Vancouver, B.C. - West Fraser Timber Co. Ltd. (“West Fraser” or the “Company”) (TSX and NYSE: WFG) reported today the third quarter results of 2021.  All dollar amounts in this news release are expressed in U.S. dollars unless noted otherwise.

The results of operations presented and discussed below include those of Norbord from February 1, 2021, the date of the completion of the acquisition of Norbord.

Third Quarter Highlights

• Sales of $2.358 billion and earnings of $460 million, or 20% of sales
• Adjusted EBITDA of $786 million, representing 33% of sales
• Record Adjusted EBITDA of $90 million for Europe EWP segment
• Repurchased $100 million of WFG Common shares for cancellation under normal course issuer bid (“NCIB”)
• Completed CAD$1.0 billion substantial issuer bid (“SIB”)
• Finished the quarter with liquidity at $3.130 billion and net debt to total capital ratio of (27)%
• Hosted virtual Analyst & Investor Event
• Published 2020 Sustainability Report
• Announced agreement to acquire Angelina Forest Products lumber mill for approximately $300 million and Georgia Pacific OSB mill for approximately $280 million, both subsequent to quarter-end