiative

STOCK EXCHANGE LISTINGS: NEW ZEALAND, AUSTRALIA, NEW YORK (FFS).

Fletcher Challenge Forests Welcomes Radiata Export Initiative

Auckland, 28 November 2002 – Fletcher Challenge Forests today welcomed the export initiative announced by Carter Holt Harvey.

Chief Executive Terry McFadgen said “This is consistent with the concepts we have been promoting within the industry for some time, and in principle we see many advantages for customers and New Zealand forest owners in a joint export entity. Common standards and processes should reduce costs of supply, and a joint entity should also assist the promotion of Radiata pine in new and developing markets, particularly in Asia.

“Fletcher Challenge Forests is discussing its potential participation in this entity with Carter Holt Harvey and the Receivers of the Central North Island Forest Partnership. Our focus is on ensuring that our customers and shareholders will benefit, and that the structure has world class governance processes” he added. He also noted that it was important that the views of customers and other potential New Zealand industry participants were reflected in the final arrangements.

Mr McFadgen noted that no decision was likely in the immediate future, and that there were many issues of detail to work through.

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