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Evergreen Completes Sale to James Fielding

News Release
1 November 2005

Evergreen Completes Sale to James Fielding Funds Management

Evergreen Forests Limited’s sale of its major assets to James Fielding Funds Management Limited was completed as planned on 31st October, 2005.

Chairman Peter Wilson said the Company has called a Special Meeting of shareholders for 11th November, 2005 to approve a pro rata off market share buy back. If approved this buy back would take place on 2nd December, 2005 on the basis of 4 shares for every 5 shares held at a price of 35 cents per share. A final distribution is planned (possibly by means of a further share buyback) following realisation of the few remaining assets and the completion of the warranty period applying to forests sold. This is expected to be in May 2006.

Mr Wilson said the amount of the final distribution was expected to be less than 35 cents per share. Accordingly the Board strongly recommended shareholders both approve the buy back and participate in the offer proposed.

ENDS

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