Securities Trading Policy

APPENDIX B

WEST FRASER TIMBER CO. LTD. SECURITIES TRADING POLICY

Dated as of December 9, 2002, last updated June 11, 2018.

Introduction

This Policy is intended to raise the general level of awareness of the trading and confidentiality obligations of employees, officers and directors of West Fraser Timber Co. Ltd. (the “Company”).

In this Policy, “West Fraser” means West Fraser Timber Co. Ltd. and each other member of the West Fraser group of companies.  References to “the Company” refer specifically to West Fraser Timber Co. Ltd.

Broadly speaking, an employee, officer or director of West Fraser (including their spouse and other relatives with the same home as that person) with knowledge of an undisclosed material fact or material change respecting West Fraser shall not trade in securities of the Company and shall not use or selectively disclose such information until the information is publicly known.  In order to reduce potential exposure for liability under securities laws, employees, officers and directors (and their spouses, and other relatives in their household) must not trade in the Company’s securities during

  1. the “Blackout Periods” described in this Policy, and
  2. when advised not to do so by any member of the Disclosure Committee as a result of the existence of such undisclosed material information.

This trading restriction also applies to all securities and accounts over which such employees, officers or directors have control or direction, whether or not of such person or of relatives in the same household.

Breaches of confidentiality and violations of insider trading and tipping laws carry severe consequences both for the Company and the individuals involved.  Therefore, all employees, officers and directors of the Company must comply with the provisions and procedures of this Policy.  This trading restriction continues to apply to former directors, officers and employees even after termination of their employment or other arrangements with West Fraser until the material fact or material change becomes public or non‑material.