Ainsworth Lumber Co. Ltd.

Ainsworth Lumber Co. Ltd.

May 19, 2010 20:36 ET

Ainsworth Welcomes Peter Gordon and Pierre McNeil to Board of Directors

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 19, 2010) - Ainsworth Lumber Co. Ltd. (TSX:ANS)(TSX:ANS.WT) announced today the appointment of Peter Gordon and Pierre McNeil to the company's Board of Directors. The two new directors replace Jay Gurandiano and Jonathan Mishkin, both of whom have resigned from the Ainsworth Board. Mr. Gordon will replace Mr. Gurandiano as Chairman.

Paul Houston, Ainsworth's Lead Director, said, "We would like to thank Jay and Jonathan for all their hard work and service to the company during what was a very challenging time for Ainsworth. With their guidance and expertise, we emerged from this period a much stronger and more focused company well positioned to benefit from a return to better market conditions."

"As we move forward, we are pleased to welcome Peter and Pierre to the Board. Both will bring a wealth of business knowledge and experience to Ainsworth," added Mr. Houston.

Mr. Gordon and Mr. McNeil will serve as representatives of Brookfield Asset Management Inc. ("Brookfield") on the Ainsworth Board. On May 11, 2010, Brookfield Special Situations II (OSB) L.P. ("BSS") completed the acquisition of 14,905,712 common shares and warrants to acquire 10,094,288 common shares of Ainsworth. Warrants were exercised on closing of the transaction and BSS now beneficially owns or exercises control or direction over approximately 53.5% of the issued and outstanding common shares of Ainsworth on a fully diluted basis.

Peter Gordon, a Managing Partner at Brookfield, has over 25 years of industrial experience, principally in the mining and forest products industries. Mr. Gordon has held a number of senior management positions in Brookfield portfolio companies, most recently as the former President and CEO of Fraser Papers Inc. On behalf of Brookfield, he has also served as a board member of Northgate Minerals Corp., Western Forest Products, and Vicwest Income Fund; and, he is presently serving on the Board of Directors of Fraser Papers and MAAX Bath Inc. Mr. Gordon holds an engineering degree from Queen's University and an MBA from the University of British Columbia. 

Pierre McNeil, a Senior Vice-President of the Brookfield Special Situations Group ("BSSG"), has a diverse operational and human resources management background in the forest products and manufacturing industries and has played a leadership role in strategic projects across Canada, the United States and the United Kingdom. Mr. McNeil is currently a director of Western Forest Products and MAAX Bath Inc. and is the former CEO of Concert Industries, Inc. Prior to joining BSSG, Mr. McNeil served as a Senior Vice-President of Fraser Papers Inc. and also held different positions within Norbord Inc. where his last assignment was the management of the particleboard and MDF manufacturing operations in Cowie, Scotland. Mr. McNeil holds a BA degree from the University of Ottawa.

About Brookfield Special Situations Group

The Brookfield Special Situations Group was established by Brookfield Asset Management Inc. to provide long-term capital and strategic assistance to mid-market companies in North America. BSSG seeks investment opportunities in industries in which Brookfield has significant operating expertise or a competitive advantage, including in the industrial products, building materials, metals and mining, homebuilding, forest products, oil and gas and manufacturing sectors. The BSSG team has offices in Toronto, New York, Calgary, Vancouver and Montreal.

About Brookfield Asset Management Inc.

Brookfield Asset Management Inc. is a global asset management company focused on property, power and infrastructure assets with over $100 billion of assets under management (TSX:BAM)(NYSE:BAM)(EURONEXT:BAMA) and controls Norbord, Inc., an international producer of wood-based panels.

Forward-looking information provided in this news release relating to the Company's future prospects are forward-looking information pursuant to National Instrument 51-102 promulgated by the Canadian Securities Administrators. The Company believes that expectations reflected in such information are reasonable, but no assurance is given that such expectations will be correct. Forward-looking information is based on the Company's beliefs and assumptions based on information available at the time the assumption was made and on management's experience and perception of historical trends, current conditions and expected further developments as well as other factors deemed appropriate in the circumstances. Investors are cautioned that there are risks and uncertainties related to such forward-looking information and actual results may vary. Important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking information include, without limitation, factors detailed from time to time in the Company's periodic reports filed with the Canadian Securities Administrators and other regulatory authorities. The forward-looking information is made as of the date of this news release and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as explicitly required by securities laws.

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