GreenFirst Announces Amended Shareholder Rights Plan 

Toronto, ON – May 5, 2023 – GreenFirst Forest Products Inc. (TSX: GFP) (“GreenFirst”) wishes to advise that we have amended our Shareholders Rights Plan (the “Rights Plan”) after considering the recently released recommendations provided in the ISS Proxy Analysis & Benchmark Policy Voting Recommendations.  We thank ISS for their insightful recommendations.  We have amended the Rights Plan so that our shareholders will review the changes and reconsider their voting.

The Rights Plan amendments clarify that a shareholder cannot increase its ownership percentage through a pro rata acquisition and that shares deposited or tendered to a take-over bid are exempt from the definition of beneficial ownership.  A copy of the amending agreement has been filed on SEDAR.

About GreenFirst

GreenFirst Forest Products is a forest-first business, focused on sustainable forest management and lumber production. The Company owns four sawmills located in rich wood baskets proudly operating over 6.1 million hectares of FSC® certified public Ontario forestlands (FSC®-C167905). The Company believes that responsible forest practices, coupled with the long-term green advantage of lumber, provide GreenFirst with significant cyclical and secular advantages in building products.

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