Evergreen Forests Year End Forest Valuation

EVERGREEN FORESTS LIMITED YEAR END VALUATION

The value of Evergreen's forest estate, as at 30 June 2001, has been independently appraised by Jaakko Poyry at $157.4 million.

Evergreen's Chief Executive, Mr Mark Bogle, said that the new value represented an increase of $8.9 million over the previous year and was 3.5% above the expected year-end (30 June 2001) book value of the Company's forests. The net stocked area increased from 21,007 hectares to 21,201 hectares over this 12 month period.

"The majority of Evergreen's estate has been intensively managed under a clearwood regime to produce high quality pruned logs. There continues to be strong demand for pruned logs and this has underpinned the latest valuation" said Mr Bogle.

Evergreen is a public company listed on the New Zealand Stock Exchange and the Australian Stock Exchange. 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.

For further information contact Mr Mark Bogle (09) 307 3240

Email: msb@evergreen.co.nz

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

© Scoop Media