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Tenon Distributes Target Company Statement

18 May, 2004

Tenon announced today that its Target Company Statement, issued in response to Rubicon Forests Limited’s partial takeover offer for 50.01% of the Company’s shares, is to be mailed to shareholders beginning Wednesday, 19 May 2004.

A copy of the Target Company Statement can be viewed on the Company’s website www.tenon.co.nz. Shareholders should note that all the Company’s directors, including Michael Andrews and Luke Moriarty, took part in the development of, and also support, the Company’s current business strategies.

ENDS

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