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Results reflect forest valuation reduction

EVERGREEN FORESTS LIMITED RESULTS REFLECT FOREST VALUATION REDUCTION

Evergreen Forests Limited announced today an unaudited after tax loss of $8.341m (2003 loss $13.151m) for the half year to 31st December 2004. The previously announced valuation write-down of its forests accounted for $14.590m (after tax $9.775m).

Chairman Peter Wilson said there had been no relief from the impacts of strong currency and high shipping costs.

Mr Wilson also said that the review of the asset sale and recapitalisation options available to the company, being conducted by Forsyth Barr Investment Banking, was progressing well, and that the Board expected to be communicating with shareholders in due course.

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Evergreen is a public company listed on the NZSX Market. The company owns or has cutting rights over 19,461 stocked hectares (48,089 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.

The company's web site is located at: www.evergreen.co.nz

For information on the NZSX Market and the company's share price on the NZSX Market, please go to: www.nzx.com


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