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CHH receives approval from High Court

4 August 2004

CHH receives approval from High Court for return of capital

The High Court has today confirmed its approval of the return of capital on the basis set out in the Arrangement Document.

The Record Date will be Friday, 20 August 2004 at 5.00 pm New Zealand time, and payment will be made to shareholders on Tuesday, 31 August 2004.

One share in every four shares registered in the name of each shareholder at the Record

Date will be cancelled (together with all the rights attaching to those shares). For this purpose fractions of a share will be rounded up or down to the nearest whole share.

On Tuesday, 31 August 2004, every shareholder registered at 5.00 pm on Friday, 20 August 2004 will be paid NZ$1.10 for each share cancelled.

For shareholders registered on the Australian branch register the exchange rate applicable to the payment will be advised on or about Thursday, 19 August 2004.

ENDS

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