COPA Market & Industry Data December 12 th , 2012

COPA Market & Industry Data December 12th, 2012

North American UFS Industry Data • UFS demand decreased 4.3% in YTD Oct. 2012 vs. YTD Oct. 2011 • UFS mill inventory ended Sept. 2012 at 26 days of supply, same as Sept. 2011 • UFS operating rates were 89% MTD Oct. 2012 & 90% Oct. YTD Source: PPPC

UCF DEMAND

UFS Industry Demand 2010 2011 2012 Oct. YTD demand is 4.3% below 2011 Source: PPPC

North American Cut-Size* Shipments • Cut-size includes colors multipurpose Source: PPPC

N.A. UFS Share by Capacity - 2012 Total Capacity* = 11,096,000 short tons Source: RISI Capacity Report

N.A. UFS History of Capacity ‘000 of tons -6.0% -6.2% -2.4% -1.4% • UFS capacity declined 6.2% in 2010, 2.4% in 2011, and -1.4% so far in 2012 *Capacity numbers include the following: Mohawk’s, Wausau’s & Appleton closures, scheduled maintenance shutdowns, and scheduled UFS annual capacity of coated producers. Also added are the reopenings of Gorham & Gray’s Harbor paper machines Source: PPPC

N.A. UFS Demand Forecast in ’000 of tons -5.3% -7.6% -12.7% 0.1% -3.8% -2.8% -3.5% -3.2% -4.0% -2.8% -3.8% -3% -1% -4% -4% -0% -4% -12% -1.0% -1.0% -12% • %’s from past years may differ due to different calculation methologies (Imports, exports, ITB etc.) Source: PPPC/RISI

UFS Demand Forecast by Grade Forecast In‘000 tons -2.7% in 2012 -2.0% in 2013 Copy -5.5% in 2012 -4.8 % in 2013 Offset & Opaque -5.7% in 2012 -3.8% in 2013 Envelope -6.8% in ’12 -3.8% in ‘13 Forms Bond Source: PPPC

Printing & Writing N.A.Operating Rate YTD 2012 vs. 2011 (Operating rates %) Source: PPPC

Distribution Channel – Market Share Online/Direct 8% Club Stores .4% Wholesalers 8.3% Food/Drug/Mass .7% Merchants 21.9% Office Store –Contract 44.7% OEM 5.9% Office Store – Retail 10.1% Source: PPPC

Brand – Market Share All Others 2.8% OEM 8.7% Mill Brand 29.3% Private Label 59.2% Source: PPPC

COPA Market & Industry Data December 12 th , 2012