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Toho Share Offer -
The Independent Directors of CBH
unanimously recommend
that you ACCEPT.

As you may be aware, Toho Zinc Co., Ltd has made an offer to acquire all of your CBH shares at 24 cents per share (the Offer).

The Offer is at a substantial premium to CBH Share trading prices before the announcement of the Offer. Tohos offer provides certain and immediate value to CBH Shareholders.

The Offer Price of 24 cents per CBH share is
- A substantial 110.5% premium to the 12 month volume weighted average price of CBH Shares traded on ASX up to and including 11 March 2010 (being the date immediately before CBH announced Nyrstar's revised 19.5 cent per Share proposal).
- A substantial 71.4% premium to CBH's closing Share price on 11 March 2010 (being the date immediately before CBH announced Nyrstar's revised 19.5 cent per Share proposal).
- More than a 23% premium to the 19.5 cent per share price under the Second Revised Nyrstar Proposal.

The Offer values CBH's ordinary equity at approximately $262.7 million and provides CBH Shareholders with a compelling opportunity to realise an attractive value for your CBH Shares.

At this stage the offer is scheduled to close at 7pm (Sydney Time) on Wednesday 7 July 2010, but the Offer Period can be extended in certain circumstances.

As at Tuesday 1 June 2010, the Toho Share Offer has received acceptances to bring Tohos relevant interest in CBH to 31.70%.

The Independent Directors of CBH unanimously recommend that you ACCEPT the Toho Offer in the absence of any superior proposal. Each of the Independent Directors intends to accept the Offer in relation to all CBH shares they own or control.

You are urged to read all the documentation carefully and if you would like to accept the offer, to return your validly completed acceptance form to the registry as soon as possible. If you hold your shares through a broker the quickest process is to instruct your broker to accept on your behalf.

If you have any questions relating to the Toho Share Offer, please call the Offer Information Line on 1800 647 299.

Regards,

Tatsuya Tejima
President, Toho Zinc Co., Ltd