INVESTOR PRESENTATION February 2022 West Fraser Financial Information: The financial information related to West Fraser contained in this Presentation is derived from our 2021 Annual Financial Statements, which have been prepared in accordance with International Financial Reporting Standards ("IFRS") and is discussed in our Managements' Discussion and Analysis for the year ended December 31, 2021 (our "2021 Annual MD&A"). This Presentation uses various Non-GAAP and other specified financial measures, includ ...

Financial Data and Key Metrics Changes - In Q4 2021, West Fraser achieved $615 million of adjusted EBITDA, representing a margin of 30% of sales, contributing to a full-year adjusted EBITDA of $4.57 billion, or 43% of sales [5][20] - Cash flow from operations in Q4 was $290 million, with net cash declining to approximately $1 billion after completing two acquisitions for a combined consideration of approximately $580 million [7][20] - The company repurchased $100 million of shares in Q4, totaling $1.3 billion for the full year [7][20] Business Line Data and Key Metrics Changes - The Lumber business saw adjusted EBITDA nearly triple to $240 million in Q4 from the previous quarter, while the North American EWP business generated $343 million of adjusted EBITDA [5][6] - In Europe, adjusted EBITDA was $61 million, marking the second-best result for that business [6] Market Data and Key Metrics Changes - Western Canadian lumber and plywood shipments were down approximately 20% year-over-year in January 2022 due to ongoing logistics and transportation constraints [10][11] - The cash deposit rate for Canadian softwood lumber shipments to the U.S. increased from 8.97% to 11.14% effective January 10, 2022 [9] Company Strategy and Development Direction - The company is focused on capital deployment for shareholder returns and growth opportunities, including the acquisition of Angelina sawmill in Texas and an idled OSB mill in South Carolina [8][20] - West Fraser is committed to sustainability, aiming to reduce scope one and two greenhouse gas emissions by 46% and scope three emissions by 25% by 2030, with an investment of approximately $400 million in greenhouse gas reduction projects [19][20] Management's Comments on Operating Environment and Future Outlook - Management acknowledged unprecedented transportation challenges in Western Canada due to severe flooding, impacting operations and logistics [13][14] - Despite near-term challenges, management remains optimistic about the medium to long-term fundamentals of the Wood Products business, emphasizing the importance of geographic and product diversity [21][22] Other Important Information - The company is actively seeking alternative transportation routes to mitigate shipping constraints and is prepared for potential further reductions in operating schedules [11][12] - Management highlighted the importance of operational excellence and strategic capital projects to enhance productivity and margins [22] Q&A Session Summary Question: Current price surge and inventory levels in North American wood product markets - Management noted a seasonal slowdown in lumber demand in Q4, but a significant uptick was observed moving into Q1 2022, with strong housing and R&R demand expected to continue [26][27] Question: Fiber cost inflation in the U.S. South - Management indicated that fiber costs have seen flat to modest increases, primarily driven by weather events and contractor capacity issues [29][30] Question: Acquisition potential and market value - Management expressed continued interest in the U.S. South for lumber strategy and European markets for potential acquisitions, emphasizing a balanced approach to capital allocation [36][38] Question: Impact of transportation issues on export sales - Management confirmed that transportation issues have disproportionately affected export sales, particularly for products trying to reach ports like Vancouver [41][42] Question: Greenhouse gas reduction targets and capital investment - Management detailed that many projects already incorporate sustainability and GHG considerations, with a focus on energy efficiency and existing capital strategies [81][83] Question: Realization of price increases in January - Management stated that delays in shipping affect the realization of price benefits, making it difficult to comment on current realizations [88][89]

West Fraser Timber Co. Ltd. (NYSE:WFG) Q3 2021 Earnings Conference Call October 28, 2021 11:30 AM ET Company Participants Raymond Ferris - President and CEO Chris Virostek - CFO Peter Wijnbergen - President, Engineered Wood Products Conference Call Participants Mark Wilde - BMO Sean Steuart - TD Securities Paul Quinn - RBC Operator Good morning, ladies and gentlemen, and welcome to the West Fraser Q3 2021 Results Conference Call. During this conference, West Fraser's representatives will be making certain s ...

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Financial Data and Key Metrics Changes - West Fraser generated consolidated adjusted EBITDA of $2.16 billion in Q2 2021, up from $1 billion in the previous quarter, largely due to the addition of Norbord's financial results and higher lumber and panel prices [13] - The company exited the quarter with $3.39 billion of available liquidity, up from $2.55 billion last quarter, with total debt of $500 million and net cash of $1.7 billion [16] Business Line Data and Key Metrics Changes - The Lumber segment reported adjusted EBITDA of $994 million in Q2 2021, compared to $646 million in Q1 2021, driven by higher pricing and shipments [14] - The North American Engineered Wood Products (EWP) segment saw adjusted EBITDA increase to $1.106 billion from $353 million in the prior quarter, primarily due to the addition of Norbord results and higher OSB and plywood pricing [14] - The Pulp & Paper segment's adjusted EBITDA increased to $25 million from $11 million in the previous quarter, attributed to higher pulp pricing [14] - The European EWP segment reported adjusted EBITDA of $39 million, up from $11 million in the prior quarter, reflecting recent market strength in Europe [14] Market Data and Key Metrics Changes - US home construction activity continued to strengthen, with new home starts reaching levels not seen since 2006, although there was a short-term pullback in repair and remodeling activity [10] - The company noted that the repair and remodeling market was more affected for lumber and plywood compared to engineered wood products [10] Company Strategy and Development Direction - The company is focused on sustainability, having planted its 2 billionth tree as part of its reforestation program, emphasizing its commitment to environmental stewardship [9] - West Fraser is optimistic about market fundamentals, driven by low mortgage rates and a housing formation deficit, which supports demand for single-family homes [18] - The company is actively managing its capital allocation strategy, including a substantial issuer bid to repurchase up to CAD1 billion of its common shares [20] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the impact of wildfires in Western Canada on production and transportation, which may affect operations in the second half of 2021 [19] - The company remains constructive about the long-term outlook despite short-term challenges, emphasizing the environmental benefits of building with wood [18] Other Important Information - Capital expenditures were $66 million in Q2 2021, with an updated target for 2021 capital expenditures now expected to be in the range of approximately $400 million to $450 million [15] - The company has retired an aggregate $665 million of high-yield Norbord debt, which will reduce annual interest costs by approximately $40 million [16] Q&A Session Summary Question: Thoughts on the speed and magnitude of the lumber price correction - Management expressed surprise at the rapid price correction but noted it was expected after the previous increase, indicating a stabilization in the lumber market [29] Question: Expectations for BC fiber cost movements - Management indicated a significant increase in stumpage costs expected in October, which will impact fiber costs [33] Question: Lumber inventories at mill and customer levels - Management noted a disparity between the DIY/R&R market and new housing, with inventories for new housing being relatively low [36] Question: Non-fiber cost inflation - Management clarified that while wage inflation is a factor, the bulk of cost pressures are from non-wage inflation, including transportation and supply chain costs [39] Question: Capital expenditures being back-end weighted - Management explained that the timing of capital expenditures is influenced by the completion of major acquisitions and projects, leading to a back-end weighted capital program [44] Question: Interest in cross-laminated timber and engineered wood products - Management indicated openness to exploring opportunities in engineered wood products, including cross-laminated timber, as part of their growth strategy [50]

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Financial Data and Key Metrics Changes - West Fraser generated record consolidated adjusted EBITDA of $1 billion in Q1 2021, up from $453 million in the previous quarter, partly due to the addition of Norbord's results [19] - The first quarter EBITDA was reduced by $93 million due to acquisition-related noncash purchase price accounting impacts [20] - The company exited the quarter with $2.55 billion of available liquidity and total debt of $1.3 billion, with net cash of $164 million [28] Business Line Data and Key Metrics Changes - The Lumber segment reported adjusted EBITDA of $646 million in Q1 2021, compared to $425 million in Q4 2020, driven by higher pricing despite lower shipments and higher fiber costs [21] - The North American Engineered Wood Products (EWP) segment's adjusted EBITDA grew to $353 million from $48 million in the prior quarter, primarily due to the addition of OSB results and higher plywood pricing [22] - The Pulp and Paper segment's adjusted EBITDA increased to $11 million from negative $20 million in the previous quarter, attributed to higher pulp pricing and reduced maintenance downtime [23] Market Data and Key Metrics Changes - U.S. home construction activity continued to recover, with new home starts reaching levels not seen since 2006, driving demand for wood building products [11] - The OSB market experienced stronger-than-expected demand recovery, leading to the restart of the Chambord mill in Quebec [14] - The company noted that the European EWP segment reported adjusted EBITDA of $11 million, reflecting Norbord's results for February and March [24] Company Strategy and Development Direction - The company plans to invest an additional $180 million across several projects through 2023, focusing on increasing capacity and reducing production costs [35] - West Fraser aims to achieve targeted annual synergies of $61 million from the integration of Norbord over the next 18 to 24 months [37] - The company emphasizes organic growth as a primary focus for capital allocation, while remaining open to other opportunities [56] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about favorable market fundamentals, supported by low mortgage rates and a trend towards remote work driving demand for single-family homes [31][33] - The company acknowledges potential external factors that could influence markets but maintains a positive outlook on the underlying demand for wood products [33] - Management is focused on creating shareholder value and will be patient and thoughtful in capital allocation strategies [34] Other Important Information - Capital expenditures were $62 million in Q1 2021, with plans to invest approximately $450 million on capital projects throughout the year [25] - The company repurchased $102 million worth of shares at an average price of CAD82.86, indicating a belief that shares are trading below intrinsic value [26] - The company plans to redeem Norbord's 2023 notes, which will reduce annual interest costs by approximately $40 million [29] Q&A Session Summary Question: What is the anticipated CapEx number for 2022? - Management indicated that the 2022 CapEx number is expected to be in the same range as 2021, with potential for additional high-return capital projects [42][43] Question: Are there any cost inflation concerns for capital projects? - Management noted ongoing pressures on costs and productivity, which have been present for several years, but did not indicate a material change recently [44][45] Question: Will the company be able to move the built-up lumber inventory into the market? - Management observed improvements in shipping early in Q2 and expressed optimism about moving inventory, but acknowledged the need for continued effort [46][48] Question: What are the expected shipment levels for 2021? - Management provided guidance of approximately $3.3 billion for SPF and $3 billion for SYP, expecting to ship all production subject to seasonal fluctuations [50][51] Question: How does management view the sustainability of current lumber pricing? - Management acknowledged strong underlying demand but indicated that high prices may not last indefinitely [54] Question: Is the company considering greenfield projects? - Management stated that while they are always looking for growth opportunities, they primarily focus on organic growth and consider greenfield projects lower on their capital allocation strategy [56] Question: What is the outlook for lumber and OSB imports? - Management noted limited import opportunities for OSB and a reduction in exports on the lumber side, with stronger European markets impacting supply responses [65][68] Question: How is the trade dialogue evolving regarding U.S. trade cases? - Management expressed hope that current market conditions might change the dialogue but noted that no significant changes have occurred yet [70] Question: What is the outlook for Norbord's specialty OSB business? - Management indicated that pricing in the industrial business is improving, albeit at a slower pace than commodity pricing [72]

West Fraser Timber Co. Ltd (WFTBF) Q3 2020 Results Conference Call October 27, 2020 11:30 AM ET Company Participants Ray Ferris - President and Chief Executive Officer Chris Virostek - Vice President of Finance and Chief Financial Officer Chris McIver - Vice President of Sales and Marketing Conference Call Participants Sean Stewart - TD Securities Hamir Patel - CIBC capital Markets Mark Wilde - Bank of Montreal Paul Quinn - RBC Operator Good morning, ladies and gentlemen. And welcome to the West Fraser Q3 2 ...

Q3 Earnings Presentation October 2020 2 . General: This presentation and comments associated with it contains historical information, descriptions of current circumstances and statements about potential future developments and anticipated financial results. Readers are cautioned that this presentation is qualified in its entirety by reference to, and must be read in conjunction with, the information contained in West Fraser Timber Co. Ltd.'s (WFT's) management's discussion and analysis for the annual and in ...