Global Forest and Paper Industry: Net Earnings Summary — Three months ended September 30, 2016

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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

The largest Eastern Canadian based forest products companies reported overall higher net earnings in the third quarter of 2016 compared to the third quarter of 2015.  With a few notable exceptions, Western Canadian based forest products companies also reported higher third quarter 2016 earnings compared to the same period in 2015.  Commodity prices for building materials including lumber and panels increased compared to the second quarter of 2016 despite a significant drop in US housing starts.  Softwood pulp (NBSK) prices increased slightly from the second quarter of 2016, but are lower than the third quarter 2015 prices.  Hardwood pulp (BEK) prices continued to decline in the third quarter.

Western Canada

Western Canadian based companies posted net earnings of $57.4 million in the third quarter of 2016, compared to net earnings of $206.5 million in the second quarter of 2016 and net earnings of $78.1 million in the third quarter of 2015.

Eastern Canada

Eastern Canadian based companies posted net earnings of $122.0 million in the third quarter of 2016, compared to net earnings of $47.6 million in the second quarter of 2016 and losses of $29.6 million in the third quarter of 2015.

United States

Nine of the largest US-based forest and paper companies reported net earnings of US $1.32 billion in the third quarter of 2016, compared to earnings of US $1.17 billion in the second quarter of 2016 and earnings of $1.31 billion in the third quarter of 2015.

Europe

Ten of the largest European based forest and paper companies reported net earnings of € 975.0 million for the third quarter of 2016, compared to earnings of € 649.8 million in the second quarter of 2016 and €799.0 million reported in the third quarter of 2015.

Japan

Six of the largest forest and paper companies in Japan posted net earnings of US $277.7 million in the third quarter of 2016, compared to earnings of US $231.4 million in the second quarter of 2016 and earnings of US $177.5 million in the third quarter of 2015.

Emerging Markets

In the Emerging Markets regions, five of the largest forest and paper companies reported net earnings of US $206.6 million, compared to net earnings of $621.1 million in the second quarter of 2016 and net losses of US $318.5 million in the third quarter of 2015.

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