Mr. Steven Hofer reports

WESTERN FOREST PRODUCTS INC. ANNOUNCES LUMBER PRODUCTION CURTAILMENTS

Western Forest Products Inc. plans to reduce lumber production in its B.C. sawmills by approximately 30 million board feet during the period from October to December, 2024. For the full year of 2024, the company estimates total lumber production will be reduced by approximately 90 million board feet, which include approximately 30 million board feet in the third quarter of 2024. The total estimated lumber production reduction for 2024 equates to approximately 10 per cent of the company's annual lumber capacity.

The temporary curtailments are due to a combination of market challenges, including weaker lumber demand and higher U.S. softwood lumber duty rates, and factors relating to the B.C. operating environment, creating a lack of available economic log supply at certain sawmills.

"We continue to face more challenging lumber markets and operating conditions, and are taking pro-active steps to match production to market demand," said Western Forest's president and chief executive officer Steven Hofer. "With the potential for the combined U.S. softwood lumber duties rate to more than double in the second half of 2025, all levels of government need to be focused on creating a policy environment that supports the forestry industry and encourages domestic investment."

Western Forest is one of the largest private sector employers on Vancouver Island, supporting 3,500 jobs in nearly 20 communities in British Columbia.

The company will continue to monitor market conditions and intends to adjust its operations consistent with market demand.

About Western Forest Products Inc.

Western Forest is an integrated forest product company building a margin-focused log and lumber business to compete in global softwood markets. With operations and employees located primarily on the coast of British Columbia and Washington State, Western Forest is a premier supplier of high-value, specialty forest products to worldwide markets. Western Forest has a lumber capacity of 885 million board feet from six sawmills, as well as operates four remanufacturing facilities and two glulam manufacturing facilities. The company sources timber from its private lands, long-term licences, first nations arrangements and market purchases. Western Forest supplements its production through a wholesale program, providing customers with a comprehensive range of specialty products.

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