/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN
THE U.S.
NOT FOR DISTRIBUTION TO ANY PERSON LOCATED OR RESIDENT IN THE REPUBLIC OF
ITALY/
This news release is not an offer for sale of securities in the United
States. The securities referred to herein have not been registered under
the U.S. Securities Act of 1933, as amended, and may not be sold in the
United States absent registration or an exemption from registration under
the U.S. Securities Act of 1933, as amended. The Company does not intend
to register any part of the offering in the United States or to conduct a
public offering of securities in the United States.
Nothing in this announcement constitutes an offer of securities for sale
in any jurisdiction where it is unlawful to do so.

TORONTO, July 27 /CNW/ - Sino-Forest Corporation (TSX: TRE) (the "Company") today announced the closing of its offer to exchange (the "Exchange Offer") any and all of its outstanding US$300,000,000 9.125% guaranteed senior notes due 2011 (the "2004 Senior Notes") held by eligible holders for 10.25% new guaranteed senior notes due 2014 (the "Exchange Notes"). The Company also announced the closing of its solicitation of consents (the "Consent Solicitation") to make certain amendments to the indenture governing the 2004 Senior Notes (the "2004 Indenture").

Each of the Exchange Offer and the Consent Solicitation closed on July 27, 2009. The Company was advised by the Information and Tabulation Agent for the Exchange Offer that an aggregate principal amount of US$212,330,000 of 2004 Senior Notes, representing approximately 70.8% of the aggregate principal amount of 2004 Senior Notes that were outstanding prior to the expiration of the Exchange Offer, was validly tendered and not withdrawn in the Exchange Offer (the "Amount Tendered").