Global Forest and Paper Industry: Net Earnings Summary — Three months ended June 30, 2014

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This Net Earnings Summary has been prepared by PwC based on financial statements and other sources issued by the selected companies. Earnings are reported in regional currencies, as noted.

Canada

Canadian forest products companies reported mixed earnings for the second quarter of 2014, with integrated producers, especially those with a building products focus, reporting the strongest results. US housing starts statistics for June were about 6% below the average year-to-date trend. Due to the continued slow recovery in the US, 2014 is expected to become the seventh consecutive year in which US housing starts remain below the 1,000,000 unit level. Lumber prices were down slightly from the first quarter, while panel (OSB and plywood) prices remained more or less consistent with the previous quarter. Softwood pulp prices were fairly stable while hardwood pulp continued to decline in most markets. Newsprint prices remained stable despite weak export markets and paper prices were mixed.

Western Canada

Western Canadian based companies posted net earnings of $180.4 million in the second quarter of 2014, up from net earnings of $161.7 million in the first quarter but down from net earnings of $383.8 million in the first quarter of 2013

Eastern Canada

Eastern Canadian based companies posted net losses of $42.0 million in the quarter, compared to net losses of $76.4 million in the first quarter of 2014 and net earnings of $3.0 million in the second quarter of 2013.

United States

Ten of the largest US-based forest and paper companies reported net earnings of US $1.38 billion for the second quarter of 2014, up from US $1.32 billion in the second quarter of 2013.

Europe

Nine of the largest European based forest and paper companies reported net earnings of € 619.8 million for the second quarter of 2014, down from € 670.3 million in the first quarter of 2014, but well up from earnings of € 367.8 million reported in the second quarter of 2013.

Japan

Six of the largest forest and paper companies in Japan posted net earnings of US $150.5 million in the second quarter of 2014, down from US $284.8 million in the first quarter of 2014.

Emerging Markets

Four of the largest forest and paper companies reported net earnings of US $ 519.3 million, up from earnings of $202.9 million in the first quarter of 2014.

This Net Earnings Summary is prepared by PwC based on financial statements issued by the noted companies. Earnings are reported in regional currencies unless otherwise noted. All comparative figures are with the three months ended March 31, 2014 unless otherwise specified.

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