Canfor Corporation announced that it will implement reduced operating schedules at its Western Canadian sawmills effective April 4, 2022 due to the cumulative effects of the unprecedented global supply chain crisis that has been ongoing for several months. The reduced operating schedules will remain in effect for a minimum of four weeks and the Company will continue to assess and make adjustments to operating schedules as supply chain conditions evolve. “We are experiencing extreme supply chain challenges that are significantly impacting our operations and it has become imperative to reduce operating schedules to address our unsustainable inventory levels. We regret the impact that the reduced operating schedules will have on our employees, contractors and communities and we will make efforts to mitigate the negative effects,” said Don Kayne, President and CEO, Canfor. “We will continue to leverage our global operating platform to minimize disruptions in supply to our customers.” It is anticipated that the reduced operating schedules will impact production capacity by a minimum of 100 million board feet.

Q2/2022 (year-on-year) • Sales increased by 18% to EUR 3,054 (2,592) million. • Operational EBIT increased by 39% to EUR 505 (364) million. • Operational EBIT margin increased to 16.5% (14.0%). • Operating profit (IFRS) increased to EUR 399 (182) million. • Cash flow from operations amounted to EUR 404 (463) million. Cash flow after investing activities was EUR 247 (339) million. • Operational ROCE excluding the Forest division increased to 22.8% (18.1%), the target being >13%. Q1-Q2/2022 (year-on-year) • Sales were EUR 5,852 (4,868) million. • Operational EBIT was EUR 1,008 (692) million.

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