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Investor Presentaiton

Specialty Product Focus ā˜ 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
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