Mr. Steven Hofer reports

WESTERN FOREST PRODUCTS AND EASTWOOD FORESTS, LLC COMPLETE THE SALE OF PRIVATE LAND ON NORTHERN VANCOUVER ISLAND

Western Forest Products Inc. has completed the sale of approximately 14,500 hectares of fee simple land on northern Vancouver Island in British Columbia, Canada, to a Canadian affiliate of the Eastwood Climate Smart Forestry Fund I LP, for $69.2-million.

"Eastwood has a dedicated focus on delivering climate benefits by supporting responsible forest management globally, and we believe they will be excellent stewards of this land and partners in the region," said Steven Hofer, president and chief executive officer of Western. "The sale reflects our ongoing focus on optimizing and investing in our B.C. operations. We plan to use the sale proceeds to reduce our debt and support our accelerated transition to higher-value products manufacturing, including the previously announced continuous kiln investments in B.C."

"This Vancouver Island forest land fits perfectly with Eastwood's interest and experience in sustainable forest management and climate change mitigation, balancing forest conservation with the economic well-being of the region," said Alex Finkral, chief executive officer of Eastwood. "We are committed to fostering relationships with local first nations, businesses and communities to create positive ecological and economic outcomes for British Columbia and beyond."

Prab Dahal, vice-president of transactions of Eastwood, added: "These private timberlands are located in a biologically and culturally rich area. We are excited to engage locally as we build stewardship plans that respect that richness, while at the same time adding a variety of diversification metrics to our clients' portfolio."

About Western Forest Products Inc.

Western 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 is a premier supplier of high-value, specialty forest products to worldwide markets. Western has a lumber capacity of 780 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 supplements its production through a wholesale program providing customers with a comprehensive range of specialty products.

About Eastwood Forests LLC

Eastwood is a company dedicated to forest land investments and specializes in sourcing forest land investments that meet high environmental and social standards. Eastwood manages forest lands in a comprehensive manner, balancing physical, biological, ecological, social and aesthetic values with economic goals. Recognizing the crucial role of working forests in mitigating climate change, forests are managed for both current and future generations of people, plants and wildlife. Eastwood manages the $415-million (U.S.) Eastwood Climate Smart Forestry Fund I LP.

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