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Results Reflect Reduced Forest Valuation

26 August 2005

Evergreen Forests

Results Reflect Reduced Forest Valuation

Evergreen Forests Limited announced a full year after tax loss of $18.032 million (2004 loss $12.026 million) on turnover of $32.8 million (2004 $40.247 million). Harvest volume was reduced by 17% in response to low NZ$ prices.

Forest revaluation was negative $29.547 million (2004 $17.298 million). Chairman Peter Wilson said the continuing decline in forest value was a consequence of current poor NZ$ receipts and higher assumed long term average shipping rates and U.S. dollar / N.Z. dollar cross rate.

Mr Wilson said the company anticipated the Notice of a Special Meeting of shareholders to consider sale or recapitalisation options would be sent to shareholders in early September. This meeting would allow shareholders to consider clear options and determine the future path for the company.

The company will place a copy of the audited financial statements for the year to 30 June 2005 on its website.


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