CORPORATE PRESENTATION FIRST QUARTER 2011 RESULTS Growing Intelligently JUNE 14, 2011 FORWARD-LOOKING STATEMENTS This presentation contains projections and forward-looking statements which reflect management’ s expectations regarding Sino-Forest’s future growth, results of operations, performance, business prospects and opportunities. Such statements are not guarantees of future performance of Sino-Forest and are subject to risks and uncertainties that could cause actual results and the Corporation’s plans and objectives to differ materially from those expressed in the forward-looking statements. Such risks and uncertainties include, but are not limited to --- our ability to acquire rights to additional standing timber, ability to meet the expected plantation yields, the cyclical nature of the forest products industry and price fluctuation in and the demand and supply of logs, reliance on authorized intermediaries, key customers, suppliers and third party service providers, our ability to operate our production facilities on a profitable basis, changes in currency exchange rates and interest rates, and PRC economic, political and social conditions, changes in political and forestry policies in PRC, Suriname and New Zealand, changes in climate conditions affecting the growth of trees conditions, other factors not currently viewed as material could cause actual results to differ materially from those described in the forward-looking statements. All amounts are expressed in U.S. dollars. Sino-Forest Corporation First Quarter 2011 2 CONTENT SINO-FOREST OVERVIEW INDUSTRY DYNAMICS SSGCTRATEGIC PLAN OPERATIONS FINANCIAL HIGHLIGHTS APPENDIX Sino-Forest Corporation First Quarter 2011 3 3 PROVEN SUCCESS BREEDS SUCCESS IN MANAGING GROWTH 2009 2010 • Signed 15-18M m3 • Acquired 147,100 2007 (150K-300K ha) timber ha of Mandra Forestry Corporate • Signed 200,000 ha timber acquisition in Jiangxi 2000 & 2003 acquisition in Yunnan & 150, 000 ha • Signed 11-17 M Operations • Total assets surpassed in Guangxi m3 (150K ha) US$200 M timber acquisition • ISO 9001 & 14001 in Guizhou accreditation 2006 • Signed 400,000 2008 ha timber •Signed 200,000 ha timber 2004 1995 acquisition in acquisition in Fujian • Initiated • Signed Heyuan Under Hunan Planted Tree taking of 200,000 ha (CJV) Model • First foreign plantation operator to obtain FSC 2010 1997 • Increased ownership of • Initiated Omnicorp Ltd. to 59.1% Purchased from 19.8% 1994 Tree Model 2008 • Signed co-operative • Incorporation of • Raised US$345M in framework agreement Sino-Forest 2006 convertible notes with China Development • US$150 M Bank to project finance 5-year te rm upto US$1.5 bn over a 2004 loan facility period of time • US$75 M • Market cap • Raised US$600 M in equity offering exceeded senior notes 2002 & 2003 • Raised US$1 bn 1995 • Hired Zhao Wei Mao and US$300 M in 2009 • Listed on Toronto Stock Chen Hua senior notes • Raised Cdn$380 M in equityyg offering Exchange • Inc lu de d in the S&P • Exchanged US$212 M of $300 M 2004 Toronto Index 2007 • Raised US$189 M in public Senior Notes offering & US$200 M placement • Raised ~US$815 M (US$460 M • Corporate rating upgraded to convertible notes + Cdn$367 M equity BB by S&P offering) 1994 20201100 Sino-Forest Corporation First Quarter 2011 4 STRONG GROWTH RECORD Revenue CAGR 36% ; Net Income CAGR 43% ($ millions) 1,924 1,238 896 714 555 331 341 266 395 201 286 142 127 137 229 93 152 20 27 32 42 113 53 49 3 4 8 15 21 28 29 19 21 30 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Sino-Forest Corporation First Quarter 2011 Revenue Net Income 5 EXPERIENCED MANAGEMENT TEAM Allen Chan, Founder, Chairman & CEO W. Judson Martin, Vice Chairman Director since 1994; co-founded the Company in 1992 Vice Chairman since June 2010; Lead director from 2007 With two decades of forestry management and industry to 2010; director since 2006 experience Previously Senior EVP & CFO of Alliance Atlantis Prior to founding Sino-Forest, Allen specialised in new Communications Inc., Senior EVP, CFO & Chief Operating town development, project management and Officer, MDC Communications Corporation, President & consultancy of manufacturing & hospitality industry CEO, Trilon Securities Corporation, EVP & CFO, An academic and a columnist on management-related Brookfield Development Corporation, Vice President topics Finance and Treasurer, Trizec Corporation Ltd. K. K. Poon, President Dave Horsley, SVP & CFO, CA, CBV, CF, C. Dir Director from1994 to 2009; co-founded the Company in Officially joined the Company in 2005; previously was 1992 board member of Sino-Forest’s Audit, Compensation, and Former engineer with the Guangdong Forestry Bureau Corporate Governance Committees for 15 years. Engaged in forestry trading and wood Former CFO of Cygnal Technologies Corp; product manufacturing since 1979 Member of Canadian Institute of Chartered Accountants, Graduated from Chungnam Forestry University, and Institute of Chartered Business Valuators Guangdong, PRC Chen Hua, SVP – Administration & Finance, China Albert Ip, SVP – Development & Operations, North-east & Joined the Company in 2002 South-west China Previously board chair of Suzhou New District Economic Joined the Company in 1997 Development Group, and worked in numerous large Specialised in project establishment and production corporations management; Rich experience in accessing capital markets in China Albert heads our Sino-Panel operations Graduated from the University of Ottawa, Canada in 1984 with a degree in mechanical engineering and project management Zhao Wei Mao (Albert), SVP – Development & Operations, South & East China Joined the Company in 2002 Previously General Manager of wood manufacturing arm of China Everbright Group, worked in numerous countries, accumuldlated extens ive know ldledge an d exper ience in domestic and foreign downstream wood manufacturing Prior to that was lecturer at Beijing Forestry University Sino-Forest Corporation First Quarter 2011 6 CORPORATE GOVERNANCE Note: 1. Audit Committee INDEPENDENT DIRECTORS 2. Corporate Governance Committee 3. Compensation and Nominating Committee William (Bill) E. Ardell, Toronto 1, 2, 3 (chair) James (Jamie) P. Bowland CA, Toronto 1, 3 Lead Director since 2010; nominated as Director since 2010 Joined the Board in February 2011 Previously President & CEO and a director of Southam Inc. Bill Former Managing Director at BMO Capital Markets, was director for a number of public and private sectors, Investment & Banking Group; extensive experience in including not-for-profit organizations, serving in varying mergers & acquisitions, capital markets and corporate capacities as Chairman, Director, or member of the board banking committees. He began his career with Touche Ross in Jamie is a Director of a number of TSX-listed companies Montreal and not-for-profit organizations. He is a Chartered Accountant and holds the Institute of Corporate Directors James (Jamie) M.E. Hyde CA, C.Dir, Toronto 1 (chair), 2 (chair), 3 designation Director since 2004 Edmund Mak MBA, Vancouver 2 Previously VP, Finance and CFO, GSW Inc.; EVP & CFO, Director since 1994 Resolve Business Outsourcing Income Fund Associate Broker, Royal Pacific Realty Corporation Former Partner, Ernst & Young LLP, where he provided for 24 Over 30 years experience with public, multi-national years a broad range of professional services to public and and private corporations in North America and Hong private companies Kong, in the real estate, computer and high technology equittttittiil&ipment, transportation, construction, oil & gas, textile and China trade industries Simon Murray CBE, Hong Kong Director since 1999 Peter Wang, Hong Kong Chairman, GEMS (General Enterprise Management Services Director since 2007 (Int’l) Limited) Senior Commercial Consultant of Zijin Copper of Zijin 35 years iAiin Asia; prev ious lEly Execu tiChitive Chairman, AiPifiAsia Pacific, Mining Group, a HKG-listed company Deutsche Bank Group Has over 30 years experience in Sino-foreign business Independent non-executive director of a number of listed affairs, predominantly related to petrochemical and companies in Hong Kong including Cheung Kong (Holdings) mining industries, as well as wood-based panel Ltd., Orient Overseas (International) Ltd., Wing Tai Properties industries Ltd., and non-executive director of Greenheart Group Ltd. Garry J . West FCA, Toronto 1, 2 Joined the Board in February 2011 Former Partner at Ernst & Young With 35 years of extensive financial experience including, auditing, corporate restructuring, public financings and strategic planning initiatives for a number of major organizations Director and Chair of the Audit Committee for two other TSX- listed companies; Fellow of the Ontario Institute Chartered Accountants Sino-Forest Corporation First Quarter 2011 7 Industry Dynamics FAVORABLE MARKET DYNAMICS Domestic supply lags demand, creating structural fibre deficit (1) Sustainable growth and price drivers Total wood fibre consumption in China was roughly 420 million Supply 3 (2) m for industrial, fuelwood and others Tiggppyht supply due to ban on logging of natural forests in certain Industrial roundwood equivalent demand ~260 million m3 (2) regions since 1998 Low timber stocking volume for commercial demand; state- China’s wood fibre deficit was ~117 million m3 in 2010 owned and co-op plantations have low productivity 3 Expected to increase by 36% to 182 million m in 2015 24 million ha of plantation forest allocated for industrial China imports approximately 48%