Canfor Pulp Products Inc. Receives Notice of Canadian Forest Products Ltd. Election to Exchange Interest in Partnership

Feb 20, 2012

Canfor Pulp Products Inc. (“CPPI”) (TSX:CFX) announced that today it has received notice from Canadian Forest Products Ltd. ("CFP"), that CFP has elected to exercise its right to exchange its 50.2% interest in Canfor Pulp Limited Partnership (the “Partnership”) for a 50.2% direct interest in CPPI. The Exchange will be made pursuant to the terms of the Exchange Agreement dated January 1, 2011 between CFP, CPPI, the Partnership and Canfor Pulp Holding Inc., the general partner of the Partnership (the "General Partner"), and involves the exchange of all 35,776,483 class B exchangeable units of the Partnership and all 35,776,483 common shares of the General Partner currently held by CFP for 35,776,483 common shares to be issued from treasury by CPPI. The exchange is expected to be completed on or about March 2, 2012.

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