WEST FRASER TIMBER CO., LTD

Pulp & Paper Segment

Following our attaining sole control of CPP in Q1-24 and completion of the pulp mill disposals, the Pulp & Paper segment is comprised of our 100% interest in CPP and our 50%-owned joint operation, Alberta Newsprint Company. In light of the composition of the segment on a go-forward basis, the production and shipment volumes for all periods disclosed in the above table relate to those of NBSK pulp produced and shipped from CPP only and exclude BCTMP and UKP pulp amounts related to the disposed pulp mills.

The comparison versus comparative periods is impacted by the sale of Hinton pulp mill on February 3, 2024, the sale of Quesnel River Pulp mill and Slave Lake Pulp mill on April 20, 2024, and our attaining sole control of CPP in Q1-24.

Sales decreased compared to 2023 due primarily to the pulp mill disposals, offset in part by higher shipment volumes from CPP since our attaining sole control of CPP in Q1-24.

NBSK production volumes increased from 2023 due to our attaining sole control of CPP in Q1-24.

Cost of products sold decreased versus 2023 due primarily to the pulp mill disposals, offset in part by higher shipment volumes from CPP.

Freight and other distribution costs, amortization expense and selling, general and administrative costs all decreased from 2023 due to the pulp mill disposals, offset in part by our attaining sole control of CPP in Q1-24.

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We recorded an impairment loss of $3 million in 2024 upon remeasurement of estimated working capital adjustments on completion of the pulp mill disposals. We recorded an impairment loss of $142 million in 2023 in relation to the pulp mill disposals.

Operating earnings for the Pulp & Paper Segment increased by $229 million compared to 2023 due to the reasons explained above.

Adjusted EBITDA for the Pulp & Paper Segment increased by $80 million compared to 2023 due to the reasons explained above.