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Management Side
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Cathay Forest Products Corp
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Toronto, Ontario, Canada, 10 November 2009 -- (Marketwire ) -- Cathay Forest Products Corp., (TSX-V:CFZ - News) recently released a forest valuation report prepared by Poyry Forest Industry Consulting Ltd., an international forestry consulting firm. The report was commissioned by Cathay Forest to provide an independent assessment of the entire managed forestry assets portfolio, which includes the minority interest of Cathay Forest's various business partners. Cathay Forest's interests in its forestry operating subsidiaries is described below.

Poyry's valuation composed of the following asset classes for the entire managed forestry assets portfolio:

 ---------------------------------------------------------------------------
Forest Asset                  Pre-tax discount rate   Single Rotation Value
                                                          Rate (USD million)
---------------------------------------------------------------------------
China FGP and Standing Timber                11.5%              USD 119.98
---------------------------------------------------------------------------
Bamboo                                       11.5%                USD 3.52
---------------------------------------------------------------------------
Russian Standing Timber(1)                   12.0%               USD 52.00
---------------------------------------------------------------------------
Total                                                           USD 175.50
---------------------------------------------------------------------------


The following table provides a description of Cathay Forest's interest in
each of its forestry operating subsidiaries:

---------------------------------------------------------------------------
                                              Size of
                                  Ownership  Plantation      Operations and
Entity                             Interest     (ha)              Locations
---------------------------------------------------------------------------
Shanghai Shengtai Forest Company      97%      11,530           Fast Growth
Limited                                                         Plantations
---------------------------------------------------------------------------
Jiangsu Cathay Forest Company      96.67%(2)      874           Fast Growth
Limited                                                          Plantation
---------------------------------------------------------------------------
Guizhou Hanfang Cathay Forestry       51%       6,996       Standing Timber
Co., Ltd.                                                        Operations
---------------------------------------------------------------------------
Henan Xinya Cathay Forest             70%         221           Fast Growth
Products Co. Ltd.                                                Plantation
---------------------------------------------------------------------------
Jiangxi Cathay Forest Co. Ltd.       100%       1,361           Fast Growth
                                                                 Plantation
                                                5,173       Standing Timber
                                                                 Operations
                                                                     Bamboo
---------------------------------------------------------------------------
DalEuroLes LLC                        51%     992,196       Standing Timber
                                                                 Operations
---------------------------------------------------------------------------

(1) Held through DalEuroLes LLC

(2) Cathay Forest has the right to use 96.7% of the Jiangsu fast growth
plantation under the relevant land lease agreements. In lieu of paying
annual rent, Cathay Forest shares the harvest equally with the lessors.
Accordingly, Cathay Forest's effective beneficial ownership interest is
48.5%. The complete Poyry valuation report is available on Cathay Forest's 
Web site (www.cathayforest.com) as well as SEDAR (www.sedar.com). 

About Cathay Forest Products

Cathay Forest is a forest products company that manages approximately 1,000,000 hectares of standing timber properties and fast-growth, high-yield poplar plantations in China and Russia. Cathay Forest is building a world-class forest products company through a customer base that includes the domestic Chinese pulp and paper industry and other wood products customers in the Japanese market.

About Poyry Forest Industry Consulting Ltd

Poyry is a global expert in consulting and engineering. Offering in-depth industry expertise, innovative solutions and lifecycle engagement. Poyry's knowledge extends across hydropower, oil and gas, power and heat, renewable energy, pulp and paper industry, chemical process industry, transportation, water and environment, and construction services.



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