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Evergreen Noteholders Agree to Early Redemption

3 November 2005

Evergreen Noteholders Agree to Early Redemption

Convertible note holders resolved today to approve changes to the Trust Deed to enable early redemption of the notes. Repayment of note holder interests has been sought by Evergreen Forests Limited following the sale of the majority of its forest and land assets completed on 31st October 2005.

The amendment to the Trust Deed (as approved) provides for redemption of the notes within 10 days of the sale completion. Accordingly, Evergreen now advises that it will proceed to redeem notes held by convertible note holders who are registered as such as at the record date of 5 pm on Friday 4th November, with the redemption payment to be made, and the effective date of redemption, on 10th November 2005.

In order to facilitate an orderly redemption, Evergreen has requested from NZX, and NZX has agreed to, a trading halt on the convertible notes to apply from 5 pm on 4th November, 2005.


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