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Independent Directors Seek Offer Extension

30 October 2005

Carter Holt Harvey Independent Directors Seek Offer Extension

The Committee of Independent Directors of Carter Holt Harvey Limited has approached Rank Group Investments Limited (Rank Group) seeking an extension of the takeover offer period. A copy of the letter sent to Rank Group is attached to this notice.


EXTENSION OF OFFER TO ALLOW SHAREHOLDERS TO BE FULLY INFORMED

On 26 October, the Company announced to the market a revised 2005 profit forecast. That same day the Committee of Independent Directors advised the market that it was reviewing whether the revised 2005 forecast had implications for the Company’s longer-term cashflows and valuation.

On 28 October, the Committee of Independent Directors advised the market that it had re-engaged Grant Samuel to assess whether the revised forecast had any implications for the content of its original independent valuation report. Grant Samuel advised the Independent Directors that it was unable to complete this work before Monday, 31 October.

Rank’s offer closes on 3 November. This leaves little time between receipt of the Grant Samuel review and the close of the offer to reliably communicate to shareholders and to ensure they are fully informed. This is particularly so, as it may require a mail-out to all shareholders to ensure that they are fully informed.

In the interests of ensuring that shareholders are fully informed we request that you extend your offer period to allow sufficient time for all shareholders to be fully informed.

It would be appreciated if we could receive advice of your decision by 10.00 am on Monday 31 October.

Yours sincerely
Kerry McDonald
Director - Chairman of Committee of Independent Directors

ENDS

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