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Evergreen Forests Shareholders Approve Buyback

11 November 2005

Evergreen Forests Shareholders Approve Buyback

Evergreen Forests Limited shareholders today approved a 4 for 5 off market pro rata share buy back at 35 cents per share.

Chairman Peter Wilson said this buy back offer would enable shareholders to access almost all of the proceeds of the recent sale of the Company’s land and forest assets and Directors strongly encouraged shareholder participation prior to the closing date of 25 November, 2005.

Mr Wilson also advised the termination of the American Depositary Receipt (ADR) programme. The Company had facilitated communication with Brokers acting for ADR holders and encouraged holders to contact their Brokers to ensure participation in the buy back programme approved today. A copy of the Chairman’s letter to ADR holders is available on Evergreen’s website www.evergreen.co.nz.

The Company’s Annual General Meeting was also held today and shareholders were advised the sale of remaining assets was well advanced and that the Company’s activities would effectively cease at 30th November. Shareholders elected Mr Jan Persson to replace Mr Don Campbell on the Board of directors.

Mr Wilson also advised that the Company’s investment banking advisors have been mandated to seek offers for the Company shell post distribution and that an Information Memorandum would be available from Monday 14th November through Forsyth Barr.

ENDS

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