Mr. Steven Hofer reports

WESTERN FOREST PRODUCTS AND TLA'AMIN NATION COMPLETE SALE OF STILLWATER FOREST OPERATION

Western Forest Products Inc. and Qwoqwnes Forestry Holdings LP, an entity beneficially owned and controlled by Tla'amin Nation, have completed a previously announced agreement pursuant to which Qwoqwnes has acquired a 100-per-cent ownership interest in the assets comprising Western's Stillwater forest operation, located near Powell River, B.C., for aggregate proceeds of approximately $80.0-million after adjustments.

The Stillwater forest operation includes tree farm licence (TFL) 39, formerly known as block 1, which covers approximately 154,000 hectares of forest land, the majority of which is located in the traditional territory of Tla'amin Nation. Qwoqwnes, through the business of Thichum Forest Products, will manage an allowable annual cut of 469,200 cubic metres of timber from TFL 39. In connection with the completion of the transaction, Qwoqwnes and Western have entered into a long-term fibre supply agreement to sell timber harvested from TFL 39 to Western intended to support Western's B.C. coastal manufacturing operations.

"Completing this transaction is a significant moment for Thichum and for the qathet region," said Adam Culos, vice-president, forestry and forest sustainability, of Thichum Forest Products. "It gives us the opportunity to manage these lands in a way that reflects Tla'amin values and long-term stewardship, while building local employment and business opportunities and keeping more of the benefits of forestry in our community. We look forward to working with Western, our employees, contractors and local partners as we take on this responsibility for the future."

"The closing of this transaction is an important step forward for Western and Tla'amin Nation," said Steven Hofer, president and chief executive officer of Western. "This milestone acknowledges the unique history, values and goals of Tla'amin Nation. For Western, it adds certainty and stability to our business through long-term fibre supply and supports our continued focus on transitioning to higher-value product manufacturing."

About Tla'amin Nation

Qwoqwnes Forestry Holdings is owned by the Tla'amin Nation. The Tla'amin Nation is a self-governing modern treaty nation with significant landholdings in the qathet region. The Tla'amin Treaty with Canada and British Columbia came into force in 2016. Tla'amin people have occupied the region for millennia, stewarding the land and sea in accordance with Tla'amin law and respect for the natural world.

About Western Forest Products Inc.

Western is an integrated forest products company building a margin-focused log and lumber business to compete successfully in global softwood markets. With operations and employees located primarily on the coast of British Columbia and Washington, Western is a premier supplier of high-value, specialty forest products to worldwide markets. Western has a lumber capacity of 785 million board feet from five sawmills, as well as operates four remanufacturing facilities and two glulam manufacturing facilities. The company sources timber from its long-term licences, first nations arrangements and market purchases. Western supplements its production through a wholesale program providing customers with a comprehensive range of specialty products.

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