Carter Holt Harvey Forest sale goes unconditional

To: Market Announcement Platform Company: NZX

Company Announcement Platform ASX

From: Shehnaz Hajati Date: 20 September 2005

Subject: Carter Holt Harvey Forest sale goes unconditional

On 15 July 2005 Carter Holt Harvey Limited advised the market that it had entered into an agreement to sell 94,300 hectares of forests to a consortium comprising Rayonier Inc. and RREEF Infrastructure, the global infrastructure arm of Deutsche Asset Management for $435 million. The sale was conditional on approval of the Overseas Investment Commission and other normal commercial conditions.

Carter Holt Harvey is pleased to confirm that the conditions precedent have now been satisfied and the sale to the consortium is now unconditional. Completion of the sale will take place in early October 2005.

Shehnaz Hajati

Manager – Company Secretarial

ENDS

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