Three New Directors Elected at the GreenFirst AGM

GreenFirst Forest Products Inc. is pleased to announce that it has entered into a definitive agreement to sell its La Sarre and Béarn sawmills and its Abitibi and Témiscamingue forestry operations, as well as their related assets and business operations (the “Quebec Assets”) to Chantiers Chibougamau Ltée (“Chantiers Chibougamau”), a long-standing Quebec-based and family-controlled forestry company, for approximately $90 million in cash payable at closing, including approximately $40 million for specific working capital items (subject to customary closing adjustments). Quebec-based employees are expected to continue to be employed by Chantiers Chibougamau post-closing. GreenFirst expects to use the net proceeds from the sale to strengthen its balance sheet and continue investing in its Ontario operations. The sale of the Quebec Assets is expected to close in Q1 2023.

Paper Excellence is pleased to announce that we will be matching donations up to $50,000 this Giving Tuesday. We are proud to support vulnerable youths and help them forge a bright future. The Take a Hike foundation collaborates with public school districts to engage vulnerable youths in a mental health and emotional well-being program. Their mission is to empower these vulnerable youth with the skills and resilience they need to graduate high school, build healthy relationships and achieve success. They provide a safe and caring community by engaging youth in clinical counselling, and regular outdoor adventures.

Executive Summary: *Fourth quarter 2020 net sales of $4.8 billion increased 6 percent compared to the year-ago period, including organic sales growth of 5 percent. Full-year 2020 net sales of $19.1 billion increased 4 percent, with organic sales up 6 percent. *Diluted net income per share for the fourth quarter was $1.58 in 2020 and $1.59 in 2019. Full-year diluted net income per share was $6.87 in 2020 and $6.24 in 2019. *Fourth quarter adjusted earnings per share were $1.69 in 2020 compared to $1.71 in 2019. Adjusted earnings per share exclude certain items described later in this news release. *Full-year adjusted earnings per share were $7.74 in 2020, up 12 percent compared to $6.89 in 2019. The company's previous guidance was for adjusted earnings per share of $7.50 to $7.65. *Net sales in 2021 are expected to increase 4 to 6 percent, including organic sales growth of 1 to 2 percent. Diluted net income per share for 2021 is anticipated to be $7.10 to $7.60. Adjusted earnings per share in 2021 are expected to be $7.75 to $8.00.