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Fletcher Building Limited - Upon Separation from the Fletcher Challenge Group - Selects Citibank for NYSE Listed ADR Program.



Business Editors

NEW YORK--(BUSINESS WIRE)--March 26, 2001

Fletcher Challenge Energy sold to Shell and Apache Corporation

Citibank today announced that Fletcher Building Fletcher Building Limited (NZX: FBU, ASX: FBU) is currently the second largest listed company in New Zealand, after Telecom New Zealand, with a market capitalisation of over NZ$4.5 billion.  Limited, New Zealand's leading building materials Building materials used in the construction industry to create .

These categories of materials and products are used by and construction project managers to specify the materials and methods used for .
 manufacturer and distributor, has selected Citibank as depositary for its American Depositary Receipt American Depositary Receipt (ADR)

Certificates issued by a US depository bank, representing foreign shares held by the bank, usually by a branch or correspondent in the country of issue.
 (ADR ADR - Astra Digital Radio ) program upon its separation from the Fletcher Challenge Group.

The shares have begun trading on the NYSE NYSE

See: New York Stock Exchange
 under the symbol "FLB FLB Funny looking beat Medtalk Slang for indeterminate or chaotic aberrancies on an EKG that are not readily recognized " (CUSIP CUSIP

See: Committee on Uniform Securities Identification Procedures


CUSIP

See Committee on Uniform Securities Identification Procedures.
 #339305104). Each American Depositary Share American Depositary Share (ADS)

Foreign stock issued in the US and registered in the ADR system.
 (ADS) represents 10 Fletcher Building Limited Shares, which trade on the New Zealand Stock Exchange New Zealand Stock Exchange

Automated, screen-based national trading system based in Wellington.
 (NZSE NZSE New Zealand Stock Exchange ) and the Australian Stock Exchange Australian Stock Exchange (ASX)

Australia's major securities market, formed when the six state stock exchanges (Adelaide, Brisbane, Hobart, Melbourne, Perth, and Sydney stock exchanges) were merged in 1987.
 (AUX (AUXiliary) The DOS name for the first connected serial port. See DOS device names. See also A/UX. ). Citibank was the depositary for the Fletcher Challenge Group prior to separation.

Fletcher Challenge Building is one of three divisions of the Fletcher Challenge Group forming separate corporate entities under the Separation Transactions, effective today, becoming a newly created stand-alone publicly listed company. Under the Building Transaction, holders of Fletcher Challenge Building Shares will receive, in exchange for each Fletcher Challenge Building Share, one fully paid share of Fletcher Building Limited. In a parallel manner, Holders of Fletcher Challenge Building ADSs will receive, in exchange for each Fletcher Challenge Building ADS, one fully paid ADS of Fletcher Building Limited. As a result, Fletcher Challenge Building Shareholders and holders of ADSs will hold shares or ADSs of the new company, Fletcher Building Limited, respectively, and will cease to have any ownership interest in Fletcher Challenge.

Completion of the sale of Fletcher Challenge Energy to Shell and Apache Corporation is a condition of the Building Transaction. As part of the Energy Transaction, the assets and liabilities of Fletcher Challenge Energy will be transferred to Shell and Apache Corporation. The consideration to be received by holders of both Fletcher Challenge Energy Shares and ADSs comprises three distinct components: cash; an entitlement for shares in Capstone, an innovative, US-based microturbine energy company; and a trade for shares in Rubicon, a new entity formed to focus on innovative business development.

"We are pleased to support Fletcher Building Limited as it enhances its US market presence through the Separation Transaction," said said Kurt Schneiber, Global Managing Director, Citibank Depositary Receipt depositary receipt

A negotiable certificate that represents a company's publicly traded debt or equity. Depositary receipts are created when a company's shares or bonds are delivered to a depositary's custodian bank, which instructs the depositary to issue
 Services. "This is a fine example of how ADRs can facilitate the company's goals and target US investors who wish to diversify globally within specific sectors."

"Citibank's support has been excellent as we offer ADSs of our newly separated company to U.S. investors," said Michael Andrews, Interim Chief Executive of Fletcher Building Limited. "We are ready to strengthen our business through this listing on the NYSE as we strive to deliver the best value outcome, over time, to shareholders."

Following the Separation, Fletcher Building's business will consist of all the activities historically conducted by Fletcher Challenge Building including:
-- New Zealand's sole manufacturer of gypsum plasterboard

-- A significant participant in the New Zealand steel industry

-- A major producer of aggregate, cement and concrete products in New Zealand
and South America

-- A wood panel manufacturer with associated value adding operations

-- An extruder of aluminum components for windows and doors

-- A distributor of a wide ranger of building materials in New Zealand

-- A substantial construction contractor in New Zealand, Australia and the
South Pacific Islands

-- A major builder of residential homes in New Zealand


Further information can be found at www.fletcherbuilding.com.

Citibank Depositary Receipt Services leads the market in bringing quality issuers to the US market and promoting ADRs as an effective capital markets tool. Citibank began offering American Depositary Receipts in 1928 and today is the market leader, widely recognized for delivering high quality, highly liquid programs to its customers.

Citibank Depositary Receipt Services is a part of Citibank Worldwide Securities Services (WWSS WWSS Worldwide Satellite Systems (US DoD contract vehicle)
WWSS Warfare and Warfare Support System
), a business within Citigroup's Global Corporate and Investment Bank. WWSS serves global issuers, investors and intermediaries through the world's largest and most acclaimed proprietary custody and clearing network, spanning 51 countries and territories. It currently provides securities services to more than 2,500 customers worldwide and has over $4 trillion in assets under custody. WWSS is the industry's premier custodian of cross-border assets, top ranked global clearer and recognized leader in depositary receipt services, and agency and trust services.

Citigroup (NYSE:C), the most global financial services company, provides some 120 million consumers, corporations, governments and institutions in more than 100 countries with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage and asset management. Major brands under Citigroup's trademark red umbrella are - Citibank, Travelers, Salomon Smith Barney, First Associates, Citifinancial and Primerica.

Visit our web site at www.citibank.com/adr.

This information is being provided solely for information purposes by Citibank, N.A. It does not constitute a recommendation, solicitation or offer for the purchase or sale of any securities, nor shall this material be construed in any way as investment or legal advice or a recommendation, reference or endorsement by Citibank, N.A.
COPYRIGHT 2001 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2001, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Business Wire
Date:Mar 26, 2001
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