Mr. Rick Pozzebon reports

INTERFOR RENEWS NORMAL COURSE ISSUER BID

The Toronto Stock Exchange has approved the renewal by Interfor Corp. of its normal course issuer bid (NCIB).

The NCIB will allow for the purchase during the twelve-month period commencing on November 13, 2023 and ending on November 12, 2024 of up to 5,100,812 common shares, which represents 10% of the Company's public float as at October 30, 2023. Under the prior NCIB that expires on November 10, 2023, the Company was authorized to purchase 5,105,002 common shares. No common shares have been purchased under this NCIB.

Under TSX rules, Interfor will be allowed to purchase daily a maximum of 50,234 common shares, representing 25% of the average daily trading volume of the Company's common shares over the six-month period ending October 31, 2023 (200,937), subject to certain exemptions for block purchases. As of October 30, 2023, the Company had 51,444,803 common shares issued and outstanding. All purchases will be made through open market transactions through the facilities of the TSX or other Canadian alternative trading systems and will conform to their rules and regulations. The price to be paid by Interfor for any common shares will be the market price at the time of acquisition. All common shares purchased pursuant to the NCIB will be cancelled.

Interfor has also entered into an automatic securities purchase plan agreement with a securities broker under which the broker will act as the Company's agent to acquire Interfor common shares under the NCIB during the Company's scheduled blackout periods in the course of the NCIB. Purchases by the broker under the NCIB during these periods will be made at the broker's discretion, subject to certain parameters established by Interfor prior to each period with respect to price and number of common shares.

The Company continues to believe that, from time to time, the market price of its common shares may be attractive and their purchase would represent a prudent use of its capital to increase shareholder value.

ABOUT INTERFOR

Interfor is a growth-oriented forest products company with operations in Canada and the United States. The Company has annual lumber production capacity of approximately 5.2 billion board feet and offers a diverse line of lumber products to customers around the world.