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Interfor Acquires Minority Interest in GreenFirst Forest Products Inc.

BURNABY, British Columbia (News release) -- INTERFOR CORPORATION announced that its wholly owned subsidiary, Interfor East Ltd. (together with the Company, "Interfor"), has acquired a total of 28,684,433 common shares in the capital of GreenFirst Forest Products Inc. ("GreenFirst") from Rayonier A.M. Canada G.P., which represents approximately 16.2% of GreenFirst's issued and outstanding common shares. The total cash consideration was approximately C$56 million, or C$1.94 per share, and certain price protection provisions will apply in limited circumstances during a defined period following the transaction.

This acquisition was made for investment purposes and builds upon, and is complementary to, Interfor's recent expansion into Eastern Canada through the acquisition of EACOM Timber Corporation in February 2022.

Before the transaction, Interfor did not own or have control or direction over any common shares or other securities of GreenFirst. Depending on various factors, including, without limitation, market conditions, general economic and industry conditions, GreenFirst's business and financial condition and/or any other factors that Interfor may deem relevant, Interfor may take such actions with respect to its investment in GreenFirst as it deems appropriate including, without limitation, (i) acquiring or disposing of securities of GreenFirst and/or (ii) developing plans or intentions or taking actions which relate to or would result in one or more transactions involving securities of GreenFirst.

An early warning report will be filed by Interfor in accordance with applicable securities laws and will be available on SEDAR at www.sedar.com or upon request at telephone number: 1 (604) 422-7329.

GreenFirst is a publicly-listed (TSX: GFP) forest products company with seven sawmills and one paper mill in Eastern Canada, and licences providing long-term access to approximately 3.7 million cubic metres of fibre in the provinces of Ontario and Quebec. The sawmills, with a stated annual production capacity of 905,000 million board feet, have a strong geographical fit with Interfor's existing platform of seven sawmills in Ontario and Quebec. The head office of GreenFirst is located at 401 The West Mall, Suite 1000, Toronto, Ontario, M9C 5J5.

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