The Impact on Dissolving Wood Pulp of the Chinese Anti-Dumping Case and DWP Market Price Forecasts for 2014 October 1

1. The Impact on Dissolving Wood Pulp of the Chinese Anti-Dumping Case and DWP Market Price Forecasts for 2014 October 1st, 2013

2. Included in the report • A comprehensive report on the Chinese anti-dumping case and its impact on DWP • markets worldwide – 300 plus pages including appendices. • Price forecasts for commodity and specialty DWP for 2014. • Estimates of the effects of the dual pressures on DWP producers – prospect of significant oversupply of DWP in 2014and the likely imposition of duties on DWP Imports into China from Brazil, Canada andthe United States. • Crucial information for buyers and sellers to factor into their 2014 pricing discussions as well as their month to month price negotiations, most notably in the first few weeks after the likely introduction of anti-dumping duties by the Government of China. • Papers from leading experts in trade law, trade economics and DWP market research together with papers from Cato's own professionals Richard Bassett, Christian Chavassieu and HaraldHoerschlaeger. The Impact on Dissolving Wood Pulp of the Chinese Anti-Dumping Case and DWP Market Price Forecasts for 2014 2

3. Included in the report • CONTENTS • The Anti-Dumping Legal Process • What happens to your business in an anti-dumping case? • Anti-dumping FAQs • The Chinese Legal Perspective – An interview • The ins and outs of the Chinese Cellulose anti-dumping investigation • The Chinese Dissolving Wood Pulp Market • Background to the Complaint – The Viscose Market • Cotton Supply and its Impact on Viscose Demand • Economic Outcomes – Markets • Trade Effects of Anti-dumping Duties • The Impact of Anti-dumping • Impact on Acetate Pricing • Economic Outcomes – Companies • Forecasting DWP Market Prices and Strategies for Buyers and Sellers if anti-dumping duties are imposed The Impact on Dissolving Wood Pulp of the Chinese Anti-Dumping Case and DWP Market Price Forecasts for 2014 3

4. Report Authors • Richard Bassett • Managing Partner, Charlestown Investments • Richard Brice • Partner, HPC Research • Christian Chavessieu • Partner, CelCo Cellulose Consulting • Andy Gee • Partner, HPC Research • HaraldHoerschlaeger • Cato Sales and Trading • Gary Horlick • International Trade Lawyer • Dr. Thomas Prusa • Professor of Economics at Rutgers University • David Tang (Tang, Weiyang) • Chinese Trade Lawyer specialising in US & PRC Anti-dumping Cases The Impact on Dissolving Wood Pulp of the Chinese Anti-Dumping Case and DWP Market Price Forecasts for 2014 4

5. About Cato Cato Sales and Trading is an affiliated company of Charlestown Investments (Zug) and was formed in 2010 to act as the exclusive sales agent of Cosmopolis Specialty Fibers. Cato Sales and Trading comprises 6 professional staff led by Richard Bassett, HaraldHoerschlaeger and Christian Chavassieu. Cumulatively we have more than 40 years experience in the high purity cellulose markets at firms which include: Buckeye Technology, Cosmo Specialty Fibers (CSF), Lenzing, Neucel and Sateri. Cato has a network of agents and sub-agents in China and Asia. Charlestown Investments (CI) is a Swiss based investment company with investments in software, business services, property and bio-technology. In addition to having developed the CSF business in which it is a shareholder, CI previously acquired, funded and re-started another high purity cellulose mill in Canada, at Port Alice, British Columbia which CI named Neucel Specialty Cellulose. Cato Sales and Trading BaarerStrasse 135 6301 Zug Switzerland Tel: +41 41 763 5560 Email: info@csales.ch www.csales.ch Managing Partner: Richard Bassett Tel: +44 7540 109 327 Email: richard@csales.ch Report Editor: Andy Gee Tel: +44 7775 653 564 Email: agee@csales.ch HaraldHoerschlaeger harald@csales.ch Christian Chavassieu christian@csales.ch Brian Chen brian@newstartex.com Rhonda Moore rhonda@csales.ch The Impact on Dissolving Wood Pulp of the Chinese Anti-Dumping Case and DWP Market Price Forecasts for 2014 5

6. Order Form complete, scan and email order form to info@csales.ch Order The Impact on Dissolving Wood Pulp of the Chinese Anti-Dumping Case and DWP Market Price Forecasts for 2014 Report. The price includes a customised report in PDF format in English and/or Chinese together with internal distribution rights and is available now. Price: $ 10,000 Please complete the information below: Payment Info: Send me an invoice (Report will be sent upon receipt or proof of payment) Wire Transfer to Bank:                           Credit Suisse AG Beneficiary:                  Cato Sales & Trading SA Account number:        0546-1744536-32IBAN:                           CH37 0483 5174 4536 3200 0 Clearing:                       4835 SWIFT/BIC:                   CRESCHZZ80A Signature: Send me the report in English Send me the report in English and Chinese The Impact on Dissolving Wood Pulp of the Chinese Anti-Dumping Case and DWP Market Price Forecasts for 2014 6