Investor Presentaiton

Historical 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

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