An anonymous director reports

WEST FRASER ANNOUNCES CLOSURE OF MAXVILLE SAWMILL AND INDEFINITE CURTAILMENT OF HUTTIG SAWMILL

West Fraser Timber Co. Ltd. will close its sawmill in Maxville, Fla., and indefinitely curtail operations at its sawmill in Huttig, Ark., by the end of this month. Today's decision is the result of high fibre costs and soft lumber markets.

The closure of the Maxville sawmill will impact approximately 80 employees while the indefinite curtailment of Huttig will impact 140 employees. In aggregate, this will reduce West Fraser's U.S. lumber capacity by approximately 270 million board feet. West Fraser expects to mitigate the impact on affected employees by providing work opportunities at other company operations.

High fibre costs at Maxville and the current low-price commodity environment have impaired the ability of both mills to profitably operate. The closure of Maxville and the indefinite curtailment of the Huttig sawmill better align its U.S. lumber capacity with demand.

West Fraser anticipates taking restructuring and impairment charges of approximately $50-million in the fourth quarter of 2023 associated with this announcement.

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 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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