Auckland, New Zealand, 21 August 2006 -- /PRNewswire/ -- Carter Holt Harvey Limited announced today the expiration of its previously announced cash tender offer to purchase any and all of the outstanding $150,000,000 aggregate principal amount of its 8 3/8% debentures due 2015 (CUSIP No. 146230AD9) and $150,000,000 aggregate principal amount of its 9 1/2% debentures due 2024 (CUSIP No. 146230AB3).

The tender offer expired 18 August 2006. Subject to the terms and conditions of the tender offer, Carter Holt Harvey intends to accept for payment all debentures validly tendered and not validly withdrawn pursuant to the tender offer.

Before the expiration of the tender offer, Carter Holt Harvey received tenders of $146,980,000, or approximately 98%, and $142,700,000, or approximately 95%, of the principal amount of the 8 3/8% debentures and 9 1/2% debentures, respectively, outstanding prior to commencement of the tender offer. Of these amounts, all of the 8 3/8% Debentures and $142,600,000 principal amount of the 9 1/2% debentures were tendered before the expiration of the consent solicitation that was commenced by Carter Holt Harvey in conjunction with the tender offer to effect certain amendments to the indentures governing the Debentures.

The tender offer and consent solicitation were made solely by means of the Offer to Purchase and Consent Solicitation Statement dated 21 July 2006, and the related Letter of Transmittal and Consent.

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