Spreadsheet: monika_causholli__28198__Price Forecast
Sheet: Writing Paper

Uncoated Free Sheet Forecast |  |  | $
Firm/Analyst | Units | Current | 2000 | 1Q01 | 2Q01 | 3Q01 | 4Q01 | 2001E | 1Q02 | 2Q02 | 3Q02 | 4Q02 | 2002E | 1Q03 | 2Q03 | 3Q03 | 4Q03 | 2003E | 2004E |  | Date |  | Notes
ABG Sundal Collier - Coated Fine | eur/ton |  | 961 |  |  |  |  | 910 |  |  |  |  | 911 |  |  |  |  | 935 |  |  | 2001-09-03 00:00:00
ABG Sundal Collier - uncoated fine | eur/ton |  | 853 |  |  |  |  | 834 |  |  |  |  | 823 |  |  |  |  | 851 |  |  | 2001-09-03 00:00:00
ABG Sundal Collier - Magazine SC | eur/ton |  | 652 |  |  |  |  | 714 |  |  |  |  | 677 |  |  |  |  | 710 |  |  | 2001-09-03 00:00:00
ABG Sundal Collier - Magazine LWC | eur/ton |  | 795 |  |  |  |  | 854 |  |  |  |  | 819 |  |  |  |  | 848 |  |  | 2001-09-03 00:00:00
[NAME] | tonne |  | 866 |  |  |  |  | 820 |  |  |  |  | [NAME] |  |  |  |  |  |  |  | 2001-09-25 00:00:00 |  | 2002E decreased
[NAME] | tonne |  |  |  |  |  |  | 807 |  |  |  |  | 820 |  |  |  |  |  |  |  | 2001-09-05 00:00:00
[NAME] | tonne |  |  |  |  |  |  | 715 |  |  |  |  | 760 |  |  |  |  |  |  |  | 2001-09-05 00:00:00
CIBC Securities | sh. Ton |  | 755 |  |  |  |  | 725 |  |  |  |  | 760 |  |  |  |  |  |  |  | 2001-08-13 00:00:00
CS First Boston - CGW | sh. ton |  | 1070 |  | 1040 | 957 | 940 | 1001p | 940 |  |  |  | 963p |  |  |  |  |  |  |  | 2001-10-01 00:00:00 |  | 2001E increased from 1000 to 1001. 2002E increased from 957 to 963.
CS First Boston - CFS | sh. ton |  | 833 |  | 843 | 817 | 800 | 849p | 800 |  |  |  | 818p |  |  |  |  |  |  |  | 2001-10-01 00:00:00 |  | 2001E increased from 848 to 849. 2002E increased from 810 to 818.
CS First Boston - UCFS | sh. ton |  | 751 |  | 722 | 697 | 695 | [NAME] | 695 |  |  |  | 721p |  |  |  |  |  |  |  | 2001-10-01 00:00:00 |  | 2001E increased from 715 to 718. 2002E increased from 704 to 721..
Deutsche Bank - #3 Offset 50lb Rolls | $/sh. [NAME] |  | 756 | 770 | 723 | 690 | 675 | 715q | 660 | 685 | 710 | 740 | 699q |  |  |  |  | 790 |  |  | 2001-09-25 00:00:00 |  | 2001E increased from 711 to 715 - 2002E decreased from 730 to 699
Deutsche Bank - Forms Bond 20lb Rolls | $/sh. [NAME] |  | 739 | 750 | 750 | 745 | 723 | 743q | 700 | 720 | 745 | 760 | 731q |  |  |  |  | 810 |  |  | 2001-09-25 00:00:00 |  | 2001E increased from 723 to 743 2002E increased from 700 to 731
Deutsche Bank - Directory 22.5 | $/mt |  | 719 | 755 | 755 | 745 | 725 | [NAME] | 710 | 690 | 690 | 700 | 698q |  |  |  |  | 740 |  |  | 2001-09-25 00:00:00 |  | 2001E decreased from 748 to 745 2002E decreased from 740 to 698
Deutsche Bank - SC 35lb | $/mt |  | 845 | 860 | 847 | 785 | 780 | 818q | 760 | 760 | 770 | 795 | [NAME] |  |  |  |  | 825 |  |  | 2001-09-25 00:00:00 |  | 2001E decreased from 824 to 818.  2002E decreased from 810 to 771
Deutsche Bank - #4 Repro Bond | $/sh. [NAME] |  | 874 | 890 | 823 | 795 | 765 | 818 | 750 | 780 | 810 | 840 | [NAME] |  |  |  |  | 880 |  |  | 2001-09-25 00:00:00 |  | 2002E decreased from 825 to 795
Deutsche Bank - CFS #70 Sheet | $/sh. [NAME] |  | 1670 | 1640 | 1650 | 1645 | 1625 | 1640 | 1625 | 1625 | 1625 | 1625 | 1625 |  |  |  |  | 1570 |  |  | 2001-09-25 00:00:00
Deutsche Bank - CFS #60lb Rolls | $/sh. [NAME] |  | 953 | 930 | 840 | 815 | 800 | 846 | 800 | 810 | 840 | 870 | 830 |  |  |  |  | 910 |  |  | 2001-09-25 00:00:00
Deutsche Bank - 34lb Roto | $/sh. [NAME] |  | 1065 | 1070 | 1060 | 980 | 950 | 1015 | 950 | 950 | 970 | 1000 | 968 |  |  |  |  | 1030 |  |  | 2001-09-25 00:00:00
Deutsche Bank - #40 IB OS | $/sh. [NAME] |  | 920 | 925 | 840 | 815 | 790 | 843 | 790 | 790 | 810 | 840 | 808 |  |  |  |  | 865 |  |  | 2001-09-25 00:00:00
First Associate Investment Inc.
[NAME] -West Europe UWF | DM/ tonne |  |  | 1700 | 1625 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2001-10-09 00:00:00
[NAME] States UWF | $/sh. [NAME] |  |  | 842.5 | 798 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2001-10-09 00:00:00
[NAME] Japan UWF | Yen/KG |  |  | 119 | 119 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2001-10-09 00:00:00
JP Morgan - UCFS | sh. ton |  | 877 |  |  |  |  | 840 |  |  |  |  | 890 |  |  |  |  |  |  |  | 2001-09-27 00:00:00
Lehman Brothers - #3 60lb | sh. ton |  | 896 |  |  |  |  | 829 |  |  |  |  | 945 |  |  |  |  | 1050 |  |  | 2001-07-16 00:00:00
Lehman Brothers - #5 40lb | sh. ton |  | 873 |  |  |  |  | 828 |  |  |  |  | 898 |  |  |  |  | 979 |  |  | 2001-07-16 00:00:00
Lehman Brothers - #4 Repro | sh. ton |  | 813 |  |  |  |  | 788 |  |  |  |  | 855 |  |  |  |  | 968 |  |  | 2001-07-16 00:00:00
[NAME]
[NAME]
Merrill Lynch - UCGW | sh. ton |  | 719 |  |  |  |  | 756 |  |  |  |  | 770 |  |  |  |  |  |  |  | 2001-06-14 00:00:00
Merill Lynch - UCFS |  |  |  |  |  | 697 | 680 | 718q | 680 | 720 | 720 | 780 | 725q |  |  |  |  |  |  |  | 2001-09-28 00:00:00 |  | 2001E decreased from 738 to 718. 2002E decreased from 820 to 725.
Merrill Lynch - SCA | sh. Ton |  |  |  |  |  | 760 | 813 | 760 | 780 | 780 | 820 | 785 | 820 | 860 | 860 | 900 | 860 | 945 |  | 2001-10-15 00:00:00
Merill Lynch - Offset | sh. Ton |  |  |  |  |  | 680 | 718 | 680 | 720 | 720 | 780 | 725 | 780 | 840 | 840 | 900 | 840 | 960 |  | 2001-10-15 00:00:00
Morgan Stanley
National Bank of Canada - Directory |  | 740 | 700 |  | 740 | 740 |  | 735 |  |  |  |  | 700 |  |  |  |  |  |  |  | 2001-10-15 00:00:00
National Bank of Canada - SCA |  | 770 | 840 |  | 827 | 770 |  | 800 |  |  |  |  | 760 |  |  |  |  |  |  |  | 2001-10-15 00:00:00
National Bank of Canada - LWC 40lb |  | 790 | 935 |  | 815 | 800 |  | 835 |  |  |  |  | 800 |  |  |  |  |  |  |  | 2001-10-15 00:00:00
National Bank of Canada - 50lb offset |  | 670 | 740 |  | 717 | 677 |  | 720 |  |  |  |  | 700 |  |  |  |  |  |  |  | 2001-10-15 00:00:00
PPW - UCFS | sh. ton |  |  |  |  |  |  | 843 |  |  |  |  | 925 |  |  |  |  |  |  |  | 2001-08-23 00:00:00
PPW - CGW | sh. ton |  |  |  |  |  |  | 851 |  |  |  |  | 825 |  |  |  |  |  |  |  | 2001-08-23 00:00:00
PPW - UCFS | sh. ton |  |  |  |  |  |  | 890 |  |  |  |  | 935 |  |  |  |  |  |  |  | 2001-08-23 00:00:00
Salman Partners - SC-A | sh. ton |  |  |  |  |  |  | 475 |  |  |  |  |  |  |  |  |  |  |  |  | 2001-08-01 00:00:00
Salomon Smith Barney - UNCF Repro cut | sh. ton |  | 876 |  |  |  |  | nc |  |  |  |  | 930 |  |  |  |  | 900 |  |  | 2001-05-29 00:00:00
Salomon Smith Barney - UNCF - Formsbond | sh. ton |  | 729 |  |  |  |  | 675 |  |  |  |  | 790 |  |  |  |  | 800 |  |  | 2001-05-29 00:00:00
Salomon Smith Barney - CFS #1 | sh. ton |  | 1640 |  |  |  |  | 1600 |  |  |  |  | 1655 |  |  |  |  | 1650 |  |  | 2001-05-29 00:00:00
Salomon Smith Barney - CFS #3 | sh. ton |  | 938 |  |  |  |  | 910 |  |  |  |  | 1030 |  |  |  |  | 990 |  |  | 2001-05-29 00:00:00
Salomon Smith Barney - CFS #5 | sh. ton |  | 1045 |  |  |  |  | 1030 |  |  |  |  | 1130 |  |  |  |  | 1150 |  |  | 2001-05-29 00:00:00
Scotiabank
TD Securities