Evergreen Forests Restructure

As outlined in its interim report (available at Evergreen Forests Limited is to focus on management of its existing forests rather than following a strategy of growth. This will result in a reduction in administrative and operational costs. Consideration will also be given to sale of non-core forests.

Chairman, Peter Wilson stated today that pursuant to the announced strategy, three senior management positions would be reviewed with a new General Manager position created to undertake a revised role. It was expected this process would be concluded by June 30th. Mr Wilson said that Mr Mark Bogle, CEO since 1995 had elected to leave the Company at the conclusion of the transition.

Mr Wilson also announced that the Board would be reduced to four members with the retirement of Bill Falconer and Jim McLay effective 16th April. Mr Wilson said that while the considerable skills provided by both members would be missed, a smaller Board would meet the needs of the Company.

Evergreen Forests Limited has moved from its Auckland business district offices to premises at Mt Wellington with associated costs savings.

These and other measures addressing the outcomes of the review process were referred to in the interim report to shareholders. Mr Wilson said that the Board believed the steps taken would reposition the company to be able to deliver maximum value to shareholders.

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Evergreen is a public company listed on the NZSX Market. The company owns or has cutting rights over 20,671 stocked hectares (51,057 acres) planted in fast-growing radiata pine. Its forest properties are principally located in Northland, South Auckland, the East Coast and the West Coast of the South Island

Copyright (C) 2003 Evergreen Forests Limited

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