Western Forest Products Inc. Announces Sale of Ownership Interests in TFL 44 LP and Alberni Pacific Division Sawmill to Huu-ay-aht First Nations - Seite 2

“This is an important step to gain more control over the ḥahuułi of the Huu-ay-aht Ḥaw̓iiḥ (traditional territory of the Hereditary Chiefs),” explains Tayii Ḥaw̓ił ƛiišin (Head Hereditary Chief Derek Peters). “Our sacred principles of ʔiisaak (utmost respect), ʔuuʔałuk (taking care of), and hišuk ma c̕awak (everything is one), will guide us as we create more opportunities and wealth for our Nation in a way that protects our resources for present and future generations.”

“This is an historic announcement that is fundamentally about reconciliation and forestry revitalization,” said Chief Councillor Robert J. Dennis Sr. “This agreement will enable Huu-ay-aht to have more jurisdiction over our ḥahuułi (traditional territory), strengthen the long-term sustainability of the forest sector in the Alberni Region, provide strong environmental stewardship that aligns with Huu-ay-aht’s forestry guiding principles, and create more opportunities for First Nations, including our citizens.”

The completion of the Transaction is subject to satisfaction of customary closing conditions, financing, and certain third party consents, including approval by the British Columbia Provincial Government and the Huu-ay-aht First Nations People’s Assembly. The Transaction is expected to close in the second quarter of 2020.

The agreement announced today builds on the Reconciliation Protocol Agreement between Huu-ay-aht and Western signed in March 2018 and the TFL 44 LP transaction completed in March 2019. It is a positive step towards the furtherance of Huu-ay-aht’s and Western’s framework for reconciliation and revitalization of the Alberni Region. The framework includes economic opportunities for increased participation of the other 13 area First Nations through increased engagement, tenure ownership, employment and business opportunities, sustained domestic manufacturing, increased training, effective marketing and value-added product innovation, and strong environmental stewardship – all in a manner consistent with the British Columbia Declaration on the Rights of Indigenous Peoples Act.

For further information, please contact:

Western Forest Products Inc.
Investor Inquiries:	Media Inquiries:
Stephen Williams	Babita Khunkhun
Executive Vice President & Chief Financial Officer	Senior Director, Communications
[phone]	[phone]
Huu-ay-aht First Nations
Amanda Munro
Munro Thompson Communications Inc.
[phone]

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