### Overview

Below are the Table of Contents, List of Tables and a sample table from theWorld Pulp & Recovered Paper Forecast

. While the emphasis of this report is on the international pulp market, theWorld Pulp & Recovered Paper Forecastalso includes an analysis of downstream products. The report contains detailed forecasts through 2014 of the major world economies and the international paper and board markets in addition to worldwide coverage of wood pulp and international recovered paper. Considerable emphasis is placed on analyzing the cost structures of the major pulp producing regions including: US South, US Pacific Northwest, British Columbia, Eastern Canada, Sweden, Finland, Portugal, Spain, Brazil, Chile and Indonesia. This cost analysis supports the dynamic forecasts of volatile pulp prices on a delivered basis into North America and Western Europe.

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### Table of Contents Executive Summary 1 Economic Outlook 11 International Paper and Paperboard 25 International Pulp 85 International Recovered Paper 181 

### List of Tables

Executive Summary Table 1 International Economic Summary Table 2 International Total Paper and Board Summary Table 3 International Paper Grade Market Pulp Summary Table 4 International Recovered Paper Summary Economic Outlook Table 1 US Economic Outlook Table 2 Canadian Economic Outlook Table 3 Euro Area Economic Outlook Table 4 Real GDP Growth: Selected Asian Countries Table 5 Japanese Economic Outlook Table 6 Real GDP Growth: Latin America International Paper and Paperboard Table 1 World Demand for Paper and Paperboard Table 2 Regional Paper and Board Demand and Share of World Total Table 3 Announced Printing and Writing Paper Capacity Expansion by Major Region of the World (2009-2011) Table 4 Announced Newsprint Capacity Expansion by Major Region of the World (2009-2011) Table 5 Average Annual Growth Rate of Regional Economies and Paper Demand Table 6 Announced Tissue Capacity Expansion by Major Region of the World (2009-2011) Table 7 Announced Containerboard Capacity Expansion by Major Region of the World (2009-2011) Table 8 Announced Boxboard Capacity Expansion by Major Region of the World (2009-2011) Table 9 Announced Specialty and Packaging Papers Capacity Expansion by Major World Region (2009-2011) Table A1 World Total Paper and Paperboard Summary Table A2 World Printing and Writing Papers Summary Table A3 World Newsprint Summary Table A4 World Tissue Papers Summary Table A5 World Containerboard Summary Table A6 World Other Paper and Paperboard Summary International Pulp Table 1 Paper Grade Wood Pulp Demand by Major World Region and Share of the World Total Table 2 Net Imports (Exports) of Paper Grade Wood Pulp Table 3 Assumed Market Pulp Capacity Changes (2008-2014) Table 4 World Market Pulp Capacity Table 5 Average Bleached Softwood Kraft Market Pulp Delivered Variable Costs to Northern Europe 

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# World Pulp & Recovered Paper Forecast - ExcerptApril 2010Excerpt - World Pulp & Recovered Paper Forecast, April 2010 2 RISI Table 6 Average Bleached Hardwood Kraft Market Pulp Delivered Variable Costs to Northern Europe Table A1 Market Pulp Price and Cost Summary Table A2 World Paper Grade Wood Pulp Apparent Consumption Table A3 Paper Grade Wood Pulp Summary Table A4 World Paper Grade Market Pulp Table A5 US South Bleached Softwood Kraft Pulp Production Costs Table A6 US South Bleached Hardwood Kraft Pulp Production Costs Table A7 US Pacific Northwest Bleached Softwood Kraft Pulp Production Costs Table A8 B.C. Coast Bleached Softwood Kraft Pulp Production Costs Table A9 B.C. Interior Bleached Softwood Kraft Pulp Production Costs Table A10 Eastern Canada Bleached Softwood Kraft Pulp Production Costs Table A11 Eastern Canada Bleached Hardwood Kraft Pulp Production Costs Table A12 Eastern Canada Bleached Hardwood Chemithermomechanical Pulp Production Costs Table A13 Sweden Bleached Softwood Kraft Pulp Production Costs Table A14 Sweden Bleached Hardwood Kraft Pulp Production Costs Table A15 Finland Bleached Softwood Kraft Pulp Production Costs Table A16 Finland Bleached Hardwood Kraft Pulp Production Costs Table A17 Brazilian Bleached Hardwood Kraft Pulp Production Costs Table A18 Portuguese Bleached Hardwood Kraft Pulp Production Costs Table A19 Spanish Bleached Hardwood Kraft Pulp Production Costs Table A20 Chilean Bleached Softwood Kraft Pulp Production Costs Table A21 Indonesian Bleached Hardwood Kraft Pulp Production Costs International Recovered Paper Table 1 International Recovered Paper Summary Table A1 World Recovered Paper Demand Summary Table A2 US Recovered Paper Usage Rates for All Major Grades of Paper and Paperboard Table A3 US Recovered Paper Consumption by All Major Grades of Paper and Paperboard Table A4 US Recovered Paper Demand and Supply Summary Table A5 US Recovered Paper Exports by Destination Table A6 US Recovered Paper Prices by Region - Grades 1-10 Table A7 US Recovered Paper Prices by Region - Grades 11-31 Table A8 US Recovered Paper Prices by Region - Grades 37-42 Table A9 US Recovered Paper Prices by Region - Grades 43-47 Table A10 Canadian Recovered Paper Usage Rates for All Major Grades of Paper and Paperboard Table A11 Canadian Recovered Paper Consumption by All Major Grades of Paper and Paperboard Table A12 Canadian Recovered Paper Demand Summary Table A13 Western Europe Recovered Paper Usage Rates for All Major Grades of Paper and Paperboard Table A14 Western Europe Recovered Paper Consumption by All Major Grades of Paper and Paperboard Table A15 Western Europe Recovered Paper Demand Summary Table A16 Western Europe Recovered Paper Prices Table A17 Far East Recovered Paper Demand Summary Table A18 Japan Recovered Paper Usage Rates for All Major Grades of Paper and Paperboard Table A19 Japan Recovered Paper Consumption by All Major Grades of Paper and Paperboard Table A20 Japan Recovered Paper Demand and Price Summary Table A21 China Recovered Paper Demand Summary Table A22 Other Far East Recovered Paper Demand Summary Table A23 China and Southeast Asia Recovered Paper Price Forecast Table A24 Middle East Recovered Paper Demand Summary Table A25 Latin America Recovered Paper Demand Summary Table A26 Africa Recovered Paper Demand Summary Table A27 Oceania Recovered Paper Demand Summary Table A28 Eastern Europe Recovered Paper Demand SummaryExcerpt - World Pulp & Recovered Paper Forecast, April 2010 RISI 3 

### Table A4 World Paper Grade Market Pulp

Thousand Tonnes 

### Sample Table

2008 2009 2010 2011 2012 2013 2014

APPARENT CONSUMPTION Total Paper Grade 54,555 52,528 54,346 56,366 58,464 57,235 60,711 %Ch 1.1 -3.7 3.5 3.7 3.7 -2.1 6.1

Bl. Softwood Kraft 22,753 21,343 21,915 22,359 23,120 22,405 23,754 %Ch -0.7 -6.2 2.7 2.0 3.4 -3.1 6.0 Bl. Hardwood Kraft 24,400 24,259 24,954 26,199 27,183 26,715 28,773 %Ch 5.6 -0.6 2.9 5.0 3.8 -1.7 7.7 Sulfite 1,247 1,143 1,162 1,153 1,138 1,107 1,122 %Ch -9.1 -8.3 1.7 -0.8 -1.3 -2.7 1.4 Unbl. Kraft 2,172 1,947 2,149 2,235 2,324 2,351 2,515 %Ch -11.8 -10.4 10.4 4.0 4.0 1.2 7.0 Semichemical 28 0 0 0 0 0 0 %Ch 7.7 -- -- -- -- -- -- Mechanical 3,955 3,837 4,167 4,420 4,698 4,656 4,547 %Ch -3.3 -3.0 8.6 6.1 6.3 -0.9 -2.3

SHIPMENTS Total Paper Grade 53,673 52,528 54,346 56,366 58,464 57,235 60,711 %Ch -0.3 -2.1 3.5 3.7 3.7 -2.1 6.1

Bl. Softwood Kraft 22,352 21,343 21,915 22,359 23,120 22,405 23,754 %Ch -1.9 -4.5 2.7 2.0 3.4 -3.1 6.0 Bl. Hardwood Kraft 24,526 24,259 24,954 26,199 27,183 26,715 28,773 %Ch 5.7 -1.1 2.9 5.0 3.8 -1.7 7.7 Sulfite 1,142 1,143 1,162 1,153 1,138 1,107 1,122 %Ch -13.5 0.1 1.7 -0.8 -1.3 -2.7 1.4 Unbl. Kraft 1,988 1,947 2,149 2,235 2,324 2,351 2,515 %Ch -14.3 -2.1 10.4 4.0 4.0 1.2 7.0 Semichemical 5000000 %Ch -81.5 -- -- -- -- -- -- Mechanical 3,660 3,837 4,167 4,420 4,698 4,656 4,547 %Ch -12.5 4.8 8.6 6.1 6.3 -0.9 -2.3

CAPACITY AND OPERATING RATES Total Paper Grade 61,345 60,320 60,985 60,175 61,695 61,890 64,300 Utilization Rate 0.875 0.871 0.891 0.937 0.948 0.925 0.944

Bl. Softwood Kraft 24,910 23,772 24,250 23,985 24,610 24,060 24,590 Utilization Rate 0.897 0.898 0.904 0.932 0.939 0.931 0.966 Bl. Hardwood Kraft 28,050 28,328 28,595 27,750 28,370 29,015 30,690 Utilization Rate 0.874 0.856 0.873 0.944 0.958 0.921 0.938 Sulfite 1,395 1,260 1,260 1,255 1,330 1,330 1,330 Utilization Rate 0.819 0.907 0.922 0.919 0.856 0.832 0.844 Unbl. Kraft 2,415 2,415 2,235 2,300 2,400 2,500 2,605 Utilization Rate 0.823 0.806 0.961 0.972 0.969 0.941 0.965 Semichemical 5000000 Utilization Rate 1 -- -- -- -- -- -- Mechanical 4,570 4,545 4,645 4,885 4,985 4,985 5,085 Utilization Rate 0.801 0.844 0.897 0.905 0.942 0.934 0.894 WORLD TOTALS