19 May 2004
Rubicon Increases Offer to $1.95 per Tenon share
Rubicon Forests Limited announced today an increase in its Offer price in respect of its partial takeover Offer for
Tenon Limited shares. The increased Offer price is $1.95. The attached letter, together with an updated Independent
Advisor’s report that the consideration and terms offered for both classes of Tenon shares is fair and reasonable as
between the two classes, will be sent to shareholders.
ENDS