Evergreen Announces Steady Profit

Evergreen Forests Limited announced today an operating profit of $3.540 million for the six month s ended December 2001 (December 2000: $3.532 million). Chief Executive Mark Bogle said that this w as a good result given log market volatility and the impact of wet weather conditions on the company's harvest levels in the past four months. Trading conditions were favourable, particularly in Asia, evidenced by higher export volumes, imp roved pricing and the emergence of China and India as exciting future markets for New Zealand plant ation grown products. A lessening of uncertainty following the tumultuous period in the US has also seen some confidence returning to international markets.

Mr Bogle said that given current market conditions, the company is hoping to record a similar ope rating profit during the second half of the financial year.

The company remains on track to achieve Forest Stewardship Council certification confirming its sustainable forest management practices in the next financial year.

Evergreen's Chairman, Mr Peter Wilson said that a little over twenty two percent of the shares tr aded on-market have been purchased by Evergreen since the commencement of the company's share buyba ck programme in August 2001. The company now holds 632,207 shares as treasury stock. The buyback programme remains in place. Evergreen is a public company listed on the New Zealand Stock Exchange and the Australian Stock E xchange. The company owns or has cutting rights over 21,000 stocked hectares (52,000 acres) planted in fast-growing radiata pine. Its forest properties are principally located in Northland, South Auckland, the East Coast and the West Coast of the South Island.

The company's web site is located at: www.evergreen.co.nz For information on the New Zealand stockmarket and the company's share price on the NZSE, please go to: www.nzse.co.nz

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