Western Forest Products : Investor Presentation – May 2023

INVESTOR PRESENTATION

May 2023

TSX:WEF

Forward Looking Statements and Non-GAAP Financial Measures

All financial references are expressed in C$ unless otherwise noted.

This presentation contains statements and estimates that may constitute forward-looking statements under applicable securities laws. Readers are cautioned against placing undue reliance on forward-looking statements. All statements herein, other than statements of historical fact, may be forward-looking statements and can be identified by the use of words such as "will", "estimate", "commit", "anticipate", "expect", "should", "could", "continue", "may", "pursue", "explore" and similar references to future periods.

Forward-looking statements in this presentation include, but are not limited to, statements relating to our current intent, belief or expectation with respect to: domestic and international market conditions, demands and growth; economic conditions; our acquisition, growth, marketing, product, wholesale, operational, production and capital allocation and investment plans and strategies including, but not limited to, our dividend plan and share repurchase plan; our sustainability-linked credit facility; our expected operating results and future earnings stability; our competitive position and expectations regarding future competition; the impact of mass timber developments on climate change and wood products demand; the Company's ability to navigate logistics constraints; the Company's net positive climate impact; fibre availability; legal and regulatory developments; the Company's ability to diversify and grow its business through its strategic acquisitions; discussions with area First Nations around future acquisitions of ownership interests in Tsawak-qin Limited Partnership; and the expected completion times, results and returns of the Company's capital projects.

Although such statements reflect management's current reasonable beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions, there can be no assurance that forward-looking statements are accurate, and actual results and performance may materially vary. Many factors could cause our actual results or performance to be materially different including: changes in economic and financial conditions, changes in demand for forest products, changes in competition and selling prices, international trade disputes, changes in foreign currency exchange rates and interest rates, labour disputes and disruptions, natural disasters, changing relations with First Nations groups, the availability of fibre and allowable annual cut, developments and changes in laws and regulations affecting the Company or the forestry industry, changes in the price of key materials for our products, changes in business opportunities, existence of a public health crisis (including future developments in the COVID-19 pandemic) and other factors discussed in the Company's Management's Discussion & Analysis for the three months and year ended December 31, 2021 (the "MD&A"), which is available on our website at www.westernforest.com. The foregoing list is not exhaustive, as other factors could adversely affect our actual results and performance. Forward-looking statements are based only on information currently available to us and refer only as of the date hereof. Except as required by law, we undertake no obligation to update forward-looking statements.

During the course of this presentation, certain non-GAAP financial information will be presented. Definitions and reconciliation of terms can be found in the MD&A for Western Forest Products Inc. (the "Company").

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Western At A Glance

A Sustainable, Specialty Wood Products Company

Western At A Glance

Sustainable	$1.16 Billion	$139 Million	36%	$330 Million
Products and	Last 8-years	Last 8-years	Of Historical Sales to	Market Capitalization
Practices	Average Annual	Average Annual	International Markets	and Listed on the TSX
	Revenue	EBITDA

Strong	1+ Billion	Four	5.9 Million m3	2,000+
Environmental, Social,	Board Feet of Annual	Remanufacturing	Of Allowable Annual	Employees
& Governance ("ESG")	Lumber Capacity	Facilities, Two Glulam	Cut From Our B.C.
Practices and Policies	at 7 Sawmills	Facilities, One	Timberlands
		Distribution Centre

A Global Leader In Specialty Lumber Products	3

Why Own Western

Supplier of sustainable wood products

Strong ESG practices and policies

Business of scale and leader in our key markets

Superior timber asset base and secure fibre supply

High-value, diverse products serving global markets

Specialty products focus

Margin-focused strategy with exposure to growing lumber demand

Balanced approach to capital allocation with a quarterly dividend

Western Is The Premier Wood Products Company To Own

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