Rubicon Partial Takeover Offer Successful

Auckland, 4 June, 2004 – Rubicon Forests Limited announced today that it’s partial takeover offer for 50.01% of the Tenon has become unconditional.

The Independent Directors say Rubicon is taking control of a company that is in good shape.

“Strategies put in place over the last year have transformed the company into a business that is now generating good profits, has sound prospects, and has returned a substantial amount of surplus capital to shareholders,” said the Company’s Chairman, Sir Dryden Spring.