Spreadsheet: monika_causholli__28198__Price Forecast
Sheet: Lumber-OSB

Lumber/OSB Forecast |  |  | $
Firm/Analyst | Units | Current | 2000 | 1Q01 | 2Q01 | 3Q01 | 4Q01 | 2001E | 1Q02 | 2Q02 | 3Q02 | 4Q02 | 2002E | 1Q03 | 2Q03 | 3Q03 | 4Q03 | 2003E | 2004E |  | Date |  | Notes
CIBC Securities (lumber) | mbf |  | 255 |  |  |  |  | 260 |  |  |  |  | 265 | 2Q03 |  |  |  |  |  |  | 2001-08-13 00:00:00
CIBC Securities (OSB) | msf |  | 205 |  |  |  |  | 170 |  |  |  |  | 160 | 3Q03 |  |  |  |  |  |  | 2001-08-13 00:00:00
CS First Boston - Lumber | 000 bdft |  | 317 |  | 390 | 327 | 297 | 326q | 297 |  |  |  | 311q | 4Q03 |  |  |  |  |  |  | 2001-10-01 00:00:00 |  | 2001E decreased from 338 to 326.  2002E decreased from 348 to 311. |  |  |  |  |  |  |  |  | *Based on CFCB estimates, [NAME], [NAME].
CS First Boston | 000 sqft |  | 267 |  |  |  |  | 281 |  |  |  |  | 274 | 1Q04 |  |  |  |  |  |  | 2001-08-23 00:00:00
CS First Boston | 000 sqft |  | 203 |  |  |  |  | 179 |  |  |  |  | 197 | 2Q04 |  |  |  |  |  |  | 2001-08-23 00:00:00
Deutsche Bank - Framing |  |  | 327 | 283 | 365 | 330 | 310 | 322 | 300 | 330 | 350 | 325 | 326q | 3Q04 |  |  |  | 345 |  |  | 2001-09-25 00:00:00 |  | 2002E increased from 320 to 326
Deutsche Bank - Panel |  |  | 285 | 229 | 289 | 277 | 255 | 263 | 250 | 260 | 280 | 235 | 256q | 4Q04 |  |  |  | 280 |  |  | 2001-09-25 00:00:00 |  | 2002E decreased from 280 to 256
Deutsche Bank - OSB |  |  | 222 | 132 | 188 | 185 | 145 | 163q | 145 | 170 | 195 | 150 | 165q | 1Q05 |  |  |  | 185 |  |  | 2001-09-25 00:00:00 |  | 2001E increased from 156 to 163.  2002E decreased from 185 to 165
Deutsche Bank - Plywood 15/32" |  |  | 269 | 240 | 297 | 275 | 260 | 268q | 260 | 280 | 295 | 260 | 274q |  |  |  |  | 285 |  |  | 2001-09-25 00:00:00 |  | 2001E decreased from 271 to 268. 2002E decreased from 285 to 274
First Associate Investment Inc.
JP Morgan
Lehman Brothers - Lumber | 000 bdft |  | 324 |  |  |  |  | 329 |  |  |  |  | 350 |  |  |  |  | 360 |  |  | 2001-07-16 00:00:00
Lehman Brothers - OSB | 000 sqft |  | 208 |  |  |  |  | 169 |  |  |  |  | 198 |  |  |  |  | 238 |  |  | 2001-07-16 00:00:00
Lehman Brothers - Plywood | 1 sqft |  | 264 |  |  |  |  | 275 |  |  |  |  | 285 |  |  |  |  | 298 |  |  | 2001-07-16 00:00:00
[NAME]
[NAME]
Merrill Lynch - North Can | mmbf |  | 258 |  |  | 290 | 220 | [NAME] | 230 | 250 | 260 | 250 | [NAME] |  |  |  |  |  |  |  | 2001-09-25 00:00:00 |  | 2001E decreased from 261 to 250. 2002E decreased from 270 to 250
Merrill Lynch - US South | mmbf |  | 340 |  |  |  |  | 331 |  |  |  |  | 349 |  |  |  |  |  |  |  | 2001-08-21 00:00:00
Merrill Lynch - Plywood 3/8" basis | mmsf |  | 308 |  |  |  |  | 294 |  |  |  |  | 300 |  |  |  |  |  |  |  | 2001-08-21 00:00:00
Merill Lynch - Structural Panels | mbf |  |  |  |  | 180 | 150 | 163 | 150 | 170 | 160 | 160 | 160q |  |  |  |  |  |  |  | 2001-09-25 00:00:00 |  | 2002E decreased from 178 to 160.
Merill Lynch - W. SPF | mbf |  |  |  |  |  | 220 | 250 | 230 | 250 | 260 | 250 | 248 | 280 | 330 | 310 | 300 | 305 | 328 |  | 2001-10-15 00:00:00
Merill Lynch - E. SPF | msf |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2001-10-15 00:00:00
Plywood - West | msf |  |  |  |  |  | 290 | 294 | 280 | 300 | 300 | 295 | 294 | 305 | 320 | 320 | 310 | 314 | 323 |  | 2001-10-15 00:00:00
OSB | msf |  |  |  |  |  | 150 | 163 | 150 | 170 | 160 | 160 | 160 | 170 | 190 | 185 | 180 | 181 | 208 |  | 2001-10-15 00:00:00
Morgan Stanley Dean Witter - Lumber | $/000 |  |  |  |  |  |  | 313 |  |  |  |  | 360 |  |  |  |  | 414 |  |  | 2001-05-04 00:00:00
Morgan Stanley Dean Witter - Plywood | $/000 |  |  |  |  |  |  | 267 |  |  |  |  | 307 |  |  |  |  | 353 |  |  | 2001-05-04 00:00:00
Morgan Stanley Dean Witter - OSB | $/000 |  |  |  |  |  |  | 146 |  |  |  |  | 108 |  |  |  |  | 207 |  |  | 2001-05-04 00:00:00
National Bank of Canada - W SPF 2 x4 |  | 226 | 257 |  | 296 | 279 |  | 265 |  |  |  |  | 275 |  |  |  |  |  |  |  | 2001-10-15 00:00:00
National Bank of Canada - E. SPF 2 x 4 G.L. |  | 310 | 350 |  |  |  |  | 355 |  |  |  |  | 365 |  |  |  |  |  |  |  | 2001-10-15 00:00:00
National Bank of Canada - OSB | 7/16", NC | 142 | 206 |  | 189 | 159 |  | 165 |  |  |  |  | 145 |  |  |  |  |  |  |  | 2001-10-15 00:00:00
National Bank of Canada - MDF | 3/4", West | 370 | 358 |  |  |  |  | 360 |  |  |  |  | 340 |  |  |  |  |  |  |  | 2001-10-15 00:00:00
[NAME] | mbf |  |  |  |  |  |  | 261 |  |  |  |  | 270 |  |  |  |  |  |  |  | 2001-08-23 00:00:00
[NAME] | msf |  |  |  |  |  |  | 278 |  |  |  |  | 280 |  |  |  |  |  |  |  | 2001-08-23 00:00:00
Randon Lengths- OSB | msf |  |  |  |  |  |  | 163 |  |  |  |  | 178 |  |  |  |  |  |  |  | 2001-08-23 00:00:00
Salman Partners | mmbf |  | 280 |  |  |  |  | 290 |  |  |  |  |  |  |  |  |  |  |  |  | 2001-08-01 00:00:00
Salomon Smith Barney - RL Lumber 1 | mbf |  | 323 |  |  |  |  | 337 |  |  |  |  | 364 |  |  |  |  | 368 |  |  | 2001-05-29 00:00:00
Salomon Smith Barney - RLPanels 2 | msf |  | 281 |  |  |  |  | 267 |  |  |  |  | 280 |  |  |  |  | 291 |  |  | 2001-05-29 00:00:00
Salomon Smith Barney - OSB | 7/16" |  | 281 |  |  |  |  | nc |  |  |  |  | 204 |  |  |  |  | 199 |  |  | 2001-05-29 00:00:00
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