Spreadsheet: monika_causholli__28273__Price Forecast
Sheet: Pulp

Pulp Forecast |  |  | $
Firm/Analyst | Units | Current | 3Q00 | 4Q00 | 2000A | 1Q01 | 2Q01 | 3Q01 | 4Q01 | 2001E | 1Q02 | 2Q02 | 3Q02 | 4Q02 | 2002E | 1Q03 | 2Q03 | 3Q03 | 4Q03 | 2003E | 2004E |  | Date |  | Notes
ABG Sundal Collier NBSK | $/mt |  |  |  | 680 |  |  |  |  | [NAME] |  |  |  |  | 421q |  |  |  |  | 558q |  |  | 2001-10-26 00:00:00 |  | 2001E increased from 533 to 543. 2002E decreased from 540 to 421.  2003E decreased from 571 to 558.
[NAME] | $/mt |  |  |  | 680 |  |  |  |  | 515 |  |  |  |  | 510q |  |  |  |  |  |  |  | 2001-09-26 00:00:00 |  | 2002E decreased from 540 to 510
CIBC Securities (NBSK NE) | $/mt |  |  |  | 680 |  |  |  |  | 565 |  |  |  |  | 590 |  |  |  |  |  |  |  | 2001-08-13 00:00:00
CS First Boston | $/mt |  |  |  | 683 |  | 568 | 487 | 480 | 551p | 480 |  |  |  | 506p |  |  |  |  |  |  |  | 2001-10-01 00:00:00 |  | 2001E increased from 547 to 551. 2002E increased from 480 to 506.
Deutsche Bank - NBSK | $/mt | 490 |  |  | 685 | 680 | 568 | 486 | 480 | 554q | 500 | 540 | 570 | 600 | 553q |  |  |  |  | 660 |  |  | 2001-09-25 00:00:00 |  | 2001E deceased from 575 to 554 - 2002E decreased from 600 to 553 & 2003E increased from 640 to 660
Deutsche Bank - SBSK | $/mt |  |  |  | 668 | 648 | 523 | 445 | 435 | 513q | 455 | 480 | 525 | 555 | 504q |  |  |  |  | 610 |  |  | 2001-09-25 00:00:00 |  | 2001E decreased by $20/mt - 2002E decreased from 550 to 504
Deutsche Bank - SBHK | $/mt |  |  |  | 650 | 620 | 483 | 410 | 400 | 478q | 410 | 450 | 480 | 510 | 510q |  |  |  |  | 585 |  |  | 2001-09-25 00:00:00 |  | 2001E decreased. 2002E decreased from 510 to 463.
Deutsche Bank - BEK | $/mt |  |  |  | 647 | 647 | 537 | 467 | 460 | 528q | 470 | 510 | 540 | 570 | 523q |  |  |  |  | 660 |  |  | 2001-09-25 00:00:00 |  | 2001E decreased from 544 t0 528 - 2002E decreased from 560 to 523
Deutsche Bank - NBHK | $/mt |  |  |  | 660 | 635 | 497 | 433 | 415 | 495q | 435 | 465 | 500 | 530 | 483q |  |  |  |  | 600 |  |  | 2001-09-25 00:00:00 |  | 2001E decreased from 508 to 495 - 2002E decreased from 545 to 483
Deutsche Bank - Fluff | $/mt | 490 |  |  | 716 | 723 | 680 | 620 | 620 | 661q | 620 | 620 | 640 | 660 | 635 |  |  |  |  | 690 |  |  | 2001-10-29 00:00:00
First Associate Investment Inc. | $/mt
Goldman Sachs | $/mt |  |  |  | 563 |  |  |  |  | 625 |  |  |  |  |  |  |  |  |  |  |  |  | 2001-06-26 00:00:00
[NAME] (CIF) Bleached [NAME] (ECF) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2001-09-01 00:00:00
Northern (Nordic/Canada) | $/ tonne |  | 710 | 710 |  | 655 | 555 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2001-09-01 00:00:00
PIX Index (qtr./month ave.) | $/ tonne |  | 708.45 | 710 |  | 676.57 | 558.93 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2001-09-01 00:00:00
Pulpex NBSK (3-mth future) | $/ tonne |  | 736.43 | 630.15 |  | 517.13 | 442.7 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2001-09-01 00:00:00
Radiata Pine (Chile) | $/ tonne |  | 695 | 695 |  | 625 | 485 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2001-09-01 00:00:00
Southern (US) | $/ tonne |  | 695 | 695 |  | 635 | 480 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2001-09-01 00:00:00
[NAME] |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2001-09-01 00:00:00
Nordic Birch | Euro/ tonne |  | 755 | 795 |  | 685 | 565 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2001-09-01 00:00:00
Eucalyptus | Euro/ tonne |  | 757.5 | 800 |  | 687.5 | 550 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2001-09-01 00:00:00
PIX Index (qtr./month ave.) | Euro/ tonne |  | 744.01 | 786 |  | 697.5 | 571.81 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2001-09-01 00:00:00
Nothern Mixed | $/ tonne |  | 685 | 685 |  | 605 | 465 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2001-09-01 00:00:00
Southern Mixed | $/ tonne |  | 675 | 675 |  | 600 | 455 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2001-09-01 00:00:00
[NAME] (delivered) Bleached softwood kraft |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2001-09-01 00:00:00
Northern (Canada) | $/ tonne |  | 710 | 710 |  | 670 | 570 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2001-09-01 00:00:00
Southern (US) | $/ tonne |  | 695 | 690 |  | 640 | 520 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2001-09-01 00:00:00
[NAME] |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2001-09-01 00:00:00
Eucalyptus | $/ tonne |  | 690 | 690 |  | 650 | 515 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2001-09-01 00:00:00
Nothern Mixed (Canada/US) | $/ tonne |  | 685 | 680 |  | 625 | 495 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2001-09-01 00:00:00
Southern Mixed (US) | $/ tonne |  | 675 | 670 |  | 620 | 465 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2001-09-01 00:00:00
[NAME] (CIF) Bleached [NAME] |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2001-09-01 00:00:00
Northern ( Canada) | $/ tonne |  | 725 | 685 |  | 605 | 475 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2001-09-01 00:00:00
Southern (US) | $/ tonne |  | 710 | 680 |  | 570 | 415 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2001-09-01 00:00:00
[NAME] |  |  | 710 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2001-09-01 00:00:00
Eucalyptus (Brazil) | $/ tonne |  | 710 | 680 |  | 595 | 450 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2001-09-01 00:00:00
Southern Mixed | $/ tonne |  | 695 | 665 |  | 570 | 420 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2001-09-01 00:00:00
[NAME], Korea, Taiwan (CIF) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2001-09-01 00:00:00
NBSK (Canada) | $/ tonne |  | 720 | 670 |  | 535 | 450 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2001-09-01 00:00:00
[NAME] (Indonesia) | $/ tonne |  | 655 | 575 |  | 395 | 370 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2001-09-01 00:00:00
JP Morgan | $/mt | 490 |  |  | 685 |  |  |  |  | [NAME] |  |  |  |  | 540q |  |  |  |  |  |  |  | 2001-10-31 00:00:00 |  | 2001E decreased from 564 to 560. 2002E decreased from 630 to 540.
Lehman Brothers | $/mt |  |  |  | 671 |  |  |  |  | 561 |  |  |  |  | 675 |  |  |  |  | 800 |  |  | 2001-07-16 00:00:00
[NAME] | $/mt
[NAME] | $/mt
Merrill Lynch NBSK | $/mt |  |  |  | 685 |  |  | 487 | 495 | 558 | 485 | 535 | 535 | 585 | 535q | 585 | 635 | 635 | 685 | 635 | 725 |  | 2001-10-15 00:00:00
Merrill Lynch BCTMP | $/mt |  |  |  | 650 |  |  |  |  | 501 |  |  |  |  | 530 |  |  |  |  |  |  |  | 2001-08-01 00:00:00
Morgan Stanley Dean Witter - NBSK | $/mt | 480 | 710 | 710 | 685 | 660 | 568 | 473 | 493 | 549 | 493 | 513 | 533 | 553 | 523 |  |  |  |  | 603 |  |  | 2001-10-12 00:00:00 |  | Source: Pulp & Paper Week = Esimates based on Morgan Stanley Research Estimates.
Morgan Stanley Dean Witter - SBSK | $/mt | 435 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2001-10-18 00:00:00
Morgan Stanley Dean Witter - BEK | $/mt | 460 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2001-10-18 00:00:00
National Bank of Canada - NBSK | $/mt | 480 |  |  | 710 |  | 568 | 487 |  | 550 |  |  |  |  | 535 |  |  |  |  |  |  |  | 2001-10-15 00:00:00
National Bank of Canada - NBHK | $/mt | 430 |  |  | 685 |  | 487 | 423 |  | 480 |  |  |  |  | 470 |  |  |  |  |  |  |  | 2001-10-15 00:00:00
PPW | $/mt |  |  |  |  |  |  |  |  | 570 |  |  |  |  | 590 |  |  |  |  |  |  |  | 2001-08-23 00:00:00
[NAME] | $/mt |  |  |  |  |  |  |  |  | 560 |  |  |  |  | 550 |  |  |  |  |  |  |  | 2001-08-15 00:00:00
Random Lengths | $/mt
Reel Time | $/mt
Salman Partners NBSK | $/mt |  |  |  |  |  |  |  |  | 550 |  |  |  |  |  |  |  |  |  |  |  |  | 2001-08-01 00:00:00
Salomon Smith Barney | $/mt |  |  |  | 680 |  |  |  |  | 540 |  |  |  |  | 510 |  |  |  |  | 595 | 695 |  | 2001-10-10 00:00:00
Scotiabank | $/mt
TD Securities | $/mt |  |  |  |  |  |  |  |  | 588 |  |  |  |  | 620 |  |  |  |  |  |  |  | 2001-04-12 00:00:00