Mr. Kevin Edgson of Canfor Pulp reports

2023 SUSTAINABILITY REPORT DEMONSTRATES CANFOR PULP AND CANFOR'S CONTINUED ESG PERFORMANCE

Today, Canfor Pulp Products Inc. and Canfor Corp. jointly released their 2023 sustainability report. The report highlights the companies' environmental, social and governance (ESG) activities and tracks performance against established goals.

"Our sustainably-produced forest products are in demand as the world continues to shift to a low-carbon economy. In addition to the steady and sustained shift from traditional usage in printing and writing paper to growth markets like tissue, hygiene and packaging, pulp products are experiencing new market development in bioproducts for applications replacing fossil-based materials," said Kevin Edgson, president and chief executive officer, Canfor Pulp. "While our backbone is the strength and versatility of our products, these characteristics also extend to our people who develop them every day, safely and sustainably."

Highlights of the 2023 sustainability report include:

• Moving toward the company's goal of becoming net-zero by 2050, including establishing a target to reduce its scope 3 GHG emissions by 25 per cent by 2030 from a 2022 baseline year. This builds on its previously established target to reduce scope 1 and 2 emissions by 42 per cent by 2030 from a 2020 baseline year. The company's emissions targets were submitted for validation with the Science Based Targets initiative (SBTi). The company also developed a climate change strategy to prioritize and focus climate-related initiatives across the company.
• Progressing the company's diversity and inclusion initiatives, with 50 per cent of its North American new hires coming from under-represented groups and 98 per cent of its salaried employees in North America completing its inclusion and diversity awareness training.
• Maintaining responsible forest stewardship practices, with 100 per cent of the company's Canfor-managed forests certified to SFI or FSC Forest Management Standards, and 100 per cent of all sourced wood in our North American wood products operations certified to SFI Fibre Sourcing Standard.
• Advancing indigenous partnerships, with almost half of the company's Canadian operating area covered by agreements with nations. The company continues to work closely with indigenous communities to find opportunities for mutually beneficial partnerships.

About Canfor Pulp Products Inc.

Canfor Pulp Products is a leading global supplier of pulp and paper products with operations in the central interior of British Columbia. Canfor Pulp operates two mills in Prince George, B.C., with a total capacity of 780,000 tonnes of premium reinforcing northern bleached softwood kraft (NBSK) pulp and 140,000 tonnes of kraft paper. CPPI shares are traded on the Toronto Stock Exchange under the symbol CFX.

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