Mr. Sean McLaren reports

WEST FRASER RELEASES 2023 SUSTAINABILITY REPORT

West Fraser Timber Co. Ltd. has released its 2023 sustainability report. The report highlights the company's sustainability performance across a variety of environmental, social and governance goals.

"We have the privilege of delivering renewable building products for the world," said Sean McLaren, president and chief executive officer, West Fraser. "I am proud of the work we have done to date and the level of commitment shown across our whole organization toward achieving our sustainability goals, but we have more work to do.

"In 2024, we will make additional investments to help improve our emissions profile, enter into joint stewardship arrangements with some first nations and adjust our strategies as necessary to ensure we remain on the path to becoming a sustainability leader," said Mr. McLaren.

Two thousand twenty-three key achievements highlighted in the report include:

• Climate action: West Fraser's climate strategy is focused on measurement, evaluation and the prioritization of actions to decarbonize its Scope 1, 2 and 3 greenhouse gas emission reduction targets that were validated through the Science Based Targets initiative in April, 2023, helping the company work toward achieving net zero.
• Sustainable forest management: In 2023, forest management and fibre procurement requirements were modernized across the company in a new corporate-wide policy.
• Environment: Engagement began on the process of becoming an early adopter of the Taskforce on Nature-related Financial Disclosure. Its membership was announced in January, 2024.
• Safety: Safety remains the primary operating focus, and in 2023, it achieved its lowest rate in the company's history for serious injuries. Its commitment to continuously improve so that all go home safely each day remains its top priority.
• Indigenous relations: Its work to achieve progressive aboriginal relations gold-level certification by 2030 continues to advance, and new, innovative partnerships with indigenous nations have been built and are expected to be formalized in 2024.
• Governance: Several new policies were introduced last year, including a supply chain and human rights policy and a supplier code of conduct, to help align contractors to share West Fraser's values and commitment to business ethics and human rights.

For more information, the full sustainability report is available on the West Fraser website as an on-line document or full PDF.

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. The company produces lumber, engineered wood products (OSB, LVL, MDF, plywood and particleboard), pulp, newsprint, wood chips, other residuals and renewable energy from responsibly sourced wood fibre. West Fraser's products are used in home construction, repair and remodelling, industrial applications, papers, tissue, and box materials.

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