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Management Side
Carter Holt Harvey Receives Consents Tender Offer and Consent Solicitation
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Auckland, New Zealand, 09 August 2006 -- /PRNewswire/ -- Carter Holt Harvey Limited announced today that it has received the requisite tenders and consents from holders of its 8-3/8% Debentures due 2015 (CUSIP No. 146230AD9) and 9-1/2% Debentures due 2024 (CUSIP No. 146230AB3) to amend the indentures governing the Debentures.

On 21 July 2006, Carter Holt Harvey commenced a cash tender offer and consent solicitation relating to any and all of the outstanding $150,000,000 aggregate principal amount of the 8-3/8% Debentures and $150,000,000 aggregate principal amount of the 9-1/2% Debentures. The consent solicitation expired 08 August 2006. Before expiration of the consent solicitation, holders of approximately 98% and 95% of the outstanding principal amount of the 8-3/8% Debentures and 9-1/2% Debentures, respectively, had tendered their Debentures and consented to the proposed amendments to the indentures governing the Debentures. The tender offer for the Debentures will expire at 5:00 p.m., Eastern Time (U.S.)on 18 August 2006, unless otherwise extended or earlier terminated.

Carter Holt Harvey has entered into supplemental indentures to effect the proposed amendments described in the Offer to Purchase and Consent Solicitation Statement, dated 21 July 2006. The proposed amendments will not become operative, however, unless and until the Debentures tendered by the consenting holders are accepted for payment pursuant to the terms of the tender offer. Once the proposed amendments to the related indentures become operative, they will be binding upon the holders of Debentures not tendered in the offer.

The tender offer and consent solicitation are conditioned upon, among other things, Carter Holt Harvey's receipt of sufficient financing and are intended to be financed with the proceeds of a credit facility. Subject to the terms and conditions of the tender offer and consent solicitation, promptly following the expiration of the tender offer, Carter Holt Harvey expects to make payment for the Debentures tendered by the consenting holders and any additional Debentures tendered after the expiration of the consent solicitation but before the expiration of the tender offer. Any holders who tender their Debentures after the expiration of the consent solicitation, but before the expiration of the tender offer, will receive the tender offer consideration but not the consent payment.

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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