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Back Up Bid For Evergreen’s Assets

News Release
26 August 2005

Back Up Bid For Evergreen’s Assets

Evergreen Forests Limited announced today that it has received an unsolicited back up offer for substantially all of its forests and land at 5.30 pm on 25th August.

Chairman Peter Wilson said the offer from the New Zealand Superannuation Fund was for $112 million and was subject to:

* Evergreen shareholder approval; and

* the current conditional contract with James Fielding Funds Management not gaining shareholder approval or Evergreen being released from that contract.
The offer from the New Zealand Superannuation Fund is for the North Island forest and land assets, as well as the Pakawau and Pupu forests in the South Island that have a June 30th carrying value of $0.34 million.

The offer from the New Zealand Superannuation Fund is a back up bid to the announced contract the company has with James Fielding Funds Management Limited of $104.2 million for the North Island forest and land assets, which is subject to shareholder approval, funding documentation approval from investors and Overseas Investment Commission consent.

Mr Wilson advised that the Board was giving due consideration to the offer.

ENDS

Evergreen is a public company listed on the NZSX Market. The company owned or had cutting rights over 18,959 stocked hectares (46,847 acres) planted predominantly in fast-growing radiata pine at 30 June 2005. Its forest properties are principally located in Northland, South Auckland and the East Coast.

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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