Mr. Sean McLaren reports

WEST FRASER INCREASES QUARTERLY DIVIDEND

West Fraser Timber Co. Ltd. has declared a quarterly dividend of 32 U.S. cents per share on the common shares and Class B common shares in the capital of the company, payable on July 12, 2024, to shareholders of record on June 26, 2024. The quarterly dividend has been increased from the prior 30 U.S. cents per share in light of the share count reduction resulting from execution of recent normal course issuer bids.

"We are pleased to increase our dividend this quarter," said Sean McLaren, West Fraser's president and chief executive officer. "A sustainable quarterly dividend is a key priority within our capital allocation strategy."

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.

Dividends are declared and payable in U.S. dollars. Shareholders may elect to receive their dividends in Canadian dollars. Details regarding the election procedure are available on the company's website under the "Investors/Stock Information/Dividends" section.

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.

We seek Safe Harbor.