SFK Pulp Fund announces a cash distribution of $0.05 per unit

    SAINT-FELICIEN, QC, March 21 /CNW Telbec/ - SFK Pulp Fund (TSX: SFK.UN)
announced today that it has declared a cash distribution of $0.05 per unit,
payable on April 16, 2007 to unitholders of record at the close of business on
March 30, 2007.
    SFK Pulp also wishes to inform its unitholders of the 2006 distributions
tax breakdown.

    Canadian resident unitholders

    Out of the distributions declared in 2006, 100% consisted of a
non-taxable return of capital (therefore reducing the adjusted cost base of
the unitholder's units for tax purposes). Unitholders are advised to consult
with their tax advisors as to their particular situation regarding tax related

    United States resident unitholders

    US unitholders who receive distributions are generally subject to a 15%
Canadian withholding tax, applied to the taxable portion of the distribution
as computed under Canadian tax law. US taxpayers may be eligible for a foreign
tax credit with respect to Canadian withholding taxes paid. The foreign tax
credit limitations are complex and US taxpayers should consult with their tax
advisors regarding its application.

    SFK Pulp operates, through its subsidiaries, the Saint-Félicien Mill, the
Fairmont Mill and the Menominee Mill (with a total annual production capacity
of 735,000 metric tonnes) and employs approximately 550 people. The
Saint-Félicien Mill (located in Saint-Félicien, Québec, approximately
450 kilometres north of Montréal) has an annual production capacity of
375,000 metric tonnes of NBSK pulp and supplies NBSK pulp to various sectors
of the paper industry in Canada, the United States and in Europe for use in
speciality products. The Fairmont Mill (located in Fairmont, West Virginia)
and the Menominee Mill (located in Menominee, Michigan), with a combined
annual production capacity of 360,000 metric tonnes, both manufacture
air-dried market recycled bleached kraft (RBK) pulp and primarily supply RBK
pulp to manufacturers of uncoated freesheet, commercial and away-from-home
tissue and coated paper in the United States.
    %SEDAR: 00018041EF

For further information:

For further information: please contact: Investors and Analysts: Mr.
Paul Bourque, Chief Financial Officer, (418) 679-8585, ext. 4600; Media and
Others: Ms. Louise d'Anjou, Optimum Public Relations, (514) 282-4733

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