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$2.75 Cash Offer For Remaining CHH Shares

$2.75 Cash Offer For Remaining Carter Holt Harvey Shares

Rank Group Investments Limited confirms its previously notified intention to make a full takeover offer for all the shares in Carter Holt Harvey Limited that it does not already own.

The offer price will be $2.75 per share. The offer will remain subject to a non-waivable condition to take Rank’s holding to 90%. At 90%, Rank will declare the offer unconditional and payment to shareholders who have accepted at that time will be made within three business days. The offer is expected to be dated Monday 20 February 2006, with immediate despatch of the offer to shareholders.

The offer now incorporates an acceptance facility, which will be open to all Carter Holt Harvey shareholders. Shareholders using this facility have the confidence that their acceptance will only be used if the offer is unconditional, while providing the flexibility to withdraw at any stage prior to Rank confirming that the offer is unconditional.

ENDS

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