VANCOUVER, BRITISH COLUMBIA -- (MARKET WIRE) -- 07/18/08 -- Ainsworth Lumber Co. Ltd. (TSX: ANS) (the "Company") announced today that pursuant to the previously announced recapitalization (the "Recapitalization") described in the management proxy circular dated June 24, 2008 (the "Proxy Circular"), the following individuals will be appointed to serve on the new Board of Directors of the Company (the "New Board") upon the Recapitalization becoming effective:

Robert Chadwick

Jay Gurandiano

Paul Houston

Morley Koffman

John Lacey

Gordon Lancaster

Jonathan I. Mishkin

The Recapitalization will become effective pursuant to the Plan of Arrangement described in the Proxy Circular. The current Board of Directors of the Company will be replaced by the New Board on the effective date of the Recapitalization, which is expected to occur by July 29, 2008. Additional information with respect to the New Board may be found on the attached schedule to this press release.

The Proxy Circular and further information and materials relating to the Recapitalization are available on SEDAR (www.sedar.com) and EDGAR (www.sec.gov/edgar.shtml).

Forward-looking information provided in this news release relating to the Company's expectations regarding the Recapitalization contains forward-looking statements made pursuant to the "safe harbour" provisions of the United States Private Securities Litigation Reform Act of 1995. 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. The forward-looking information is made as of the date of this news release and the Company assumes no obligation to update or revise it to reflect new events or circumstances, except as explicitly required by securities laws.

SCHEDULE

Proposed New Board Nominees Following the Effective Date of the
Recapitalization

                                                  Common
                                                  Shares
                                                  of the
                                                 Company
Name and place    Present                         benefi-
of residence      principal        Date of        cially   Present and
and current       occupation,      first        owned or   former public
positions with    business or      appointment  controll-  company
the Company       employment       as director        ed   directorships
----------------  ---------------  -----------  --------   ----------------

ROBERT CHADWICK   Partner and      Effective           0   -
Toronto, ON,      member of        Date of
Canada            Executive        Recapital-
                  Committee of     ization
                  Goodmans LLP

JAY GURANDIANO    Managing         Effective           0   Smurfit Stone
Westmount, QC,    Director,        Date of                 Container
Canada            Stone House      Recapital-              Corp. (Nasdaq):
                  Investments      ization                 2000-2001
                  Holdings Inc.                            St. Laurent
                                                           Paperboard Inc.
                                                           (TSX, NYSE):
                                                           1994-2000
                                                           Normabec
                                                           Resources
                                                           Inc. (TSXV):
                                                           1995-2003

PAUL HOUSTON      Retired          Effective           0   Scott's
Ajax, ON,         Businessman;     Date of                 Restaurants
Canada            President and    Recapital-              Inc. (TSX):
                  Chief Executive  ization                 1996-1999
                  Officer of                               CPGI (KFC/Taco
                  Alderwoods                               Bell/Pizza Hut):
                  Group Inc.:                              1997-1999
                  01/2002-10/2006                          Loewen Group
                                                           Inc. (formerly
                                                           TSX, ME, NYSE):
                                                           1999-2002
                                                           Alderwoods
                                                           Group, Inc.
                                                           (Nasdaq):
                                                           2002-2006
                                                           CFM Corporation:
                                                           2002-2005
                                                           Vicwest Income
                                                           Fund - Board of
                                                           Trustees
                                                           (TSX): 2005-2006

MORLEY KOFFMAN    Lawyer,          April 15,       7,888   Lions Gate
Vancouver, BC,    Koffman Kalef    1993                    Entertainment
Canada            LLP,                                     Corp.
Director          Business                                 (NYSE):
                  Lawyers                                  1997-present
                                                           USFreightways
                                                           Corporation
                                                           (NYSE) (formerly
                                                           TNT
                                                           Freightways):
                                                           1970-2005
                                                           Anthem
                                                           Properties Corp.
                                                           (formerly TSX):
                                                           1997 - 2006

JOHN LACEY        Chairman,        Effective           0   Loblaw Companies
Thornhill, ON,    Tricap           Date of                 Limited (TSX):
Canada            Restructuring    Recapital-              2007-present
                  Fund Advisory    ization                 CIBC
                  Board                                    (TSX, NYSE):
                                                           2004-present
                                                           Telus
                                                           Corporation
                                                           (TSX, NYSE):
                                                           2000-present

W. GORDON         Chief            April 15,       2,000   -
LANCASTER         Financial        1993
West Vancouver,   Officer,
BC, Canada        Ivanhoe
Director          Energy Inc.

JONATHAN I.       Managing         Effective           0   -
MISHKIN           Partner,         Date of
New York, NY,     Sanabe &         Recapital-
USA               Associates,      ization
                  LLC