Tricap Management Limited Acquires Common Shares and Non-Voting Shares of Western Forest Products On Closing of Rights Offering



    TORONTO, Jan. 30 /CNW/ - Tricap Management Limited ("Tricap") today
announced that it has acquired 4,303,788 additional common shares and
254,374,654 non-voting shares of Western Forest Products Inc. ("Western")
(TSX:WEF) in connection with the closing of Western's previously announced
rights offering (December 1, 2008). The value of the consideration paid by
Tricap was $0.19 per share. The shares were acquired from treasury on the
closing of Western's rights offering. Following the closing of the rights
offering, Tricap holds an aggregate of 63,026,544 common shares and
338,945,860 non-voting shares of Western, representing 49% and 100% of
Western's issued and outstanding common shares and non-voting shares,
respectively.
    The shares acquired by Tricap include an aggregate of 236,500,018 shares
of Western that are beneficially owned by Brookfield Asset Management Inc.
("Brookfield Asset Management") and its affiliates and associates on a
consolidated basis ("Brookfield"). Following the rights offering, Brookfield
beneficially owns 49,124,547 common shares and 300,028,286 non-voting shares
representing approximately 38% and 89% of the issued and outstanding common
shares and non-voting shares of Western.
    Tricap holds the shares for investment purposes. Tricap will continue to
review its investment alternatives and may acquire additional shares of
Western or may, subject to applicable securities laws, sell the shares it now
holds in the open market or in privately negotiated transactions to one or
more persons.
    Tricap acquired the shares pursuant to the exercise of rights issued by
Western in connection with a rights offering made by Western pursuant to a
prospectus dated December 1, 2008. Although Tricap entered into a standby
agreement with Western dated December 1, 2008 pursuant to which Tricap had
agreed to purchase all shares which were not subscribed for under the rights
offering, due to the exercise of the additional subscription privilege by
rightholders, including Tricap, it was not necessary for Tricap to purchase
shares pursuant to the terms of the standby purchase agreement.
    Tricap will exercise control and direction over the shares acquired
pursuant to the terms of a co-investment agreement entered into between Tricap
Management Limited and each of the investors in the Tricap Restructuring Fund.

    Tricap Management Limited was established by Brookfield Asset Management
to provide a source of patient, long-term capital and strategic assistance to
companies experiencing financial or operational difficulty. With strong
industry and financial management expertise, Tricap is well positioned to
assist these companies in reaching their full potential. Tricap Management
Limited is manager for and on behalf of the Tricap Restructuring Fund.
Tricap's address is Brookfield Place, Bay-Wellington Tower, 181 Bay Street,
Suite 300, P.O. Box 771, Toronto, Ontario, M5J 2T3.

    Note: This press release contains forward looking information, including
"forward-looking statements" within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended. The words "may", "will", "anticipated" and other
expressions which are predictions of or indicate future events and trends and
which do not relate to historical matters identify forward looking statements.
Reliance should not be placed on forward-looking statements because they
involve known and unknown risks, uncertainties and other factors, which may
cause Tricap's investment in Western's equity to differ materially from the
description of the investment expressed or implied by such forward-looking
statements. Factors that could cause actual holdings to differ materially from
those set forward in the forward looking statements include lack of approval
by Western's shareholders for a new class of non-voting shares Tricap
undertakes no obligation to publicly update or revise any forward looking
statements, whether as a result of new information, future events or
otherwise.





For further information:

For further information: Tricap Management Limited, Denis Couture, (416)
956-5189, dcouture@brookfield.com

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TRICAP MANAGEMENT LIMITED

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