An anonymous director reports

CANFOR ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BID

Canfor Corp. has received regulatory approval to renew a normal course issuer bid that will expire in March, 2024. Under the new bid, the company may purchase for cancellation up to 5,942,508 common shares of the company or approximately 5 per cent of the 118,850,179 shares outstanding as of March 15, 2024, at prevailing market prices, in accordance with the rules of the Toronto Stock Exchange. The company repurchased a total of 1,905,100 shares for cancellation from March 21, 2023, to and including March 15, 2024, under its prior bid, at a volume-weighted average price of $18.9449 per share, through the facilities of the TSX. Under its prior bid, the company sought and was approved to purchase 6,052,978 shares.

The renewed normal course issuer bid will commence on March 21, 2024, and continue until March 20, 2025, unless completed or terminated earlier. Canfor believes that the purchase of shares under the normal course issuer bid represents an effective use of the company's financial resources and is in the best interests of the company.

The company has entered into an automatic share purchase plan with a broker providing for the repurchase of shares under the renewed normal course issuer bid.

Purchases of shares made under the bid will be made at the discretion of the company at prevailing market prices and will be effected through the facilities of the TSX and/or through one or more Canadian alternative trading systems, in compliance with regulatory requirements. Daily purchases will be restricted to not more than 51,474 shares, representing 25 per cent of the 205,899 average daily trading volume of the shares on the TSX for the six-month period ended Feb. 29, 2024, subject to certain prescribed exemptions. There can be no assurance as to the precise number of shares that will be repurchased under the share repurchase program. The company may discontinue its purchases at any time, subject to compliance with applicable regulatory requirements. The company intends to hold all shares acquired under the issuer bid for cancellation.

About Canfor Corp.

Canfor is a global leader in the manufacturing of high-value, low-carbon forest products, including dimension and specialty lumber, engineered wood products, pulp and paper, wood pellets, and green energy. Proudly headquartered in Vancouver, B.C., Canfor produces renewable products from sustainably managed forests at more than 55 facilities across its diversified operating platform in Canada, the United States and Europe. The company has a 70-per-cent stake in Vida AB, Sweden's largest privately owned sawmill company, and also owns a 54.8-per-cent interest in Canfor Pulp Products Inc. Canfor shares are traded on the Toronto Stock Exchange under the symbol CFP.

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