Mr. Brian Cairo of Western Forest reports

WESTERN FOREST PRODUCTS ANNOUNCES CLOSING OF THE SECONDARY OFFERING BY BROOKFIELD SPECIAL SITUATIONS

Western Forest Products Inc. and Brookfield Special Situations Management Ltd., a wholly owned subsidiary of Brookfield Asset Management Inc., have closed the previously announced bought-deal secondary offering, through which Brookfield sold 92 million common shares of the company at an offering price of $2.50 per offered share for gross proceeds to Brookfield under the offering of $230-million.

The offering was conducted by CIBC World Markets Inc. and Scotiabank, as co-lead underwriters, and Brookfield Financial Corp., RBC Dominion Securities Inc. and TD Securities Inc. Closing of the offering included the full exercise of the overallotment option granted to the underwriters.

Concurrent with the offering, CIBC World Markets and Scotiabank, on behalf of the underwriters, acquired Brookfield's remaining 21,960,052 common shares of the company for immediate resale. Following completion of the offering and the concurrent offering, Brookfield no longer holds any common shares of the company.

We seek Safe Harbor.