VANCOUVER, BC – Ainsworth Lumber Co. Ltd. (TSX: ANS, ANS.WT) (“Ainsworth” or the “Company”) is pleased to announce that it has completed its previously announced rights offering (the “Rights Offering”) raising gross proceeds of $175 million. The closing of the Rights Offering represents the last step in Ainsworth’s comprehensive refinancing plan originally announced on October 22, 2012.

A total of 140 million common shares were purchased under the Rights Offering. Pursuant to the basic subscription privilege, approximately 138.8 million common shares were subscribed for by rightholders, including approximately 77 million by Ainsworth’s largest shareholder, Brookfield Asset Management Inc. (“Brookfield”).

Due to the exercise of the additional subscription privilege by rightholders, including Brookfield, it was not necessary for Brookfield to purchase shares pursuant to the terms of the standby purchase agreement dated November 1, 2012. Under the additional subscription privilege, rightholders purchased the approximately 1.2 million shares not otherwise purchased by rightholders under the basic subscription privilege.

Upon completion of the Rights Offering, a total of 240,833,888 common shares are issued and outstanding. Prior to the Rights Offering, Brookfield held approximately 55.5 million common shares, representing approximately 55% of the then issued and outstanding common shares. Upon completion of the Rights Offering, Brookfield holds approximately 133.1 million common shares, or substantially the same ownership percentage as prior to the Rights Offering.

The net proceeds from the Rights Offering have been used to repay in full all remaining amounts owed under the Company’s 11% Senior Unsecured Notes due 2015, including amounts owed to certain funds managed by Brookfield.