Mr. Larry Hughes reports

WEST FRASER ANNOUNCES FIRST QUARTER RESULTS

West Fraser Timber Co. Ltd. had earnings of $49-million, or 58 cents basic earnings per share, on sales of $1,014-million in the first quarter of 2015. These results compare with previous periods as shown in the attached table.

Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization), adjusted earnings and adjusted basic earnings per share as described in this news release reflect the adjustments described in the tables referred to in the section titled "non-IFRS (international financial reporting standards) measures" on page 15 of the company's 2015 first quarter management discussion and analysis.

                         FINANCIAL HIGHLIGHTS                                                   
           (in millions of dollars, except earnings per share)
                                      
                                     Q1 2015       Q4 2014       Q1 2014

Sales                                $ 1,014       $   964       $   809
Adjusted EBITDA                          173           157           149
Operating earnings                       125            83           106
Earnings                                  49            43            72
Basic EPS                            $  0.58       $  0.51       $  0.84
Adjusted earnings                        100            85            84
Adjusted basic EPS                   $  1.19       $  1.02       $  0.97

Operational results

In the quarter, the company's lumber operations generated operating earnings of $84-million (fourth quarter of 2014: $90-million) and adjusted EBITDA of $117-million (fourth quarter of 2014: $121-million). Reduced shipments and lower U.S. prices for SPF (spruce-pine-fir) lumber were substantially offset by the benefit provided by a weaker Canadian dollar. Lumber markets weakened in the quarter, largely reflecting adverse weather conditions in Eastern Canada and the United States, as well as in parts of the southern United States.

The panel segment, which includes plywood, laminated veneer lumber (LVL) and medium-density fibreboard (MDF), generated operating earnings in the quarter of $23-million (Qfourth quarter of 2014: $22-million) and adjusted EBITDA of $26-million (fourth quarter of 2014: $25-million), mostly reflecting increased Canadian dollar MDF prices. Plywood prices and shipments were reduced, reflecting both the weather-related constraints on Canadian construction, as well as the oil-and-gas-related uncertainties in Western Canada.

Pulp and paper operations generated operating earnings in the quarter of $20-million (fourth quarter of 2014: $3-million) and adjusted EBITDA of $30-million (fourth quarter of 2014: $12-million). Canadian-dollar-equivalent northern bleached softwood kraft (NBSK) prices improved, and the company's increased NBSK production and shipments reflected positive developments at its Hinton pulp mill following extended reliability issues both in the previous quarter and the early part of 2015.

Outlook

As weather conditions improve in Eastern Canada and the United States, the company expects increased construction activity will improve demand for its building products. Ted Seraphim, president and chief executive officer of West Fraser Timber, said: "The first quarter reminded us that we are still in the early stages of the U.S. housing recovery, and, as such, volatility in lumber markets should be expected. Nevertheless, we remain optimistic regarding the medium-term outlook for lumber markets. We are continuing to execute on our major capital investment program, and I am pleased that we are seeing some very positive results from many of our completed projects."

Management discussion and analysis

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 Friday, April 24, 2015, at 8:30 a.m. Pacific Time (11:30 a.m. Eastern Time) by dialling 1-800-355-4959 (toll-free North America). The call may also be accessed through West Fraser's website.

                                                   
                  CONDENSED CONSOLIDATED STATEMENTS OF
                  EARNINGS AND COMPREHENSIVE EARNINGS
           (in millions of dollars, except per-share amounts)

                                                          Jan. 1 to March 31,
                                                          2015          2014

Sales                                            $       1,014 $         809
Costs and expenses
Cost of products sold                                      657           516
Freight and other distribution costs                       144           109
Amortization                                                47            42
Selling, general and administration                         40            35
Equity-based compensation                                    1             1
                                                           889           703
Operating earnings                                         125           106
Finance expense                                             (8)           (6)
Exchange (loss) on long-term debt                          (32)          (13)
Fair-value adjustment to power agreements                  (30)            -
Other income                                                15            13
Earnings before tax                                         70           100
Tax provision                                              (21)          (28)
Earnings                                         $          49 $          72
Earnings per share
Basic                                            $        0.58 $        0.84
Diluted                                          $        0.53 $        0.79
Comprehensive earnings
Earnings                                         $          49 $          72
Other comprehensive earnings
Translation gain on foreign operations                      51            17
Actuarial (loss) on postretirement
benefits(1)                                                (45)           (4)
Comprehensive earnings                           $          55 $          85

(1) Net of tax recovery of $17-million (three months ended
    March 31, 2014: $2-million)

We seek Safe Harbor.