Rubicon’s Opening Balance Sheet

RUBICON’S OPENING BALANCE SHEET

Auckland, 26 March 2001 - Rubicon last week sold 582,000 shares in Capstone Turbine Corporation in order to fund its acquisition obligations under the Fletcher Challenge separation programme completed on Friday 23 March.

On listing on the Australian and New Zealand stock exchanges today, Rubicon Limited owns:-
- An interest in 31.67% of ArborGen – the world’s leading bioengineering tree business that includes Westvaco and International Paper as equal partners
- Joint rights to a comprehensive genetic database for commercial forestry species, and also joint ownership of rights to related international patents
- A Radiata and Eucalypt clonal development business
- A Trees & Technology business based at Te Teko with tree improvement and treestock production capabilities and facilities
- 594,000 Capstone shares
- A 2.95% interest in Genesis Research and Development Corporation
- The Challenge service station network in New Zealand together with related terminal assets
- 17.6% (492 million shares) in Fletcher Challenge Forests
- $13 million in cash

The book capitalisation of Rubicon (adjusted for the current market prices of Capstone and Fletcher Challenge Forests shares) as at the opening of trading this morning is: -

NZ$m
Challenge! 20
Fletcher Challenge Forests shares (492 million) 157
Biotechnology assets 80
Capstone shares (594,000) 34
Cash 13
Total 304

Revaluation to Market Value of Capstone and Fletcher Challenge Forests shares 13
Capitalisation 317
Net Tangible Asset Backing 0.90

Ends

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