| The unstable economic situation and strongly weakened US dollar will keep paper prices on a
downward trend this year, anticipates Pellervo Economic Research Institute (PTT) in its latest
forecast. However, brisk demand and worldwide production problems will maintain pulp prices at a
high level. Russian export duties on roundwood and the poor price development of paper will
reduce pulp and paper production in Finland. Russian roundwood will be replaced in Finland by
increased domestic purchases and by imports from other countries of the Baltic Sea area. In the
sawmilling industry, Russian export duties may result in a new upswing in 2009. Increased
domestic roundwood purchases mean high stumpage earnings for private forest owners.
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