PitchSend

Investor Presentaiton

External 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

View entire presentation