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2019 Management Information Circular

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2019 Management Information Circular WESTERN FOREST PRODUCTS INC. NOTICE OF ANNUAL MEETING OF SHAREHOLDERS MAY 22, 2020 INFORMATION CIRCULAR INSIDE THIS CIRCULAR LETTER FROM THE CHAIR ........................................................................................................................ 1 NOTICE OF ANNUAL MEETING ................................................................................................................. 2 VOTING INFORMATION .............................................................................................................................. 3 BUSINESS OF THE MEETING .................................................................................................................... 6 1. Receive The Annual Report and Financial Statements ..................................................................................... 6 2. Set the Number of Directors .............................................................................................................................. 6 3. Elect Directors ................................................................................................................................................... 6 4. Appoint Auditors ................................................................................................................................................ 7 5. Advisory Vote on Executive Compensation ....................................................................................................... 8 6. Other Business .................................................................................................................................................. 8 ABOUT OUR BOARD OF DIRECTORS ....................................................................................................... 9 Director Biographies .............................................................................................................................................. 9 Director Skills and Experience ............................................................................................................................ 14 Attendance at Board and Committee Meetings ................................................................................................... 15 Director Compensation........................................................................................................................................ 15 Additional Information.......................................................................................................................................... 19 CORPORATE GOVERNANCE INITIATIVES ............................................................................................. 20 Corporate Governance Initiatives, Continued ...................................................................................................... 21 STATEMENT OF CORPORATE GOVERNANCE PRACTICES ................................................................ 22 Mandate of the Board of Directors ...................................................................................................................... 22 Meetings of the Board ......................................................................................................................................... 22 Size, Composition and Independence of the Board ............................................................................................ 22 Committees of the Board..................................................................................................................................... 24 Director Over-Boarding ....................................................................................................................................... 25 Board Renewal and Director Term Limits............................................................................................................ 26 Board Succession and Nomination of Directors .................................................................................................. 26 Diversity .............................................................................................................................................................. 26 Director Orientation and Continuing Education ................................................................................................... 27 Board Evaluation ................................................................................................................................................. 28 Board and Management Responsibilities ............................................................................................................ 29 Code of Business Conduct and Ethics ................................................................................................................ 30 Corporate Communications and Disclosure Policy ............................................................................................. 31 EXECUTIVE COMPENSATION.................................................................................................................. 32 Composition and Mandate of the Management Resources and Compensation Committee ............................... 32 Advisory Vote on Executive Compensation: “Say on Pay” .................................................................................. 32 Compensation Discussion and Analysis.............................................................................................................. 33 Key Elements of Total Compensation ................................................................................................................. 37 2019 Long-Term Incentive Awards ..................................................................................................................... 41 Retirement and Other Benefits ............................................................................................................................ 42 Performance Graph ............................................................................................................................................. 42 Summary Compensation Table ........................................................................................................................... 44 Pension Plan Benefits ......................................................................................................................................... 46 Termination and Change of Control Benefits ...................................................................................................... 47 Securities Authorized for Issuance Under Equity Compensation Plans .............................................................. 49 OTHER INFORMATION ............................................................................................................................. 52 APPENDIX .................................................................................................................................................. 53 Appendix A: Mandate of the Board of Directors of Western Forest Products Inc. ............................................... 53 LETTER FROM THE CHAIR March 25, 2020 Fellow Shareholders: Western Forest Products Inc.’s 2020 Annual Meeting of Shareholders (the “Meeting”) will be held at Suite 2800, 666 Burrard Street, Vancouver, British Columbia on May 22, 2020 at 9:00 a.m. Pacific Daylight Time. At the Meeting, we will review the business and affairs of the Corporation and ask you to elect directors and appoint auditors for the coming year. In light of the current and rapidly evolving COVID-19 pandemic and to ensure the health and safety of our communities, shareholders and other stakeholders, we encourage you to vote in advance of the Meeting by proxy or voting instruction form instead of attending the Meeting in person. Along with the Notice of Meeting and Management Information Circular, we also enclose the Form of Proxy for registered shareholders. If you are considering attending the Meeting in person, we ask that you consider the most current advice of the Public Health Agency of Canada (https://www.canada.ca/en/public-health.html) and the British Columbia Ministry of Health (https://www2.gov.bc.ca/gov/content/governments/organizational- structure/ministries-organizations/ministries/health. Due to public health restrictions and recommendations, access to the Meeting in person may be restricted or limited to essential personnel and registered shareholders and proxyholders entitled to attend and vote at the Meeting. Any person attending the meeting in person will be required to follow health and safety measures put in place by the Corporation. In the event it is not possible or advisable to hold the Meeting in person, the Corporation may adjourn or announce alternative arrangements for the Meeting. By Order of the Board of Directors “Michael T. Waites” Michael T. Waites Chair, Board of Directors Western Forest Products Inc. 1 / Western Forest Products Inc. NOTICE OF ANNUAL MEETING NOTICE IS HEREBY GIVEN that the Annual Meeting of Shareholders (the “Meeting”) of Western Forest Products Inc. (the “Corporation”) will be held at Suite 2800, 666 Burrard Street, Vancouver, British Columbia, Canada on May 22, 2020 at 9:00 a.m., Pacific Daylight Time, for the following purposes: 1) to receive the annual report to shareholders, including our consolidated financial statements, together with the auditors’ report thereon, and Management’s Discussion and Analysis for the fiscal year ended December
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