Sino-Forest Releases Notice of Proposed Settlement With Ernst & Young LLP

TO: Everyone, including non-Canadians, who acquired Sino-Forest Corporation (OTC: SNOFF) securities (including shares and/or notes) in the primary or secondary market in any jurisdiction between March 31, 2006 and August 26, 2011 (the "E&Y Settlement Class") and to everyone, including non-Canadians, who has, had, could have had or may have a claim of any kind against Ernst & Young LLP, Ernst & Young Global Limited or any of its member firms and any person or entity affiliated or connected thereto ("Ernst & Young"), in relation to Sino-Forest, Ernst & Young's audits of Sino-Forest's financial statements and any other work performed by Ernst & Young related to Sino-Forest.Background of Sino-Forest Class Action and CCAA ProceedingIn June and July of 2011, class actions were commenced in the Ontario Superior Court of Justice (the "Ontario Proceeding") and the Quebec Superior Court (the "Quebec Proceeding") (collectively, the "Proceedings") by certain plaintiffs (the "Plaintiffs") against Sino-Forest, its senior officers and directors, its underwriters, a consulting company, and its auditors, including Ernst & Young. In January 2012, a proposed class action was commenced against Sino-Forest and other defendants in the Southern District of See full press release