Investor Presentaiton

External Log Sales Log Markets Determine Margin Decision Log End Market WFP Sawmills Domestic 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 Pulp Logs WFP Primary Target Geographies Logs by Value Historical Average (1) 28% External Log 72% 20% Sales 3% $657 5% million (2) Volumes committed under long-term fibre supply agreements Commitments met through internal log supply, supply contracts and open market pulp log purchases Logs by Volume Historical Average (1) 34% External Log 19% Sales 5.0 9% 66% million m3 6% Export Represents log sorts produced in excess of internal mill requirements Transportation optimization (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 39

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