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Rubicon sells Argentine investment

27 October 2006 -

Rubicon announced today that it has sold its 50% investment in Forestadora Tapebicuá (“FTSA”).

Luke Moriarty, Rubicon’s CEO, said: “Consistent with our previously announced strategy of either moving to 100% control of FTSA or of exiting the investment altogether, we have chosen the latter and preferred path, by selling our 50% investment for NZ$ 8 million (US$5 million) in cash.

This is a very good conclusion to what has been a very frustrating investment for us – one that has been plagued by partner issues. NZ$ 8 million reflects a sales price which is not only higher than our book value, but also well in excess of the equity market’s expectation of value-realisation, given it appeared that the market had largely written-off this activity in Rubicon’s valuation prior to this sale.”

Concluding this transaction allows Rubicon to focus its efforts on bringing value to its more substantial biotechnology operations and its significant investment in Tenon.

ENDS

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