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Carter Holt Harvey Confirms Protocols

2 August 2005

Carter Holt Harvey Confirms Protocols

Carter Holt Harvey (CHH) today confirmed that it had agreed a set of protocols with International Paper (IP) covering IP’s review of its shareholding in CHH.

On 27 June, CHH announced that its majority shareholder, IP, intended to explore strategic alternatives for its 50.5% stake in CHH. At the time, IP advised that it would consult with the Board of Directors and management of CHH to facilitate the review process.

Chairman of the CHH Board, John Maasland confirmed today that the protocols agreed between the Company and IP were designed to facilitate a process which is focused on maximising value to all shareholders.

IP has advised that it hopes to complete the review process before the end of the year. In the meantime, it is business as usual at CHH.

Parties interested in participating in this process should contact one of the following:

ENDS


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