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Evergreen Forests Reviewing Bids

News Release
21 July 2005

EVERGREEN FORESTS REVIEWING BIDS

The Evergreen Forest Limited (Evergreen) Board met yesterday to consider binding bids under the asset sale / recapitalisation process and an announcement of the outcome of this process can be expected shortly.

An executive summary of Jaakko Poyry Consulting 30th June 2005 forest valuation analysis has been posted on the company’s web site (www.evergreen.co.nz).

Chairman Peter Wilson said that the company has commissioned valuers to undertake an assessment of the land value and that this information would provide guidance to the Board in its assessment of offers. The company would announce the result of the land valuation as soon as this is finalised.

Ends

Evergreen is a public company listed on the NZSX Market. The company owned or had cutting rights over 19,184 stocked hectares (47,404 acres) planted in fast-growing radiata pine at 31 December 2004. Its forest properties are principally located in Northland, South Auckland, the East Coast and the West Coast of the South Island. For further information contact Mr Peter Wilson 0274 440 418. 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

Copyright (C) 2005 Evergreen Forests Limited


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