Update From Craig And Graeme Turner Re Feltex

Update From Craig And Graeme Turner Friday 1 September

As you know we have been actively working towards finalising a proposal which is in the best interests of Feltex, its shareholders, staff and creditors.

We have made significant progress on Due Diligence this week and have today forwarded a letter to the Feltex Board and the ANZ Bank advising them that we expect to present our full offer to the Board on or before Friday 8 September.

We look forward to providing the details of the proposal to all interested parties as soon as possible following presentation to the Board.

The following update from Craig and Graeme Turner regarding the kiwi rescue bid for Feltex can now be viewed at http: http:www.dealinfo.co.nz/feltex/

Craig & Graeme Turner

ENDS

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