CHH and Receiver progressing on joint log export

Media Release 17 January 2003 follows. Embargoed Until: Immediate Release

CHH and Receiver progressing on joint log export entity

Carter Holt Harvey confirmed today that good progress is being made toward the formation of an independent, joint log export entity.

Chief Operating Officer Devon Mclean said he expected the independent entity would be established by the second quarter of this year.

"This is an important development for Carter Holt Harvey and an opportunity for the wider industry. We believe there are considerable benefits for customers and industry participants in taking a more co-ordinated approach to the way we export logs."

The company confirmed that although Carter Holt Harvey and the CNIFP would be the founding shareholders, the intention remains to invite other industry participants to become involved.

"Our vision is for an independent export company with diverse industry ownership and involvement. First we need to get it up and running at a basic level so that others have something real to consider."

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