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Closure Us$65 Million Forest Cutting Rights Sale

Fletcher Challenge Forests Announces Closure Of Us$65 Million Forest Cutting Rights Sale

Auckland, 28 March 2003 – Fletcher Challenge Forests advises that the US$65 million forest cutting rights contracts with two entities managed and advised by UBS Timber Investors have now settled.

Details of the cutting rights contracts can be found on the Company’s website, http://www.fcf.co.nz, under “News Releases”.

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