Acadian Timber (ACAZF)

Acadian Timber Corp is governed by the Canada Business Corporations Act pursuant to articles of arrangement dated January 1, 2010. The Company owns and manages approximately 761,000 acres of freehold timberlands in New Brunswick, approximately 301,000 acres of freehold timberlands in Maine and provides management services relating to approximately 1.3 million acres of Crown licensed timberlands. The Company has two reporting segments, NB Timberlands and Maine Timberlands. The Company is engaged in forest management, harvesting, marketing and sales in order to realize the maximum value from its timber and to provide fiber for regional consumers including lumber mills, pulp and paper mills and other buyers of primary forest products. The Company also owns and operates a forest nursery in Second Falls, New Brunswick. Its products include softwood and hardwood saw logs, pulpwood and biomass by-products sold to approximately 90 regional customers. The Company provides harvesting, transportation and other services to Crown licensees and sub-licensees.