Mr. Larry Hughes reports

WEST FRASER ("WFT") ANNOUNCES THIRD QUARTER RESULTS

West Fraser Timber Co. Ltd. had earnings of $70-million or 83 cents per share on sales of $1,030-million in the third quarter of 2014.

                                     SUMMARY
          (in millions of dollars, except earnings per share (EPS))

                                       Third    Second      Year     Third      Year
                                     quarter   quarter   to date   quarter   to date
                                     of 2014   of 2014   in 2014   of 2013   in 2013

Sales                                $ 1,030   $ 1,053   $ 2,892   $   878   $ 2,641
EBITDA                                   156       146       450       113       432
Operating earnings                       111       106       323        73       315
Earnings                                  70        74       216        55       231
Basic EPS                            $  0.83   $  0.87   $  2.54   $  0.64   $  2.70
Adjusted earnings                         94        66       244        68       278
Adjusted basic EPS                   $  1.12   $  0.77   $  2.86   $  0.79   $  3.24

Operational results

In the quarter, the company's lumber operations generated operating earnings of $101-million (second quarter at $81-million) and EBITDA (earnings before interest, taxes, depreciation and amortization) of $131-million (second quarter at $106-million). The increased earnings were largely the result of reduced costs and certain manufacturing productivity improvements related to capital investments.

The company's panel segment generated operating earnings of $25-million (second quarter at $10-million) and EBITDA of $29-million (second quarter at $13-million), the result of substantially improved plywood prices.

Its pulp and paper operations generated an operating loss of $2-million, compared with operating earnings of $19-million in the previous quarter and EBITDA of $9-million (second quarter at $30-million). The loss was largely the result of scheduled maintenance downtime at the Hinton pulp mill followed by a difficult start-up.

Outlook

The company has seen gradual recovery in U.S. home construction and expect the recovery to continue. Log costs are expected to trend higher in Canada as competition for purchased wood increases in certain areas of British Columbia and contractor costs increase. However, as West Fraser completes its capital projects, it expect productivity improvements and cost reductions to continue.

"The largest capital program in our company's history is currently under way, and I expect combined capital expenditures for 2013 and 2014 to exceed $700-million," said Ted Seraphim, company president and chief executive officer. "I'm excited about what these investments are doing to improve the competitiveness of the company and how we are positioning our operations to succeed as U.S. housing continues its slow recovery."

The company's management discussion and analysis is available on the company's website and on SEDAR under the company's profile.

Conference call

Investors are invited to listen to the quarterly conference call on Tuesday, Oct. 28, 2014, at 8:30 a.m. Pacific Time (11:30 a.m. Eastern Time), by dialling 1-800-769-8320 (toll-free North America). The call may also be accessed through the company's website.

          CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND
                     COMPREHENSIVE EARNINGS
       (in millions of Canadian dollars, per-share amounts)                                  
                                                                    
                                        July 1 to         Jan. 1 to 
                                         Sept. 30,         Sept. 30,
                                    2014     2013     2014     2013 
                                                                    
Sales                            $ 1,030  $   878  $ 2,892  $ 2,641 
                                 -------- -------- -------- --------
Costs and expenses                                                  
Cost of products sold                682      583    1,907    1,700 
Freight and other distribution                                      
costs                                144      126      411      369 
Export taxes                           -        6        -        6 
Amortization                          45       40      127      117 
Selling, general and                                                
administration                        37       31      110       95 
Equity-based compensation             11       19       14       39 
                                 -------- -------- -------- --------
                                     919      805    2,569    2,326 
                                 -------- -------- -------- --------
Operating earnings                   111       73      323      315 
Finance expense                       (6)      (7)     (20)     (21)
Exchange gain (loss) on long-                                       
term debt                            (16)       6      (17)     (11)
Other income (expense)                13       (3)      19        4 
                                 -------- -------- -------- --------
Earnings before tax                  102       69      305      287 
Tax provision                        (32)     (14)     (89)     (56)
                                 -------- -------- -------- --------
Earnings                         $    70  $    55  $   216  $   231 
                                 ======== ======== ======== ========
Earnings per share,                                                  
basic and diluted                $  0.83  $  0.64  $  2.54  $  2.70 
Comprehensive earnings                                              
Earnings                         $    70  $    55  $   216  $   231 
Other comprehensive earnings                                        
Translation gain (loss) on                                          
foreign operations                    25       (7)      26        9 
Actuarial gain (loss) on
postretirement benefits                -       50      (49)      56 
                                 -------- -------- -------- --------
Comprehensive earnings           $    95  $    98  $   193  $   296 
                                 ======== ======== ======== ========

We seek Safe Harbor.