#1INVESTOR PRESENTATION November 2023 Western Forest Products Inc. DEFINING A HIGHER STANDARD™ WFP WFP TSX:WEF WFP#2Forward 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, projection 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 impact of wood products on the global carbon balance and climate change; fibre availability; legal and regulatory developments; the Company's ability to diversify and grow its business through its strategic acquisitions; the closing of the TFL 39 Block 2 Limited Partnership transaction and the expected timing thereof; discussions with area First Nations around future acquisitions of ownership interests in Tsawak-qin Limited Partnership; opportunities relating to carbon and carbon credits and alternatives for the Company's wood residuals and waste; and the expected completion times, budgets, 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 or changes to the implementation of such laws and regulations by governmental authorities, changes in the price of key materials for our products, changes in business opportunities, changes occurring in the counterparties whom we do business with, 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, 2022 (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"). WFP 1#3Western At A Glance A Specialty Wood Products Company Western Forest Products Inc. DEFINING A HIGHER STANDARDTH WFP#4Western At A Glance WFP Strong Environmental, Social, & Governance ("ESG") Practices and Policies $ $1.16 Billion Last 8-years Average Annual Revenue لكا $139 Million Last 8-years Average Annual EBITDA 36% Of Historical Sales to International Markets 1+ Billion Board Feet of Annual Lumber Capacity at 7 Sawmills Four Remanufacturing Facilities, Two Glulam Facilities, One Distribution Centre 5.8 Million m³ Of Allowable Annual Cut From Our B.C. Timberlands 2,000+ Employees A Global Leader In Specialty Lumber Products 3#5Why Own Western WFP B Leading supplier of wood products III Strong ESG practices and policies Business of scale and leader in our key markets ✰ Superior timber asset base High-value, diverse products serving global markets ■ Specialty products focus ☐ Margin-focused strategy with exposure to growing lumber demand Balanced approach to capital allocation Western Is A Premier Wood Products Company To Own WFP 4#6Our Products' End Uses Outdoor Living Exterior Appearance Interior Living Structural Decking, Timbers, Fencing Products, Siding, Trim & Fascia, Soffits, Door & Outdoor Structures Window Products Interior Paneling, Interior Mouldings, Architectural Millwork, Stair Components Timbers, Framing, Japanese Housing, Engineered Products WFP Industrial Lamstock, Packaging & Crating, Cross Arms, Mat Stock, Bridges, Docks & Rail Ties Western's Products Are Used In Multiple End Uses Around The World ANADA 5#7Wood Is Renewable, Durable And Naturally Beautiful 00 00 WFP#8Wood As A Building Material ↓ ↓ CO₂ WFP Wood is the only major building material that is renewable Wood vs. Steel vs. Concrete (1) Total Energy Use +140% Greenhouse Gases Wood is recyclable and biodegradable Wood is beautiful and aesthetically pleasing Wood products help reduce greenhouse gases and have the lowest impact of all building materials on air and water quality Wood products require less energy to produce than concrete and steel Wood products result in less solid waste than concrete and steel +70% +81% +45% Wood Steel Concrete Wood Steel Concrete Air Pollution +67% +42% Solid Waste +96% +36% Wood Steel Concrete Wood Steel Concrete Ecological Resource Use +16% +97% Water Pollution +1,900% +97% Wood Steel Concrete Wood Steel Concrete (1) Source: ATHENA Sustainable Materials Institute life-cycle research via the Western Red Cedar Lumber Association Wood Is A Desirable Building Material 7#9Mass Timber Buildings Further Support The Growth Of Wood As A Building Product Increased use of wood in buildings will drive increased wood products demand Maximizing wood use in both residential and commercial construction could remove an estimated 21 Million Tons of CO2 Annually = 4.4 Million Cars Taken Off The Road Annually(1) (1) Source: Think Wood Links To External Resources THINK WOODⓇ® SLB SOFTWOOD LUMBER BOARD WoodWorks naturally:wood® WOOD PRODUCTS COUNCIL An Opportunity To Grow The Demand For Wood Products WFP www.naturallywood.com www.naturallywood.com 8#10Wood Products Role in Carbon Sequestration New trees are planted and the cycle of carbon removal continues Growing trees absorb carbon from the air and release oxygen 2 When trees are harvested, the carbon remains stored in wood products で As trees mature the rate of carbon removal decreases 9 WFP#11Western's Commitment To ESG Environment Stewardship Sustainable Forest Management, Climate Change, Biodiversity TITY Social Responsibility Health & Safety, People & Culture, Diversity, Stakeholder & Community Engagement WFP Corporate Governance Best Practices, Board Composition and Diversity, Executive Compensation, Ethics, Integrity WFP Western Forest Products DEFINING A HIGHER STANDARD" 2022 Sustainability Report Western Is Committed To Defining A Higher Standard® On ESG Our 2022 Sustainability Report is available here 10#12Carbon Accounting Highlights Western's 2022 Carbon Balance -2,453,372 tonnes of CO2 equivalent Western's business is a net carbon sink, according to our 2022 Carbon Accounting Report Forest Ecosystem Carbon The forests managed by Western are an enormous carbon bank and store carbon in the form of live trees, dead trees, branches, leaves, roots and soil. In 2022, the forest ecosystem stored: 2,448,276 kilotonnes of CO2 equivalent 100 Year Carbon Balance Projection Using assumptions from current forest management plans, Western's net carbon balance is projected to improve further over the next 100 years. In the next 100 years, Western's activities are projected to potentially decrease atmospheric carbon by: 210.6 million tonnes of CO2 equivalent 2022 WFP Carbon Accounting Report FP Western Forest Products Inc. DEFINING A HIGHER STANDARD Advancing Disclosure Of Our Carbon Reporting Our 2022 Carbon Accounting Report is available here 11#13Environmental Stewardship Sustainability 100% of our managed tenures are third party certified Manage and harvest the entire forest profile over generations Only forestry company on the B.C. Coast to operate a seed orchard and tree nursery Reforest every hectare we harvest Planted 6.3 million seedlings, more than 3 for every tree harvested in 2022 Limit wood waste in our operations; utilize 100% of logs at our mills Climate Change 2,453,372 tonnes of CO2 equivalent was removed as a result of Western's activities in 2022 Forests play a key role in the global carbon balance and sequestering carbon Consider climate change in our forest planning Manage fertilization to improve soil nutrient to increase carbon sequestration in coastal forests Implement energy reduction / efficiency initiatives in our sawmills Biodiversity Maintain biodiversity and other environmental values to support forest health Standards in place that protect both species and habitat First forestry company in British Columbia to issue a policy on "Big Trees" Manage for water quality and quantity, community watersheds and streams / riparian areas Western Is Committed To The Strongest Environmental Practices WFP 12#14WFP Social Responsibility AA Health & Safety TITI People & Culture First Nations & Community Our goal is a zero-incident workplace Annual safety training for all employees and contractors ISNetworld certification process for contractors Comprehensive hands-on, job- specific training Provide equal opportunity and promote diversity at all levels Total rewards approach to compensation to attract, retain and motivate employees Support freedom of association and collective bargaining Invest in our people through annual training and education Committed to advancing mutually beneficial relationships and reconciliation with First Nations Positive working relationships with First Nations through 40+ active agreements, 6 active integrated resource management plans, and 5 joint venture and limited partnerships Independent audits and inspections Environmental, Health and Safety Board committee Comprehensive Health and Safety Management System Women represent 25% of our executive officers 25% of executive officers self identify as being from a visible minority Indigenous employment is an important component for the diversity of our workforce Engage with a broad range of stakeholders Stakeholders have provided feedback to our ESG progress and reporting Focus on supporting initiatives that promote culture, recreation, education and sustainability Western Is Committed To Our People, Communities And Stakeholders 13#15Reconciliation With First Nations: Western And Huu-ay-aht First Nations, A Success Story 2017 2018 2019 2021 Building a Mutually Beneficial Relationship with Huu-ay-aht First Nations Established a relationship Sale and purchase of three properties Long-term lease back of a dry land sort in Sarita Bay, B.C. Market log harvesting agreement for 200,000 m³ Employment and training agreement to increase the number of Huu-ay-aht citizens participating in the forest sector Signed a Reconciliation Protocol Agreement Continued to explore potential alternative ownership structures in Huu-ay-aht's traditional territories Completion of Huu-ay-aht's purchase of a 7% beneficial ownership interest in a newly formed limited partnership (TFL 44 LP), consisting of certain assets in Western's Port Alberni Forest Operations, including Tree Farm Licence 44 Completion of Huu-ay-aht's purchase of an incremental 28% beneficial ownership interest in TFL 44 LP from Western for $22.4 million TFL 44 LP name change to Tsawak-qin Forestry Limited Partnership (effective January 2022) TEL4 TFL44 LIMITED I PARTNERSHIP www Developing Mutually Beneficial Relationships To Advance Reconciliation With First Nations xx TFL44 LINITED WFP WFP UNITY 14#16Strategic Partnership With Huu-ay-aht First Nations In Tsawak-qin Forestry Limited Partnership WFP Tsawak-qin Forestry Limited Partnership consists of certain Western assets and liabilities in its Port Alberni Forest Operation, including Tree Farm Licence ("TFL") 44 Current LP Ownership: Western 65% | HVLP (1) 35% Long-term fibre supply agreement to continue to supply Western's coastal manufacturing operations. Continue to have discussions with interested area First Nations around acquiring ownership interests in the Limited Partnership Transaction #1 (completed) Purchase Price HVLP(1) Incremental Ownership Interest LP Ownership Interest At Closing $7.3 million +7% WFP 93% HVLP(1): 7% Closing Date Completed March 2019 Transaction #2 (completed) Westcoast of Vancouver Island $22.4 million + 28% WFP 65% HVLP(1): 35% Completed May 2021 TFL 44 Ucluelet TFL 44 Port Alberni Alberni Alberni Pacific Division Sawmill TFL 44 Bamfield TFL 44 LP Allowable Annual Cut: 782,482 m³ (1) Huumiis Ventures Limited Partnership ("HVLP"), a limited partnership beneficially owned by Huu-ay-aht First Nations Building Mutually Beneficial Relationships In Support Of Reconciliation 15#17Further Advancing Indigenous Relationships Investing time and resources in fostering positive working relationships with Indigenous groups - - - - - Information sharing Joint sustainable forest management planning Timber harvesting Reforestation practices Restoration initiatives Other mutually beneficial interests Creating jobs, training opportunities and supporting communities. Selected Milestones (1) huu ay aht ANCIENT SPIRIT, MODERN MIND nanwakoLas COUNCIL WFP Tsawak-qin Forestry Limited Partnership and Hišuk ma cawak Integrated Resource Management Plan Integrated Resource Management Plan 'NAMGIS FIRST NATION Forest Landscape Plan Pilot Tla'amin Nation Lilwat Nation 4a?ǝmen Nation Tla'amin Territory Forest Resources Plan Land Agreement (with Quatsino First Nation) Sale of Ownership Interests in Forest Licences (1) See Western's 2022 and 2021 Annual Report for additional details Demonstrating Our Commitment To Advancing Indigenous Relationships 16#18Community Involvement And Support WFP Friendship Garden at Cedar Elementary in Campbell River, B.C. N COMMUNITY UNITY TRAIL Zeballos Tahsis It's so uplifting to see how we can make an impact in our community. WFP Western Forest Products Inc. DEFINING A HIGHER STANDARD SEHLEEAH SCHEVERS Western Forest Products employee and Cedar Elementary mom Forestry company donates nearly three acres of land for Tahsis & Zeballos' community trail project Western Forest Products' five parcels of land will serve as an access point to the Community Unity Trail Provide access to a number of public recreation sites located in our working forests via our extensive network of maintained resource roads OPEN Spencer Cove Nimpkish Lake Kinman Creek Lwr Klaklakama Upr Klaklakama Anutz Lake Atluck Lake San Josef Woss Lake PORTAGE CAMPING MFP Contributions To Support Communities Western announces $50,000 donation for wildfire relief and readiness efforts Support to help impacted communities with long term recovery and preparedness for future events For more company and community news, visit us on in 17#19Corporate Governance Best Practices Board Composition Independent Board Chair Annual director elections Annual director assessments Annual say-on-pay voting Majority voting for director election 87.5% of directors are independent 50% of committees chaired by women Average director tenure of 2.4 years Average director age of 62 years Whistleblower hotline WFP Comprehensive and transparent disclosure Extensive shareholder engagement Diversity and inclusion policy History of 100% director attendance Equity ownership requirements for directors Diversity a consideration in director selection Executive Compensation Competitive pay to attract and retain talent Target compensation at levels near the median of our peer group 67% of CEO's target compensation is performance based Annual goal setting aligned with long-term strategy, ESG and shareholder value Clawback and hedging policies Performance based awards linked to various shareholder value metrics Minimum equity ownership requirements for NEOs and other executive officers Western Is Committed To The Strongest Corporate Governance Practices 18#20Sustainability-Linked Credit Facility Western was the 1st North American public paper and forest products company to transition to a sustainability-linked credit facility ☐ Increase or decrease borrowing costs by up to five basis points based on the outcome of sustainability-linked goals Pricing grid and covenant package consistent with prior credit facility WFP WFP $250 million Sustainability-Linked Credit Facility Borrowing Costs Linked To Three Sustainability-Linked Goals Health & Safety ☐ Credit facility maturity date extended to July 2025 Пелелеле Workforce Diversity Retain accordion feature to increase the aggregate amount available to $350 million, subject to lender approval First Nations Relationships Maturity: July 2025 Further Demonstrates Western's Leadership And Accountability To Continuous Improvement And Advancement Of Our Sustainability And ESG Initiatives 19#21Company Snapshot Growing and Creating Long-term Shareholder Value Western Forest Products Inc. DEFINING A HIGHER STANDARDTH WFP#22Who We Are: Our Mission, Vision And Values M Our Vision: To provide the most sustainable building materials on the planet Our Mission: We safely produce high margin, targeted specialty building materials for our selected global customers in a value for service relationship Our Values: Our values guide us in Defining a Higher StandardⓇ in what we do: We are committed to personal safety, sustainable management and environmental stewardship We behave with integrity, passion and transparency We seek mutually beneficial relationships We are dedicated to a culture of accountability and continuous improvement WFP Defining a Higher StandardⓇ 21#23What We Do: Margin-Focused, Specialty Lumber Company Leading cedar lumber, timbers and Japan square manufacturer in North America Offer a range of appearance, structural and industrial wood products Our products are used in various outdoor living, interior living, exterior appearance, structural and industrial applications Diverse species mix, offering cedar, hemlock, balsam and Douglas fir products Global customer base WFP Western Is A Leading Global Supplier Of Specialty Wood Products 22#24Where Do We Do It: Serve Global Markets From Coastal B.C. And Washington WFP Canada Coastal B.C. 6 Sawmills 2 Remanufacturing Facilities Timberlands Seedling Nursery United States Arlington (Arlington, WA) Distribution Centre Remanufacturing Facility Columbia Vista (Vancouver, WA) Sawmill Remanufacturing Facility Calvert Company (Vancouver, WA and Washougal, WA) Glulam Manufacturing 5.8 Million Cubic Metres In Allowable Annual Cut From Our Coastal B.C. Timberlands 1+ Billion Board Feet of Annual Lumber Capacity at 7 Sawmills Four Remanufacturing Facilities, One Distribution Centre, Two Glulam Facilities Flexible Operating Platform That Can Target a Variety of Global Markets See Appendix for detailed listing of sawmills and remanufacturing facilities Strategically Located Manufacturing Locations With Fibre Supply 23 23#25WFP How We Have Performed: Financial Snapshot $1.16 Billion Last 8-year Average Annual Revenue (1) Kil $139 Million Last 8-year Average Annual EBITDA (1) $59.5 Million Net Debt on the Balance Sheet at the end of Q3/23 Annual Sales by Product(1) ■Specialty Lumber Commodity Lumber Logs ■ By-products 5% 17% 58% 20% Annual Sales by Geography (1) میرا $170 Million Available Liquidity at the end of Q3/23 $219 Million Market Capitalization (2) (1) Annual average from 2015 to 2022, including strike impacted 2019 and 2020 (2) Based on closing share price of $0.69 on November 10, 2023 Canada United States China Japan Other Europe Final destination of a portion of Canadian sales are to international markets 14% 28% 13% 7% 2% 36% 58% Specialty Lumber 36% International History Of Strong Financial Performance And Well Capitalized Balance Sheet 24#26What Are Our Priorities: Focus On Growing Long-term Shareholder Value Strategic Priority Description میرا WFP Business Excellence Focusing on operating execution and excellence, with a mindset of continual improvement Commitment to health, safety and environmental compliance Improving recovery, efficiency and margin in our operations Developing strategic relationships with customers, First Nations, communities, shareholders and other stakeholders First Nations Partnerships Business and Asset Optimization Growth in Specialty Wood Products Stewardship and New Revenue Opportunities Developing mutually beneficial relationships and partnerships with First Nations Remaining committed to participate in economic reconciliation Advancing First Nations partnerships and investment opportunities in B.C. to support greater long- term clarity for the stewardship and management of the land base Optimizing our asset and operating portfolio Improving financial performance, asset utilizations, recovery, return metrics and reducing costs Implementing best-in-class technology in our operations Growing our business where we can create long-term shareholder value and be market leaders Moving our products further up the product value chain, closer to the end customer Focusing on specialty wood products, engineered wood products and mass timber opportunities Implementing best practices, policies and standards related to Environmental, Social and Governance ("ESG"), and sustainability and stewardship of the assets under our management Exploring new revenue opportunities related to carbon and carbon credits Exploring alternatives for our wood residuals and waste to increase fibre utilization. 25 25#27Company Updates Executing On Our Strategic Priorities Western Forest Products Inc. DEFINING A HIGHER STANDARDTH WFP#28Third Quarter 2023 Results Highlights Announced an agreement to sell a 34% interest in a newly formed Limited Partnership to four First Nations for $34.9 million $ Revenue Celebrated our one year anniversary of Calvert engineered wood products acquisition Completed installation of our machine stress rated lumber grader to support increased product value and mass timber market growth Adjusted EBITDA WFP $231.1 Million ($11.6) Million "While our results in the quarter reflect the continued challenging operating environment and cost structure in our British Columbia operations, we are encouraged by the progress we've made in repositioning our business for the future. The agreement announced with the Tlowitsis, We Wai Kai, Wei Wai Kum and K'ómoks First Nations is a significant step forward. This partnership will provide a collaborative forest stewardship and business model that is key to the operational stability in Coastal BC that we need to support reinvestment, and we are excited to move it forward." - Steven Hofer, President & CEO Adjusted EBITDA % Lumber Shipments (5.0%) 130 Million Board Feet Net Debt (End of Q3/23) $59.5 Million Challenging Market Conditions Continued to Impact Results 27 27#29Reconciliation With First Nations: Announcement of TFL 39 Block 2 Limited Partnership Announced an agreement to establish a Limited Partnership comprised of certain assets and liabilities of Western's Mid Island Forest Operation, including Block 2 of TFL 39 The Limited Partnership will manage approximately 157,000 hectares of forest land with an AAC of 904,540 m³ The Tlowitsis, We Wai Kai, Wei Wai Kum and K'ómoks First Nations will acquire an aggregate 34% interest in the Limited Partnership from Western for $35.9 million Long-term fibre supply agreement with Western which will support Western's manufacturing operations Working towards closing the transaction in Q1/24, subject to various closing conditions ■ Please see News Release for further details CED WFP "I am driven by a nd arri "From our perspective, this is the path forward of how our industry needs to operate here in British Columbia" Steven Hofer, President & CEO ed to ma le better me go "It's a landmark agreement... increasing the role of First Nations as stewards of their territories and driving stronger communities and greater economic development❞ - David Eby, Premier of BC WE WAI KAI NATION nanwakolas Tlowitsis Nation COUNCIL WFP BRITISH K'ómoks First Nation Western Forest Products Inc. COLUMBIA DEFINING A HIGHER STANDARD" Continued Leadership In The Advancement Of Reconciliation 28#30Calvert Acquisition: Positioning For Growth in Mass Timber ☐ One of the oldest glulam manufacturers in the U.S. Products used in industrial, commercial and residential projects around the world Two facilities in Washington - Annual capacity of 35 million board feet of glulam Calvert owner will remain with Western in a consulting capacity Price: US$12.2 million(1) Closed: August 31, 2022 ipcil WFP (1) Includes inventory Moving Up The Product Value Chain And Supporting Mass Timber Growth Initiatives In North America 29 29#31B.C. Strategic Capital Investments $29 million of strategic capital investments to support: - - Value-added manufacturing Grow value-added wood products business - Improve long-term competitiveness Investment projects underway - All projects remain on budget and are expected to be completed in Q4, 2023 or Q1, 2024 - $21.5 million spent as of September 30, 2023 WFP Strategic Capital Investments Include: $12.3 million $7.9 million $8.3 million ■ New continuous kiln at our Saltair sawmill Increased capacity for continuous drying of lumber ■ Will reduce energy consumption Optimize the centralized planer at Duke Point facility ■ New equipment, including a machine stress rated ("MSR") lumber grading machine ■ Other capital investments in our B.C. operations ■ New kiln control systems at our Saltair sawmill and Value-Added Division ■ Support increasing supply of kiln dried finished products for customers Investing In B.C. Operations To Support Value-Added Manufacturing 30 30#32Softwood Lumber Duties Update Duties on deposit of US$162.7 million (C$220.9 million) (1) - Equates to 101% of Western's market capitalization (2) C$71.4 million included as a long-term receivable on Western's balance sheet(1) Current duties rate of 8.05% WFP Combined Softwood Lumber Duties Rate (All Others Duty Rate %) 20.23% 17.91% 8.99% 8.59% 8.05% 2017-2020 (3) (4) (5) (6) 2021 2022 2023 Current €2 (1) As of September 30, 2023 (2) Based on market capitalization as of November 10, 2023 (3) Up to November 30, 2020 (4) December 1, 2020 to November 30, 2021 (5) December 1, 2021 to August 8, 2022 (6) August 9, 2022 to July 31, 2023 Softwood Lumber Duties Reduced Effective August 2023 31#33WFP Balanced Approach To Capital Allocation History of paying a regular quarterly dividend 1 Dividend suspended effective November 7, 2023 in response to weaker lumber market conditions and corresponding financial results Disciplined annual capital expenditures - Approximately $30 to $40 million per year in annual maintenance of business and road capex Maintain financial flexibility for strategic capex and growth opportunities - Internal and external opportunities - - Projects and jurisdictions that create the opportunity to grow long-term shareholder value Need to achieve desired internal return hurdles Complement return of capital to shareholders with share repurchases - Renewed 5% NCIB in August 2023 Since 2013 We Have Returned $521 Million To Shareholders Via Dividends And Share Repurchases 32 32#34Capital Allocation: Returning Capital To Shareholders While Growing And Investing In The Business Returning Capital To Shareholders Investing In Our Business WFP Core Allocation Quarterly Dividend (1) Opportunistic Allocation Share Repurchases N ༣། Disciplined Annual Capital Expenditures Internal Strategic Capital Investments Value-Enhancing Strategic Acquisitions $521 Million Returned to Shareholders Since 2013 (1) Dividend suspended effective November 7, 2023 in response to weaker lumber market conditions and corresponding financial results $591 Million Invested in Our Business Since 2013 Balance Returning Capital To Shareholders While Investing In Our Business 33 33#35Growing the Business: Branding Initiatives To Drive Growth WFP Western Forest Products LIFESTYLE CEDAR™ An exclusive Home Centre brand covering all products Targeting end-users and contractors A WFP TRUESTYLE TM Appearance grade residential products (decking, siding, outdoor living) Targeting end-users through the distribution and pro- dealer channels WFP 4x6 and larger products marketed to residential and industrial markets COAST Targeting industrial and TIMBERS distribution customers WFP Growth Opportunity For Targeted Specialty Products For Our Customers 34 =4#36Growing The Business: Strategic Acquisitions To Geographically Diversify And Grow the Business WFP Western Forest Products B.C. Operations Arlington Distribution and Processing Centre Arlington, WA Overview 18-acre distribution and processing facility 170,000 square feet covered storage Remanufacturing (Kilns, Planer) Rail spur on site serviced by BNSF 2 Columbia Vista Vancouver, WA Overview Sawmill Remanufacturing (Kilns, Planer) Strategic Rationale Centralized warehousing and distribution near the high value U.S. west coast corridor Increase production of targeted specialty products and expanded finishing capacity Strategic Rationale Increases production of Douglas fir specialty products for Japanese and U.S. markets Complements our B.C. hemlock business into Japan 3 Calvert Company Vancouver, WA and Washougal, WA Overview Two Glulam Manufacturing Facilities Strategic Rationale Position Western to capitalize on the growing North American Mass Timber building market Move up the product value chain and grow our portfolio of value-added products Growing Our Operations In The U.S. Pacific Northwest 35 55#37Company Overview Product Lifecycle, From Forest To Customer Western Forest Products Inc. DEFINING A HIGHER STANDARDTH WFP#38Diverse and Unique Species Mix Margin Strategy / Fibre And Processing Flow Chart Standing Timber Log Availability Margin Decision WFP Market Segments Log Markets Domestic Log Markets Hemlock / Balsam Allowable Annual Cut (1) (AAC) For Logs ~5.8 million m3 External Log Sales ~34% of Logs Sold (by volume)(2) Export Log Markets Pulp Log Markets Western Red Cedar Douglas Fir Yellow Cedar + Log Purchases (2)(3) (~1.2 million m³) Internal Log Consumption Lumber Segments Cedar Japan Specialty Industrials Spruce Raw Inputs (1) As of Sept 30, 2023 (2) Annual average from 2015 to 2022, including strike impacted 2019 and 2020 (3) B.C. log purchases ~66% of Logs Processed at WFP sawmills and custom cut division (2) Commodity Timber Resource Is Directed To Highest Margin Opportunity Finished Products/Sales 37#39External Log Sales Log Markets Determine Margin Decision WFP Log End Market WFP Sawmills Domestic Pulp Logs Description Western's sawlogs consumed by internal manufacturing operations Internal log supply supplemented by open market purchases to maximize margin Includes sawlogs, peelers (for engineered wood applications) and shingle logs sold through contractual commitments and open market transactions Volumes committed under long-term fibre supply agreements Commitments met through internal log supply, supply contracts and open market pulp log purchases Export Represents log sorts produced in excess of internal mill requirements Transportation optimization Primary Target Geographies Logs by Value Historical Average (1) 28% External Log 72% 20% Sales 3% $657 5% million (2) Logs by Volume Historical Average (1) 34% External Log 19% Sales 5.0 9% 66% million m3 6% (1) Annual average from 2015 to 2022; based on total external log sales and internal log consumption, including purchased logs. Internal transfer values based on Vancouver Log Market prices (2) Net of freight and fee in lieu Directing Log Volume To The Highest Margin Opportunity 38#40Manufacturing And Sales Log Supply Marketing Strategy Manufacturing Strategy Sales Strategy WFP Log diameter and margin determines lumber products manufactured Log Cutting Patterns Log Dimension 5-11" 11-18" 16-22" 20 - 30" 24"+ Product Group Narrow Dimension Wide Dimension Squares Timbers Grade & Appearance Lumber Product Type Commodity Commodity/ Cedar Industrial/ Industrial / Japan Cedar Cedar Flexible Manufacturing Platform Presents Unique Opportunity To Create Margin 39#41Specialty Products Diversified Lumber Product Offering Lumber Products Description WFP Primary Target Geographies Lumber by Value Historical Average (1) Consumer-orientated products ■ Premier softwood for external 25% Cedar applications Global Naturally durable $897 million 45% 11% Specialized products for 19% Japan Specialty specific end uses Requires unique and rigorous 75% Specialty quality standards Specialty products and markets Lumber by Volume Historical Average (1) Industrial Focused on appearance grades, value-add products Asia Europe Commodity ■ Traditional dimension lumber and developing grades (1) Annual average from 2015 to 2022 Allows Western To Service Multiple Markets 26% 47% 771 MMfbm 16% 11% 53% Specialty 40#42WFP Specialty Products Focus Approximately 75% of WFP Average Lumber Price vs. Commodity Lumber Price (C$ per mfbm) lumber revenue is $1,800 generated from non- $1,400 commodity products $1,000 Typically a significant price premium to commodity lumber $600 $200 Product market diversity and global exposure provide opportunities to maximize margin (1) KD Western SPF 2x4, #2&Btr; converted from US$ to C$ Strike Impacted Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 '17 '18 '19 '20 '21 '22 WFP Average Lumber Price Commodity Lumber Price (1) Quarterly Lumber EBITDA Margin Comparison 55% 40% 25% 10% -5% -20% -35% Strike Impacted '23 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 '17 '18 '19 '20 '21 '22 (2) Peer Group Range Western Forest Products '23 (2) High and low EBITDA margin range of West Fraser and Canfor lumber segments and consolidated results of Interfor and Conifex; excludes duty recoveries Specialty Wood Products Focused Company WFP WFP 41#43Seasonality Of The Business Weather (snow pack, heat) and daylight can impact harvest volumes and costs Inventory levels can fluctuate through the year, impacting working capital Seasonal market demand can impact lumber production Typically higher lumber sales volumes in Q2 and Q3 when North American construction activity is at its peak Harvest Volume(1) (000 m³) 971 1,190 WFP Closing Log Inventory(1) (000 m³) 904 955 928 1,041 948 884 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Lumber Production & Shipments(1) (MMfbm) 217 213 208 203 Q1 207 201 Increase (Decrease) in Working Capital(¹) ($ millions) $15 $8 200 193 $0 60 ($10) Q2 Q3 Q4 ■ Production Shipments Q1 Q2 Q3 Q4 (1) Average of 2015 to 2022 excluding strike impacted Q3/19, Q4/19 and Q1/20 Seasonal Influences Impact Operations, Sales And Working Capital 42 42#44Prior Strategic Capital Investments Initiatives focused on: - - Reducing costs Increasing efficiency Increasing production of targeted products Growing volumes Applying proven technology in coastal DANGER Row uponing to WFP GradeScar ما Duke Point Sawmill Duke Point Planer Duke Point Planer: Auto grading Chemainus: Timber grading station Chemainus: Timber deck operations Saltair Sawmill Saltair Sawmill od HOLME Centralized, automated saw filing Capital Projects Expected To Generate A Return In Excess Of 20% 443 43#45Appendix Supplemental Materials Western Forest Products Inc. DEFINING A HIGHER STANDARDTH WFP#46Repair And Remodelling Statistics U.S. Repair & Remodelling Expenditures Remodelling Market Index WFP (US$ billions) $250 $239 $237 $229 90 $217 $208 $218 $220 00 $195 $181 $171 $160 $169 $150 70 $142 $143 '12 '13 '14 '15 '16 '17 '18 '19 '20 Source: Forest Economic Advisors (November 2023) 20 50 60 Above 50 means majority of survey participants are reporting better activity than prior quarter 30 '12 '21 '22 '23E 24E 25E '26E 27E '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 Source: National Association of Homebuilders; Future Market Indicators; based on a quarterly survey of NAHB remodeler members that provides insight on current market conditions as well as future indicators for the remodeling market '23 Leading Indicator of Remodelling Activity (US$ billions) $470 $479 $406 $363 $323 $328 $265 $278 $280 $289 $250 $235 T T T T '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23E Home Centres - Same Store Sales Growth 1% 0% 0% -1% -2% -3% -3% °-3% -4% -8% -3%-4% -3% Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Source: Joint Center For Housing Studies of Harvard University; Home Improvement and Repair Activity trailing 12 months; the Leading Indicator of Remodelling Activity (LIRA) provides a short- term outlook of U.S. national home improvement and repair spending to owner-occupied homes Home Depot Source: Company reports; monthly values Oct-23 0% 1% || -1%-2%-2% -3% -4% -5% -6% -8% -7% Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 Jun-23 May-23 Jul-23 Sep-23 00 Aug-23 Oct-23 Lowes 45#47Western Red Cedar ("WRC") - Illustrative Price Trends FP WRC High Value Clears (C$ per mfbm) WRC Timbers (US$ per mfbm) $3,500 $12,000 $10,000 $3,000 $2,500 $8,000 $6,000 $2,000 $1,500 $4,000 $1,000 $2,000 '12 '13 '14 '15 '16 '17 '18 '19 20 '21 '22 '23 '12 '13 '14 '15 '16 '17 '18 '19 '20 Source: Random Lengths: Green WRC #2 Clear & Btr 4x6W RL, c.i.f. dest. N Euro WRC Decking (US$ per mfbm) Source: Random Lengths: Green WRC #2 & Btr AG 6x6 RL, net f.o.b. Mill WRC Boards and Trim (US$ per mfbm) '21 221 '22 '23 $3,200 $2,500 $2,800 $2,400 $2,000 $1,600 $2,000 $1,500 $1,000 $1,200 $800 $500 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 Source: Random Lengths: Green WRC Deck Knotty 2x6 RL S4S, net f.o.b. Mill Source: Random Lengths: Coast Green WRC Std&Btr NH 3/4x4 RL S1S2E H&M, net f.o.b. Mill 46 46#48North America Statistics: Supply / Demand North American Housing Starts (million) B.C. Interior Allowable Annual Cut (million cubic metres) WFP Forecast ■U.S. 2.0 ■Canada 1.9 1.9 1.9 68 1.8 1.7 0.2 1.6 0.3 1.6 0.2 0.3 1.5 1.4 1.4 1.5 1.5 1.5 0.2 0.2 1.3 1.2 1.1 0.2 0.2 0.2 0.2 0.2 0.2 1.0 0.2 1.6 1.6 0.5 0.9 1.0 1.1 1.2 1.2 1.2 1.3 1.4 ---------- 0.2 0.2 1.7 1.7 1.5 1.4 1.3 0.0 '13 '14 '15 '16 '17 '18 '19 '20 Source: Forest Economic Advisors (November 2023) '21 221 56 50 50 50 49 49 48 80 48 46 46 44 42 45% decline 111 41 40 38 '22 '23E 24E 25E 26E 27E Forecast '07 '16 '17 '18 '19 '20 '21 '22 '23E '24E 25E 26E '27E Source: Forest Economic Advisors (November 2023) North American Lumber Supply (billion board feet) Forecast Change ('18 to '27E) North American Lumber Demand (billion board feet) 80 10 69 67 22 65 70 62 63 63 64 62 61 60 55 55 557 63 64 70 57 59 61 61 63 64 67 63 64 61 60 +1.2 50 40 30 +7.8 20 10 (5.1) 0 '21 '22 '23E 24E 25E '26E 27E ■New Home Construction ■Exports '13 '14 '15 '16 '17 '18 19 '20 ■Western North America Source: Forest Economic Advisors (November 2023) '21 U.S. South '22 '23E 24E 25E 26E 27E Other North America Imports 80 70 64 64 61 59 60 55 56 50 40 30 20 10 0+ '13 '14 '15 '16 '17 '18 '19 '20 ■Residential Improvements ■Industrial & Commercial Source: Forest Economic Advisors (November 2023) 47#49North American Statistics: Lumber Prices WFP Hem-Fir, Coast Commodity Lumber Price North American Commodity Lumber Prices (US$ per mfbm) $1,800 $1,400 (US$ per mfbm) Forecast $1,000 $600 $200 '12 13 '14 '15 '16 '17 M '18 '19 '20 '21 '22 '23 (1) (2) Coast Hem-Fir ---.. - Western SPF (1) (2) Source: Random Lengths; Forest Economic Advisors Coast KD Hem-Fir #2 & Btr 2x4, net f.o.b. mill KD W S-P-F #2&Btr 2x4 random mill prices Other North American Lumber Prices (US$ per mfbm) '24 24 $2,250 $1,750 $1,250 $750 $250 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 Douglas Fir Timbers '23 (1) (2) ---White Fir Shop Source: Random Lengths Green Douglas Fir (Portland) #1&Btr 100% FOHC 6x6 Rough (1) (2) KD White Fir Shop Moulding&Btr C&Btr 5/4 S2S $916 Average (23- '27): $574 $846 Average ('16-'20): $446 $727 $720 $597 $546 $488 $425 $377 $454 $424 $341 '16 '17 '20 '21 '22 '23E '24E '25E '26E '27E '18 '19 Source: Forest Economic Advisors (November 2023); KD #2 & Btr 2x4, net f.o.b. mill Douglas Fir, Commodity Lumber Price (US$ per mfbm) $977 $920 Average ('23 - '27): $636 $802 $792 Average ('16 '20): $493 $668 $596 $533 $469 $377 $417 $493 $499 T T '16 '17 '18 '19 '20 '21 '22 '23E '24E '25E '26E '27E Source: Forest Economic Advisors (November 2023); KD #2 & Btr 2x4, net f.o.b. mill 48#50Japan Statistics Japan Housing Starts (000s) Douglas Fir Lumber Prices to Japan (US$ per mfbm) WFP $2,300 980 967 965 942 883 892 909 905 860 860 840 840 850 $2,000 815 $1,700 $1,400 $1,100 $800 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23E 24E 25E Source: Japan Ministry of Land, Infrastructure, Transport and Tourism; Bloomberg North America Lumber Imports (000 m³) Source: Random Lengths: Green Douglas Fir Baby Squares Merch 4-1/8x4-1/8 RL S4S, c.&f. dest. Japan Hemlock Lumber Prices to Japan (US$ per mfbm) 1,200 $2,000 1,025 1,020 1,000 $1,750 802 765 800 703 $1,500 668 611 600 527 $1,250 428 392 351 341 400 $1,000 200 $750 0 $500 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 LTM Sept-30 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 ■Canada Hemlock ■Canada Douglas Fir ■U.S. Douglas Fir Source: Japan Lumber Importers' Association Source: Random Lengths: Green Hem Baby Squares Merch 4-1/8x4-1/8 13' S4S, c.&f. dest. Japan 49 49#51China Log And Lumber Statistics China Lumber Imports (million m³) China Commodity Lumber Price (US$ per mfbm) WFP $800 40 37 37 37 34 31 29 $700 30 30 26 221 24 27 27 20 21 28 27 24 $600 21 20 20 $500 10 $400 0 $300 T '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 LTM Sept-30 '16 '17 '18 '19 '20 '21 '22 '23 ■Russia North America ■New Zealand Others Source: Forest Economic Advisors (November 2023) China Log Imports (million m³) 70 Source: Forest Economic Advisors - China Bulletin; Hemlock Lumber 2x4 (40x90) Metric RG Utility, c.i.f. destination Shanghai China Export Log Price From North America (US$ per m³) 854822 60 51 49 50 45 45 38 40 40 55 55 64 60 60 59 $250 $225 44 39 99 $200 $175 30 20 $150 10 $125 0 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 122 LTM Sept-30 $100 '16 '17 '18 '19 '20 '21 '22 '23 23 ■Russia North America ■New Zealand ■ Others Source: Forest Economic Advisors (November 2023) Source: Forest Economic Advisors - China Bulletin; Hemlock, <30 cm diameter, 8 - 12 meters, cif. delivered Lanshan, Rizhao port, including VAT and fees 50 50#52Western Forest Products: Historical Financial Snapshot - Annual Revenue ($ millions) Adjusted EBITDA ($ millions) $1,418$1,444 Strike $1,037 $1,082 $1,187 $1,143 $1,197 Impacted (1) $965 $808 '14 '15 '16 '17 '18 '19 '20 Lumber Shipments (MMfbm) $1,062 $302 WFP Strike Impacted (1) $148 $153 $144 $109 $117 $137 $117 ($2) 21 '21 '22 LTM '14 '15 '16 '17 '18 '19 '20 Adjusted EBITDA Margin % ($41) 21 '21 '22 LTM 909 935 21.3% 883 880 840 Strike Impacted (1) Strike Impacted (1) 782 716 12.5% 13.3% 585 606 10.5% 10.8% 12.0% 12.1% 548 9.5% '14 '15 '16 '17 '18 '19 '20 '21 '22 LTM -0.2% -3.8% '14 '15 '16 '17 '18 '19 '20 '21 '22 LTM (1) All of Western's timberlands and most of our B.C. based manufacturing divisions were impacted by a strike by the United Steelworkers Local 1-1937 ("USW"), which commenced on July 1, 2019. On February 15, 2020, the USW members ratified a new 5-year collective agreement, which is effective as of June 15, 2019 and expires on June 14, 2024, ending the strike 51#53Western Forest Products: Historical Financial Snapshot - Last 8 Quarters Revenue ($ millions) Adjusted EBITDA ($ millions) $437 $360 $356 $328 $291 $264 $276 $65 $66 $231 $53 $17 WFP ($5) ($12) ($12) ($12) Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Lumber Shipments (MMfbm) 197 186 179 164 170 155 153 130 Adjusted EBITDA Margin % 18.2% 16.0% 15.1% 4.9% -1.9% -4.1% -4.3% -5.0% Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 52 52#54Western Forest Products: Historical Cash Flow, Capital Allocation And Debt Cash Flow from Operations (1) ($ millions) Capex(2) ($ millions) Strike Impacted (3) $128 $134 $87 $99 $118 $80 $11 $282 WFP $84 $62 $56 $55 $50 $44 $45 $37 $32 $19 ($10) ($25) '14 '15 '16 '17 '18 '19 '20 '21 '22 LTM '14 '15 '16 '17 '18 '19 '20 '21 '22 LTM Net Debt (Cash) ($ millions) $78 $54 $15 '14 '15 ($2) ($35) $111 $69 $60 ($130) Dividends (4) & Share Repurchases ($ millions) $111 $60 $50 $97 ($16) $31 $32 $31 $32 $32 $34 $32 $25 $36 $16 $19 $20 $32 $34 $34 $8 $14 $15 $16 '14 '15 '16 '17 '18 '19 '20 '21 '22 ■Dividends ■Share Repurchases LTM '16 '17 '18 '19 '20 '21 '22 Q3/23 (1) After changes in non-cash working capital (2) Additions to property, plant and equipment; excludes acquisition capex (3) All of Western's timberlands and most of our B.C. based manufacturing divisions were impacted by a strike by the United Steelworkers Local 1-1937 ("USW"), which commenced on July 1, 2019. On February 15, 2020, the USW members ratified a new 5-year collective agreement, which is effective as of June 15, 2019 and expires on June 14, 2024, ending the strike (4) The dividend was suspended in May 2020; on February 18, 2021, the company announced the reinstatement of a $0.01 per share quarterly dividend in February 2021; on May 5, 2022, the company increased its quarterly dividend 25% to $0.0125 per share (5) Dividend suspended effective November 7, 2023 in response to weaker lumber market conditions and corresponding financial results 53#55($ per share) Western Forest Products: Historical Share Price Performance And Price to Book WFP Historical Share Price Relative to Adjusted EBITDA ($ per share | $ millions) $3.50 $3.00 $2.50 $2.00 $1.50 $1.00 win Strike Impacted (1) $148 A $153 $109 $117 $144 $117 $0.50 ($2) $0.00 '14 '15 $16 '17 $18 '19 $20 20 Price to Book Ratio 3.0x 2.5x 2.0x 1.5x 1.0x $302 $137 Current Share Price: $0.69(2) ($41) 24 '21 $22 LTM 0.5x Current: 0.38x(2) 0.0x 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (1) All of Western's timberlands and most of our B.C. based manufacturing divisions were impacted by a strike by the United Steelworkers Local 1-1937 ("USW"), which commenced on July 1, 2019. On February 15, 2020, the USW members ratified a new 5-year collective agreement, which is effective as of June 15, 2019 and expires on June 14, 2024, ending the strike (2) Based on closing share price of $0.69 on November 10, 2023 54#56Western Forest Products: Facilities Sawmills Production WFP 2022 Production Mix Sawmill Location Log Diameter Focus Capacity(1) 2022 2021 WRC(2) Hemlock Douglas Fir Yellow Cedar Ladysmith Ladysmith, BC Small 90 80 88 86% 14% Cowichan Bay Duncan, BC Medium 215 95 131 36% 55% 9% Saltair Ladysmith, BC Medium 240 215 209 82% 18% ☐ Alberni Pacific Port Alberni, BC Medium to Large 175 27 27 51 -- 100% Duke Point Nanaimo, BC Medium to Large 130 93 96 -- 83% 17% 1 Chemainus Chemainus, BC Medium to Large 130 59 67 96% 4% Columbia Vista Vancouver, WA Medium to Large 80 57 57 100% Custom Cut Multiple Varies n/a 28 61 22% 5% 18% 55% Sawmill Total 1,060 654 760 15% 62% 21% 2% Remanufacturing, Distribution and Glulam Canada Value Added Division - Chemainus, BC Duke Point Planer - Nanaimo, BC (1) Based on two shifts and 250 operating days, except Chemainus and Duke Point at three shifts (2) Western red cedar United States Arlington Distribution and Processing Centre - Arlington, WA Columbia Vista Sawmill, Planer and Kilns - Vancouver, WA Calvert Division (Glulam) - Vancouver, WA; Washougal, WA 55 555#57Analyst Coverage Analyst & Firm Contact Information Hamir Patel CIBC 604-331-3047 [email protected] Daryl Swetlishoff 604-659-8246 Raymond James [email protected] Matthew McKellar 403-476-9042 RBC [email protected] Ben Isaacson Scotiabank 437-996-8535 [email protected] Sean Steuart TD 416-308-3399 [email protected] WFP 56 56#58Investor Relations Contacts Stephen Williams Executive Vice President & Chief Financial Officer 604-648-4500 [email protected] Glen Nontell VP, Corporate Development 604-648-4630 [email protected] Alan Hogarth Associate, Corporate Development 604-648-4517 [email protected] These materials have been prepared by Management of the Company. No regulatory authority has approved or disapproved of the contents of these materials. These materials do not constitute an offer to sell or the solicitation of an offer to buy any securities of the Company and shall not constitute an offer, solicitation or sale of the Company's securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. Securities of the Company may not be offered or sold in the United States absent their prior registration or qualification or an applicable exemption from the applicable registration or qualification requirements. 40 57 WFP