RNS No 9167a
BRIERLEY INVESTMENTS LIMITED
10 May 1999

FLETCHER CHALLENGES FORESTS (FFS)

Brierley Investments Limited announces that it has sold all of its shares in
Fletcher Challenge Forests comprising 46,655,405 (5.06%) fully paid ordinary
shares.

The sale price per share is $0.93 and settlement will be completed by 17 May
1999.

END

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