Ainsworth Lumber Co. Ltd.

Ainsworth Lumber Co. Ltd.

November 16, 2008 21:26 ET

Ainsworth Adopts Stock Option Plan

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 16, 2008) - Ainsworth Lumber Co. Ltd. (TSX:ANS) today announced that its Board of Directors has approved the adoption of a stock option plan under which options to acquire a maximum of 9,000,000 common shares are issuable for terms of up to 10 years. The stock option plan is subject to regulatory approval and approval by the shareholders of the Company at the annual general meeting in 2009.

Effective on November 14, an aggregate of 1,002,222 options were granted to directors and the interim-CEO of the Company at an exercise price of $1.74 per share. The options granted to the directors represent their equity-based compensation for 2008 and 2009. These options, and any additional options granted prior to the next annual general meeting in 2009, are conditional upon regulatory and shareholder approval and, in accordance with the policy of the Toronto Stock Exchange, may not be exercised prior to that time.

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