Mr. Steven Hofer reports

NEW COLLECTIVE AGREEMENT RATIFIED BY UNITED STEELWORKERS EMPLOYEES

Western Forest Products Inc.'s hourly employees represented by United Steelworkers Local 1 -- 1937 -- have voted to ratify a new collective agreement, replacing the collective agreement that expired on June 14, 2024. The new six-year collective agreement has a retroactive effective date of June 15, 2024, will expire June 14, 2030, and provides for the following general wage increases.

Year 1                                         4%                   
Year 2                                         3%                   
Year 3                                         3%                   
Year 4                                         3%                   
Year 5                                         3%                   
Year 6    Greater of 3% or the rate of inflation 

The new agreement also includes enhancements to certain benefits and terms of mutual interest for the USW and the company. It will apply to the roughly 1,000 members of Western Forest's hourly work force represented by the USW, as well as those third party contractors who adopt Western Forest's collective agreement.

Commenting on the positive ratification vote, Western Forest's president and chief executive officer, Steven Hofer, said: "We are pleased that our USW-represented team members have reviewed the terms of the new collective agreement and found it meets their interests and needs. That the negotiating teams for the USW and Western were able to build one of the longest-term agreements in the history of the B.C. coastal forest sector is a testament to their hard work, respectful engagement and focus on common goals. The B.C. forest sector is facing many challenges, and, with this agreement successfully concluded, we look forward to working together with our union colleagues to build a brighter future for our company."

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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