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Carter Holt Harvey Begins Tender Offer and Consent Solicitation
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Auckland, New Zealand, 21 July 2006 -- /PRNewswire/ -- Carter Holt Harvey Limited announced today that it has commenced a cash tender offer for any and all of its outstanding $150,000,000 aggregate principal amount of 8-3/8% debentures due 2015 (CUSIP No. 146230AD9) and $150,000,000 aggregate principal amount of 9-1/2% debentures due 2024 (CUSIP No. 146230AB3) on the terms and subject to the conditions set forth in its Offer to Purchase and Consent Solicitation Statement dated 21 July 2006 and a related Letter of Transmittal and Consent.

Carter Holt Harvey is also soliciting consents to certain proposed amendments to the indentures governing the debentures. The purpose of the tender offer and consent solicitation is to acquire all of the issued and outstanding Debentures and to amend or eliminate the principal restrictive covenants, certain events of default and other provisions contained in the indentures governing the debentures.

If all conditions to the tender offer and consent solicitation are satisfied, holders who validly tender their debentures pursuant to the offer and validly deliver their consents pursuant to the solicitation by 5:00 p.m., Eastern Time (U.S.), on 08 August 2006 (the "Consent Date"), (and do not validly withdraw their debentures or revoke their consents by such date), will be paid the total consideration of $1000 for each $1000 principal amount of the debentures. Tendered debentures may be withdrawn and consents may be revoked at any time before the Consent Date, but not thereafter.

In connection with the solicitation of consents, Carter Holt Harvey is offering to make a consent payment of $30 per $1000 principal amount of the debentures (which is included in the total consideration described above) to holders who validly tender their debentures before the Consent Date. Holders who tender their debentures after the Consent Date will not receive the consent payment. Holders may not tender their debentures without delivering consents and may not deliver consents without tendering their debentures. The tender offer is scheduled to expire at 5:00 p.m., Eastern Time, on 18 August 2006, unless otherwise extended or earlier terminated.

Holders who validly tender and do not validly withdraw their debentures in the tender offer and consent solicitation will also receive accrued and unpaid interest from the last interest payment date up to, but not including, the date of payment. The tender offer and consent solicitation is conditioned upon, among other things, receipt of valid tenders and consents from at least a majority of the aggregate outstanding principal amount of each series of Debentures and receipt of sufficient financing. The tender offer and consent solicitation is intended to be financed with the proceeds of a credit facility.

Credit Suisse Securities (USA) LLC is serving as the exclusive Dealer Manager and Solicitation Agent for the tender offer and consent solicitation. Questions regarding the terms of the tender offer or consent solicitation should be directed to Credit Suisse Securities (USA) LLC Attn: Liability Management Group at (212) 325-7596 or (800) 820-1653. The Tender Agent is D.F. King & Co., Inc. Any questions or requests for assistance or additional copies of documents may be directed to the Tender Agent toll free at (800) 714-3312 (bankers and brokers call collect at (212) 269-5550).

Carter Holt Harvey is Australasia's leading forest products company, with significant interests in wood products, pulp, paper and packaging, and forests. Carter Holt Harvey is a wholly owned subsidiary of Rank Group Investments Limited.

Source: Carter Holt Harvey Limited


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