News release

28 May 2004

Panel Rejects Tenon’s Complaint Regarding Broker Handling Fees

The Takeovers Panel met on 28 May 2004 to consider a complaint made by Tenon Limited that Rubicon Forests Limited’s announced intention to pay handling fees to brokers in connection with acceptances of Rubicon’s partial offer for Tenon was in breach of the Code.

The Panel decided, after considering submissions made by Tenon and Rubicon, that there was no merit in the complaint. The Panel has decided to take no further action.

ENDS

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