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Board Consider Company's Revised Forecast

26 october 2005

Board Consider Company's Revised Forecast

The Committee of Independent Directors (the Committee) of Carter Holt Harvey Limited has considered the Company’s revised 2005 forecast. Its conclusion is that the revised 2005 forecast does not warrant a change in the recommendation in the Target Company Statement that shareholders not accept the offer from Rank Group Investments Limited.

The Committee is also reviewing whether the revised 2005 forecast has implications for the Company’s longer term projected cashflows and values. It will provide further advice to shareholders within 48 hours.

ENDS


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