Rubicon Increases Offer to $1.95 per Tenon share

19 May 2004

Rubicon Increases Offer to $1.95 per Tenon share

Rubicon Forests Limited announced today an increase in its Offer price in respect of its partial takeover Offer for Tenon Limited shares. The increased Offer price is $1.95. The attached letter, together with an updated Independent Advisor’s report that the consideration and terms offered for both classes of Tenon shares is fair and reasonable as between the two classes, will be sent to shareholders.

ENDS

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