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Western Forest Products Inc. Increases Dividend

Press Release

Vancouver, British Columbia – Western Forest Products Inc. (TSX: WEF) (“Western” or the “Company”) announced today that its Board of Directors has approved an increase of 25% in the quarterly dividend. Western confirms that a quarterly dividend of $0.0125 per share will be paid with respect to the Company’s second fiscal quarter of 2022 to shareholders of record as at the close of business on Friday, May 27, 2022 and payable on Friday, June 17, 2022.

The dividend will return a portion of the Company’s cash to shareholders, after taking into consideration the Company’s liquidity and ongoing capital needs. The Board of Directors will review the amount of the dividend on a quarterly basis. This dividend qualifies as an “eligible dividend” for Canadian income tax purposes.

About Western Forest Products Inc.

Western is an integrated forest products company building a margin-focused log and lumber business to compete successfully in global softwood markets. With operations and employees located primarily on the coast of British Columbia and Washington State, Western is a premier supplier of high-value, specialty forest products to worldwide markets. Western has a lumber capacity in excess of 1.0 billion board feet from seven sawmills and four remanufacturing facilities. The Company sources timber from its private lands, long-term licenses, First Nations arrangements, and market purchases. Western supplements its production through a wholesale program providing customers with a comprehensive range of specialty products.

For further information, please contact:

Stephen Williams
Executive Vice President & Chief Financial Officer
(604) 648-4500

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