Nekoosa Carbonless 6% Price Increase

GreenFirst Forest Products Inc. (TSX: GFP) is pleased to announce the reduction in its softwood lumber duty deposit rate from 20.23% to 7.99%, which is expected to take effect on or about August 2, 2023. This official change by the United States Department of Commerce (“US DOC”) results from the Final Determination of the Fourth Administrative Review of softwood lumber imports from Canada to the United States for the year 2021. Since August 28, 2021, upon the acquisition by GreenFirst of the Rayonier sawmills, the US DOC assessed GreenFirst’s duty deposit rate on softwood lumber imports to the United States at a significantly higher rate than its Canadian peers. The net effect of the US DOC’s decision has resulted in a reduction in GreenFirst’s earnings and a corresponding overpayment of softwood lumber duties in relation to other Canadian exporters. We believe the amount of the overpayment up to the end of June is approximately US$21 million; however, at this time we are not certain when this reimbursement may occur. Beyond this overpayment, GreenFirst has an additional US$51 million of duties on deposit pending a broader industry settlement.

Mondi, global leader in packaging and paper, has been chosen by the Jane Goodall Institute Austria as the supplier for the first issue of their new annual magazine Be inspired using Mondi's premium recycled paper brand NAUTILUS®. "By inspiring people to conserve the natural world we all share, we improve the lives of people, animals and the environment. Our partners understand the importance to act sustainable and are equally ambitious to protect natural resources in their field." Dr. Jane Goodall, scientist and founder of the Jane Goodall Institute “When choosing our partners, it is important to us that they share our sustainability philosophy and aspirations. Mondi puts great efforts into recycling paper and a circular economy. NAUTILUS® mission “For the love of nature” is an excellent fit with the values of the Jane Goodall Institute”, says Doris Schreyvogel, Managing Director of the Jane Goodall Institute Austria.

Antti Koulumies, the new Senior Vice President of UPM Timber, stepped into his position in early June, at a point when the timber business is booming. At the same time, the carbon footprint and effect on biodiversity of raw materials are ever more important to customers. Koulumies believes that UPM Timber, as a pioneer of responsible practices in the timber industry, has everything it needs to meet customer expectations now and to further develop in the future. “UPM Timber’s product – timber from responsibly grown forests – is very much in tune with my own values. All four of our sawmills run on renewable energy, and our timber products sequester carbon throughout their lifespan”, he explains.