Global Market Pulp Statistics...2015-03-24 3 Global Statistics for Bleached Kraft Market Pulp Bleached Softwood Kraft Market Pulp Delivered volume January 2017: 2 023 000 t, +9% from

2017-03-03 1

Global Market Pulp StatisticsBleached Kraft Pulp

January Data 2017

2015-03-24 2

Bleached Softwood Kraft Market PulpThe statistics includes 92% of the global supply. Included are: Canada, USA, Sweden, Finland, Norway, Austria, Germany, Argentina, Chile, Japan and New Zealand. From 2017 is France included.

Bleached Hardwood Kraft Market PulpThe statistics includes 73% of the global supply. Included are: Canada, USA, Sweden, Finland, Norway, France, Spain, Brazil, Chile, South Africa, Japan, Korea and New Zealand. From 2017 is Portugal included.

Global Statistics for Bleached Kraft Market Pulp

The statistics in this file is based on EPIS (European Pulp Industry Sector) data, distributed monthly. The data covers bleached paper grade sulphate market pulp,including fluff kraft pulp. The EPIS statistics is divided into softwood andhardwood pulp.To separately analyse the global softwood and hardwood segments, will hopefullygive a more correct picture of the market.

2015-03-24 3

Global Statistics for Bleached Kraft Market Pulp

Bleached Softwood Kraft Market Pulp

Delivered volume January 2017: 2 023 000 t, +9% from January 2016

“ “ Jan-Dec 2016: 23 014 000 t, +3.9% from Jan-Dec 2015

Shipment-to-capacity ratio January 2017: 94%, Jan-Dec 2016: 94%

Bleached Hardwood Kraft Market Pulp

Delivered volume January 2017: 1 827 000 t, +15% from January 2016

“ “ Jan-Dec 2016: 23 455 000 t, +3.8% from Jan-Dec 2015

Shipment-to-capacity ratio January 2017: 80%, Jan-Dec 2015: 90%

Summary table January 2017

Producers’ stocks of market pulp

In January, the global producers’ stocks of bleached kraft market pulp increased by

1 day and ended the month at 36 days of supply. Stocks of softwood kraft pulp

unchanged at 31 days and hardwood kraft up 2 days to 39 days.

2015-03-24 4

Global Shipments Divided by Main Market

Market RegionTotal EUOther EuropeNorth AmericaLatin AmericaJapanOther AsiaAfricaOceaniaTotal

Bl SW Kraft521 55

379 9587

847 2713

2 023

Bl HW Kraft60249

21815459

717197

1 827

Change*+1%

+15%+9%-2%-2%

+17%+8%n.m.+9%

Change*+6%+9%

+5.5%-3.7%+3.3%+40%

n.m.n.m.

+15%

Bleached Kraft Market Pulp, January 2017

Shipments in 1 000 tonnes

Source: EPIS

*) Change from the same period last year

2015-03-24 5

Shipment-to-Capacity RatioBleached Softwood Kraft Pulp

Source: EPIS

50

60

70

80

90

100

110

'12 '13 ´14 '15 '1650

60

70

80

90

100

110

2005 2007 2009 2011 2013 2015 2017

Shipment-to-capacity January 2017: 94% ” ” ” Jan – Dec 2016: 94%

Monthly shipment-to-capacity ratio in %Annual average in %

2015-03-24 6

50

60

70

80

90

100

110

'12 '13 ´14 '15 '16

Monthly shipment-to-capacity ratio in %

50

60

70

80

90

100

110

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Annual average in %

Shipment-to-Capacity RatioBleached Hardwood Kraft Pulp

Shipment-to-capacity January 2017: 80% ” ” ” Jan – Dec 2016: 90%

Source: EPIS

2015-03-24 7

10

15

20

25

30

35

40

45

50

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Producers’ Inventories in Days of SupplyBleached chemical paper grade market Pulp

Producers’ stocks in days of supply

Total world

North America Data including January 2017

Global stocks in January: 36 days, up 1 day from December

2015-03-24 8

80828486889092949698

100

2003 2005 2007 2009 2011 2013 2015 2017

Data including January 2017

Shipment-to-Capacity RatioBleached Softwood & Hardwood Kraft Pulp12 months average

12 months average shipment-to-capacity ratio in %

Hardwood kraft ratio

Softwood kraft ratio

2015-03-24 9

Producers’ Inventories in Days of SupplyBleached softwood and hardwood kraft market pulp

0

10

20

30

40

50

60

2006 2008 2010 2012 2014 2016

Inventories in days of supply

Bl hardwood kraft

Bl softwood kraft

Data including January 2017

2015-03-24 10

Producers’ Inventories in Days of SupplyBleached softwood and hardwood kraft market pulp

05

101520253035404550

2006 2008 2010 2012 2014 2016

Inventories in days of supply

Bl softwood kraft

Data including January 2017

Average: 29 +/- 3 days

2015-03-24 11

Producers’ Inventories in Days of SupplyBleached softwood and hardwood kraft market pulp

0

10

20

30

40

50

60

2006 2008 2010 2012 2014 2016

Inventories in days of supply

Bl hardwood kraft

Average: 38 +/- 4 days

Data including January 2017

2015-03-24 12

0,4

0,6

0,8

1,0

1,2

1,4

1,6

1,8

2,0

1999 2001 2003 2005 2007 2009 2011 2013 2015 2017

Shipment-to-stock ratioBleached Softwood & Hardwood Kraft Pulp

Shipment-to-stock ratio

BSKP ratio

BHKP ratio

Data including January 2017

2015-03-24 13

0

500

1000

1500

2000

2000 2002 2004 2006 2008 2010 2012 2014 2016

USA

Other countries

Canada

Producers’ stocks in 1 000 tonnes

Producers’ Inventories of Market PulpBleached Softwood Kraft Pulp

Source: EPISData including December 2016 + estimation January 2017

Estim

atio

n Ja

nuar

y

2017-03-03 14

94

-9

-75 -69

-23 -32

93

56

-118

-36

29

92

-150

-100

-50

0

50

100

150

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Global stock change (1 000 tonnes)

Monthly changes, based on moving average, last five years Calculation includes December 2016 data

Seasonal changes in the Softwood Kraft Stocks

2017-03-03 15

0

500

1000

1500

2000

2500

3000

2000 2002 2004 2006 2008 2010 2012 2014 2016

Latin AmericaUSA

Other countries

Producers’ stocks in 1 000 tonnes

Producers’ Inventories of Market PulpBleached Hardwood Kraft Pulp

Source: EPISData including December 2016 + estimation January 2017

Estim

atio

n Ja

nuar

y

2017-03-03 16

-8-71

13 22

-58

47 55

-45

228

-191

281

-140

-300

-200

-100

0

100

200

300

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Global stock change (1 000 tonnes)

Monthly changes, based on moving average, last five years Calculation includes December 2016 data

Seasonal changes in the Hardwood Kraft Stocks

2017-03-03 17

0

500

1000

1500

2000

2500

3000

2000 2002 2004 2006 2008 2010 2012 2014 20160

200

400

600

800

1000

1200

NBSK Price vs Producers’ Inventories Bleached Softwood Kraft Pulp

NBSK price (in US$/tonne)

Producers’ stocks(in 1 000 tonnes)

2017-03-03 18

1 000

1 200

1 400

1 600

1 800

2 000

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Deliveries of bl softwood kraft pulp in 1 000 tonnes

Total Shipments of Market PulpBleached Softwood Kraft Pulp

Source: EPIS

Monthly dataAnnual average

Shipments January 2017/16: +9%Shipment Jan-Dec 2016/15: +3.9%Shipment-to-capacity January 2016: 94%

Data including January 2017

2017-03-03 19

0

100 000

200 000

300 000

400 000

500 000

600 000

1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016

Shipments in tonnes

Source: EPIS

Shipments of Softwood Kraft Pulp to ChinaBleached Softwood Kraft PulpFrom all suppliers except Russia

Data including January 2017

2017-03-03 20

0

100 000

200 000

300 000

400 000

500 000

600 000

700 000

1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016

Shipments in tonnes

Source: EPIS

Shipments of Hardwood Kraft Pulp to ChinaBleached Hardwood Kraft Pulp

Data including January 2017

2017-03-03 21

600

800

1 000

1 200

1 400

1 600

1 800

2 000

2 200

2 400

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Deliveries of bl hardwood kraft pulp in 1 000 tonnes

Total Shipments of Market PulpBleached Hardwood Kraft Pulp

Source: EPIS

Monthly dataAnnual average

Shipments January 2017/16: +15%Shipments Jan-Dec 2016/15: +3.8%Shipment-to-capacity January 2017: 80%

Data including January 2017

2017-03-03 22

100 000

300 000

500 000

700 000

900 000

1 100 000

1 300 000

1 500 000

1 700 000

1 900 000

1998 2000 2002 2004 2006 2008 2010 2012 2014 2016

Deliveries of eucalyptus kraft pulp in tonnes

Shipments of Eucalyptus Pulp from L AmericaBleached Eucalyptus Pulp from Latin America

Source: EPIS

Monthly dataAnnual average

Data including January 2017

Shipments January 2017/16: +12%Shipments Jan-Dec 2016/15: +6.6%

2017-03-03 23

100 000

200 000

300 000

400 000

500 000

600 000

700 000

1999 2001 2003 2005 2007 2009 2011 2013 2015 2017

Monthly shipments in tonnes, 12 months moving average

Total Shipments of Market PulpBleached Softwood Kraft Pulp12 months moving average

W Europe

North America

Asia excl Japan

Data including January 2017

2017-03-03 24

0

100 000

200 000

300 000

400 000

500 000

600 000

700 000

1999 2001 2003 2005 2007 2009 2011 2013 2015 2017

Monthly shipments in tonnes, 12 months moving average

Total Shipments of Market PulpBleached Hardwood Kraft Pulp12 months moving average

W Europe

North America

Asia excl Japan

Data including January 2017