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Investor Presentaiton

Strengthen 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
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