VANCOUVER, BC, June 8, 2022 /PRNewswire/ – West Fraser Timber Co. Ltd. (“West Fraser” or the “Company”) (TSX and NYSE: WFG) declared a quarterly dividend of $0.30 per share on common shares and class B common shares in the capital of the Company, payable on July 8, 2022 to shareholders of record on June 22, 2022. The quarterly dividend has been increased compared to the previous one $0.25 per share in order to distribute a substantially similar amount of capital to investors through the dividend given the reduction in the number of shares resulting from the completion of the current normal course issuer bid as well as completion of the recent substantial public takeover bid.

“Delivering a sustainable quarterly dividend remains a key priority in West Fraser’s capital allocation strategy, and we are pleased to increase our dividend this quarter and complete the recent steps we have taken to repay capital to our shareholders,” said Ray FerrisPresident and CEO of West Fraser.

Dividends are designated as eligible dividends pursuant to subsection 89(14) of the Income Tax Act (Canada) and any applicable provincial legislation relating to eligible dividends.

Dividends are declared and payable in US dollars. Shareholders can elect to receive their dividends in Canadian dollars. Details of the election procedure are available on our website at www.westfraser.com under the “Investors/Stock Information/Dividends” section.

About West Fraser

West Fraser is a diversified wood products company with more than 60 facilities in Canada, United Statesthe UKand Europe. From responsibly and sustainably managed forest resources, the Company produces lumber, engineered wood products (OSB, LVL, MDF, plywood and particleboard), pulp, newsprint, wood chips, other residues and renewable energy. West Fraser products are used in construction, home repair and remodeling, industrial applications, papers, fabrics and box materials.

Forward-looking statements

This press release contains forward-looking information or statements (collectively, “forward-looking statements”) within the meaning of applicable Canadian and United States securities laws, including statements relating to our capital allocation strategy and sustainability of our quarterly dividend. All of these forward-looking statements are based on information currently available to us and are based on assumptions and analyzes we have made in light of our experience and our perception of historical trends and current conditions. Readers should also refer to the risk factors set forth in the Company’s Annual Information Form and MD&A for the year ended December 31, 2021each dated February 15, 2022, available on SEDAR (www.sedar.com) and EDGAR (www.sec.gov/edgar.shtml). There can be no assurance that the plans, intentions or expectations on which the forward-looking statements are based will occur. Actual results may differ, and the difference may be material and adverse to the Company and its shareholders.

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SOURCEWest Fraser Timber Co. Ltd.

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