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Sino-Forest Corp., a commercial forest plantation operator in China, announced that its subsidiary, Sino-Panel (China) Investments Limited has entered into a Master Agreement for the Purchase of Pine and Chinese Fir Plantation Forests with Guizhou Sen Li Industry Company Limited, which will act as the authorized agent for the original forest rights holders.

Under the Guizhou Master Agreement, Sino-Forest will, through its PRC subsidiaries, acquire between 10.5 million and 16.5 million cubic metres (m(3)) of plantation wood fibre, within an area of 150,000 hectares of plantation trees that has an average yield of 70 to 110 m(3) per hectare. The fibre acquisition will take place over a three-year period with a price not to exceed RMB300 per m(3), to the extent permitted under the relevant PRC rolex replica laws and regulations. The tree species include pine, Chinese fir and others. Guizhou Sen Li will ensure that the commercial plantation forests sold to Sino- Forest are non-state-owned and not from natural forests.

According to officials, in addition to securing the maximum tree acquisition price, Sino-Forest has pre-emptive rights to lease the underlying plantation land at a price, as permitted under the relevant replica breitling PRC laws and regulations, not to exceed RMB450 per hectare per annum for 30 years from the time of harvest. The land lease can also be extended to 50 years as permitted under PRC laws and regulations.

The specific terms and conditions of purchasing or leasing are to be determined upon the execution of definitive agreements between the PRC subsidiaries of Sino-Forest and Guizhou Sen Li upon the authorization of original plantation rights holders, and subject to the requisite governmental approval and in compliance with the relevant PRC laws and regulations.

Sino-Forest Chairman and CEO Allen Chan said, "We are very pleased to have signed our sixth master agreement, which provides us now with access to a total of 902,000 hectares of wood fibre and timber land, excluding the 348,000 hectares of trees acquired year- to-date through previous agreements. The acquisition will be funded by proceeds from the approximately US$815 million raised from the recent convertible note and equity offerings. Our business and operational plan this year calls for further acquisition of plantation fibre, as we continue to expand our plantation base. We also plan to ramp up re-planting with our genetically advanced seedlings, with
embroidered patches the aim of achieving an average yield of 150 to 200 m(3) per hectare at harvest in six years."

Chan continued, "Since Guizhou is one of the poorest provinces in China, we hope that significantly improving plantation yields and operating complementary wood processing mills that add value to wood fibre will help improve the livelihoods of local farmers and enrich regional economies."

Guizhou Province adjoins Sichuan Province and Chongqing Municipality to the north, Yunnan Province to the west, Guangxi Province to the south and Hunan Province to the east. The Guizhou Master Agreement expands Sino-Forest's base of wood fibre and plantation operations in southern China.

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