PIX Pulp

Pulp	NBSK and BHKP Europe
	The price is for a minimum amount of 100 metric tons of prime quality Northern Bleached Softwood Kraft in USD and 200 metric tons of Bleached Hardwood Kraft Pulp market pulp (eucalyptus or birch) in USD. Terms of delivery/payment: Standard delivery and payment terms, frequently used between the two parties Contract-based or other recurring business with similar pricing and discounting terms, between companies regularly buying or selling pulp Price before any customer-specific rebates or any additional temporary discounts Price of trades with a final price agreement for the month Final price agreement on price for delivery during the current month and each delivery against that agreement Price against free market pulp trades only - no prices against integrated shipments nor prices tied to PIX or any other index Standard dryness i.e. 90% air dry Standard strength characteristics Brightness 88 or higher (for standard ECF/TCF)

Pulp

NBSK and BHKP Europe

The price is for a minimum amount of 100 metric tons of prime quality Northern Bleached Softwood Kraft in USD and 200 metric tons of Bleached Hardwood Kraft Pulp market pulp (eucalyptus or birch) in USD.
Terms of delivery/payment: Standard delivery and payment terms, frequently used between the two parties
Contract-based or other recurring business with similar pricing and discounting terms, between companies regularly buying or selling pulp
Price before any customer-specific rebates or any additional temporary discounts
Price of trades with a final price agreement for the month
Final price agreement on price for delivery during the current month and each delivery against that agreement
Price against free market pulp trades only - no prices against integrated shipments nor prices tied to PIX or any other index
Standard dryness i.e. 90% air dry
Standard strength characteristics
Brightness 88 or higher (for standard ECF/TCF)

Pulp	US NBSK Gross
	The price is for a minimum amount of 100 metric tons of prime quality NBSK in USD. Terms of delivery: Delivered to customer/customer's warehouse in the USA Terms of payment: 30 days net or the most frequent Price before any customer-specific rebates Price for a regular customer for pulp intended to be delivered within the current month or latest during the month following the trade Price against free market pulp trades only - no prices against integrated shipments nor prices tied to PIX or any other index Standard dryness i.e. 90% air dry Standard strength characteristics Brightness 88 or higher (for standard ECF/TCF).

Pulp

US NBSK Gross

The price is for a minimum amount of 100 metric tons of prime quality NBSK in USD.
Terms of delivery: Delivered to customer/customer's warehouse in the USA
Terms of payment: 30 days net or the most frequent
Price before any customer-specific rebates
Price for a regular customer for pulp intended to be delivered within the current month or latest during the month following the trade
Price against free market pulp trades only - no prices against integrated shipments nor prices tied to PIX or any other index
Standard dryness i.e. 90% air dry
Standard strength characteristics
Brightness 88 or higher (for standard ECF/TCF).

Pulp	US NBSK Net Change
	Prime quality Northern bleached softwood kraft pulp Based on net transaction prices Net transaction price is gross transaction price less price adjustments and contract discounts Change index based on starting point of 100 in January 2016, no dollar price level shown Data reporters report the change in their net prices Terms of delivery: delivered in the USA Terms of payment: 30 days net or the most frequent All orders placed or received during the reporting month All transactions including contract and spot Transactions whose price is determined by reference to an index are included Transactions between affiliated parties are excluded The PIX US NBSK Net Change index is published once a month

Pulp

US NBSK Net Change

Prime quality Northern bleached softwood kraft pulp
Based on net transaction prices
Net transaction price is gross transaction price less price adjustments and contract discounts
Change index based on starting point of 100 in January 2016, no dollar price level shown
Data reporters report the change in their net prices
Terms of delivery: delivered in the USA
Terms of payment: 30 days net or the most frequent
All orders placed or received during the reporting month
All transactions including contract and spot
Transactions whose price is determined by reference to an index are included
Transactions between affiliated parties are excluded
The PIX US NBSK Net Change index is published once a month

Pulp	BHKP and NBSK China Net
	The price is for a minimum amount of 100 metric tons of prime quality Northern Bleached Softwood Kraft in USD and 200 metric tons of Bleached Hardwood Kraft Pulp market pulp (eucalyptus or birch) in USD. Terms of delivery/payment: Standard delivery and payment terms, frequently used between the two parties Net price after monthly discounts but before performance-based rebates Price for an order with a regular customer for pulp. Producers and traders report prices to final customers, pulp consumers report prices with producers and traders Price against free market pulp trades only - no prices for integrated shipments nor prices tied to PIX or any other index Standard dryness i.e. 90% air dry Standard strength characteristics Baled, fully bleached, prime grade pulp

Pulp

BHKP and NBSK China Net

The price is for a minimum amount of 100 metric tons of prime quality Northern Bleached Softwood Kraft in USD and 200 metric tons of Bleached Hardwood Kraft Pulp market pulp (eucalyptus or birch) in USD.
Terms of delivery/payment: Standard delivery and payment terms, frequently used between the two parties
Net price after monthly discounts but before performance-based rebates
Price for an order with a regular customer for pulp. Producers and traders report prices to final customers, pulp consumers report prices with producers and traders
Price against free market pulp trades only - no prices for integrated shipments nor prices tied to PIX or any other index
Standard dryness i.e. 90% air dry
Standard strength characteristics
Baled, fully bleached, prime grade pulp

PIX Indexes