VANCOUVER, BRITISH COLUMBIA — (Marketwired) — 10/28/13 — West Fraser Timber Co. Ltd. (TSX: WFT) today reported earnings of $55 million or $1.29 per share on sales of $878 million in the third quarter of 2013. These results compare with previous periods as follows:

Operational Results

In the quarter our lumber operations generated operating earnings of $57 million (Q2 – $103 million) and EBITDA of $83 million (Q2- $125 million). The weaker results compared to the previous quarter reflect lower lumber prices during the current quarter.

Our panel segment generated operating earnings of $6 million (Q2 – $6 million) and EBITDA of $9 million (Q2 – $10 million) in the quarter. Higher plywood and MDF prices were offset by higher log costs and reduced MDF production.

In the quarter our pulp and paper operations generated operating earnings of $29 million (Q2 – $20 million) and EBITDA of $40 million (Q2 – $31 million). Higher prices, a slightly weaker Canadian dollar and improved NBSK production contributed to the improved results.

The Mountain Pine Beetle Plan (the „MPB Plan“)

On October 24, 2013 we announced a MPB Plan to address some of the effects of the mountain pine beetle infestation in the interior of British Columbia. The MPB Plan consists of the exchange of certain timber rights, the closure of our Houston, B.C. sawmill and significant mill upgrades for each of our Smithers and 100 Mile House, B.C. sawmills. Further information about the MPB Plan is available in our news release of October 24 which may be viewed at .

Outlook

Both SPF and SYP lumber prices began the quarter at low levels but improved by the end of the period. U.S. housing starts remained relatively flat, a reflection of the slow recovery, but the longer-term trend continues to appear positive. Lumber prices could continue to be volatile as U.S. housing continues to recover. We expect to achieve lumber productivity improvements and cost reductions over the next several quarters as we complete various capital projects. Pulp prices are improving in the fourth quarter as several producers have announced price increases.

„Our third quarter results reflect lower lumber prices offset somewhat by improved pulp prices compared to the previous quarter.“ said Ted Seraphim, our President and CEO. „Given our strong balance sheet and strong cash generation from our operations we remain focused on our aggressive capital spending program over the next few years as we fully modernize our operations.“ Mr. Seraphim also reiterated the Company-s support for our employees and families affected by the Houston mill closure. „We made a very difficult decision last week and our full attention is on working closely with affected employees to ensure that they have every reasonable opportunity to find new employment.“

Management-s Discussion & Analysis („MD&A“)

The Company-s MD&A is available on the Company-s website: and on the System for Electronic Document Analysis and Retrieval at under the Company-s profile.

West Fraser

We are an integrated wood products company producing lumber, wood chips, LVL, MDF, plywood, pulp and newsprint. We have operations in western Canada and the southern United States.

Forward-Looking Statements

This news release contains historical information, descriptions of current circumstances and statements about potential future developments. The latter, which are forward-looking statements and are included under the headings „The Mountain Pine Beetle Plan“ and „Outlook“, are presented to provide reasonable guidance to the reader but their accuracy depends on a number of assumptions and is subject to various risks and uncertainties. Actual outcomes and results will depend on a number of factors that could affect our ability to execute our business plans, including those matters described in the 2012 annual Management-s Discussion & Analysis under „Risks and Uncertainties“, and may differ materially from those anticipated or projected. Accordingly, readers should exercise caution in relying upon forward-looking statements and we undertake no obligation to publicly revise them to reflect subsequent events or circumstances, except as required by applicable securities laws.

Conference Call

Investors are invited to listen to the quarterly conference call on Tuesday, October 29, 2013 at 8:30 a.m. Pacific Time (11:30 a.m. Eastern Time) by dialing 1-866-226-1792 (toll- free North America). The call may also be accessed through our website at .

West Fraser shares trade on the Toronto Stock Exchange under the symbol: „WFT“.

West Fraser Timber Co. Ltd.

Notes to Condensed Consolidated Interim Financial Statements

(figures are in millions of dollars, except where indicated – unaudited)

West Fraser Timber Co. Ltd. („West Fraser“, „we“, „us“ or „our“) is an integrated wood products company producing lumber, wood chips, LVL, MDF, plywood, pulp and newsprint with facilities in western Canada and the southern United States. Our executive office is located at 858 Beatty Street, Suite 501, Vancouver, British Columbia. West Fraser was formed by articles of amalgamation under the Business Corporations Act (British Columbia) and is registered in British Columbia, Canada. Our Common shares are listed for trading on the Toronto Stock Exchange under the symbol WFT.

These condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard 34 Interim Financial Reporting as issued by the International Accounting Standards Board („IASB“) and using the same accounting policies and methods of their application as the December 31, 2012 annual financial statements, except as described below. These condensed consolidated interim financial statements should be read in conjunction with our 2012 annual financial statements.

We have adopted the following new and revised standards, along with any consequential amendments, effective January 1, 2013. These changes were made in accordance with the applicable transitional provisions. For a description of the new and revised standards refer to note 4 of our 2012 annual financial statements.

IFRS 10 – Consolidated Financial Statements, IFRS 11 – Joint Arrangements, IFRS 12 – Disclosure of Interests in Other Entities

We assessed our consolidation conclusions and the classification of our joint arrangements and determined that the adoption of these IFRS-s did not result in any changes to the accounting for our subsidiaries, investees and joint arrangements.

IFRS 13 – Fair Value Measurement

The adoption of IFRS 13 did not require any adjustments to the valuation techniques used to measure fair value and did not result in any measurement adjustments.

IAS 19 – Amendment, Employee Benefits

The effect of adopting the amended standard on January 1, 2013 is as follows:

There is no impact on balance sheet amounts or cash flows resulting from the amended standard.

Included within cash and short-term investments is $31 million of restricted cash related to capital projects that are currently underway. The restricted cash is expected to be released within 12 months.

Inventories at September 30, 2013 were written down by $7 million (June 30, 2013 – $7 million; December 31, 2012 – $3 million; September 30, 2012 – $6 million) to reflect net realizable value being lower than cost.

Long-term debt

The fair value of the long-term debt is $316 million (December 31, 2012 – $313 million) based on rates available to us at the balance sheet date for long-term debt with similar terms and remaining maturities.

Operating loans

We have $530 million in revolving lines of credit which were undrawn as at September 30, 2013 (December 31, 2012 – undrawn). Deferred financing costs of $4 million are included in other assets at September 30, 2013 (December 31, 2012 – $4 million).

Our revolving lines of credit include a $500 million revolving credit facility which matures September 30, 2016, a $25 million demand line of credit dedicated to letters of credit and a $5 million demand line of credit dedicated to our jointly – owned newsprint operation. Interest on the three facilities is payable at floating rates based on Prime, U.S. base, Bankers- Acceptances or LIBOR at our option. As at September 30, 2013, letters of credit in the amount of $46 million have been issued under these facilities.

All debt is unsecured except the $5 million joint operation demand line of credit which is secured by that joint operation-s current assets.

We maintain defined benefit and defined contribution pension plans covering a majority of our employees. The defined benefit plans provide pension benefits based either on length of service or on earnings and length of service. We also provide group life insurance, medical and extended health benefits to certain employee groups.

The status of the defined benefit pension plans and other benefit plans, in aggregate, is as follows:

The significant actuarial assumptions used to determine the period-ending benefit obligations and the benefit plan expense are as follows:

The change in the discount rate on obligations and the difference between the actual rate of return and the discount rate on plan assets generated a net actuarial gain (loss) on employee future benefits, included in other comprehensive earnings, as follows:

Normal Course Issuer Bid

On September 12, 2013 our Board of Directors authorized the initiation of a normal course issuer bid to repurchase for cancellation up to 1,000,000 Common shares or approximately 2.5% of our issued and outstanding Common shares. The normal course issuer bid may continue until September 16, 2014.

In September 2013, we repurchased 32,277 Common shares for a cost of approximately $3 million.

The tax provision differs from the amount that would have resulted from applying the British Columbia statutory income tax rates to earnings before income taxes as follows:

Basic earnings per share is calculated based on earnings available to Common shareholders, as set out below, using the weighted average number of Common shares and Class B Common shares outstanding.

Diluted earnings per share is calculated based on earnings available to Common shareholders adjusted to remove the actual share option expense (recovery) charged to earnings and after deducting a notional charge for share option expense assuming the use of the equity settled method, as set out below. The diluted weighted average number of shares is calculated using the treasury stock method. When earnings available to Common shareholders for diluted earnings per share are greater than earnings available to Common shareholders for basic earnings per share, the calculation is anti-dilutive and diluted earnings per share are deemed to be the same as basic earnings per share.

The geographic distribution of external sales is as follows (1 ):

On October 24, 2013 we exchanged certain timber rights with Canadian Forest Products Ltd. We also announced plans to permanently close our sawmill located in Houston, B.C. by the end of the second quarter of 2014. The financial impact of the timber exchange and the mill closure is currently under review and will be reflected in our fourth quarter results.

Contacts:
West Fraser Timber Co. Ltd.
Larry Hughes
Vice-President, Finance & Chief Financial Officer
(604) 895-2700

West Fraser Timber Co. Ltd.
Rodger Hutchinson
Vice-President, Corporate Controller
(604) 895-2700