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Increased Bid For Evergreen’s Forests

Increased Bid For Evergreen’s Forests

James Fielding Funds Management Limited have increased their offer to $115 million for all of Evergreen Forests Limited’s North Island forests and land.

James Fielding Funds Management Limited intend on a “best endeavours” basis to seek an assignment of Evergreen’s existing US$ loan which, if achieved, would add to the value of the transaction.

The revised offer is presently being considered by the Evergreen Forests Limited’s Board.

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.

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

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