Fletcher Challenge Energy Separation Update

Fletcher Challenge Energy Separation Process Update

AUCKLAND, 21 August 2000 – Commenting on the application to the New Zealand Commerce Commission filed by Shell Exploration Company BV (“Shell”) this morning to acquire the New Zealand operations of Fletcher Challenge Energy, Michael Andrews the Chief Executive Officer of Fletcher Challenge Limited said today: “the approval of the Commerce Commission is an obvious and necessary pre-condition to any potential purchase of these assets by Shell. Clearly we do not know whether Shell will be successful in its application and if it is, whether it will move to submit an offer for these assets. Therefore, this application should be seen as a very preliminary step in a long process”, he said.

Mr Andrews reiterated the commitment of the company to keep shareholders informed of progress in the dismantling of the group targeted share structure.

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