GreenFirst Forest ProductsInvestor PresentationApril 2021

Legal Disclaimer 4/12/2021 2

Important: You Must Read the Following Before Continuing

This Presentation is being provided to you by GreenFirst Forest Products Inc. (“GreenFirst” or the “Company”) for informational purposes only. This Presentation

is not, and under no circumstances is it to be construed as, a prospectus or an advertisement, and the communication of this Presentation is not, and under no

circumstances is it, to be construed as an offer to sell or a solicitation of an offer to purchase securities of the Company. The information contained herein has

been prepared for the sole purpose of providing interested parties with general information to assist them in their evaluation of the Company and this

presentation should not be used for any other purpose. By accepting and reviewing this Presentation, you acknowledge and agree to not copy, reproduce or

utilize, in whole or in part, any of the information contained herein or otherwise received, except as expressly authorized by the Company. You will be liable for

any damage caused by, or resulting from, any unauthorized use of the information contained herein.

The information presented herein: (i) has been prepared by the Company for illustrative purposes only; (ii) is provided as of the date hereof and is subject to

change without notice; (iii) does not purport to contain all the information with respect to the Company; and (iv) is not to be considered as a recommendation

by the Company that any person make an investment in the Company. No reliance should be placed upon the contents of this Presentation by any person who

decides to acquire securities of the Company. The Company, its associates or any of their respective directors, officers, employees, partners, members, agents,

professional advisers, representatives or consultants (the “Company Parties”) do not: (i) make any representation, warranty or guarantee, express or implied,

as to the fairness, accuracy, completeness, reliability, reasonableness or currency of the information contained in this Presentation; or (ii) undertake to provide

any additional information or updates, or to correct any information or statements (including, but not limited to, forward-looking information (as defined below))

in this Presentation which such Company Party becomes aware was incorrect or incomplete as of the date of this Presentation, or which subsequently becomes

incorrect or incomplete due to any subsequent event or as a result of new information, future developments or otherwise. To the maximum extent permitted by

law, none of the Company Parties will be responsible or liable whatsoever with respect to any use or reliance by any person upon any of the information

contained in this Presentation (other than with respect to fraud on the part of such Company Party).

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such person accepts any liability or responsibility whatsoever in respect of any difference between the document distributed to you in electronic format and the

hard copy version that may be made available to you.

In this Presentation all amounts are in Canadian dollars unless stated otherwise.

Cautionary Note Regarding Forward-Looking Information

This Presentation includes information, statements, beliefs and opinions which are forward-looking, and which reflect current estimates, expectations and

projections about future events referred to herein and which constitute “forward-looking information” or “forward-looking information” within the meaning of

applicable Canadian and U.S. securities legislation (collectively referred to herein as “forward-looking information”).

Forward-looking information contained in this Presentation is based on certain assumptions regarding expected results of operations, performance, industry

trends and opportunities. While management considers these assumptions to be reasonable, based on information available, there can be no assurance that

forward-looking information will prove to be accurate or that the Company will perform as anticipated. Forward-looking information in this Presentation includes,

but is not limited to, statements relating to: business characteristics of the Company (including its industry positioning, operational capacity, valuation

(including with respect to its share value and against other comparable companies), production capacity, property and assets, capital structure and the

leadership and experience of management); execution and maximization of the Company’s existing and future business opportunities and perceived

advantages; execution of the Company’s strategy, overall business model and approach (including any focus on the pure play lumber industry and future

potential investments); and the Company’s future outlook and anticipated events and catalysis for growth (including expected lumber supply constraints and

growth in demand and related triggers as well as market opportunities). Even if the outcome and financial effects of the plans and events described herein are

consistent with the forward-looking information contained in this Presentation, those results or developments may not be indicative of results or developments

in subsequent periods.

The forward-looking information contained in this Presentation is presented for the purpose of assisting you in understanding the Company’s financial

performance objectives, vision and strategic goals, and may not be appropriate for other purposes. Statements containing the words “believe”, “expect”,

“intend”, “should”, “could”, “seek”, “anticipate”, “will”, “positioned”, “project”, “risk”, “plan”, “may”, “might”, “likely”, “target”, “estimate” or, in each case, their

negative and words of similar meaning are intended to identify forward-looking information.

By its very nature, forward-looking information contained in this Presentation is based on a number of inherent risks and uncertainties, which give rise to the

possibility that projections, forecasts, expectations or conclusions will not prove to be accurate, that assumptions may not be correct and that financial

performance objectives, vision and strategic goals will not be achieved. We caution readers not to place undue reliance on these statements as a number of

risk factors could cause actual results to differ materially from expectations expressed in such forward-looking information. These risk factors, many of which

are beyond the Company’s control and the effects of which can be difficult to predict include: the Company’s dependence on key projects; risks relating to

changes in the condition of the economy and the Company’s industry; risk relating to current and future competition; the Company's ability to hire, retain and

motivate qualified personnel; failure to finance operations and capital needs; the Company’s dependence on strategic relationships with third parties; and the

Company's dependence on senior management and other key employees. Although the Company has attempted to identify important factors, there may be

other factors that cause actions, events or results to differ from those anticipated, estimated or intended. We caution that the foregoing list of risk factors is not

exhaustive and other factors could also adversely affect results. When relying on forward-looking information to make decisions with respect to the Company,

you should carefully consider the foregoing factors and other uncertainties and potential events.

Forward-looking information contained herein is made as of the date hereof and, except as required by applicable law, the Company does not undertake to

update any forward-looking information, whether written or oral, that may be made from time to time by the Company or on behalf of the Company.

Historical statements contained in this Presentation regarding past trends or activities should not be taken as a representation that such trends or activities will

continue in the future. In this regard, certain financial information contained herein has been extracted from, or based upon, information available in the public

domain and/or provided by the Company. In particular historical results should not be taken as a representation that such trends will be replicated in the

future.

Cautionary Note Regarding Future-Oriented Information

To the extent any forward-looking information in this Presentation constitutes “future-oriented financial information” or “financial outlooks” within the meaning

of applicable Canadian securities laws, such information is being provided to demonstrate the anticipated market penetration of the Company. The reader is

cautioned that this information may not be appropriate for any other purpose and the reader should not place undue reliance on such future-oriented financial

information and financial outlooks. Future-oriented financial information and financial outlooks, as with forward-looking information generally, are, without

limitation, based on the assumptions and subject to the risks set out above under the heading “Cautionary Note Regarding Forward-Looking Information”.

GreenFirst’s actual financial position and results of operations may differ materially from management’s current expectations and, as a result, GreenFirst’s

revenue, expenses and other financial metrics may differ materially from the revenue, expenses and other financial metrics in this Presentation. Such

information is presented for the purpose of assisting prospective investors in understanding the Company’s financial performance objectives and may not be

an indication of GreenFirst’s actual financial position or results of operations. No statement in this Presentation is intended to be nor may be construed as a

profit forecast. Future-oriented financial information or financial outlooks in this Presentation include, but are not limited to, statements relating to: the

Company’s projections, anticipated use of capital generally; the Company’s revenue model and strategy for asset optimization; and the Company’s anticipated

financial outlook, performance and results.

Use of Non-GAAP Measures

This Presentation refers to adjusted earnings before interest, tax, depreciation and amortization (“Adjusted EBITDA”) and adjusted earnings per share

(“Adjusted EPS”), which do not have standardized meanings under GAAP.

Management uses Adjusted EBITDA to assess the Company’s operational and financial results (including the Company’s ability to generate cash flows and

service debt) and to forecast results. Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way the

Company calculates such measures and, accordingly, the Company’s calculation of Adjusted EBITDA may not be comparable to such similarly titled non-GAAP

measures.

Management defines Adjusted EPS as adjusted net earnings per common share in the capital of the Company. Management believes that certain investors

and analysts use this measure, among others, to assess the performance of the Company’s businesses without the effects of severance, acquisition and other

costs, net losses (gains) on investments, debt redemption costs, impairment of assets and discontinued operations, net of tax and other items. Management

excludes these items because they affect the comparability of our financial results and could potentially distort the analysis of trends in the Company’s

business performance. Excluding these items does not imply they are non-recurring.

These non-GAAP measures are furnished to provide additional information with respect to the Company only and should not be considered in isolation or as a

substitute for measures of performance prepared in accordance with GAAP.

Third Party Information

This Presentation includes market and industry data which was obtained from various publicly available sources and other sources believed by the Company to

be true. Although the Company believes it to be reliable, the Company has not independently verified any of the data from third-party sources referred to in this

Presentation or analyzed or verified the underlying reports relied upon or referred to by such sources, or ascertained the underlying assumptions relied upon by

such sources. The Company does not make any representation as to the accuracy of such information.

Today’s Presenters 34/12/2021

Paul RivettIncoming Chairman

of the Board

Co-founder of NordStar

Capital and current Chair

and Co-Owner of Torstar,

Canada’s largest daily

newspaper

Former President of

Fairfax Financial (TSX:

FFH)

Previous board member

of Resolute Forest

Products and Abitibi

Bowater

Larry SwetsCurrent Chief

Executive Officer &

Director

20+ year career in

financial services as an

investor, founder, CEO,

director and SPAC

sponsor

CEO of FG Financial

Group (Nasdaq:FGF) and

founder of Itasca

Financial

Director of Limbach

Holdings (Nasdaq:LMB)

and Director of Harbor

Custom Development

(Nasdaq:HCDI)

Former CEO of Kingsway

Financial Services

Rick DomanIncoming Chief

Executive Officer &

Director

45+ year career in the

lumber industry

1974-2004 – Doman

Industries, incl. 3 years

as President and CEO

(currently Western Forest

Products)

Founded EACOM Timber

in 2008 (sold to Kelso in

2013)

Mike LiggettChief Financial

Officer

20+ years as a public

company CFO offering

added strategic and

operational expertise

Previously was the CFO of

EACOM Timber, working

closely with Rick and Paul

Mel LemkyVice President

Capital Projects,

Sawmills

45+ years of forest

industry experience

Previously was a VP at

EACOM Timber, where he

led the rebuild of the

Timmins mill and several

other projects

Kyle CerminaraCurrent Chairman of

the Board

20+ year career in

financial services and

technology industries as

an investor, founder, CEO,

director and SPAC

sponsor

Co-Founder & CEO of

Fundamental Global,

Chairman of Ballantyne

Strong (NYSE:BTN), and

Chairman of FG Financial

Group (Nasdaq:FGF)

President of FG New

America Acquisition Corp

(NYSE:FGNA)

Institutional Investor at T.

Rowe Price, Point72 and

Highside Capital

Becoming a Leader in Sustainable Lumber

GreenFirst Forest Products (“GreenFirst”) is focused on investments in the global forest products industry

GreenFirst operators have deep expertise in the acquisition and turnaround of sawmill assets

The Company currently owns one sawmill in Kenora, Ontario with plans to pursue other investments in pure play lumber opportunities across North

America and globally

Currently trades on the TSX Venture Exchange under “TSXV:GFP”

4

Ontario

Kenora Forest

Products

Kenora Sawmill Acquisition

In October 2020, GreenFirst closed the acquisition of a sawmill and related

assets in Kenora, Ontario for C$11.5 million

The sawmill is currently equipped to produce up to ~150 MMfbm of lumber

with the potential to reach ~200 MMfbm through optimization initiatives

Projected to start up second half of 2021

Transaction

Highlights

Attractive purchase price on a per-thousand board foot basis

Sufficient regional fiber supply to achieve nameplate capacity

Opportunity to expand capacity with additional capital

4/12/2021

Assets Position GreenFirst among Top Lumber Producers in Canada 5

The target assets (the “Assets”) consist of 6 softwood lumber mills (4 in

Ontario and 2 in Quebec) and 1 newsprint mill currently held by Rayonier

Advanced Materials Inc. (“RYAM”)

Together, the lumber mills have a current annual production capacity of

~755 MMfbm1

‒ Existing fiber supply licenses expected to support future capacity

increases

‒ Secured chip demand expected to supplement long-term mill operations

With a renewed focus and incremental investment, the lumber Assets are

expected to offer significant upside potential

‒ Collectively, the Assets rank as a top 10 producer of lumber in Canada2

‒ Manufactured products include SPF lumber (studs and random

lengths), wood chips, and by-products

‒ Sustainable Forest Licenses in Ontario and Wood Supply Guarantees in

Quebec provide up to ~3.3M m3 of fiber annually

The 205k mt1 newsprint mill is a low-cost operation serving important end-

markets, such as daily newspapers and publications

In FY2020, the Assets generated ~C$580mm in revenues3 and ~C$80mm

of Adj. EBITDA4

The Assets employ ~1,500 people and serve a highly diversified customer

base

Ontario

Québec

Hearst

Chapleau

Kapuskasing

Cochrane

La Sarre

Bearn

Lumber Mills

Annual Production

Capacity (Mfbm)1

Ontario

Chapleau 135,000

Cochrane 160,000

Hearst 110,000

Kapuskasing 105,000

Total - Ontario 510,000

Quebec

La Sarre 135,000

Bearn 110,000

Total - Quebec 245,000

Total Lumber Mills 755,000

Newsprint Mill

Annual Production

Capacity (MT)1

Kapuskasing 205,000

1Rayonier Advanced Materials 10-K filings2FEA Canada, Top 10 Softwood Lumber Producers 20193Net revenue excluding any intercompany eliminations4Adj. EBITDA is unaudited, including adjustments made by GreenFirst management for expected standalone costs and normalizing items; refer to use of non-GAAP measures in legal disclaimer on page 2

4/12/2021

Transaction Highlights 6

Purchase Price Purchase price of US$140 (~C$176) million plus purchase of expected inventory of ~US$74 (~C$93) million at closing

Represents an attractive purchase multiple of US$185/MMfbm1 and ~3.4x 2020 Adj. EBITDA of ~C$80 million2

Transaction Structure

and Financing

Cash free / debt free transaction with ~C$229 million payable in cash and ~C$40 million payable in GreenFirst shares assuming an

aggregate purchase price of ~C$269 million

Cash consideration of ~C$229 million to be funded by a ~C$147 million committed term credit facility provided by a New York based

investment fund and a contemplated rights offering, of which ~C$94 million is backstopped by Senvest Management LLC (including its

related parties and affiliates, “Senvest”)

Senvest minimum investment of ~C$63 million, including a right to appoint an independent board member

~C$25 million ABL provided by the New York based investment fund and Senvest, which is expected to be replaced by a ~C$63 million

undrawn ABL prior to closing

Historical Financials –

Target Assets

E.SPF 2020 average price of ~US$641 per Mfbm and latest E. SPF price of ~US$1,160 per Mfbm

2020 revenue of ~C$580 million and Adj. EBITDA of ~C$80 million2

Pro forma 2020 Adj. EBITDA of ~C$190 million2 assuming forecasted 2021 E. SPF consensus average price of US$790 per Mfbm3

On a pro forma FY20 basis, the assets would have contributed approximatively C$0.20-C$0.25 in Adjusted EPS4 to GreenFirst

Chip Supply Agreement Secured 20-year chip supply agreement with RYAM covering ~60% of annual chip production

Integration and Mill

Optimization Plan

GreenFirst has formed a detailed plan to optimize the target assets

Short-term priorities focused on meaningful cash cost reductions with a longer-term objective of increasing annual production capacity

Closing Subject to customary closing conditions including applicable regulatory approvals

Expected closing before end of calendar Q3 2021

Note: 1.2544 CAD/USD exchange rate, based on the Bank of Canada as of April 9, 20211Excludes inventory and conservatively assumes no value attributed to the Kapuskasing newsprint mill2Adj. EBITDA is unaudited, including adjustments made by GreenFirst management for expected standalone costs and normalizing items3Consensus Research (RBC, CIBC, TD)4Pro forma Adjusted EPS computed using Adj. EBITDA minus D&A, interest on pro forma expected debt outstanding and taxes based on statutory rates, divided by pro forma common shares outstanding

4/12/2021

Financing Plan 7

Consideration of ~C$176 million, assuming a cash and debt free transaction, plus purchase of expected inventory of ~C$93 million at closing, for total

consideration of ~C$269 million to RYAM

‒ ~C$229 million cash consideration

‒ ~C$40 million share consideration

Cash consideration of ~C$229 million to be funded by a ~C$147 million committed term credit facility provided by a New York based investment fund , and a

contemplated rights offering, of which ~C$94 million is backstopped by Senvest with a minimum investment of ~C$63 million, and a committed ~C$25 million ABL

from Senvest and the New York based investment fund

Share consideration of ~C$40 million to be issued to RYAM at a deemed price equivalent to the contemplated rights offering

Contemplated rights offering intends to issue three rights for each of GreenFirst’s outstanding common shares, with each right being exercisable at a price of

$1.50 per share to acquire a subscription receipt; each subscription receipt will automatically be exchanged for a common share upon closing

In consideration for providing the backstop commitment, Senvest is expected to be granted warrants to acquire common shares equal to ~US$19 million

A ~C$63 million ABL is expected to replace the currently committed ~C$25 million ABL prior to closing and is expected to be undrawn at close

11.2544 CAD/USD exchange rate, based on the Bank of Canada as of April 9, 2021

4/12/2021

Transaction Source and Uses

1 1Sources (C$'000s) Uses (C$'000s)

Term Credit Facility (US$117mm) 146,700 Purchase Price (US$140M) 175,600

Asset-Based Revolving Line of Credit (US$50mm) -- Expected Inventory (US$74M) 92,800

Senvest Rights Offering Backstop (US$75mm) 94,100 Transaction Fees 17,400

GFP Insiders Additional Equity (US$4mm) 5,000

RYAM Equity Rollover (US$32mm - 14.9% of purchase price) 40,000

Total $285,800 Total $285,800

Investment Highlights 8

Realizing Organic Growth

Opportunities

Anticipated ability to significantly reduce cash costs in line with Ontario and Quebec benchmarks represents

meaningful expected operational upside

Optimization plan expected to be largely centered around reorganizing the mill’s management structure, refocusing

the sales effort, and optimizing the supply chain

Combination of elevated E. SPF prices and expectations to reduce cash costs expected to support significant free

cash flow generation, which is expected to be used to reduce leverage and fund capital expenditure plan

Abundant Fiber Supply Owned licenses provide access to ~3.7 million m3 of guaranteed fiber supply across Ontario and Quebec1; licenses

are considered to be perpetual unless they are not being used

Strong expected upside to fiber supply quantities due to historical undercut of fiber basket

Secured Chip Demand Supports

Long-Term Mill Operations

Established chip supply agreements are expected to provide support and steady chip demand from the target assets

lumber operations (20 year agreement, covering an estimated 60% of current chip output)

Several alternatives are expected to be viable in seeking to surface value from the Kapuskasing newsprint asset

Favourable Commodity Supply &

Demand Dynamics

Construction industry has been one of the quickest industries to recover post-COVID –particularly in residential

Changing Canadian cost curve due to B.C.’s mountain pine beetle infestation expected to favor East. Canadian mills

Favorable North American demographic trends and increased interest in mass timber construction projects

Deeply Committed to

Sustainability

Committed to using best practices towards maintaining environmental stewardship and social responsibility

Use of sustainably managed forests help to reduce greenhouse gases, playing a key role in mitigating climate

change

Proven and Experienced

Management Team

Industry veterans with over 100 years of combined experience in the forest products industry

Deep expertise in sawmilling, forestry operations, logistics, and finance

1

2

3

4

4/12/2021

5

6

1Includes licenses for Kenora and the target assets

Realizing Growth Opportunities 91

Sawmill Restart

Kenora sawmill is expected to resume operations

in the second half of 2021

Strategic Investments Plan

GreenFirst expects to strategically invest in capital

projects over the next 36 months, with potential

projects including, but not limited to:

‒ Debarkers relocation

‒ Paving the yard

‒ Building for debarkers

‒ Chip noise control

Land Optimization Plan

Kenora sawmill operations occupy approximately

42 acres of land current, leaving some 72 acres of

excess land available for further monetization

Short-TermMill Optimization

Long-TermCapacity Expansion

Expected Timeframe

Expected Capital

Requirements

Anticipated

Key Metrics

Expected Plan

Overview

Within 18 months Between 18 and 36 months

Non-capital and/or capital-light projects

with quick payback profiles

Capital-intensive projects with longer time

horizons

Cash CostsEvaluation and optimization of

mills with existing resources

Unit RealizationsOpportunity to up-tier

product with modest capital

Production CapacityMeaningful capital deployed to grow

nameplate capacity

Onboard key lumber and logistics executives

Moderate capital required to up-tier product

offering at select mills

Executing on projects with rapid payback

profiles (<1 year)

Supply chain optimization

Mills expected to earn their right to capital by

executing on cash cost and utilization targets

Larger capital projects to expand capacity at

the mills

GreenFirst management expects to

significantly increase production at the target

assets existing operations

Investing in new equipment and processes

May require securing additional fiber sources

– or increasing existing agreements – to meet

capacity objectives

Kenora Mill

Restart & Optimization Project

4/12/2021

Combination of elevated E. SPF prices and expectations to reduce cash costs will support significant free cash flow generation, which will be used

to reduce leverage and fund capital expenditure plan

Abundant Fiber Supply 102

The Assets are located in rich wood baskets and own

licenses that provide perpetual access to ~3.3M m3 of

fiber from Ontario SFLs and Quebec Wood Supply

Guaranties

‒ Combined access to ~3.7M m3 of fiber including

Kenora

Fiber supply licenses support our business plan to

increase nameplate capacity over time

As GreenFirst continues to optimize mill processes,

lumber recovery rates are expected to improve,

lowering the fiber requirement at existing mills

Forest Management Regions

Ontario

Quebec

Sustainable Forest

Licenses ~2.6M m3

Abitibi River

Gordon Cosens

Martel

Hearst

Romeo Mallette

Algoma

Kenora Forest

Red Lake

Whiskey Lake

Trout Lake

SudburyRepresents Kenora’s Directed

Wood Supply (DWS)

Wood Supply Guaranties ~0.7M m3

Northern Quebec

Abitibi Temiscamingue

Montreal

Existing timber tenures expected to support

95%+ operating rates at the Assets with

potential to increase allowable cuts

4/12/2021

Newsprint,

~30%

Chip Supply

Agreement,

~60%

Market,

~10%

Secured Chip Demand Supports Long-term Mill Operations

11

3

The target lumber mills produced nearly 500k BDMT of chips in 2020, which mainly

supplied the Kapuskasing newsprint mill and the Temiscaming pulp complex

As part of the transaction, GreenFirst has entered into a long-term agreement with

RYAM for the supply of a substantial portion of its chip production

The Kenora mill has a business-to-business MOA with Domtar for timber volumes

from Red Lake Forest and Trout Lake in exchange for a supply of wood chips

Overview of Current Chip Supply

The Kapuskasing Newsprint asset is a historically low-cost mill with annual production

capacity of 205k mt (under two machines)1

100% of its chip supply comes from the target lumber assets (majority provided by

the Kapuskasing lumber asset)

GreenFirst is considering various strategic alternatives in trying to surface value from

the newsprint operation

Newsprint Operations

2020A PF Chip Production End Uses

~60% of chip production is covered by

supply agreements

4/12/2021

1Rayonier Advanced Materials 10-K filings

12

4

Both supply and demand factors are driving what GreenFirst believes will

be a multi-year cycle in strong lumber prices

Historical Supply Constraints

Low prices have driven mill closures and under-investment

Poor forest management has led to fires and disease diminishing log capacity

Expected Demand Growth

Decade of low single-family housing starts has created pent up demand

COVID-19 has accelerated de-urbanization and home purchase trends that lead

to greater demand for single family homes

Work from home trends leading to shift in consumer spending to remodeling

home workspaces

Green initiatives beginning to impact what is expected to be a secular increase

in demand

Newsprint fundamentals also improving with recent price increases of

~US$40 per MT, and future price increases expected on the horizon due

to continued plant closures and temporary shutdowns in North America

U.S. Residential New Housing Starts (in thousands)

Source: FEA, U.S. Census, NAHB, MBA, Fannie Mae, NAR, Consensus Research (RBC, CIBC, TD)

Favourable Commodity Supply & Demand Dynamics

E.SPF 2x4 GL Consensus Forecast (US$/Mfbm)

4/12/2021

Based on Consensus (NAHB, MBA, Fannie Mae, NAR)

Growth % +7.6% +9.7% (0.4%)

1,293 1,391

1,525 1,519

2019 2020 2021E 2022E

641

790

586

250

500

750

1,000

1,250

2020 2021E 2022E

10yr Avg.

$454

Latest

$1,160

Deeply Committed to Sustainability 4/12/2021 135

GreenFirst is dedicated to maintaining the highest standards of sustainability across its business practices

Environmental Stewardship

Sustainable forest management practices

Energy efficiency

Zero deforestation

Maximizing biodiversity and forest health

Social Responsibility

Commitment to a zero-incident workplace

Promoting diversity across all stakeholders

Fostering long-standing relationships with indigenous

communities

GreenFirst is committed to sustainable environmental practices and social responsibility

Green

Advantages

of Lumber

Lumber is carbon negative and is the only renewable major

building material

Lumber building materials require less energy to produce and

transport than alternatives

By-products from lumber production can be used to create

energy with net zero carbon emissions

Growing

Market

Acceptance

Technological improvements in cross-laminated timber (CLT) are

increasing lumber’s competitiveness with steel and concrete in

the construction industry

Building code changes are being contemplated that require

lower carbon footprints, adding to lumber’s attractiveness

Proven and Experienced Management Team 144/12/2021

Paul RivettIncoming

Chairman of the Board

Recently co-founded Nordstar Capital and is the current chair and co-owner of Torstar

7 years as President of Fairfax Financial (TSX: FFH)

Rick DomanIncoming

Chief Executive Officer

45+ years of forest industry experience

Former CEO of EACOM Timber

Michel Lessard President 20+ years of forest industry experience

Mike Liggett Chief Financial Officer 20+ years as a public company CFO offering added strategic and operational

expertise

Mel LemkyVice President Capital

Projects, Sawmills 45+ years of forest industry experience

André Ouimette Vice President, Operations 20+ years of forest industry experience

Mathieu BrièreVice President, Sales and

Marketing 20+ years of forest industry experience

6

Significantly Enhancing Shareholder Value

The proposed transaction is expected to make GreenFirst a leader in the Canadian forest products industry

and serve as a catalyst for its ambitions to hold a best-in-class lumber company investment portfolio

GreenFirst anticipates that the proposed transaction will enhance shareholder value

1. Attractive purchase price

2. Opportunity to generate significant operational efficiencies

GreenFirst is expected to have rights to access approximately 3.7 million m3 of fiber supply across Ontario and Québec1

Secured 20-year chip supply agreement expected to ensure long-term demand

Expected favourable lumber industry dynamics

Strong management team with deep operational experience

154/12/2021

1Includes licenses for Kenora and the target assets

Supplemental MaterialsAppendix

Transaction Timeline 17

Subject to customary closing conditions including applicable regulatory approvals

Transaction expected to close before end of calendar Q3 2021 and not before July 31, 2021

Develop and Refine Integration Plan

April 12, 2021

Transaction

Announcement

June 9, 2021

Record date for rights

offering

Initiate and Receive Regulatory Review

June 2, 2021

Begin rights offering of

subscription receipts

Q3 2021

Close and fund

transaction

May 30, 2021

Expected filing of

prospectus offering

4/12/2021

July 9, 2021

Close rights offering

Historical Financial Summary – Target Assets 18

Revenue 1 Adj. EBITDA 2

(In C$ millions) (In C$ millions)

4/12/2021

~$600

~$500~$580

-67

33

133

233

333

433

533

633

733

FY2018 FY2019 FY2020

1Net revenue excluding any intercompany eliminations2Adj. EBITDA is unaudited, including adjustments made by GreenFirst management for expected standalone costs and normalizing items3Consensus Research (RBC, CIBC, TD)4Pro forma Adjusted EPS computed using Adj. EBITDA minus D&A, interest on pro forma expected debt outstanding and taxes based on statutory rates, divided by pro forma common shares outstanding

$565 $441 $641Avg. E.SPF

Price

(US$/Mfbm)

~$70

(~$25)

~$80

$565

$441

$641

($300)

($100)

$100

$300

$500

$700

-40

-20

0

20

40

60

80

100

120

FY2018 FY2019 FY2020

2021 Consensus3

$790

Latest

$1,160

Avg. E.SPF Price

(US$/Mfbm)

On a Pro Forma FY20 basis, the assets would have contributed approximatively C$0.20-C$0.25 in Adjusted EPS4 to GreenFirst