2024 Annual Meeting of Shareholders of Canfor Corporation. Please note that the meeting is being recorded. I would like to introduce the Honorable John Baird, Director and Chairman of the Board, and Chair for today's meeting. Mr. Baird, the floor is yours. Good afternoon. It is now 12:00 noon, and I would like to ask the meeting to come to order. I will be acting as chairman for this important meeting. I'm very pleased to extend a warm welcome to all of you today for Canfor Corporation's 42nd Annual General Meeting. Please ensure you remain connected to the Internet during the course of this meeting. If you need technical assistance, please see the section entitled, "Voting Process and Meeting Technical Assistance" in the Management Information Circular respecting this meeting. This meeting is convened as an AGM of shareholders and has been called for the principal purposes of receiving the consolidated financial statements for the year ended December 31, 2023, together with the auditor's report and the report of directors to the shareholders. Fixing the number of directors at 13, electing the directors for the coming year, and appointing the auditors for the coming year. Once we've dealt with the necessary resolution, we will ask the President and Chief Executive Officer, Don Kayne, to make a few short remarks. Ask David Calabrigo, Senior Vice President, Corporate Development, Legal Affairs, and Corporate Secretary, to act as the Secretary of this meeting. I would now like to introduce you to the directors of Canfor Corporation joining us at this meeting. Ryan Barrington-Foote, Glen Clark, Santhe Dahl, Dieter Jentsch, Don Kayne, Conrad Pinette, Dallas Ross, Ross Smith, Frederick Stimpson, William Stinson, Sandra Stuart, Dianne Watts. They have all worked diligently and effectively with the management team at Canfor, and we appreciate their support and wise counsel. On behalf of the board of directors, I'm very pleased to acknowledge. Our appreciation for the contributions that all of the company's personnel have made over the last year. With the consent of the meeting, I hereby appoint TSX Trust Company to act as scrutineer for the meeting. I will now... I'll call on Mr. Calabrigo to deal with the notice of this meeting. Mr. Chairman, the notice calling the meeting was mailed to all shareholders of the company entitled to receive such notice. TSX Trust Company has provided us with a certificate as to the mailing, and a copy of the certificate will be kept for the records of the meeting. Mr. Secretary, would you please summarize the preliminary scrutineer's report? I receive the report that there are 73 shareholders holding 84,209,585 shares represented in attendance, online or by proxy, at this virtual meeting, and representing 73% of the total issued and outstanding shares of the company. As Chairman of the meeting, I adopt the preliminary scrutineer's report and declare the attendance at this meeting to be as they have set forth. I direct that when delivered, the final scrutineer's report be kept with the records of this meeting. In accordance with the preliminary scrutineer's report, I declare a quorum to be present and the meeting to be duly constituted for the transaction of business. Based on the preliminary scrutineer's report, a sufficient number of proxies have been deposited with TSX Trust Company, voting in favor of all resolutions in the circular in order to pass each item of business in this meeting. I propose that we deal first with all the former formal business requirements of the meeting. After the formal portion of the meeting has concluded, Don Kayne, the company's President and Chief Executive Officer, will say a few words and there will be a final opportunity for questions from the registered shareholders and proxy holders who can submit it online. As this meeting is being held virtually, I would like to remind you that all voting, the voting on all matters described in the Management Information Circular for the meeting will be conducted by electronic ballot. To allow sufficient time for voting, the polls for all matters being voted on will now be open, following these introductory remarks, and close at the end of the formal portion of the meeting. Only registered shareholders and duly appointed proxy holders who have been properly logged in to the meeting will be able to vote at the meeting. I also remind you that if you are a registered shareholder and you have already voted by proxy, you do not need to vote again unless you want to change your vote. If you plan to vote at the meeting, you may choose to vote on each resolution immediately or wait to cast... your vote until after the motion for an item is proposed. As all the items for business before the virtual meeting have been put forward, I will give registered shareholders and proxy holders an opportunity to discuss these items of business, make comments, and ask questions, and to provide an opportunity to enter their votes in the open poll, if they haven't already done so. And then declare voting closed on all resolutions. In order to expedite the proceedings today, I will be proposing and seconding all motions, and any motions not included in the circular. The motions will be determined based on preliminary scrutineer’s reports and reliant on the discretionary authority granted in the proxies deposited for this meeting or on a poll, at my discretion. I now declare the polls open on all resolutions in the circular for the meeting. The first item of business is to place before the meeting a consolidated financial statements of the company for the year ended December 31, 2023, together with the auditor's report and the report of the directors to shareholders. Each statements and reports are contained in the company's annual report, and they're available on SEDAR+ or from the company upon request. I will regard the statements and reports as received by the meeting. The next item of business is to fix the number of directors of the company. I propose that the number of directors be fixed at 13. I direct that a poll be conducted on the motion and that the scrutineer report the results. If you haven't already cast your vote online or by proxy, please cast your vote now. The next item of business is the election of directors. I propose that the following individuals be nominated to act as directors of the company to hold office until the next AGM. John Baird, Ryan Barrington-Foote, Glen Clark, Santhe Dahl, Dieter Jentsch, Don Kayne, Conrad Pinette, Dallas Ross, Ross Smith, Frederick Stimpson, William Stinson, Sandra Stuart, and Dianne Watts. These persons are management's nominees for election, as was stated in the information circular mailed to the shareholder, mailed to the shareholders of the company. There being no further nominations, I declare the nominations closed. I direct that a poll be conducted on the motion and that the scrutineer report the results. If you haven't already cast your vote online or by proxy, please cast your vote now. The next item of business is the appointment of auditors, and it is the board's recommendation that KPMG LLP, Chartered Accountants, be appointed auditors for the company. I propose that KPMG LLP, Chartered Accountants, be appointed auditors of the company. I direct that a poll be conducted on the motion and the scrutineer report the results. If you haven't already cast your vote online or by proxy, please cast your vote now. That concludes the matters to be voted on. To those registered shareholders and proxyholders who have not yet raised matters for discussion and comment after questions are voted on all of the resolutions for which the polls remain open, please do so now, and I will shortly close all such polls. There being no further discussion at this time, the polls on all such resolutions are now closed. I direct the scrutineer to provide a report on the results of the poll. Based on the scrutineer's initial meeting report, I declare that the number of directors of the company has been set at 13, as only the required number of persons have been nominated and elected as directors of the company. I declare that those persons nominated have been duly elected by acclamation as a director of the company to hold office until the next AGM, and KPMG LLP, Chartered Accountants, have been appointed as the auditors of the company. After the meeting, upon receipt of the scrutineer's final meeting report on the polls conducted during the meeting, I direct the reporting secretary of this meeting to attach the scrutineer's final meeting report to the minutes of the meeting. All of the business for which this meeting was called have been completed. Following termination of this formal part of the meeting, Don Kayne, the company's President and Chief Executive Officer, will say a few words regarding our company's development, and registered shareholders and proxyholders who wish to ask questions or make comments will be subsequently invited to do so. I propose that the formal portion of this meeting be terminated. Based on the preliminary scrutineer's report, I declare the motion carried, and the formal part of this meeting is now terminated. I now call upon Don Kayne, the company's President and CEO, to address the meeting. After Don's remarks, registered shareholders or duly appointed proxyholders can ask questions using the messaging icon on the top of the virtual interface. Don? Thanks, John. Good morning, everyone, and thank you for joining us today for Canfor Corporation's Annual General Meeting. I would like to acknowledge that today's meeting is being hosted from the Vancouver head office on the unceded territory of the Coast Salish peoples, including the territories of the Musqueam, Squamish, and Tsleil-Waututh Nations. We acknowledge them and the more than 60 nations across our operating regions in British Columbia and Alberta as an important sign of respect and a step towards reconciliation. Around the world, sustainably produced forest products are being recognized for their role in the global fight against climate change. From the way that our fiber is sourced, to how it is manufactured, and carbon saving benefits of our products, our high-value, low-carbon products are in demand across the globe. While we continue to be optimistic about the opportunities ahead, we experienced a challenging year in 2023. At last year's AGM, lumber markets were just coming off an extraordinary run, reaching a peak of $1,600 per thousand board feet in 2022. But in 2023, we found ourselves in a very different space, with lumber prices collapsing dramatically, reaching lows of $330 per thousand board feet. There are many reasons for this downturn, including geopolitical unrest affecting global supply chains, continued inflationary pressures impacting housing affordability and consumer confidence, extensive wildfires, particularly in Western Canada, and a challenging policy landscape, which has caused persistent uncertainty with regards to accessing economically viable fiber in British Columbia. Canfor reported an operating loss of approximately CAD 530 million in 2023. After taking account of adjustments, our operating loss was $590 million, or $2.79 per share. The lumber segment, the adjusted operating loss for 2023, was approximately $404 million, compared to the adjusted operating earnings of approximately $1.42 billion in 2022. These results were mostly driven by a substantial decline in global lumber market prices in 2023. Timber pricing pressure was coupled with a modestly lower production in shipment volumes in 2023, mainly due to the combination of permanent and temporary curtailments at Canfor's Western Canadian sawmills, slightly offset by a 4% weaker Canadian dollar versus the U.S. dollar in the current year. We continue to pay cash deposits on Canadian lumber exports to the U.S., and at the end of 2023, we had $703 million, or CAD 931 million, on deposit. Canfor paid cash deposits at a rate of 5.87% in the first half of 2023, and 6.61% for the second half. On February 1, 2024, following a 5th administrative review of antidumping and countervailing duty orders, the U.S. Department of Commerce confirmed its intent to extend existing tariffs, and based on the preliminary rates for Administrative Review 5, Canfor's combined cash duty deposit rate is set to rise to 15.79% in August 2024. Together, with governments and industry partners, we will continue to defend our interests against these unfair and unjustified tariffs. Canfor Corporation is also active in the pulp and paper segment through our 54.8% interest in Canfor Pulp. 2023 was also a difficult year for Canfor Pulp, with an adjusted operating loss of approximately CAD 130 million for the current year, compared to an adjusted operating loss of CAD 99 million for the prior year. These results largely reflected substantially lower average Northern Bleached Softwood Kraft Pulp unit sales realizations, tied directly to the weak global pulp market conditions through most of the year, along with the reduced pulp production and shipments, and the closure of our PG pulp mill early in 2023. For quarter one, on a consolidated basis, the company reported an operating loss of approximately CAD 86 million for the Q1 of 2024. This reflects a shareholder loss of CAD 65 million or CAD 0.54 per share. This quarter, we saw sustained pressure on global lumber markets and pricing, especially for Southern Yellow Pine, which resulted in challenging results for the U.S. South. In Europe, we experienced solid earnings, and although Western Canada benefited from an uplift in Western Spruce-Pine-Fir pricing in the Q1, we continue to see ongoing constraints accessing economically viable fiber in British Columbia that we expect to impact lumber and pulp operating rates in the near term and through the balance of 2024. Despite market volatility and ongoing challenges, we have maintained a strong balance sheet. As at December 31, 2023, on a consolidated basis, including Canfor Pulp and Vida, the company had a total net cash of approximately $357 million and total liquidity of approximately $1.848 billion. This provides the flexibility to execute on our strategy and pursue opportunities as they arise. For the past decade, we have been focused on building a globally diversified operating platform by increasing our footprint in the U.S. and Europe, while working towards a smaller but stronger presence in Western Canada. As a result of this strategy, we have been better able to customize our shipments to serve our customers from various operating regions. Through a targeted and expansive capital investment program, we are modernizing and transforming our manufacturing facilities to ensure we have a globally competitive operations capable of meeting the needs of our customers. We are undertaking this work while also ensuring financial flexibility and identifying areas for external growth. In 2023, we made continued progress on several strategic initiatives. In the U.S. South, we had numerous capital expansion projects underway or completed in 2023. In April, we opened our first greenfield mill in the US South in DeRidder, Louisiana. This flagship operation is a modern, efficient workplace for our employees while providing manufacturing flexibility to produce high-value lumber products and better serve growing Southwestern markets, including Texas. We are also constructing a greenfield facility in Axis, Alabama, that will replace our existing operation in the city of Mobile. In Urbana, Arkansas, we are investing in upgrades to our existing sawmill and planer facilities, and earlier today, we announced a purchase agreement with Resolute Forest Products to acquire its El Dorado solid wood manufacturing facility in Union County, Arkansas. This acquisition will create synergies and vertical integration opportunities, given its complementary geographic fit with Canfor's existing operations in the region. In Q4 2023, we announced that Vida will increase the capacity of its Bruza Sawmill in Sweden from 175 million board feet to 240 million board feet. Construction will begin this year, and we anticipate new production to come online in 2026, and we continue to look for new opportunities in Northern Europe and are also working to enhance vertical integration within Vida's highly successful wood packaging division. As I mentioned, the BC operating environment remains extremely challenging. Regulatory complexity and uncertainty here continue to significantly constrain our ability to consistently access enough economic fiber to support our sawmills and pulp mill operations. As a result, we have had to make difficult decisions to reduce our operations here as we work towards a smaller but stronger footprint in British Columbia. However, in Alberta, we continue to see higher, more stable returns generated by our Whitecourt, Fox Creek, and Spruceland facilities, which we acquired in 2022 from Millar Western. As we look to expand and grow our business, we remain deeply committed to sustainability, and it is embedded throughout our entire operations, from the forest to the finished product and beyond. We have an ambitious plan to be a leader in sustainable business, focused on three key areas: people, planet, and products. Across 13 material topics, we have set discrete goals to significantly shift the way we do business. Naturally, this includes a focus on climate change.... Through our target on Scope 1, 2, and 3 emissions, but it also includes improving safety, deepening relationships with Indigenous nations, increasing support for our operating communities, and further enhancing the diversity of our workforce, to name a few. Through these actions and our carbon-friendly products, Canfor is well positioned to be part of the solution to climate change. Being part of that climate change solution means looking for new ways to use forest fiber in all of its forms to displace fossil-based materials. Our bioinnovation team is doing just that, looking at how we can use and extract value from our residual fiber, its chips, sawdust, and other wood waste that's left over after we make dimension lumber to lower the carbon content of a broad spectrum of products. We are now testing options for the development of biocomposites that could be used for many products that are currently made of plastic. At our biofuels joint venture in Prince George, construction is progressing well, and we expect to start producing biofuel in the second half of 2024. This joint venture project is a partnership with Licella and the Lheidli T'enneh First Nation, just one of the many partnerships we have entered into with nations across our operating areas. As we advance our business, we are also deepening our relationships with Indigenous communities through agreements, partnerships, employment, and new ventures as part of our shared reconciliation journey. Looking ahead, North American markets are expected to remain challenging as interest rates remain at increased levels longer than previously anticipated. We are optimistic about the outlook in both Europe and Asia, and in China, we are seeing a growing interest in green building materials as governments and corporations recognize the many benefits of carbon building with wood. We'll continue to search for new opportunities that will further diversify both our operating platform and products offerings to insulate us from market downturns and the commodity price fluctuations. In particular, we see further opportunities in the US South as it has served us well to date, as well as in Northern Europe. Nothing that we do would be possible without the perseverance and commitment of our people. We recognize the responsibility that we have for their safety, and we work hard to ensure that everyone is safe, engaged, and is rewarded for their work. We continue to advance many safety initiatives, including our global safety program, to ensure that best practices are shared and implemented throughout the organization. We are also making improvements to the employee experience, and training and development remains a foundational aspect of our employee development as we build the future. Every member of our team has a role to play in our company's success, and I want to thank each of them for their contributions and resiliency through this challenging market. My appreciation also goes out to our board of directors for their guidance, and to our valued shareholders, customers, and the local and indigenous communities that we operate in for their continued confidence in our company. While market challenges will persist in the short term, I am confident in the future of our company. Increasingly, the forest industry is being recognized for the role that we can play in the global fight against climate change. Customers are looking to us for our sustainably produced, low-carbon products, and we are well positioned to make products that build a better future for our people and our planet. Thank you, John, and I'll turn it back over to you. Thank you for a great presentation. This is now an appropriate point in the meeting to deal with any final questions or discussion. I look to Valerie, is there any discussion or final questions from shareholders or proxy holders? Yes, there is one question. Why are there no dividend payments? Hey, Joseph, welcome your question. Let me say that I will certainly take your intervention back to my colleagues on the board of directors. I should say that the board of directors and management have been really focused on deploying capital on growth and has prioritized efforts such as the one that our Chief Executive spoke about in Louisiana, which has been an incredible success. Its operating performance has exceeded all of our expectations. And then, of course, current capital deployment on the greenfield Axis site and on the brownfield rebuild of our mill in Urbana, Arkansas. So this has been the focus for our capital deployment rather than dividend. I look to John, if you wanted to add anything to our comments. No, I agree with everything there, John, for sure.