Mr. Ray Ferris reports

WEST FRASER INCREASES QUARTERLY DIVIDEND

West Fraser Timber Co. Ltd. has declared a quarterly dividend of 30 U.S. cents per share on the common shares and Class B common shares in the capital of the company, payable on July 8, 2022, to shareholders of record on June 22, 2022. The quarterly dividend has been increased from the prior 25 U.S. cents per share in order to distribute a substantially similar amount of capital to investors through the dividend in light of the share count reduction resulting from execution of the current normal course issuer bid as well as completion of the recent substantial issuer bid.

"Providing a sustainable quarterly dividend remains a key priority within West Fraser's capital allocation strategy, and we are pleased to increase our dividend this quarter and to have completed the recent actions we've taken to return capital to our shareholders," said Ray Ferris, West Fraser's president and chief executive officer.

Dividends are designated to be eligible dividends, pursuant to Subsection 89(14) of the Income Tax Act (Canada) and any applicable provincial legislation pertaining to eligible dividends.

About West Fraser Timber Co. Ltd.

West Fraser is a diversified wood product company with more than 60 facilities in Canada, the United States, the United Kingdom and Europe. From responsibly sourced and sustainably managed forest resources, the company produces lumber, engineered wood products (OSB, LVL, MDF, plywood and particle board), pulp, newsprint, wood chips, other residuals and renewable energy. West Fraser's products are used in: home construction; repair and remodelling; industrial applications; papers; tissue; and box materials.

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