GreenFirst Forest Products Inc. ($GFP)

Good morning, and welcome to the annual meeting of the shareholders of GreenFirst Forest Products Inc. Please note that today's meeting is being recorded. [Operator Instructions] I would like to turn the meeting over to the Chairman of GreenFirst, Paul Rivett. Mr. Rivett, the floor is yours.

Thank you, Emily. Good morning, fellow shareholders. My name is Paul Rivett, as Emily said, and I am the Chair of GreenFirst. Welcome to the 2026 Annual Meeting of GreenFirst Forest Products. Before proceeding with the business of the meeting, I would like to take this opportunity to introduce the officers of the corporation who are in attendance at this meeting, Joel Fournier, Michel Lessard, Peter Ferrante and Leila Weiner. We have a number of items of business to cover in today's meeting. As set out in the notice of meeting, during the formal portion of the meeting, only questions related to the specific resolutions will be addressed. All other questions will be addressed following the presentation. Only registered shareholders will be able to vote on the platform. You will see the voting button on the platform that will allow you to vote. If you have already submitted a proxy to Computershare indicating your vote on each item, you do not need vote again. Nonregistered shareholders may not participate in the virtual voting unless they have appointed themselves as proxy holder and have also registered with Computershare. I will now call the meeting to order. I will preside as Chair of this meeting, and Kathleen Skerrett of Gardiner Roberts LLP will act as Secretary of the meeting.

And I hereby appoint Marissa Beintema of Computershare Investor Services, Inc. to act as scrutineer of the meeting.

Thank you, Kathleen. The Secretary has advised me that the notice calling of this meeting, together with the form of proxy and management information circular have been sent to each director of the corporation, the auditors of the corporation, and each intermediary and registered holder of common shares of the corporation of record on March 25, 2026, the record date for the meeting. I will dispense with the reading of the notice of meeting. The scrutineers have provided me with the preliminary report regarding shareholder attendance at the meeting. The scrutineers report that there are present at this meeting in person or by proxy 33 shareholders holding 13,488,022 common shares. Accordingly, I declare that the requisite quorum of shareholders is present, and I declare that the meeting is duly and properly constituted for the transaction of business. I direct the confirmation of mailing of the notice of the meeting received by Computershare Investor Services Inc. and the scrutineers' complete report on attendance be annexed to the minutes of the meeting. In order to expedite the meeting, I've requested that certain persons make and second the formal motions, and I will call on these persons at the appropriate time. Shareholders may make comments specific to these motions prior to the vote through the message tab on the platform. However, please hold any comments on general matters until the question period to be held following management's presentation. The Secretary has the minutes of the last Annual Meeting of Shareholders of the corporation held on May 2, 2025, and these can be examined at any time. We will dispense with the reading of the minutes of such meeting. The first item of business is the presentation of the corporation's consolidated financial statements for the years ended December 31, 2025, and December 31, 2024, and the auditor's report thereon. We will dispense with the reading of the auditor's report to the meeting. As set out in the Management Information Circular, we will proceed with a resolution to set the number of directors be elected at this meeting at 6. May I have a motion that the number of directors to be elected at this meeting be set at 6.

I so move.

Thank you, Joel. May I have the motion seconded?

I second the motion.

Thank you, Michel. Is there any discussion on this matter? Hearing none, I will now call for a vote on the motion. If you have not already done so, please vote on this item. [Voting]

I have received the scrutineer's report and confirm that the resolution has passed by the requisite majority. We will now proceed with the election of directors. I declare the meeting open for nominations. In the interest of expediency, I will ask to Joel Fournier being a shareholder of the corporation to make the nominations on behalf of the management of the corporation.

I nominate those persons specified in the management information circular delivered with the notice of meeting, namely Paul Rivett, Bruce Berger, William Harvey, Mike Mitchell, Marty Proctor, and Larry Swets to serve as Director of the corporation to hold office until the next Annual Meeting of Shareholders or until their successors are duly elected or appointed in accordance with the article and bylaw of the corporation.

Thank you, Joel. I confirm that no notices of nomination of directors were received in accordance with the advanced notice provisions of the corporation's articles. I now declare the nominations closed. May I have a motion that the 6 persons nominated as directors of the corporation be so elected.

I so move.

Thanks, Joel. May I have the motion seconded?

I second the motion.

Thank you, Michel. I will now call for a vote on the motion. Shareholders are entitled to vote for each individual director nominee separately. If you have not already done so, please vote on the election of each nominee. [Voting]

I have received the scrutineer's report and confirm that each of the proposed directors has been elected by the requisite majority of the votes cast. I thereby direct that the results of the poll for the election of the directors be included in the minutes of this meeting announced in a press release in accordance with the policies of the TSX and filed on SEDAR. We will now proceed with the ratification of the appointment of the auditors of the corporation, and we very much appreciate our new auditors, MNP, they're fantastic. I have a motion that MNP LLP be appointed as auditors of the corporation until the next Annual Meeting of Shareholders or until a successor is appointed and that the Board of Directors are authorized to fix the auditors the auditor's remuneration.

I so move.

Thank you, Joel. May I have this motion seconded?

I second the motion.

Thank you, Michel. Is there any discussion on this matter? Hearing none, I will now call for a vote on this motion. If you have not already done so, please vote on this item. [Voting]

I have received the scrutineer's report and can confirm that the resolution has passed by the requisite majority. As described in the management information circular sent to shareholders with the notice of this meeting, the corporation is seeking shareholder approval of its amended and restated shareholder rights plan to be dated May 4, 2026. The Board of Directors of the corporation believes that the approval of the amended and restated shareholder rights plan is in the best interest of the corporation. In order for the amended and restated shareholder rights plan to be approved, a resolution must be passed by at least the majority of the shareholders as well as a majority of the independent shareholders as such term is defined in the shareholders' rights plan. The corporation has determined that all shareholders meet the definition of independent shareholder and therefore, only 1 vote is required. May I have a motion that a resolution in the form of the resolution as appearing on Page 21 of the Management Information Circular sent to shareholders with the notice of this meeting, approving the amended and restated shareholder rights plan be passed as a resolution of the corporation.

I so move.

Thank you, Joel. May I have the motion seconded?

I second the motion.

Thank you, Michel. Is there any discussion on this matter? We'll now call for a vote on the motion. If you have not already done so, please vote on this item. [Voting]

I have received the scrutineers' report and once again confirmed the resolution has passed by the requisite majority. Having concluded the formal business, is there any matters that should be brought before this meeting? Hearing none, that concludes the formal business brought before the meeting. And I wish to thank you for attending, and I now declare the meeting to be terminated. We will now take any general questions. Well, thank you very much, everyone, for attending. As we do not have any questions, this concludes the meeting. And you may now disconnect. Best regards.