#1INVESTOR PRESENTATION May 2020 Western Forest Products Inc. DEFINING A HIGHER STANDARD™ WFP WFP TSX:WEF WFP#2Forward Looking Statements and Non-GAAP Financial Measures WFP 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", "anticipate", "expect", "should", "may", "pursue", "execute", "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 growth, marketing, product, wholesale, operational and capital allocation plans and strategies including, but not limited to, our dividend 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 timing and anticipated closing of the transaction with Huumiis Ventures Limited Partnership and the subsequent sale of additional incremental ownership interest in TFL 44 LP and ADP LP. 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, international 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, 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"). 1#3Section 1: Company Snapshot Western Forest Products Inc. DEFINING A HIGHER STANDARD™ WFP#4Investment Highlights ✓ Margin-focused strategy with exposure to growing lumber demand High-value, diverse products serving global markets Business of scale and leader in our key markets Strong financial position and liquidity WFP Specialty product focus provides greater earnings stability compared to commodity lumber peers Superior timber asset base and secure fibre supply Committed to enhancing and growing shareholder value Western is well-positioned to capitalize on improving market fundamentals 3#5Operations Snapshot Margin-focused, specialty lumber company - Leading cedar lumber, timbers and Japan square manufacturer in North America Serve global markets from Coastal B.C. and Washington Expanded operations into the U.S. Pacific Northwest in 2018 and 2019 Lumber capacity in excess of one billion board feet at eight sawmills Four remanufacturing facilities and a distribution centre See Appendix for detailed listing of sawmills and remanufacturing facilities Sawmill WFP Remanufacturing O Distribution Centre British Columbia Vancouver (Head Office) Arlington (acquired 2018) Washington Canada Columbia Vista (acquired 2019) U.S. Strategically located manufacturing locations with secure fibre supply 4#6WFP Financial Snapshot 5-Year average annual revenue of $1.1 billion 5-Year average annual EBITDA1 of $112 million Market cap. of ~$320 million² Well capitalized balance sheet - Net debt to capitalization of 23.0% (at end of Q1-20) Annual Sales by Product1 ■ Specialty Lumber 6% 18% Commodity Lumber $1.1 ■ Logs billion 58% 18% ■ By-products Annual Sales by Geography1 58% Specialty Lumber - $113.5 million in available liquidity (at end of Q1-20) Canada United States China 17% 24% $1.1 13% billion ■ Japan Other 7% Europe Final destination of a portion of Canadian sales are to international markets 2% 39% 37% International (1) 5-year average from 2015 to 2019, including strike impacted 2019 (2) Based on closing share price of $0.85 on May 20, 2020 Strong financial performance and well capitalized balance sheet 5#7Executing on Long-term Strategic Priorities Explore Opportunities Pursue margin-focused business opportunities and acquisitions Grow wholesale lumber business Growth opportunities in the U.S. Pacific Northwest and specialty wood products Optimize operations to improve margins Grow the Base Targeted, high-margin products of scale to selected customers Non-capital margin improvement programs Strategic capital investments Strengthen Foundation Invest in people and systems Mutually beneficial relationships with First Nations Focus on growing long-term shareholder value WFP 6#8Section 2: Company Updates Western Forest Products Inc. DEFINING A HIGHER STANDARD™ WFP#9COVID-19 Update Implemented strict health and safety protocols across our business - Based on guidance from experts, health officials and in compliance with regulatory orders and standards Taken prudent measures to protect our balance sheet and liquidity - - - Suspension of our quarterly dividend; the Board will continue to review the dividend on a quarterly basis WFP All strategic and discretionary capital projects will remain on hold until there is greater operational certainty Strict management of expenses and working capital levels Will continue to align our production volumes to match market demand, while first and foremost ensuring the health and safety of our employees Being designated an essential industry is something we take seriously and we understand the responsibility that comes with it Our top priority remains the health and safety of our employees, contractors and the communities in which we operate 8#10Balance Sheet and Liquidity Update Net debt at the end of Q1-20 was $137 million - Net debt to capitalization ratio was 23% Available liquidity of $113.5 million at the end of Q1-20 $250 million credit facility WFP Includes an accordion feature which allows Western to increase the aggregate amount available to $350 million, subject to lender approval Matures in August 2022 Additional sources of potential liquidity - - - TFL 44 LP sale to the Huu-ay-aht First Nations (proceeds of $36.2 million); closing anticipated in Q3-20 Accelerating receipt of income tax receivables ($16.7 million income tax receivable on the balance sheet as at Q1-20) Other non-core assets (Orca quarry, private timberlands, non-core lands) - First Nations partnerships Liquidity remains a key priority and near-term focus and we continue to explore all opportunities to strengthen our balance sheet 9#11Strengthen the Foundation: Strategic Partnerships with Huu-ay-aht First Nations In March 2019, Western completed the sale of a 7% ownership interest in TFL 44 LP to Huumiis Ventures Limited Partnership ("HVLP")1 for $7.3 million TFL 44 LP consists of certain assets and liabilities of Western's Port Alberni Forest Operation, including TFL 44 In March 2020, Western announced the sale of an incremental 44% ownership interest in TFL 44 LP and a 7% ownership interest in a newly formed Alberni Pacific Division Sawmill LP to HVLP for $36.2 million - - TFL 44 LP ownership at closing: HVLP 51% | Western 49% Western may sell to other area First Nations up to a further 26% ownership interest in TFL 44 LP, post closing Long-term log agreement to continue to supply Western's coastal manufacturing operations Subject to customary closing conditions, financing, and certain third-party consents (closing anticipated in Q3-20) (1) Limited partnership beneficially owned by Huu-ay-aht First Nations Ucluelet TFL 44 TFL 44 Bamfield WFP Port Alberni Alberni Pacific Division Sawmill TFL 44 TFL 44 LP Allowable Annual Cut: 782,482 m³ Vancouver Island Continue to explore mutually beneficial relationships with First Nations B.C. Vancouver Victoria 10 10#12Growing the Business: Wholesale Lumber Business Unit WFP Form strategic agreements with global suppliers, enabling WFP to broaden the scope of our specialty products offerings Will enable WFP to offer an expanded product line that delivers greater value to our customers - Will make our existing business and product offerings stronger New products will originate in the U.S., Asia, Europe and Canada - Comprised of finished products, as well as lumber products that could be further processed at Arlington or with other strategic remanufacturing partners Leverage our Arlington centralized warehousing and distribution centre to effectively service our selected U.S. customers In 2019, more than doubled wholesale lumber shipments to 34 million board feet compared to 2018 Growing global supply of targeted specialty products for our selected customers 11#13Growing the Business: Strategic Marketing and Vendor Purchase Agreements FP Increase our access to North American Home Centre and Pro- Dealer sales channels - Greater access to the growing repair and remodel lumber segment Working with our customers and investing in marketing to drive demand Specialty branding and marketing initiative opportunities for cedar products Estimate that 40% of cedar is consumed in the Home Centre segment - Growth opportunity for WFP "Lifestyle Cedar" (An Exclusive Home Centre Brand) Western Forest Products PESTYLE CAD EXCLUSIVELY AT LOWES LIFESTYLE CEDAR DISAM Scan below for decking catculator, inperation gatory, specifications maintance and no Western Red Cedar-the renewable, sustainable choice. LOWE'S WFP West Forest Products SHAMIYAT REALCEDAR EP Western Forest Products WFP LIFESTYLE CEDAR RONA Growth opportunity for targeted specialty products for our customers 12#14Growing the Business: Acquisition of Columbia Vista ☐ ☐ Acquired February 2019 for $37.7 million, including working capital Located in Vancouver, Washington Focuses production on Douglas fir specialty products for Japanese and U.S. markets - Complements our B.C. hemlock business into Japan Annual lumber production: ~60 million board feet Columbia Vista's owner working with Western in a consulting capacity Western Forest Products DEFINING A HIGHER STANDARD COLUMBIA VISTA DIVISION Vancouver 18637 SE Evergreen Highway Sawmill and log yard WFP Remanufacturing: Kilns and planer Growing our operations in the U.S. Pacific Northwest WFP 13#15Growing the Business: Arlington, Washington Lumber Distribution and Processing Centre WFP Overview Acquired January 2018 for $11.6 million 18 acre distribution and processing facility 170,000 square feet covered storage Rail spur on site serviced by BNSF Fits With Our Lumber Sales Strategy Centralized warehousing and distribution near the high value U.S. west coast corridor Increase production of targeted specialty products and expanded finishing capacity Capital Improvements Increase margins by growing the sale of finished products, closer to the end customer Covered Storage Site and infrastructure improvements completed in Q2-2018, enabling distribution activity to commence from the site Equipment upgrades completed in Q1- 2019; secondary processing commenced Truck Distribution ATW 300 Packager Nesten Fores habits Rail Distribution Arlington creates centralized distribution and growth in finished products 14#16Inaugural Sustainability Report Environmental, Social and Governance Commitment Inaugural sustainability report released in March 2019 Western is committed to: - - Providing a safe and healthy workplace for our people Strong and ethical governance The protection of the environment, the prevention of pollution and the sustainability of the resources in our care WESTERN FOREST PRODUCTS 2018 SUSTAINABILITY REPORT DEFINING A WFP HIGHER STANDARD. FOR TODAY. FOR TOMORROW. - Working with our people, First Nations, communities and stakeholders WFP Western Forest Products DEFINING A HIGHER STANDARD Western is committed to defining a higher standard on ESG 15#17Section 3: Company Overview Western Forest Products Inc. DEFINING A HIGHER STANDARD™ WFP#18Margin Strategy / Fibre and Processing Flow Chart Standing Timber Log Availability Margin Decision WFP Market Segments Diverse and Unique Species Mix Log Markets Domestic Log Markets Hemlock / Balsam Allowable Annual Cut² (AAC) For Logs ~6.0 million m3 External Log Sales ~34% of Logs Sold (by volume)1 Export Log Markets Pulp Log Markets Western Red Cedar Douglas Fir Yellow Cedar Spruce Raw Inputs + Log Purchases¹ (~1.1 million m³) (1) 5-year average from 2015 to 2019, including strike impacted 2019 (2) As of December 31, 2019 Lumber Segments Western Red Cedar Internal Log Consumption Japan Specialty Niche ~66% of Logs Processed at WFP sawmills and custom cut division¹ Commodity Timber resource is directed to highest margin opportunity Finished Products/Sales 17#19External Log Sales Log Markets Determine Margin Decision 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 Represents log sorts produced in excess of internal mill requirements Export Historically command premium prices due to strong demand Transportation optimization Primary Target Geographies WFP Logs by Value 5-Year Average¹ 29% External Log 19% 3% $636 71% 7% million(2) Sales Logs by Volume 5-Year Average¹ 34% External Log 19% Sales 66% 5.4 million m3 8% 7% (1) 5-year average (2015 to 2019), including strike impacted 2019, 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 highest margin opportunity 18#20Manufacturing 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/ Western Red Cedar Japan Niche / Western Red Cedar Niche / Western Red Cedar Flexible manufacturing platform presents unique opportunity to create margin 19#21Specialty Products Diversified Lumber Product Offering Lumber Products Description WFP Primary Target Geographies Lumber by Value 5-Year Average¹ Western Red Cedar Consumer-orientated products Premier softwood for external applications 23% Naturally durable Global $818 44% 12% million Specialized products for Japan Specialty specific end uses Requires unique and rigorous quality standards Specialty products and markets Niche Focused on appearance grades, value-add products Asia Europe Commodity ■ Traditional dimension lumber and developing grades Currently focused on China 21% 77% Specialty Lumber by Volume 5-Year Average¹ 27% 45% 817 MMfbm 17% 11% 55% Specialty (1) 5-year average from 2015 to 2019, including strike impacted 2019 Allows Western to profitably service multiple markets throughout the cycle 20 20#22Sample Lumber Products WFP Diverse product offering manufactured from sustainably harvested forest profile 21 24#23Specialty Product Focus ☐ Approximately 77% of lumber revenue is generated from non-commodity products Significant price premium to commodity lumber More stable margins through the cycle vs. commodity peers Product / market diversity and global exposure provide opportunities to maximize margin Cedar, niche and commodity grades will benefit from U.S. housing recovery and global demand Relative Lumber Price Change Since Q1-2015 120% 100% 80% 60% 40% 20% 0% -20% WFP WFP Strike Impacted (3) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2015 2016 WFP Average Lumber Price 2017 2018 2019 Commodity Lumber Price (1) Quarterly Lumber EBITDA Margins Comparison 30% 20% 10% 0% -10% -20% -30% 2020 WFP Strike Impacted (3) WFP WFP 2019 2020 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2015 2016 2017 2018 (2) Peer Group Range Western Forest Products (1) KD Western SPF 2x4, #2&Btr; converted from US$ to C$ (2) High and low EBITDA margin range of West Fraser, Canfor and Conifex (up to Q3-19) lumber segments and consolidated results of Interfor (3) Q3-19, Q4-19 and Q1-20 are not comparable for Western due to the strike Focus on specialty products delivered 39 quarters of positive EBITDA over 10 years 22 22#24Seasonality 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 Volume1 (000 m³) 1,282 WFP Closing Log Inventory1 (000 m³) 1,072 1,059 1,015 964 1,091 997 958 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Lumber Production & Shipments¹ (MMfbm) 213 209 228 222 220 219 218 214 Increase (Decrease) in Working Capital1 ($ millions) ($2) $16 $10 ($12) Q1 Q2 ■Production Q3 04 Q4 Shipments Q1 Q2 Q3 (1) Average of last 5-years (2015 to 2019) excluding strike impacted Q3-19 and Q4-19 Seasonal influences impact operations and sales 60 Q4 23#25Strategic Capital Investments Initiatives focused on: Reducing costs (DANGER Region fo орон WFP GradeScan - Increasing efficiency Duke Point Sawmill Duke Point Planer Duke Point Planer: Auto grading - Increasing production of targeted products Growing production Applying proven technology in coastal operations Chemainus: Timber grading station Chemainus: Timber deck Saltair Sawmill Saltair Sawmill Centralized, automated saw filing Capital projects expected to generate a return in excess of 20% 24#26Competitive Strengths 1 WFP Flexible manufacturing platform that can target a variety of global markets 2 Sustainable, diverse timber base providing a unique range of products 3 4 5 6 High margin specialty products for the U.S. market - cedar, timbers, moulding & millwork, industrial applications Customer of choice for other coastal log producers due to competitive advantages of scale, financial strength and proximity Low cost access to ocean shipping (break bulk, container & barge) to global markets Warehousing and distribution facility to service U.S. customers in high value U.S. west coast corridor Western is a compelling pure-play, solid wood products investment 25#27How is WFP Different From its Public Lumber Peers 1 Pure play lumber and log, specialty company 2 3 4 WFP Cedar and specialty products focused with commodity lumber component - - Peers focused on commodity lumber with some specialty products Significantly higher average product pricing versus commodity lumber peers No mountain pine beetle impacted fibre No historical rail or truck transportation issues; ocean going advantage - WFP uses the BNSF railway line to ship products 26#28Appendix Supplemental Materials Western Forest Products Inc. DEFINING A HIGHER STANDARD™ WFP#29Western's Business to Benefit from Global Supply and Demand Factors WFP Strong Underlying Demand Drivers for Wood Products Factors ☐ U.S. Economic 1 and Housing Market Growth 2 Continued Growth in China 3 Reduced Supply of Fibre 4 U.S. Supply Exit from Japan Market Highly Attractive Underlying Supply / Demand Dynamics Increasing new home construction and robust repair and remodel activity Transition from supply driven to demand driven market expected to result in improved pricing for wood products Economic growth and urbanization Consumption of wood will increase Limited domestic fibre supply; increasing need for imports Repatriation of U.S. lumber exports back to U.S. market creates opportunity for Western Increase consumption of lumber Canadian Fibre Supply Reduction Mountain pine beetle to negatively impact B.C. interior fibre supply and lead to a reduction in B.C. interior lumber production 28#301 Demand Drivers: U.S. Economic and Housing Market Growth WFP U.S. Repair & Remodel Expenditures 200 Expenditures (US$ billions) 2020-2024 CAGR = 2.9% 150 100 $158 $148 $137 $128 $130 $125 $115 $117 $122 $122 $115 $116 $122 $130 $138 50 50 0 H $147 $135 $147 $144 $146 $152 2004A 2005A 2006A 2007A 2008A 2009A 2010A 2011A 2012A 2013A 2014A 2015A 2016A 2017A 2018A 2019A 2020E 2021E 2022 E 2023E 2024E U.S. Housing Starts Housing Starts (millions) 2.5 2.0 1.5- 50-Year Average: 1.4MM 2020-2024 CAGR = 2.8% 1.0 2.07 1.95 1.81 1.34 0.5 0.90 0.93 1.00 1.11 1.18 1.21 1.25 1.30 1.36 1.45 1.52 1.28 1.33 0.78 0.55 0.59 0.61 0.0 2004A 2005A 2006A 2007A 2008A 2009A 2010A 2011A 2012A 2013A 2014A 2015A 2016A 2017A 2018A 2019A 2020 E 2021E 2022 E 2023E 2024E Source: Forest Economic Advisors (May 2020) 29 29#31Demand Drivers: Supply / Demand Dynamics 1 Will Positively Benefit the Industry WFP Growing demand from U.S. and Asian markets and reduced supply from traditional sources is expected to benefit the industry long-term Housing Starts (North American and Lumber Export Equivalent) vs. Western SPF Lumber Pricing Housing Starts (MM) 3.5 3.0- 2.5 2.0 1.5 1.0- 0.5 Average NA Housing Starts (since 1990) = 1.5MM 550 450 350 250 150 US$ per Mfbm 0.0 50 2004A 2005A 2006A 2007A 2008A 2009A 2010A 2011A 2012A 2013A 2014A 2015A 2016A 2017A 2018A 2019A 2020E 2021E 2022E 2023E 2024E U.S. Housing Starts Canada Housing Starts NA Lumber Exports (Housing Starts Equivalent) KD SPF 2x4 2+Btr (US$) (Actual) KD SPF 2x4 2+Btr (US$) (FEA Projections) Source: Forest Economic Advisors (May 2020); Western Forest Products 30 30#32million m 2 ☐ Demand Drivers: China Growth Has Changed Global Wood Products Demand Dynamics A government commitment to housing and continued positive economic growth should support long-term demand for logs and lumber in China A deficit of domestic fibre will require China to rely on imports WFP Rising wealth / urbanization trends expected to increase demand for lumber China Log Imports 70 60 60 50 50 40 40 30 20 20 Chinese Lumber Imports million m GN NW c 15 10 10 25 20 30 40 35 10 5 0 0 '09A '10A '11A '12A 13A ■Russia ■New Zealand '14A '15A '16A '17A '18A '19A ■North America LTM Mar-20 '09A '10A '11A '12A '13A '14A '15A '16A '17A '18A '19A LTM Mar-20 Others ■Russia ■New Zealand ■North America Others Source: Forest Economic Advisors (May 2020) 31#333 Demand Drivers: U.S. Supply Exit From Japan Will Create Market Opportunity WFP Japan continues to be a major source of demand for wood products and lumber from North America After the global recession in 2008, certain suppliers in the U.S. West increased export activities to Japan due to a lack of U.S. domestic demand - As North American housing markets recovered, much of this U.S. supply has been diverted back to local U.S. markets, creating a supply gap in Japan and opportunity for Western's Japan products Japanese Lumber Imports of Canadian and U.S. Douglas Fir and Hemlock 1,400 ~100 million board feet opportunity to replace non-SPF U.S. exports to Japan Japanese Imports of Canadian and U.S. Lumber and Japanese Housing Starts 3,000 2,500 1.4 1.2 Lumber Imports (million m3) 1,200 1,000 800 600 400 200 Lumber Imports (million m3) 2,000 1,500 1,000 500 1.0 0.8 0.6 0.4 0.2 0 0.0 2009A 2010A 2011A 2012A 2013A 2014A 2015A 2016A 2017A 2018A 2019A LTM Mar-20 U.S. Hem ■U.S. Douglas Fir CDN Hem CDN Douglas Fir Softwood Lumber Imports from U.S. 2009A 2010A 2011A 2012A 2013A 2014A 2015A 2016A 2017A 2018A 2019A LTM Mar-20 Japan Housing Starts Softwood Lumber Imports from Canada Source: Japan Ministry of Land, Infrastructure and Transport; The Trade Statistics, Japan Ministry of Finance; Japan Lumber Importers' Association (May 2020) Housing Starts (millions) 32#344 Supply Drivers: B.C. Interior Fibre Supply Reduction Will Lead to Reduced Lumber Production WFP B.C. Interior Allowable Annual Cut ("AAC") 70 AAC (million m3) 40 40 50 50 60 60 62.2 64.1 68.0 65.7 67.0 66.9 66.4 61.5 60.8 61.3 60.7 62.1 55.4 56.5 B.C. Interior Lumber Production Billion Board Feet 6 12 18 30 2003A 2004A 2005A 2006A 2007A 2008A 2009A 2010A 2011A 2012A 2013A 2014A 2015A 2016A 2017A 2018A 2019A 2020E 2021E 2022E 2023E 2024E 50.3 50.3 49.9 49.5 49.0 48.1 46.9 46.8 14.9 15.1 14.3 13.9 12.8 10.6 10.0 10.4 10.9 11.2 11.0 11.7 11.4 11.5 11.1 8.6 8.8 9.0 9.0 8.7 9.0 9.1 2003A 2004A 2005A 2006A 2007A 2008A 2009A 2010A 2011A 2012A 2013A 2014A 2015A 2016A 2017A 2018A 2019A 2020E 2021E 2022 E 2023E 2024E Source: Forest Economic Advisors (May 2020) Mountain Pine Beetle epidemic and lower AAC in the B.C. Interior are expected to significantly reduce lumber production 33 33#35Historical Financial Snapshot - Annual Revenue ($ millions) Adjusted EBITDA ($ millions). $1,187 $925 $978 $1,037 $1,082 $1,143 $1,197 Strike Impacted (1) $854 $808 $62 $631 $51 WFP $148 $153 $144 $129 $109 $117 Strike Impacted (1) ($2) ($37) 2011 2012 2013 2014 2015 2016 2017 2018 2019 LTM 2011 2012 2013 2014 2015 2016 2017 2018 2019 LTM Q1-20 Q1-20 Lumber Shipments (MMfbm) Adjusted EBITDA Margin % 894 895 909 883 935 Strike Impacted (1) 880 811 840 7.2% 5.5% 548 409 2011 2012 2013 2014 2015 2016 2017 2018 2019 LTM Q1-20 13.2% 13.3% 12.5% 12.0% 10.5% 10.8% Strike Impacted (1) -0.2% -5.9% 2011 2012 2013 2014 2015 2016 2017 2018 2019 LTM Q1-20 (1) All of Western's timberlands and most of our B.C. based manufacturing divisions were impacted by a strike by the United Steelworkers Local 1-1937 ("USW"), which commenced on July 1st, 2019. On February 15th, 2020, the USW members ratified a new 5-year collective agreement which is effective as of June 15th, 2019 and expires on June 14th, 2024, ending the strike 34 34#36Historical Financial Snapshot - Last 8 Quarters Revenue ($ millions) Adjusted EBITDA ($ millions) $328 $310 Strike Impacted (1) $50 $293 $285 $276 $32 $18 $18 $15 $142 $99 $80 WFP Strike Impacted (1) ($17) ($18) ($17) Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Lumber Shipments (MMfbm) Adjusted EBITDA Margin % 15.3% Strike Impacted (1) 235 212 218 211 Strike Impacted (1) 11.0% 6.3% 6.6% 203 4.9% 90 64 44 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 ווי -17.6% -11.7% -22.6% Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 (1) All of Western's timberlands and most of our B.C. based manufacturing divisions were impacted by a strike by the United Steelworkers Local 1-1937 ("USW"), which commenced on July 1st, 2019. On February 15th, 2020, the USW members ratified a new 5-year collective agreement which is effective as of June 15th, 2019 and expires on June 14th, 2024, ending the strike 35#37Historical Cash Flow, Capital Allocation and Debt Cash Flow from Operations 1 ($ millions) Capex2 ($ millions) WFP $134 $128 $118 $111 $99 $87 Strike Impacted (3) $84 $59 $62 $58 $44 $56 $55 $50 $37 $32 $19 $21 $11 $7 T T 2011 2012 2013 2014 2015 2016 2017 2018 2019 LTM Q1-20 T 2011 2012 2013 2014 2015 2016 2017 2018 2019 LTM Q1-20 T T Net Debt/ (Cash) ($ millions) $52 $15 $83 $78 $54 $15 $137 $111 Dividends & Share Repurchases ($ millions) $116 Substantial $60 $100 Issuer Bid $50 $42 $31 $32 $32 $34 $25 $16 $31 $32 $32 $32 $34 $34 $34 ($2) ($35) n/a n/a 2011 2012 2011 2012 2013 2014 2015 2016 2017 2018 2019 Q1-20 (1) After changes in non-cash working capital $16 2013 2014 2015 2016 2017 2018 2019 LTM Q1-20 ■Dividends Share Repurchases (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 1st, 2019. On February 15th, 2020, the USW members ratified a new 5-year collective agreement which is effective as of June 15th, 2019 and expires on June 14th, 2024, ending the strike (4) Dividend suspended in May 2020; the Board will continue to review the Company's dividend on a quarterly basis 36#38Sawmills and Remanufacturing Facilities Sawmills WFP Production 2018 Production Mix4 Sawmill Location Log Diameter Focus Capacity¹ 20192 2018 WRC 3 Hemlock Douglas Fir Yellow Cedar Ladysmith Ladysmith, BC Small 90 52 67 -- 100% -- Cowichan Bay Duncan, BC Medium 215 64 177 13% 87% -- Saltair Ladysmith, BC Medium 240 96 214 22% 61% 17% Alberni Pacific Port Alberni, BC Medium to Large 175 44 106 -- 100% -- Duke Point Nanaimo, BC Medium to Large 130 64 ढ 127 3% 91% 6% Chemainus Chemainus, BC Medium to Large 130 47 99 100% Somass5 Port Alberni, BC Medium to Large 90 -- -- Columbia Vista Vancouver, WA Medium to Large 80 576 n/a6 -- 100% -- Custom Cut Multiple Varies n/a 67 74 27% 30% 43% Sawmill Total 1,150 491 864 22% 66% 8% 4% Remanufacturing and Distribution Canada Value Added Division - Chemainus, BC Duke Point Planer - Nanaimo, BC United States Arlington Distribution and Processing Centre - Arlington, WA Columbia Vista Sawmill, Planer and Kilns - Vancouver, WA (1) Based on two shifts and 250 operating days, except Chemainus and Duke Point at three shifts (2) 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 1st, 2019. On February 15th, 2020, the USW members ratified a new 5-year collective agreement which is effective as of June 15th, 2019 and expires on June 14th, 2024, ending the strike (3) Western red cedar (4) 2018 data shown due to the strike impacting 2019; data for 2019 is available in our 2019 Annual Information Form (5) Somass was indefinitely curtailed in July 2017 due to a lack of log supply to operate the mill efficiently (6) Acquired February 1, 2019 37#39Analyst Coverage Analyst Firm Analyst Name • CIBC World Markets Hamir Patel ● Raymond James Daryl Swetlishoff • Contact 604 331-3047 [email protected] WFP 604 659-8246 [email protected] • 604 257-7048 RBC Capital Markets Paul Quinn • [email protected] . 514 287-3627 Scotiabank Benoit Laprade . [email protected] . 416 308-3399 TD Securities Sean Steuart • [email protected] 38#40Investor Relations Contacts WFP 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. Stephen Williams Executive Vice President & Chief Financial Officer 604-648-4572 [email protected] Glen Nontell VP, Corporate Development 604-648-4630 [email protected] 39