Equity Holding Policy

EXECUTIVE AND DIRECTOR EQUITY HOLDING REQUIREMENTS POLICY

Appendix D, Last updated February 11, 2019

West Fraser Timber Co. Ltd. (“West Fraser”) adopted equity holding guidelines in February 2013 that were updated September 2013.  On February 11, 2019, West Fraser replaced these guidelines with updated and more detailed equity holding requirements for its directors and executive officers to emphasize the importance of its directors and executive officers maintaining equity holdings in West Fraser to better align their interests with those of West Fraser’s shareholders.
This document outlines the updated equity holding requirements applicable to all of West Fraser’s directors and executive officers.

Objective

To encourage all West Fraser (i) non-employee directors and (ii) executive officers to maintain minimum equity holdings in West Fraser to further align their interests with those of West Fraser’s shareholders.