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Update from CHH Independent Directors

27 October 2005

Update from Carter Holt Harvey Independent Directors

As stated in yesterday's announcement, the Committee of Independent Directors of Carter Holt Harvey Limited (the Committee) is assessing whether the revised 2005 forecast has implications beyond that year that will affect the Company's cashflows and valuation.

Cameron & Company are engaged in assisting the Committee in this evaluation.

In addition, Grant Samuel has been re-engaged to assess any implications for their original report. They have advised the Committee that they are unable to complete their review until Monday.

As a consequence, the Committee expects to issue a statement promptly following receipt of their report on Monday.

ENDS

Carter Holt Harvey (www.chh.com) is Australasia’s leading forest products company, with significant interests in wood products, pulp, paper and packaging, supported by forests. Leading Carter Holt Harvey brands include Customwood, Pinex, Bestwood, Kopine and PTP, and the company’s packaging can be found in most supermarket aisles. Carter Holt Harvey is listed on both the NZX and ASX, and employs approximately 10,200 people across New Zealand, Australia, China and throughout Asia. The company's head office is in Auckland, New Zealand.

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