West Fraser Timber Co. Ltd. has completed its previously announced acquisition of all of the issued and outstanding common shares of Norbord. The Transaction was implemented by way of a court-approved plan of arrangement under the Canada Business Corporations Act, pursuant to an arrangement agreement dated November 18, 2020 between the Company and Norbord. Under the terms of the Arrangement, the holders of Norbord Shares received 0.675 of a common share of the Company for each Norbord Share held. Upon completion of the Transaction, Norbord became a wholly-owned subsidiary of the Company. As a result of the change of control of Norbord resulting from the Transaction, Norbord is required to make an offer to repurchase Norbord’s $315 million senior notes due April 2023, bearing interest at 6.25% and $350 million senior notes due July 2027, bearing interest at 5.75% at 101% of their principal amount, plus accrued and unpaid interest. The change of control offer must be made within 30 days of completion of the acquisition of Norbord on February 1, 2021. There is no assurance that all holders of the Norbord Bonds will accept the change of control offer. Any Norbord Bonds not purchased under this offer will remain outstanding. Details of the offer will be provided in a notice of the offer to be mailed to the holders of the Norbord Bonds.