Mr. Lee added: "Our mills generally performed well in the fourth quarter and throughout 2014. In 2014, we
achieved a new pulp production record, led by a record production year at our Stendal mill and a near record year at our Rosenthal mill. In the current quarter, pulp sales volumes increased by 1% from the same period of 2013 but declined by 7%, compared to the third quarter of 2014 due to year-end shipping limitations. In 2014, We had record pulp sales volumes which increased by 3% over 2013."
Mr. Lee continued: "In the current quarter, energy production increased by 8%, compared to the same period
of 2013. In addition, our Rosenthal mill's new tall oil plant was completed on time and budget at the end of the fourth quarter of 2014 and will contribute to our by-product revenues."

Mr. Lee continued: "Overall, per unit fiber costs were approximately 14% lower in the fourth quarter of 2014,
compared to the last quarter of 2013, as a result of lower per unit costs in our German fiber supply markets and the strengthening of the U.S. dollar versus the Euro and the Canadian dollar. Fourth quarter 2014 per unit fiber costs were down 1% from the prior quarter as the strengthening of the U.S. dollar offset an increase in per unit costs. We currentlyexpect our overall per unit fiber costs to be generally flat for the next quarter of 2015, largely as a result of the continuing strengthening of the U.S. dollar versus the Euro and Canadian dollar, offsetting small expected per unit cost increases."