1.  Manufacturing pulp logs  In-woods chipping – “Dirty” chips  In-woods chipping – “Clean” chips

6.  Hardwood timber base continues to shrink  REIT/TIMO replanting heavier to conifer  RMZ restrictions “locking up” more volume  Sawmills buying smaller sawlogs  Sawmill efficiencies increasing, residual chip production decreasing

7.  Consumers utilizing plantation cottonwood, fruitwood  Effects of Boise St. Helens shutdown  Export softwood markets driving logging, availability of hardwood  Sawmill chip supply “Fair”