An anonymous director reports

WEST FRASER ANNOUNCES INDEFINITE CURTAILMENT OF PERRY SAWMILL

West Fraser Timber Co. Ltd. will indefinitely curtail its Perry sawmill in Florida later this month. Today's decision is the result of high fibre costs and softening lumber markets.

The indefinite curtailment of Perry sawmill will impact approximately 126 employees and will reduce West Fraser's U.S. lumber production by 100 million board feet. West Fraser expects to mitigate the impact on effected employees by providing work opportunities at other West Fraser operations.

High fibre costs at Perry and a low-price commodity environment have impaired its ability to profitably operate. The indefinite curtailment of Perry sawmill better aligns the company's production capacity with demand.

West Fraser anticipates taking an impairment charge in the fourth quarter of 2022 associated with the indefinite curtailment.

About West Fraser Timber Co. Ltd.

West Fraser is a diversified wood products 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 particleboard), 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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