Mr. Joel Fournier reports

GREENFIRST AND KAPCORP ANNOUNCES CLOSING OF THE PLAN OF ARRANGEMENT, NEW CUSIP, AND THE APPOINTMENT OF DOUG CRAWFORD TO THE BOARD OF DIRECTORS OF KAPCORP

Further to the press releases of July 2, 2024, Sept. 19, 2024, Oct. 4, 2024, and Oct. 7, 2024, Greenfirst Forest Products Inc. has closed the plan of arrangement that has resulted in the distribution of the outstanding shares of Kap Corp. to the Greenfirst shareholders on the basis of one common share of Kap for every 10 common shares of Greenfirst held.

Commencing Nov. 7, 2024, the Greenfirst common shares will commence trading under a new Cusip of 39526C106 but will continue to trade under the symbol GFP.

As previously announced, the Kap common shares will not be listed for trading on any stock exchange.

Kap is also pleased to announce the appointment of Doug Crawford to its board of directors, effective as of Nov. 1, 2024. Mr. Crawford's appointment adds to the previously announced directors Alan Spacek, Andrew McIntyre and Kap Paper's chief executive officer, Terry Skiffington.

Mr. Crawford is a dynamic and results-oriented leader with over 15 years of experience in the recycling industry. He has a proven record of leading operational strategies, optimizing processes and driving sustainable growth. Mr. Crawford has expertise in managing large-scale recycling operations, enhancing supply chain efficiency and fostering partnerships that promote environmental stewardship. He is committed to advancing innovative recycling technologies and practices to reduce waste and improve resource recovery. Mr. Crawford has been the senior vice-president of American Iron and Metal, since 2015, where he currently leads a team of over 3,500 employees across multiple business lines, with full profit and loss responsibility. In this role, he has prospected, researched and executed over 70 acquisitions in the recycling industry across Canada and the United States. Notable achievements in this role also include expanding the Kenny U-Pull automotive recycling business line from five locations to 27 locations throughout Eastern Canada turning into the fourth largest automotive recycler in North America. In 2018, Mr. Crawford also created and built out the Honeycomb business line engaged in catalytic converter recycling to one of the largest recyclers in Canada with seven locations throughout North America. Prior to this role, Mr. Crawford spent eight years as regional manager at LKQ Corp., automotive recycling, where he was responsible for overseeing a region with five locations and over 150 employees.

"On behalf of Kap Corp., I am very pleased to welcome Doug to the board of KapCorp. He brings valuable sales and marketing skills, industry knowledge, heavy manufacturing experience, and adds to the proven successful leadership of the KapCorp board," said Terry Skiffington, Kap's chief executive officer.

"I am confident the site will remain in good hands under Terry's leadership moving forward. We wish him continued success in the new organization," said Joel Fournier, Greenfirst's chief executive officer.

About Greenfirst Forest Products Inc.

Greenfirst 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 six million hectares of FSC certified public Ontario forest lands. 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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