Good afternoon, ladies and gentlemen, and welcome to the 2026 Annual Meeting of Shareholders of Velan. [Non-English content]. The proceedings are translated simultaneously, and you may select the preferred language at the bottom right of your screen. My name is Patrick Duncan, and I am the Chair of the Board of Directors of Velan, and I will preside as chair of this annual meeting. I would like to introduce Mr. Max Rogan, who I appoint as Secretary of the meeting. Before we begin the formal part of our meeting, I would like to ask Rishi Sharma, the new President and Chief Executive Officer of Velan, to say a few words. I would also like to draw your attention to our customary forward-looking information disclaimer on slide three. Certain statements made today may be forward-looking and are subject to risks and uncertainties, as more fully described in that cautionary statement. Thank you, Patrick. Good afternoon, everyone. As I set out in my new role as President and Chief Executive Officer of Velan, I am very excited for our future. With the strategic transactions we have closed in the last two years, the company is entering the next phase from a position of strength. We have a highly skilled team, deep technical expertise, and a strong commitment to our customers around the world. We are well-positioned to accelerate the execution of our strategy, invest in the capabilities that will strengthen our competitiveness, and continue building a stronger business for our employees, customers, and shareholders. For over 75 years, Velan has engineered mission-critical valve solutions for the world's most demanding applications and industries. The company occupies a unique and differentiated position in nuclear and defense. Decades of trust earned in power and oil and gas, as well as a growing MRO business, all built by skilled people with uncompromising commitment to engineering and quality. We are committed to building on that legacy as we move forward into our new phase of strategic growth. As we embark on this journey, we are guided by three priorities: creating an efficient organization with a culture of ownership, operational excellence that drives improved delivery and margins, and a sharper focus on our growth opportunities in every market that we serve. We have already implemented a streamlined organizational model of global corporate functions and regional business units and completed a series of senior leadership appointments to drive our ownership culture. By simplifying our structure, strengthening accountability, and bringing decision-making closer to our customers and markets, we are creating a stronger foundation for operational excellence and enhanced commercial execution with the support of our dedicated employees around the world. If we deliver on these priorities, we believe it will drive stronger profitability and cash generation, the foundation for reinvestment, deleveraging, and long-term shareholder returns. Thank you for your continued confidence in Velan. I now turn the call back over to Patrick. Thank you, Rishi. I now formally call the meeting to order in accordance with the bylaws of the corporation. We intend that the meeting be conducted efficiently and effectively, and I would ask for your cooperation in this regard. Instructions on how to ask questions and the voting procedure will appear on your screens. As with any technology, unexpected glitches may occur, but our service providers for this platform are very experienced at running this type of meeting and will help us out. As we move through our agenda to consider each item of business, I will give registered shareholders and appointed proxy holders an opportunity to ask questions. If you have a question, you may type it in the questions section, identified by the Questions tab on the left portion of your screen that will be present throughout the meeting. When entering your questions, we ask that you state your questions as clearly as possible and specify the item of business that your question relates to so that we can ensure it is considered and addressed. Your questions should be limited to the specific motion or item of business before the meeting at that time. All proper questions that are relevant to the item of business being discussed will be read out loud and responded to while that item of business is before the meeting. Today's votes will be conducted by a poll. Every multiple voting shareholder entitled to vote on the matter has five votes in respect of each share held by that shareholder. Every subordinate voting shareholder entitled to vote on the matter has one vote in respect of each share held by that shareholder. Shareholders who voted in advance of the meeting do not need to complete the ballot or take any further steps to cast their votes unless they wish to change their vote. If you do vote by ballot at today's meeting, then that will automatically revoke your prior vote or any prior proxy granted. On behalf of the board of directors, I wish to express thanks to those shareholders who have submitted their proxies in advance. Please note that only registered shareholders who held shares on July 13, 2026, the record date for this meeting, or validly appointed proxy holders are entitled to vote at this meeting. If you are not a registered shareholder or a duly appointed proxy holder, you are attending this meeting as a guest. Guests will be able to listen to the meeting but cannot ask questions or vote during the meeting. The poll for the election of directors, the appointment of the auditor, and any remaining items of business will be open until the end of this meeting. I will provide results of voting at the end of the meeting based on information provided by our scrutineer. The final voting results will be released after the meeting in accordance with our usual practices, applicable laws, and stock exchange requirements and will be available under our profile on SEDAR. We will now proceed with the business of the meeting. With the consent of the meeting, I appoint TSX Trust Company, acting through its representative, Bertrand Gely and Jenny Khongkham, to act as scrutineer of the meeting. The scrutineer has reported in its preliminary report on attendance that at least 52 shareholders are present at the meeting or represented by proxy, and that the aggregate number of shares represented by the shareholders or by proxy at this meeting is 19,422,408 shares, representing 97.1% of the votes by the issued and outstanding shares of the corporation. A final scrutineer's report on attendance and voting will be filed with the records of this meeting. I note that the minutes of the annual meeting of shareholders held on July 10th, 2025, have been tabled and will be kept with the records of the meeting. There are a number of items of business to be presented to the meeting. These matters were set out in the notice of the meeting and the management proxy circular prepared in connection with this meeting and made accessible to all shareholders. You will be asked today to receive the consolidated financial statements of the corporation for the financial year ended February 28th, 2026, together with the auditor's report thereon. Elect the directors, appoint the external auditor and authorize the directors to set the external auditor's compensation and transact such other business, if any, as may properly come before the meeting or any adjournment or postponement of the meeting. The secretary has provided me with proof that the notice calling this meeting in accordance with the notice and access procedure was mailed to all shareholders as of the record date. I direct that the proof of service be annexed to the minutes of the meeting. Unless there is an objection, I will dispense with the reading of the notice of the meeting. Seeing none, I now declare that this meeting to be properly constituted for the transaction of business. The next item of business is the presentation of our 2026 audited consolidated financial statements, together with the auditor's report thereon, a copy of which has been mailed to each registered or beneficial shareholder who requested so. The board of directors has approved these financial statements and the secretary will now table them. The next item of business is the election of directors. The board has decided that seven directors will be elected at this meeting and has proposed seven nominees. Each proposed nominee's biography is included in the circular. I now declare the meeting open for nominations. May I have a nomination for the nominees proposed to be nominated by the board and by Velan Holding Corporation? Mr. Chairman, I propose the following seven persons to act as directors of the corporation. Suzanne Blanchet, Daniel Desjardins, Patrick G. Duncan, Shauna Gamble, Edward Kernaghan, Joshua Lundy, James A. Mannebach. I move that they be elected directors to hold office until the next annual meeting of shareholders, or until their successors are duly elected or appointed. Thank you. May I have a seconder? Mr. Chairman, I second the motion. Thank you. Are there any other shareholders wishing to make nominations for election as Directors? I declare the nominations closed. Is there any discussion on the matter? As a reminder, if you have a question relating to the motion nominating each of the Directors, please type it in now. If there is no discussion, I now call for a vote on the motion. Please submit your vote on the Lumi platform. Thank you for voting. The next item on the agenda is the reappointment of the auditor for the ensuing year and the determination of the auditor's remuneration. May I have a motion with respect to the appointment of the auditor? Mr. Chairman, I move that PricewaterhouseCoopers LLP, a partnership of chartered professional accountants, be reappointed as auditor of the Corporation until the next annual meeting of shareholders, and that the Directors be authorized to fix their compensation. Thank you. May I have a seconder? Mr. Chairman, I second the motion. Thank you. Is there any discussion on the matter? If you have questions, please submit them now. If there is no discussion, I now call for a vote on the motion. Please submit your vote now. Thank you for voting. This concludes the business of the meeting. Polls for all the items of the business will now close. The scrutineer has presented its report and advises that all resolutions have been approved by at least a majority of votes cast at the meeting by the shareholders or by proxy, as required. Accordingly, I declare that all resolutions have been carried. The final voting results will be released after the meeting in the usual format and will be available under our profile on SEDAR. Ladies and gentlemen, this concludes the agenda of items for this meeting. May I now have a motion to conclude the meeting? Mr. Chairman, I move that the meeting be concluded. Thank you. May I have a seconder? Mr. Chairman, I second the motion. Thank you. Absent any objection, I declare the motion carried and that the meeting terminated. On behalf of the board of directors and the management team of Velan, thank you for participating in our annual general meeting of shareholders. We appreciate your continued support and look forward to seeing you again next year.