Western Forest Products : Investor Presentation – May 2021

INVESTOR PRESENTATION

May 2021

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 the 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", "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 and capital allocation plans and strategies including, but not limited to, our dividend plan and share repurchase plan; our expected operating results; our competitive position and expectations regarding future competition; fibre availability and regulatory developments; the impact of the COVID-19 pandemic; the anticipated closing of the transaction with Huumiis Ventures Limited Partnership and the sale of additional incremental ownership interest in TFL 44 LP in the future.

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: economic and financial conditions, demand for forest products, competition and selling prices, international trade disputes, changes in foreign currency exchange rates, labour disputes and disruptions, natural disasters, 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 opportunities, existence of a public health crisis (including future developments in the COVID-19 pandemic) and other factors discussed in the Company's annual 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 Company's annual and quarterly 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	$1.2 Billion	$197 Million	39%	$910 Million
Products and	In Last Twelve	In Last Twelve	Of Historical Sales to	Market Capitalization
Practices	Month Revenue	Month EBITDA	International Markets	and Listed on the TSX

Strong	1+ Billion	Four	6 Million m3	2,100+
Environmental, Social,	Board Feet of Annual	Remanufacturing	Of Allowable Annual	Employees
& Governance ("ESG")	Lumber Capacity	Facilities and One	Cut From Our B.C.
Practices and Policies	at 8 Sawmills	Distribution Centre	Timberlands

A Global Leader In Specialty Lumber Products	3

Western's Lumber Products Are Used In Multiple

Sustainable End Uses Around The World

Outdoor		Exterior		Interior		Structural		Industrial
Living		Appearance		Living
Decking, Timbers,		Siding, Trim & Fascia,		Interior Paneling,		Timbers, Framing,		Lamstock, Packaging &
		Interior Mouldings,			Crating, Cross Arms,
Fencing Products,		Soffits, Door &			Japanese Housing,
		Architectural Millwork,			Mat Stock, Bridges,
Outdoor Structures		Window Products			Engineered Products
		Stair Components			Docks & Rail Ties,

Western's Products Come From The World's Most Sustainable Building Material	4