PROFIT GROWTH

• $5.152 million operating surplus, compared with $3.091m for the previous financial year.
  
  
• Evergreen harvested 141,458 m3 of timber (1999: 82,337 m³).
  
  
• Under present market conditions further profit improvement anticipated for the year to June 2001.

ASSET GROWTH

• Two mid-rotation forest properties totalling 3,204 stocked hectares purchased in late 1999.
  
  
• Evergreenís stake in the Nuhaka forest increased to 25 percent, and Nuhaka commenced commercial harvesting.

MARKET DEVELOPMENT

• Forestry procurement and marketing subsidiary established
  in January 2000.
  
  
• Evergreenís focus is on maximising returns for every category of log produced.

SHAREHOLDER VALUE

• Appraised market value of $0.86 per ordinary share.

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