<SEC-DOCUMENT>0001299933-16-002031.txt : 20160210
<SEC-HEADER>0001299933-16-002031.hdr.sgml : 20160210
<ACCEPTANCE-DATETIME>20160210153943
ACCESSION NUMBER:		0001299933-16-002031
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20160209
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160210
DATE AS OF CHANGE:		20160210

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GLATFELTER P H CO
		CENTRAL INDEX KEY:			0000041719
		STANDARD INDUSTRIAL CLASSIFICATION:	PAPER MILLS [2621]
		IRS NUMBER:				230628360
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-03560
		FILM NUMBER:		161405531

	BUSINESS ADDRESS:	
		STREET 1:		96 S GEORGE ST
		STREET 2:		STE 500
		CITY:			YORK
		STATE:			PA
		ZIP:			17401
		BUSINESS PHONE:		7172252709

	MAIL ADDRESS:	
		STREET 1:		96 S GEORGE ST
		STREET 2:		STE 500
		CITY:			YORK
		STATE:			PA
		ZIP:			17401
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>htm_53095.htm
<DESCRIPTION>LIVE FILING
<TEXT>
<!-- CoverPageHeader start -->
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<TITLE> P. H. Glatfelter Company (Form: 8-K) </TITLE>
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		UNITED STATES<BR>
	SECURITIES AND EXCHANGE COMMISSION
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<BR>
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	WASHINGTON, D.C. 20549
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	FORM 8-K
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	CURRENT REPORT
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	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
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	Date of Report (Date of Earliest Event Reported):
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	&nbsp;
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	February 9, 2016
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	P. H. Glatfelter Company
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<BR>__________________________________________<BR>
	(Exact name of registrant as specified in its charter)
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	Pennsylvania
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	001-03560
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	23-0628360
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_____________________<BR>
	(State or other jurisdiction
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_____________<BR>
	(Commission
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______________<BR>
	(I.R.S. Employer
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	of incorporation)
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	File Number)
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	Identification No.)
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	&nbsp;&nbsp;
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	96 S. George Street, Suite 520, York, Pennsylvania
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	&nbsp;
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	17401
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_________________________________<BR>
	(Address of principal executive offices)
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	&nbsp;
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___________<BR>
	(Zip Code)
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	Registrant&#146;s telephone number, including area code:
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	&nbsp;
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	717 225 4711
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	Not Applicable
<BR>______________________________________________<BR>
	Former name or former address, if changed since last report
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<P ALIGN="CENTER">
<FONT SIZE="2">
	&nbsp;
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<!-- CoverPageRegistrant END --><P><FONT SIZE="2">
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:</FONT>
</P>
<P><FONT SIZE="2">
[&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>
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<FONT SIZE="2">Top of the Form</FONT>
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<B>
	Item 2.02 Results of Operations and Financial Condition.
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On February 9, 2016, the Company reported its results of operations for the three months and year ended December 31, 2015. A copy of the press release issued by the Company is furnished herewith as Exhibit 99.1. The Company also held a teleconference call that same day, during which management discussed the Company&#x2019;s financial performance for the fourth quarter of 2015 and other matters relating to its business. A copy of the teleconference transcript is furnished herewith as Exhibit 99.2. <br><br>
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	Item 9.01 Financial Statements and Exhibits.
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d) Exhibits. <br><br>  <br>99.1    A copy of the press release dated February 9, 2016, to report results of operations for the three months and year ended December 31, 2015 <br>  <br>99.2    A copy of the transcript from the Company&#x2019;s teleconference held on February 9, 2016, to discuss its fourth quarter 2015 results of operations <br>
</FONT>
</P>
<!-- Item END -->
<BR><BR><BR><BR><P ALIGN="LEFT" STYLE="FONT-SIZE: 10PT">The information furnished in this Current Report on Form 8-K and Exhibits 99.1 and 99.2 attached hereto shall not be deemed &#x201C;filed&#x201D; for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing. <br></P><!-- PageBreak START -->
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<B>
	SIGNATURES
</B>
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	Pursuant to the requirements of the Securities Exchange Act of 1934, the
	registrant has duly caused this report to be signed on its behalf by the
	undersigned hereunto duly authorized.
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	P. H. Glatfelter Company
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	&nbsp;&nbsp;
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<I>
	February 10, 2016
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<I>
	By:
</I>
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	&nbsp;
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<I>
	/s/ David C. Elder
</I>
<BR>
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	&nbsp;
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	&nbsp;
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	&nbsp;
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	&nbsp;
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	&nbsp;
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<I>
	Name: David C. Elder
</I>
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	&nbsp;
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<I>
	Title: Vice President, Finance
</I>
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	Exhibit&nbsp;Index
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	Exhibit No.
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	Description
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	99.1
</DIV>
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<FONT SIZE="2">
	&nbsp;
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<TD ALIGN="LEFT" VALIGN="TOP" WIDTH="77%">
<FONT SIZE="2">
A copy of the press release dated February 9, 2016, to report results of operations for the three months and year ended December 31, 2015
</FONT>
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	99.2
</DIV>
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<FONT SIZE="2">
	&nbsp;
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<TD ALIGN="LEFT" VALIGN="TOP" WIDTH="77%">
<FONT SIZE="2">
A copy of the transcript from the Company&#x2019;s teleconference held on February 9, 2016, to discuss its fourth quarter 2015 results of operations
</FONT>
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<DOCUMENT>
<TYPE>EX-99.1
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<FILENAME>exhibit1.htm
<DESCRIPTION>EX-99.1
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<TITLE> EX-99.1 </TITLE>
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<P align="left" style="margin-right:1%; font-size: 10pt"><FONT style="font-size: 12pt"><img src="e42312-1641820377102723bf_1.jpg"></FONT><FONT style="font-size: 11pt">
</FONT>
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<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
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    <TD width="30%">&nbsp;</TD>
</TR>

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<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top">For Immediate Release
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Contacts:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR></TD>
</TR>
<TR style="font-size: 1px">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR></TD>
</TR>
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    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Investors:</I>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Media:</I></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John P. Jacunski
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">William T. Yanavitch</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(717) 225-2794
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(717) 225-2747</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 11pt"><B>GLATFELTER REPORTS FULL YEAR AND FOURTH QUARTER EARNINGS</B>



<P align="left" style="font-size: 11pt"><FONT style="font-size: 10pt"><B>YORK, Pennsylvania &#150; February&nbsp;9, 2016 &#150; </B>Glatfelter (NYSE: GLT) today reported 2015 full year
adjusted earnings per diluted share of $1.34 (GAAP $1.47) compared with $1.55 per diluted share in
2014 (GAAP $1.57). For the 2015 fourth quarter Glatfelter reported adjusted earnings of $22.9
million, or $0.52 per diluted share, compared with $19.7&nbsp;million, or $0.45 per diluted share, in
the 2014 fourth quarter. On a GAAP basis, fourth quarter 2015 net income totaled $34.3&nbsp;million, or
$0.78 per diluted share, compared with $19.6&nbsp;million, or $0.45 per diluted share, in the fourth
quarter of 2014.
</FONT>

<P align="left" style="font-size: 10pt">Consolidated net sales totaled $412.9&nbsp;million in the fourth quarter of 2015 compared with $436.3
million in the fourth quarter of 2014. On a constant currency basis, net sales declined $5.1
million, or 1.2&nbsp;percent.


<P align="left" style="font-size: 10pt">&#147;Our fourth-quarter 2015 financial results reflect a solid finish to a very challenging year,&#148; said
Dante C. Parrini, Chairman and Chief Executive Officer. &#147;In the fourth quarter, we saw solid
growth in key product lines within our Composite Fibers and Advanced Airlaid Materials businesses
and earnings growth across all three of our business segments. We also delivered improved overall
earnings and cash flow performance as the full effects of our previously announced continuous
improvement and cost reduction initiatives were realized.


<P align="left" style="font-size: 10pt">&#147;Overall, I am pleased with how our team managed through the many challenges we faced in 2015 by
capitalizing on improved demand for single-serve coffee, tea and Advanced Airlaid Materials
products during the second half of the year, and withstanding the ongoing weakness in Russia and
Ukraine and currency headwinds. Our performance during the year was also driven by our successful
execution of cost reduction and continuous improvement initiatives which delivered full year
savings of $31&nbsp;million, exceeding our target for the year.&#148;


<P align="left" style="font-size: 10pt">Mr.&nbsp;Parrini concluded, &#147;As we enter 2016, we see growth opportunities in food and beverage,
feminine hygiene, specialty wipes and electrical markets. At the same time, we remain mindful of
weakness in Russia and Ukraine, which continues to impact the nonwoven wallcover market, as well as
the effect of a weak Euro. Our efforts to continuously improve the safety, reliability and
efficiency of our operations, manage costs, and bring new value-added products to market will
continue to be critical to our success in 2016 and beyond.&#148;


<P align="center" style="font-size: 10pt; display: none">1
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<P align="left" style="font-size: 10pt">The following table sets forth a reconciliation of net income on a GAAP basis to adjusted earnings,
a non-GAAP measure:

<DIV align="center">
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<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="15" style="border-bottom: 1px solid #000000">For the three months ended December 31</TD>
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2015</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">2014</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 8pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>In thousands, except per share</I>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><B>After tax income</B>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><B>Diluted EPS</B>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top">After tax income
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top">Diluted EPS
</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 10pt">Net income</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top"><FONT style="font-size: 10.5pt"><B>$</B></FONT></TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt"><B>34,298</B></FONT></TD>
    <TD nowrap valign="top"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top"><FONT style="font-size: 10.5pt"><B>$</B></FONT></TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt"><B> 0.78</B></FONT></TD>
    <TD nowrap valign="top"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top"><FONT style="font-size: 10.5pt">$</FONT></TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt">19,557</FONT></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top"><FONT style="font-size: 10.5pt">$</FONT></TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt"> 0.45</FONT></TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10.5pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 10pt">Timberland sales and related costs</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt"><B>(11,574</B></FONT></TD>
    <TD nowrap valign="top"><FONT style="font-size: 10.5pt"><B>)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt"><B>(0.26</B></FONT></TD>
    <TD nowrap valign="top"><FONT style="font-size: 10.5pt"><B>)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt">(612</FONT></TD>
    <TD nowrap valign="top"><FONT style="font-size: 10.5pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt">(0.01</FONT></TD>
    <TD nowrap valign="top"><FONT style="font-size: 10.5pt">)</FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 10.5pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 10pt">Workforce efficiency charges</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt"><B>147</B></FONT></TD>
    <TD nowrap valign="top"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt"><B>-</B></FONT></TD>
    <TD nowrap valign="top"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt">373</FONT></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt">0.01</FONT></TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10.5pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 10pt">AMBU capacity expansion costs</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt"><B>30</B></FONT></TD>
    <TD nowrap valign="top"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt"><B>-</B></FONT></TD>
    <TD nowrap valign="top"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><FONT style="font-size: 10.5pt">&#151;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><FONT style="font-size: 10.5pt">&#151;</FONT>
</TD>
</TR>
<TR valign="bottom" style="font-size: 10.5pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 10pt">Acquisition and integration related costs</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt"><B>-</B></FONT></TD>
    <TD nowrap valign="top"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt"><B>-</B></FONT></TD>
    <TD nowrap valign="top"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt">487</FONT></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt">0.01</FONT></TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10.5pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 10pt">Alternative fuel mixture/Cellulosic</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><FONT style="font-size: 10pt"><BR></FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><FONT style="font-size: 10pt"><BR></FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><FONT style="font-size: 10pt"><BR></FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><FONT style="font-size: 10pt"><BR></FONT>
</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 10pt">biofuel credits</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt"><B>-</B></FONT></TD>
    <TD nowrap valign="top"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt"><B>-</B></FONT></TD>
    <TD nowrap valign="top"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt">(81</FONT></TD>
    <TD nowrap valign="top"><FONT style="font-size: 10.5pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><FONT style="font-size: 10.5pt">&#151;</FONT>
</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt">&nbsp;</FONT></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt">&nbsp;</FONT></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt">&nbsp;</FONT></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt">&nbsp;</FONT></TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10.5pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 9pt">Adjusted earnings</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top"><FONT style="font-size: 10.5pt"><B>$</B></FONT></TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt"><B>22,901</B></FONT></TD>
    <TD nowrap valign="top"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top"><FONT style="font-size: 10.5pt"><B>$</B></FONT></TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt"><B> 0.52</B></FONT></TD>
    <TD nowrap valign="top"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top"><FONT style="font-size: 10.5pt">$</FONT></TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt">19,724</FONT></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top"><FONT style="font-size: 10.5pt">$</FONT></TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt"> 0.45</FONT></TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt">&nbsp;</FONT></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt">&nbsp;</FONT></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt">&nbsp;</FONT></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt">&nbsp;</FONT></TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10.5pt"><FONT style="font-size: 8pt">The sum of individual per share amounts set forth above may not agree to adjusted earnings per
share due to rounding.
</FONT>

<P align="left" style="font-size: 8pt"><FONT style="font-size: 10pt"><B>Fourth-Quarter Business Unit Results</B>
</FONT>

<P align="left" style="font-size: 10pt"><B><I>Composite Fibers</I></B>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="32%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000">Three months ended December 31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><I>Dollars in thousands</I></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2015</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2014</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000">Change</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 10pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Tons shipped
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>37,585</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">37,849</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(264</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(0.7</TD>
    <TD nowrap valign="top">)%</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Net sales
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top"><B>$</B></TD>
    <TD align="right" valign="top"><B>131,821</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">147,763</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">(15,942</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(10.8</TD>
    <TD nowrap valign="top">)%</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Operating income
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>15,883</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">13,578</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2,305</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">17.0</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Operating margin
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>12.0</B></TD>
    <TD nowrap valign="top"><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">9.2</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><BR>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><BR>
</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">Net sales for this business unit declined $15.9&nbsp;million, or 10.8&nbsp;percent, primarily due to $13.7
million of unfavorable currency translation and $2.4&nbsp;million from lower selling prices. Shipping
volumes declined slightly due to a 13.9&nbsp;percent decline in nonwoven wallcover which offset solid
gains in all other market segments.


<P align="left" style="font-size: 10pt">Composite Fibers&#146; fourth-quarter 2015 operating income totaled $15.9&nbsp;million, a $2.3&nbsp;million or
17.0&nbsp;percent improvement compared to the year-ago period. The higher operating income was due to
improved operating performance of $4.4&nbsp;million driven by less market-related downtime, higher
production rates, and other operating efficiencies and $2.5&nbsp;million of lower raw material and
energy prices. These benefits more than offset the adverse impact of lower selling prices and
currency translation. The change in currency exchange rates negatively impacted results by $1.7
million.


<P align="center" style="font-size: 10pt; display: none">2
<!-- PAGEBREAK -->

<P align="left" style="font-size: 10pt"><B><I>Advanced Airlaid Materials</I></B>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="15" style="border-bottom: 1px solid #000000">Three months ended December 31</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><I>Dollars in thousands</I></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2015</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2014</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000">Change</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 10pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Tons shipped
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>24,537</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23,642</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">895</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.8</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Net sales
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top"><B>$</B></TD>
    <TD align="right" valign="top"><B>61,603</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">65,483</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">(3,880</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(5.9</TD>
    <TD nowrap valign="top">)%</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Operating income
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>6,029</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5,772</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">257</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.5</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Operating margin
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>9.8</B></TD>
    <TD nowrap valign="top"><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">8.8</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><BR>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><BR>
</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">Advanced Airlaid Materials&#146; net sales decreased $3.9&nbsp;million largely due to $4.6&nbsp;million of
unfavorable currency translation and a $1.5&nbsp;million negative impact from lower selling prices which
more than offset the benefit of higher shipping volumes.


<P align="left" style="font-size: 10pt">Fourth-quarter 2015 operating income increased 4.5&nbsp;percent compared to the same quarter a year ago
as lower raw material and energy costs of $2.2&nbsp;million more than offset the adverse impact of lower
selling prices, downtime for incremental capacity expansion projects, other inflationary costs and
a one-time benefit in the fourth quarter of 2014. Currency translation favorably impacted
operating income by $0.8&nbsp;million.


<P align="left" style="font-size: 10pt"><B><I>Specialty Papers</I></B>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000">Three months ended December 31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><I>Dollars in thousands</I></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2015</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2014</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000">Change</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 10pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Tons shipped
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>208,583</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">201,552</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">7,031</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.5</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Net sales
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top"><B>$</B></TD>
    <TD align="right" valign="top"><B>219,427</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">223,014</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">(3,587</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(1.6</TD>
    <TD nowrap valign="top">)%</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Energy and related sales, net
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>1,727</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1,015</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">712</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">70.2</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Operating income
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>15,921</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">15,618</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">303</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.9</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Operating margin
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>7.3</B></TD>
    <TD nowrap valign="top"><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">7.0</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><BR>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><BR>
</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">Specialty Papers&#146; net sales declined $3.6&nbsp;million, or 1.6&nbsp;percent, due to lower selling prices
which negatively impacted the comparison by $4.9&nbsp;million, of which $0.9&nbsp;million was due to
unfavorable currency impacts. Shipping volumes were up 3.5&nbsp;percent, outperforming the broader
uncoated free-sheet market for the quarter and for the eleventh consecutive year.


<P align="left" style="font-size: 10pt">Operating income increased slightly in the year over year comparison as lower raw material and
energy costs of $5.5&nbsp;million and higher energy related sales were partially offset by the adverse
impact of lower selling prices.


<P align="left" style="font-size: 10pt"><B>Other Financial Information</B>


<P align="left" style="font-size: 10pt">Pension expense totaled $2.5&nbsp;million and $1.6&nbsp;million for the fourth quarters of 2015 and 2014,
respectively. For 2016, the Company expects full year pension expense to be approximately $4.6
million compared to $9.1&nbsp;million for all of 2015. Because the Company&#146;s qualified plan remains
overfunded, a cash contribution was not required to be made in 2015 nor is a contribution expected
in the foreseeable future.


<P align="left" style="font-size: 10pt">During 2015, the Company reduced its workforce by approximately 3&nbsp;percent in connection with the
global workforce efficiency and cost reduction program initiated earlier in the year. In
connection with these actions, the Company recorded charges totaling, on a pre-tax basis, $2.5
million for severance and related costs, of which $0.2&nbsp;million was recorded in the fourth quarter
of 2015.


<P align="left" style="font-size: 10pt">The Company sold 14,230 acres of timberlands during the fourth quarter of 2015 for $22.0&nbsp;million
and realized an after-tax gain of $11.6&nbsp;million.


<P align="left" style="font-size: 10pt">In the 2015 fourth quarter, the Company recorded an income tax provision of $3.4&nbsp;million on
adjusted pre-tax earnings, an effective tax rate of 12.8&nbsp;percent. In the comparable quarter a year
ago, the income tax provision totaled $4.7&nbsp;million and the effective tax rate was 19.3&nbsp;percent.
The lower tax rate in the 2015 fourth quarter reflects the timing of recognizing certain tax
credits and related adjustments and the impact of a greater proportion of earnings generated in
lower tax foreign jurisdictions relative to the U.S.


<P align="left" style="font-size: 10pt"><B>2015 Full Year Results</B>


<P align="left" style="font-size: 10pt">Net income for 2015 totaled $64.6&nbsp;million, or $1.47 per diluted share, compared with $69.2&nbsp;million,
or $1.57 per diluted share, in 2014. Adjusted earnings totaled $58.9&nbsp;million, or $1.34 per diluted
share, compared with $68.5&nbsp;million, or $1.55 per diluted share, in 2014. The following table sets
forth a reconciliation of results determined on a GAAP basis to adjusted earnings, a non-GAAP
measure:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2015</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">2014</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 10pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>In thousands, except per share</I>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><B>After tax income</B>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><B>Diluted EPS</B>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top">After tax income
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top">Diluted EPS
</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Net income
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top"><FONT style="font-size: 10.5pt"><B>$</B></FONT></TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt"><B>64,575</B></FONT></TD>
    <TD nowrap valign="top"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top"><FONT style="font-size: 10.5pt"><B>$</B></FONT></TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt"><B> 1.47</B></FONT></TD>
    <TD nowrap valign="top"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top"><FONT style="font-size: 10.5pt">$</FONT></TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt">69,246</FONT></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top"><FONT style="font-size: 10.5pt">$</FONT></TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt"> 1.57</FONT></TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10.5pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 10pt">Timberland sales and related costs</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt"><B>(14,652</B></FONT></TD>
    <TD nowrap valign="top"><FONT style="font-size: 10.5pt"><B>)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt"><B>(0.33</B></FONT></TD>
    <TD nowrap valign="top"><FONT style="font-size: 10.5pt"><B>)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt">(2,995</FONT></TD>
    <TD nowrap valign="top"><FONT style="font-size: 10.5pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt">(0.07</FONT></TD>
    <TD nowrap valign="top"><FONT style="font-size: 10.5pt">)</FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 10.5pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 10pt">Fox River environmental matter</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt"><B>6,222</B></FONT></TD>
    <TD nowrap valign="top"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt"><B>0.14</B></FONT></TD>
    <TD nowrap valign="top"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><FONT style="font-size: 10.5pt">&#151;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><FONT style="font-size: 10.5pt">&#151;</FONT>
</TD>
</TR>
<TR valign="bottom" style="font-size: 10.5pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 10pt">Workforce efficiency charges</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt"><B>1,768</B></FONT></TD>
    <TD nowrap valign="top"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt"><B>0.04</B></FONT></TD>
    <TD nowrap valign="top"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt">373</FONT></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><FONT style="font-size: 10.5pt">&#151;</FONT>
</TD>
</TR>
<TR valign="bottom" style="font-size: 10.5pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 10pt">Asset impairment charge</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt"><B>857</B></FONT></TD>
    <TD nowrap valign="top"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt"><B>0.02</B></FONT></TD>
    <TD nowrap valign="top"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt">2,356</FONT></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt">0.05</FONT></TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10.5pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 10pt">Acquisition and integration related costs</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt"><B>126</B></FONT></TD>
    <TD nowrap valign="top"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt"><B>-</B></FONT></TD>
    <TD nowrap valign="top"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt">603</FONT></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt">0.01</FONT></TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10.5pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 10pt">AMBU capacity expansion costs</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt"><B>30</B></FONT></TD>
    <TD nowrap valign="top"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt"><B>-</B></FONT></TD>
    <TD nowrap valign="top"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><FONT style="font-size: 10.5pt">&#151;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><FONT style="font-size: 10.5pt">&#151;</FONT>
</TD>
</TR>
<TR valign="bottom" style="font-size: 10.5pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 10pt">Alternative fuel mixture/Cellulosic</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><BR>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><BR>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><BR>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><BR>
</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">biofuel credits
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt"><B>-</B></FONT></TD>
    <TD nowrap valign="top"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt"><B>-</B></FONT></TD>
    <TD nowrap valign="top"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt">(1,115</FONT></TD>
    <TD nowrap valign="top"><FONT style="font-size: 10.5pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt">(0.03</FONT></TD>
    <TD nowrap valign="top"><FONT style="font-size: 10.5pt">)</FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 10.5pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 10pt">Adjusted earnings</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top"><FONT style="font-size: 10.5pt"><B>$</B></FONT></TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt"><B>58,926</B></FONT></TD>
    <TD nowrap valign="top"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top"><FONT style="font-size: 10.5pt"><B>$</B></FONT></TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt"><B> 1.34</B></FONT></TD>
    <TD nowrap valign="top"><FONT style="font-size: 10.5pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top"><FONT style="font-size: 10.5pt">$</FONT></TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt">68,468</FONT></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top"><FONT style="font-size: 10.5pt">$</FONT></TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt"> 1.55</FONT></TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt">&nbsp;</FONT></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt">&nbsp;</FONT></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt">&nbsp;</FONT></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-size: 10.5pt">&nbsp;</FONT></TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="margin-left:2%; font-size: 10.5pt"><FONT style="font-size: 8pt"><I>The sum of individual per share amounts set forth above may not agree to adjusted earnings
per share due to rounding.</I>
</FONT>

<P align="left" style="font-size: 8pt"><FONT style="font-size: 10pt">Consolidated net sales for year ended December&nbsp;31, 2015 were $1,661.1&nbsp;million compared with
$1,802.4&nbsp;million for 2014. On a constant currency basis, net sales declined $40.3&nbsp;million, or 2.2
percent. Shipping volumes declined less than one percent.
</FONT>

<P align="left" style="font-size: 10pt"><B>Balance Sheet and Other Information</B>


<P align="left" style="font-size: 10pt">Cash and cash equivalents totaled $105.3&nbsp;million as of December&nbsp;31, 2015, and net debt was $258.6
million compared with $304.8&nbsp;million at the end of 2014. (Refer to the calculation of this measure
provided in the tables at the end of this release.)


<P align="left" style="font-size: 10pt">Capital expenditures totaled $99.9&nbsp;million in 2015 compared with $66.0&nbsp;million in 2014 including
$26.9&nbsp;million and $6.1&nbsp;million, respectively, related to environmental compliance projects. For
2016, total capital expenditures are estimated at $150&nbsp;million to $170&nbsp;million, including
approximately $40&nbsp;million to $45&nbsp;million related to Specialty Papers&#146; environmental compliance
projects and $40&nbsp;million to $45&nbsp;million for Advanced Airlaid Materials&#146; new airlaid facility.


<P align="left" style="font-size: 10pt">Adjusted free cash flow for the fourth quarter of 2015 was $42.7&nbsp;million compared with $61.0
million in the same quarter of 2014. For the full year of 2015, adjusted free cash flow totaled
$53.9&nbsp;million compared with $38.2&nbsp;million in 2014 primarily due to the improved use of working
capital. (Refer to the calculation of these measures provided in this release.)


<P align="left" style="font-size: 10pt"><B>Outlook</B>


<P align="left" style="font-size: 10pt">In the first quarter of 2016, Composite Fibers&#146; shipping volumes, selling prices and raw material
and energy prices are expected to be in-line with the fourth quarter. Maintenance costs are
expected to be approximately $1&nbsp;million higher compared with the fourth quarter of 2015 and no
benefit from currency hedging is expected in the first quarter of 2016.


<P align="left" style="font-size: 10pt">Shipping volumes for Advanced Airlaid Materials in the first quarter of 2016 are expected to be
similar to the fourth quarter. Average raw material prices and selling prices are expected to be
in-line with the fourth quarter.


<P align="left" style="font-size: 10pt">For Specialty Papers, the Company expects shipping volumes in the first quarter of 2016 to be
approximately 5&nbsp;percent lower than the fourth quarter of 2015. Selling prices are expected to be
slightly lower and input costs are expected to be similar compared to the fourth quarter.


<P align="left" style="font-size: 10pt">The normalized tax rate for 2016 is expected to be approximately 24&nbsp;percent.&nbsp;


<P align="left" style="font-size: 10pt"><B>Conference Call</B>


<P align="left" style="font-size: 10pt">As previously announced, the Company will hold a conference call at 11:00&nbsp;a.m. (Eastern) today to
discuss its fourth-quarter results. The Company&#146;s earnings release and an accompanying financial
supplement, which includes significant financial information to be discussed on the conference
call, will be available on Glatfelter&#146;s Investor Relations website at the address indicated below.
Information related to the conference call is as follows:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="21%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="37%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="38%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">What:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Glatfelter&#146;s<sup> </sup>4<sup>th</sup> Quarter 2015 Earnings Release Conference Call</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">When:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Tuesday, February 9, 2016, 11:00 a.m. (ET)</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Number:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">US dial 888.335.5539</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">International dial 973.582.2857</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Conference ID:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35576064</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Webcast:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">http://www.glatfelter.com/about_us/investor_relations/default.aspx</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Rebroadcast Dates:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">February 9, 2016 through February 23, 2016</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Rebroadcast Number:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Within US dial 855.859.2056</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">International dial 404.537.3406</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Conference ID:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35576064</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">Interested persons who wish to hear the live webcast should go to the website prior to the starting
time to register, download and install any necessary audio software.


<P align="center" style="font-size: 10pt; display: none">3
<!-- PAGEBREAK -->

<P align="left" style="font-size: 10pt"><B>Caution Concerning Forward-Looking Statements</B>


<P align="left" style="font-size: 10pt">Any statements included in this press release which pertain to future financial and business
matters are &#147;forward-looking statements&#148; within the meaning of the safe harbor provisions of the
United States Private Securities Litigation Reform Act of 1995. The Company uses words such as
&#147;anticipates&#148;, &#147;believes&#148;, &#147;expects&#148;, &#147;future&#148;, &#147;intends&#148;, &#147;plans&#148;, and similar expressions to
identify forward-looking statements. Any such statements are based on the Company&#146;s current
expectations and are subject to numerous risks, uncertainties and other unpredictable or
uncontrollable factors that could cause future results to differ materially from those expressed in
the forward-looking statements including, but not limited to: changes in industry, business,
market, political and economic conditions in the U.S. and other countries in which the Company does
business, demand for or pricing of its products, changes in tax legislation, governmental laws,
regulations and policies, initiatives of regulatory authorities, technological changes and
innovations, and market growth rates. In light of these risks, uncertainties and other factors, the
forward-looking matters discussed in this press release may not occur and readers are cautioned not
to place undue reliance on these forward-looking statements. The forward-looking statements speak
only as of the date of this press release and Glatfelter undertakes no obligation, and does not
intend, to update these forward-looking statements to reflect events or circumstances occurring
after the date of this press release. More information about these factors is contained in
Glatfelter&#146;s filings with the U.S. Securities and Exchange Commission, which are available at
www.glatfelter.com.


<P align="left" style="font-size: 10pt"><B>About Glatfelter</B>


<P align="left" style="font-size: 10pt">Glatfelter is a global supplier of specialty papers and fiber-based engineered materials, offering
innovation, world-class service and over a century and a half of technical expertise. Headquartered
in York, PA, the company serves customers in over 100 countries. U.S. operations include facilities
in Pennsylvania and Ohio. International operations include facilities in Canada, Germany, France,
the United Kingdom and the Philippines, and sales and distribution offices in China and Russia.
Glatfelter&#146;s sales approximate $1.7&nbsp;billion annually and its common stock is traded on the New York
Stock Exchange under the ticker symbol GLT. Additional information may be found at
www.glatfelter.com.


<P align="center" style="font-size: 10pt; display: none">4
<!-- PAGEBREAK -->

<P align="center" style="font-size: 10pt"><B>P. H. Glatfelter Company and subsidiaries<BR>
Consolidated Statements of Income<BR>
(unaudited)</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="54%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Three Months Ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>Year Ended December 31</B></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>December 31</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><I>In thousands, except per share</I></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2015</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2014</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2015</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2014</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>412,852</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">436,261</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>1,661,084</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,802,415</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Energy and related sales, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,728</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,015</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5,664</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,927</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:40px; text-indent:-10px">Total revenues</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>414,580</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">437,276</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,666,748</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,810,342</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Costs of products sold</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>356,464</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">379,112</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,463,783</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,575,188</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:40px; text-indent:-10px">Gross profit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>58,116</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58,164</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>202,965</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">235,154</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Selling, general and administrative expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>27,505</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,484</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>127,706</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">133,235</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Gains on dispositions of plant, equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:50px; text-indent:-10px">and timberlands, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(18,225</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(980</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(21,113</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(4,861</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Operating income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>48,836</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,660</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>96,372</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">106,780</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Non-operating income (expense)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Interest expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(4,287</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(4,676</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(17,464</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(18,921</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Interest income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>51</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>283</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">159</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:40px; text-indent:-10px">Other, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(423</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(740</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(615</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(635</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Total other expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(4,659</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(5,400</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(17,796</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(19,397</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Income before income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>44,177</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,260</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>78,576</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">87,383</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:50px; text-indent:-10px">Income tax provision</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>9,879</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,703</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>14,001</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,137</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:50px; text-indent:-10px">Net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>34,298</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">19,557</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>64,575</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">69,246</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Earnings Per Share</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Basic</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>0.79</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.45</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>1.49</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1.60</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Diluted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>0.78</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.45</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1.47</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.57</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Cash dividends declared per common share</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>0.12</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>0.48</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.44</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Weighted average shares outstanding</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Basic</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>43,499</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,107</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>43,397</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,201</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Diluted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>43,878</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,943</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>43,942</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,066</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt; display: none">5
<!-- PAGEBREAK -->


<P align="center" style="font-size: 10pt"><B>Business Unit Financial Information<BR>
(unaudited)</B>


<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="31%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">Three months ended December 31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7">Advanced Airlaid</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><I>In millions</I></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000">Composite Fibers</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000">Materials</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000">Specialty Papers</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000">Other and Unallocated</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000">Total</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2015</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2014</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2015</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2014</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2015</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2014</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2015</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2014</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2015</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2014</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>131.8</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">147.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>61.6</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">65.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>219.4</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">223.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>-</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>412.9</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">436.3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Energy and related sales, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1.7</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1.7</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Total revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>131.8</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">147.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>61.6</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>221.1</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">224.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>414.6</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">437.3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Cost of products sold</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>104.6</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">121.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>53.8</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>196.1</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">197.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2.0</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>356.5</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">379.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Gross profit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>27.2</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>7.8</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>25.0</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(2.0</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2.6</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>58.1</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">SG&#038;A</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>11.3</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1.8</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>9.1</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5.4</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>27.5</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Gains on dispositions of plant,
equipment and timberlands</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(18.2</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1.0</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(18.2</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1.0</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Total operating income (loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>15.9</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6.0</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>15.9</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>10.8</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(5.3</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>48.8</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29.7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Non-operating income (expense)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(4.7</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(5.4</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(4.7</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(5.4</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Income (loss)&nbsp;before income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>15.9</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">13.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>6.0</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>15.9</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">15.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>6.1</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(10.7</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>44.2</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">24.3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Supplementary Data</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Net tons sold <I>(thousands)</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>37.6</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>24.5</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>208.6</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">201.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>270.7</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">263.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Depreciation, depletion and
amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>6.1</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">7.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>2.4</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>6.7</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">7.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>0.6</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>15.8</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">17.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Capital expenditures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>9.5</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3.2</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>12.5</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>0.4</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>25.6</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">Year ended December 31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7">Advanced Airlaid</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><I>In millions</I></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000">Composite Fibers</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000">Materials</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000">Specialty Papers</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000">Other and Unallocated</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000">Total</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2015</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2014</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2015</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2014</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2015</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2014</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2015</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2014</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2015</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2014</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>541.5</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">617.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>244.6</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">281.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>875.0</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">902.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>-</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>1,661.1</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,802.4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Energy and related sales, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5.7</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5.7</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Total revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>541.5</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">617.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>244.6</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">281.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>880.7</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">910.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,666.7</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,810.3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Cost of products sold</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>434.4</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">498.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>215.7</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">247.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>804.5</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">821.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>9.2</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,463.8</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,575.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Gross profit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>107.1</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">119.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>28.9</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>76.2</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(9.2</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(7.8</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>203.0</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">235.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">SG&#038;A</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>45.7</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>7.6</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>43.3</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>31.0</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>127.7</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">133.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Gains on dispositions of
plant, equipment and
timberlands</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(21.1</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(4.9</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(21.1</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(4.9</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Total operating income (loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>61.4</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>21.3</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>32.9</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(19.1</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(25.3</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>96.4</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">106.8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Non-operating income
(expense)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(17.8</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(19.4</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(17.8</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(19.4</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Income (loss)
before income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>61.4</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">68.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>21.3</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">25.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>32.9</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">38.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><B>$</B></TD>
    <TD align="right"><B>(36.9</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(44.7</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>78.6</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">87.4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Supplementary Data</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net tons sold <I>(thousands)</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>153.8</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">157.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>96.0</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">99.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>802.2</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">802.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,051.9</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,059.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Depreciation, depletion and
amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>26.2</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">29.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>8.8</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">9.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>26.0</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">29.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>2.2</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>63.2</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">70.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Capital expenditures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>26.8</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>7.8</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>63.5</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1.8</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>99.9</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 8pt">The sum of individual amounts set forth above may not agree to the consolidated financial
statements included herein due to rounding.


<P align="center" style="font-size: 10pt; display: none">6
<!-- PAGEBREAK -->

<P align="center" style="font-size: 8pt"><FONT style="font-size: 12pt"><B>Selected Financial Information<BR>
(unaudited)</B></FONT>


<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="68%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>Year ended December 31</B></TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><I>In thousands</I></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2015</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2014</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 10pt"><B>Cash Flow Data</B></FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 10pt">Cash provided (used)&nbsp;by:</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><FONT style="font-size: 10pt">Operating activities</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10pt"><B>$</B></FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt"><B>133,743</B></FONT></TD>
    <TD><FONT style="font-size: 10pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10pt">$</FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt">99,577</FONT></TD>
    <TD><FONT style="font-size: 10pt"></FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><FONT style="font-size: 10pt">Investing activities</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 10pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt"><B>(77,254</B></FONT></TD>
    <TD nowrap><FONT style="font-size: 10pt"><B>)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 10pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt">(69,589</FONT></TD>
    <TD nowrap><FONT style="font-size: 10pt">)</FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><FONT style="font-size: 10pt">Financing activities</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 10pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt"><B>(48,016</B></FONT></TD>
    <TD nowrap><FONT style="font-size: 10pt"><B>)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 10pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt">(50,881</FONT></TD>
    <TD nowrap><FONT style="font-size: 10pt">)</FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 10pt">Depreciation, depletion and amortization</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt"><B>63,236</B></FONT></TD>
    <TD><FONT style="font-size: 10pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt">70,555</FONT></TD>
    <TD><FONT style="font-size: 10pt"></FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 10pt">Capital expenditures</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt"><B>99,889</B></FONT></TD>
    <TD><FONT style="font-size: 10pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt">66,046</FONT></TD>
    <TD><FONT style="font-size: 10pt"></FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align="center"><FONT style="font-size: 9pt"><B>December&nbsp;31</B></FONT></TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2015</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2014</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 10pt"><B>Balance Sheet Data</B></FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><FONT style="font-size: 10pt">Cash and cash equivalents</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10pt"><B>$</B></FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt"><B>105,304</B></FONT></TD>
    <TD><FONT style="font-size: 10pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10pt">$</FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt">99,837</FONT></TD>
    <TD><FONT style="font-size: 10pt"></FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><FONT style="font-size: 10pt">Total assets</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt"><B>1,503,624</B></FONT></TD>
    <TD><FONT style="font-size: 10pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt">1,561,504</FONT></TD>
    <TD><FONT style="font-size: 10pt"></FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><FONT style="font-size: 10pt">Total debt</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt"><B>363,870</B></FONT></TD>
    <TD><FONT style="font-size: 10pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt">404,612</FONT></TD>
    <TD><FONT style="font-size: 10pt"></FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><FONT style="font-size: 10pt">Shareholders&#146; equity</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt"><B>663,247</B></FONT></TD>
    <TD><FONT style="font-size: 10pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt">649,109</FONT></TD>
    <TD><FONT style="font-size: 10pt"></FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt; display: none">7
<!-- PAGEBREAK -->


<P align="left" style="font-size: 10pt"><B><I>Reconciliation of GAAP Financial Information to Non-GAAP Financial Information</I></B>


<P align="left" style="font-size: 10pt">This press release includes a discussion of earnings before the effects of certain specifically
identified items, which is referred to as adjusted earnings, a non-GAAP measure. The Company uses
non-GAAP adjusted earnings to supplement the understanding of its consolidated financial statements
presented in accordance with GAAP. Non-GAAP adjusted earnings is meant to present the financial
performance of the Company&#146;s core operations, which consists of the production and sale of
specialty papers, composite fibers papers and airlaid non-woven materials. Management and the
Company&#146;s Board of Directors use non-GAAP adjusted earnings to evaluate the performance of the
Company&#146;s fundamental business in relation to prior periods. The performance of the Company&#146;s
operations is evaluated based upon numerous items such as tons sold, average selling prices, gross
margins and overhead, among others. Gains on the sale of timberlands, acquisition and integration
related costs, AMBU capacity expansion costs and impairment and workforce efficiency charges, among
others, are excluded from the Company&#146;s calculation of non-GAAP adjusted earnings because
management believes each of these items is unique and not part of the Company&#146;s core business, and
will only impact the Company&#146;s financial results for a limited period of time. Gains from
timberland sales are distinct from revenues generated from product sales. Unlike items such as
cost of raw materials and overhead costs, acquisition and integration related costs, and impairment
and workforce efficiency charges, are unique items that do not represent direct costs incurred in
the manufacture and sale of the Company&#146;s products.


<P align="left" style="font-size: 10pt">Unlike net income determined in accordance with GAAP, non-GAAP adjusted earnings does not reflect
all charges and gains recorded by the Company for the applicable period and, therefore, does not
present a complete picture of the Company&#146;s results of operations for the respective period.
However, non-GAAP adjusted earnings provides a measure of how the Company&#146;s core operations are
performing, which management believes is useful to investors because it allows comparison of such
operations from period to period. Non-GAAP adjusted earnings should not be considered in isolation
from, or as a substitute for, measures of financial performance prepared in accordance with GAAP.

<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="56%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Calculation of Adjusted Free Cash Flow</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Three months ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>Year ended December 31</B></TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>December 31</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><I>In thousands</I></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2015</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2014</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2015</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2014</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 10pt">Cash from operations</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10pt"><B>$</B></FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt"><B>63,220</B></FONT></TD>
    <TD><FONT style="font-size: 10pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10pt">$</FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt">78,197</FONT></TD>
    <TD><FONT style="font-size: 10pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10pt"><B>$</B></FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt"><B>133,743</B></FONT></TD>
    <TD><FONT style="font-size: 10pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10pt">$</FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt">99,577</FONT></TD>
    <TD><FONT style="font-size: 10pt"></FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><FONT style="font-size: 10pt">Less: Capital expenditures</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 10pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt"><B>(25,609</B></FONT></TD>
    <TD nowrap><FONT style="font-size: 10pt"><B>)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 10pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt">(19,010</FONT></TD>
    <TD nowrap><FONT style="font-size: 10pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 10pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt"><B>(99,889</B></FONT></TD>
    <TD nowrap><FONT style="font-size: 10pt"><B>)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 10pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt">(66,046</FONT></TD>
    <TD nowrap><FONT style="font-size: 10pt">)</FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:30px; text-indent:-10px"><FONT style="font-size: 10pt">Add back: Environmental compliance projects</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt"><B>7,885</B></FONT></TD>
    <TD><FONT style="font-size: 10pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt">3,224</FONT></TD>
    <TD><FONT style="font-size: 10pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt"><B>26,873</B></FONT></TD>
    <TD><FONT style="font-size: 10pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt">6,131</FONT></TD>
    <TD><FONT style="font-size: 10pt"></FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:30px; text-indent:-10px"><FONT style="font-size: 10pt">Exclude: Cellulosic biofuel/Alternative
fuel mixture credits</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 10pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt"><B>(2,751</B></FONT></TD>
    <TD nowrap><FONT style="font-size: 10pt"><B>)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 10pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt">(1,425</FONT></TD>
    <TD nowrap><FONT style="font-size: 10pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 10pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt"><B>(6,816</B></FONT></TD>
    <TD nowrap><FONT style="font-size: 10pt"><B>)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 10pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt">(1,425</FONT></TD>
    <TD nowrap><FONT style="font-size: 10pt">)</FONT></TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:40px; text-indent:-10px"><FONT style="font-size: 10pt">Adjusted free cash flow</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10pt"><B>$</B></FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt"><B>42,745</B></FONT></TD>
    <TD><FONT style="font-size: 10pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10pt">$</FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt">60,986</FONT></TD>
    <TD><FONT style="font-size: 10pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10pt"><B>$</B></FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt"><B>53,911</B></FONT></TD>
    <TD><FONT style="font-size: 10pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10pt">$</FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt">38,237</FONT></TD>
    <TD><FONT style="font-size: 10pt"></FONT></TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Calculation of Net Debt</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>December 31</B></TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><I>In thousands</I></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2015</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2014</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 10pt">Current portion of long-term debt</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10pt"><B>$</B></FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt"><B>7,366</B></FONT></TD>
    <TD><FONT style="font-size: 10pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10pt">$</FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt">5,734</FONT></TD>
    <TD><FONT style="font-size: 10pt"></FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 10pt">Long term debt</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt"><B>356,504</B></FONT></TD>
    <TD><FONT style="font-size: 10pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt">398,878</FONT></TD>
    <TD><FONT style="font-size: 10pt"></FONT></TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 10pt">Total</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt"><B>363,870</B></FONT></TD>
    <TD><FONT style="font-size: 10pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt">404,612</FONT></TD>
    <TD><FONT style="font-size: 10pt"></FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><FONT style="font-size: 10pt">Less: Cash</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 10pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt"><B>(105,304</B></FONT></TD>
    <TD nowrap><FONT style="font-size: 10pt"><B>)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 10pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt">(99,837</FONT></TD>
    <TD nowrap><FONT style="font-size: 10pt">)</FONT></TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:30px; text-indent:-10px"><FONT style="font-size: 10pt">Net Debt</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10pt"><B>$</B></FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt"><B>258,566</B></FONT></TD>
    <TD><FONT style="font-size: 10pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10pt">$</FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt">304,775</FONT></TD>
    <TD><FONT style="font-size: 10pt"></FONT></TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
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</TABLE>
</DIV>



<P align="center" style="font-size: 10pt; display: none">8




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<TYPE>EX-99.2
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<FILENAME>exhibit2.htm
<DESCRIPTION>EX-99.2
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<P align="right" style="font-size: 10pt"><FONT style="font-size: 11pt"><B>Exhibit&nbsp;99.2</B></FONT>



<P align="left" style="font-size: 11pt"><B>CORPORATE PARTICIPANTS</B>


<P align="left" style="font-size: 11pt"><B>John Jacunski </B><I>Glatfelter &#151; EVP and CFO</I>


<P align="left" style="font-size: 11pt"><B>Dante Parrini </B><I>Glatfelter &#151; Chairman and CEO</I>


<P align="left" style="font-size: 11pt"><B>CONFERENCE CALL PARTICIPANTS</B>


<P align="left" style="font-size: 11pt"><B>Mark Wilde </B><I>BMO Capital Markets &#151; Analyst</I>


<P align="left" style="font-size: 11pt"><B>James Armstrong </B><I>Vertical Research Partners &#151; Analyst</I>


<P align="left" style="font-size: 11pt"><B>Dan Jacome </B><I>Sidoti & Company &#151; Analyst</I>


<P align="left" style="font-size: 11pt"><B>Steve Chercover </B><I>D.A. Davidson & Co. &#151; Analyst</I>


<P align="left" style="font-size: 11pt"><B>Debbie Jones </B><I>Deutsche Bank &#151; Analyst</I>


<P align="left" style="font-size: 11pt"><B>PRESENTATION</B>


<P align="left" style="font-size: 11pt"><B>Operator</B>


<P align="left" style="font-size: 11pt">Good morning. My name is Holly and I will be your conference operator today. At this time we&#146;d
like to welcome everyone to the Glatfelter 2015 fourth-quarter earnings release conference call.
(Operator Instructions)


<P align="left" style="font-size: 11pt">I&#146;ll now turn the conference over to John Jacunski. Please go ahead, sir.


<P align="left" style="font-size: 11pt"><B>John Jacunski </B><B><I>- Glatfelter &#151; EVP and CFO</I></B>


<P align="left" style="font-size: 11pt">Thank you, Holly. Good morning and welcome to Glatfelter&#146;s 2015 fourth-quarter and full-year
conference call.


<P align="left" style="font-size: 11pt">This is John Jacunski. I&#146;m the Company&#146;s CFO.


<P align="left" style="font-size: 11pt">Before we begin our presentation I have a few standard reminders. During our call this morning we
will use the term adjusted earnings as well as other non-GAAP financial measures. A reconciliation
of these financial measures to our GAAP-based results is included in today&#146;s earnings release and
in the investor slides.


<P align="left" style="font-size: 11pt">We will also make forward-looking statements today that are subject to risks and uncertainties. Our
2014 Form 10-K filed with the SEC and today&#146;s release, both of which are available on our website,
disclose factors that could cause our actual results to differ materially from these
forward-looking statements. These forward-looking statements speak only as of today and we
undertake no obligation to update them.


<P align="left" style="font-size: 11pt">Finally, we have made available a slide presentation to accompany our comments on this morning&#146;s
call. You may access the slides on our website or through this morning&#146;s webcast provider.


<P align="left" style="font-size: 11pt">I will now turn the call over to Dante Parrini, Glatfelter&#146;s Chairman and Chief Executive Officer.


<P align="left" style="font-size: 11pt"><B>Dante Parrini </B><B><I>- Glatfelter &#151; Chairman and CEO</I></B>


<P align="left" style="font-size: 11pt">Thank you, John. Good morning and thank you for joining us to discuss our 2015 fourth-quarter
and full-year results.


<P align="left" style="font-size: 11pt">Our fourth-quarter results reflect a solid finish to a challenging year. As shown on slide 3, we
generated adjusted earnings per share of $0.52, an increase of 16% over the prior-year period,
including $0.04 per share from a lower tax rate.


<P align="left" style="font-size: 11pt">And all three of our businesses generated improved operating profit compared to the year-ago
quarter. Revenue for the quarter was $413&nbsp;million, down 1% on a constant currency basis compared to
last year. The flat sales reflect stronger shipments in several key segments offset by continued
weakness in wallcover and an overall competitive pricing environment.


<P align="left" style="font-size: 11pt">In Composite Fibers, we continue to grow in key segments such as tea, single-serve coffee and
electrical while the difficult situation in the Russian and Ukrainian wallcover markets continues.
Excluding the 14% decline in wallcover shipments, composite fiber shipments were up 8% during the
quarter.


<P align="left" style="font-size: 11pt">In the Advanced Airlaid Materials business, demand for our personal care products continued to be
stronger than in the first half of the year. Feminine hygiene products were up 6%. Specialty wipes
increased 35% compared to the fourth quarter of 2014. Shipments were solid in Specialty Papers this
quarter, up 3.5%, outperforming the uncoated freesheet market during the quarter and for the 11th
consecutive year.


<P align="left" style="font-size: 11pt">However, market pricing in commodity grades is well below year-ago levels, reflecting the effects
of declining market demand and excess capacity.


<P align="left" style="font-size: 11pt">We were very successful in 2015 with our cost reduction and continuous improvement initiatives.
During the fourth quarter, we generated cost savings of $10&nbsp;million from these programs and we
exceeded our target for the year. These results led to strong cash flow generation in the fourth
quarter and our balance sheet remains in great shape with ample liquidity to pursue our growth
initiatives.


<P align="left" style="font-size: 11pt">This concludes my opening remarks. John will now provide a more in-depth review of our
fourth-quarter results. I&#146;ll then wrap things up with some closing comments before taking your
questions. John?


<P align="left" style="font-size: 11pt"><B>John Jacunski </B><B><I>- Glatfelter &#151; EVP and CFO</I></B>


<P align="left" style="font-size: 11pt">Thank you, Dante. For the fourth quarter, we reported net income of $34.3&nbsp;million or $0.78 per
share. After excluding non-core business items we reported net income of $22.9&nbsp;million or $0.52 per
share compared to $0.45 in 2014.


<P align="left" style="font-size: 11pt">Slide 4 shows a bridge of adjusted earnings per share from the fourth quarter of last year to this
year. Composite Fibers had a good quarter with results increasing earnings per share by $0.04,
including a negative $0.03 impact from foreign currency translation. Advanced Airlaid Materials
results were in line with the year-ago quarter.


<P align="left" style="font-size: 11pt">Specialty Papers results increased earnings by $0.01 per share including a negative $0.02 impact
for foreign currency. Higher corporate costs, driven by the Fox River legal matter, reduced
earnings per share by $0.02 and a lower tax rate increased earnings per share by $0.04.


<P align="left" style="font-size: 11pt">Slide 5 shows a summary of the fourth-quarter results for the Composite Fibers business. As Dante
mentioned, our wallcover business continued to see weakness in the Russian and Ukrainian markets,
resulting in a shipment decline of 14% this quarter.


<P align="left" style="font-size: 11pt">All other market segments in this business continued to perform very well with shipping volumes up
8%. Our success in these markets improved our capacity utilization and, when combined with our
efficiency improvement and cost reduction initiatives, drove an expansion in operating margin to
12%.


<P align="left" style="font-size: 11pt">Total revenue for this business was $132&nbsp;million, a decrease of 1.5% on a constant currency basis
compared to last year with overall shipping volumes down slightly. Lower selling prices, primarily
in wallcover and food and beverage, negatively impacted operating profit by $2.4&nbsp;million compared
to the fourth quarter of last year. The lower selling prices were offset by lower prices for raw
materials and energy.


<P align="left" style="font-size: 11pt">Demand for tea and single-serve coffee products continued to be solid with shipping volume up 6%
compared to the year-ago quarter. Technical specialty shipments were up 8%, driven by demand for
electrical products, and composite laminate shipments were up 17%.


<P align="left" style="font-size: 11pt">We had another solid quarter from an operating perspective. Excluding wallcover, production volume
was up 19%. This resulted in less machine downtime to meet stronger demand and better production
efficiency. The business also generated cost benefits from lower maintenance spending, cost
reduction initiatives and continuous improvement in projects.


<P align="left" style="font-size: 11pt">Overall, these items added $4.4&nbsp;million to operating profit for the quarter. This resulted in
operating profit improving 17% for the quarter to $15.9&nbsp;million including a negative currency
impact of $1.7&nbsp;million.


<P align="left" style="font-size: 11pt">For the first quarter of 2016, when compared to the fourth quarter, we expect shipping volumes,
selling prices and raw material and energy prices all to be in line with the fourth quarter. Our
maintenance spending is likely to be about $1&nbsp;million higher and we do not expect to benefit from
our currency hedging program during the quarter.


<P align="left" style="font-size: 11pt">Advanced Airlaid Materials results are summarized on slide 6. This business performed well during
the quarter with improved demand and operating margins compared to the same quarter a year ago.
Revenue during the quarter was $61.6&nbsp;million, up 1% on a constant currency basis compared to last
year with shipments up 4%.


<P align="left" style="font-size: 11pt">In the feminine hygiene market shipments were up 6%. For the adult incontinence market, shipments
were down significantly as the year-ago quarter included heavier demand to support a customer
product launch. Shipments of specialty wipes were up 35% and we expect continued growth in this
segment as the Airlaid technology continues to gain share in this market.


<P align="left" style="font-size: 11pt">Operating income for this business increased to $6&nbsp;million compared to $5.8&nbsp;million last year.
Lower raw material and energy costs more than offset the impact of lower selling prices.


<P align="left" style="font-size: 11pt">On the operating side, a one-time benefit in the year-ago period, downtime for incremental capacity
projects and general inflation reduced operating profit for the quarter by $1.5&nbsp;million.


<P align="left" style="font-size: 11pt">For the first quarter of 2016, we expect shipping volumes, average selling prices and raw material
prices all to be in line with fourth quarter.


<P align="left" style="font-size: 11pt">Slide 7 provides a summary of the results for Specialty Papers. The shipments for Specialty Papers
increased 3.5% when compared to the fourth quarter of last year. Growth in book publishing and
non-carbonless forms products more than offset declines in envelope, engineered products and
carbonless products. Selling prices in the white paper markets were slightly lower than the third
quarter but well below the fourth quarter of last year, resulting in a $4&nbsp;million impact to
operating profit.


<P align="left" style="font-size: 11pt">In addition, the weak Canadian dollar created a negative FX impact of $900,000 in the quarter,
related to sales denominated in its currency. However, the negative selling price impact was offset
by lower prices for raw materials and energy.


<P align="left" style="font-size: 11pt">From an operations perspective, the benefit of our cost reduction measures and continuous
improvement initiatives, lower maintenance spending along with lower SG&A costs, generally offset
the impact of lower pulp production for the quarter. The net result was a $300,000 improvement in
operating profit compared to the year-ago quarter.


<P align="left" style="font-size: 11pt">For this business in the first quarter we expect shipping volumes to be approximately 5% lower than
the fourth quarter. Selling prices are expected to decline slightly as industry operating rates,
inventory levels and demand declines continue to create a competitive market environment. We expect
input cost to remain in line with the fourth quarter.


<P align="left" style="font-size: 11pt">Slide 8 shows corporate costs and other financial items. During the fourth quarter we sold our
remaining timberlands in Virginia and Pennsylvania, which totaled approximately 14,000 acres, for
$22&nbsp;million, recognizing a pretax gain of $18&nbsp;million. This item is excluded from adjusted
earnings. We have about 8,000 acres of timberlands remaining, all located in Delaware.


<P align="left" style="font-size: 11pt">Corporate costs for the fourth quarter were up compared to last year, reflecting higher legal costs
for the Fox River matter.


<P align="left" style="font-size: 11pt">Slide 9 shows our free cash flow. During the fourth quarter, we generated adjusted free cash flow
of $43&nbsp;million, down from $61&nbsp;million in the fourth quarter of last year with the decline driven by
movements in working capital.


<P align="left" style="font-size: 11pt">For the full year, we generated adjusted free cash flow of $54&nbsp;million, well ahead of the year-ago
period. Lower cash utilization for working capital more than offset the lower EBITDA generation in
comparison.


<P align="left" style="font-size: 11pt">Capital expenditures have increased, primarily due to investments for boiler environmental
compliance projects. And our full-year spending on the Fox River remediation totaled $9&nbsp;million.


<P align="left" style="font-size: 11pt">Slide 10 shows some balance sheet and liquidity metrics. Our net debt on December&nbsp;31 totaled $259
million, down $46&nbsp;million from the end of 2014. We finished the year with $105&nbsp;million of cash and
$248&nbsp;million available under our revolving credit facility. Our balance sheet remains in good shape
with leverage on a net debt basis of 1.6 times at December&nbsp;31.


<P align="left" style="font-size: 11pt">We believe this provides sufficient liquidity to meet our near-term investment needs and to
continue to execute our growth strategies.


<P align="left" style="font-size: 11pt">And finally, slides 11 and 12 provide some guidance on capital expenditures and pension expense. We
have two major capital programs in process. In 2016 we expect to spend $40&nbsp;million to $45&nbsp;million
in capital as we finish the boiler environmental compliance projects in Pennsylvania and Ohio. Some
payments related to these projects are also expected in early 2017.


<P align="left" style="font-size: 11pt">We also expect to incur testing and startup costs of approximately $7&nbsp;million in 2016 as we switch
out the boiler systems in preparation for full operation. We will be excluding these costs from
adjusted earnings.


<P align="left" style="font-size: 11pt">In addition, we will be spending $40&nbsp;million to $45&nbsp;million of the expected $80&nbsp;million investment
for the new Airlaid facility in the United States that we announced in December. Over the next two
years we will incur approximately $6&nbsp;million of start-up costs for this project that we will also
exclude from adjusted earnings when reporting our results.


<P align="left" style="font-size: 11pt">On slide 12, you can see our pension plan remains overfunded by $53&nbsp;million. We estimate our
pension expense to be $4.6&nbsp;million in 2016, about half of the 2015 expense. And we do not expect to
make any cash contributions for the foreseeable


<P align="left" style="font-size: 11pt">This concludes my comments. And I will turn the call back to Dante.


<P align="left" style="font-size: 11pt"><B>Dante Parrini </B><B><I>- Glatfelter &#151; Chairman and CEO</I></B>


<P align="left" style="font-size: 11pt">Thanks, John. 2015 was a very challenging year for Glatfelter as we navigated significant
macro-level headwinds while, at the same time, we successfully served the needs of our customers,
controlled costs and improved overall safety performance.


<P align="left" style="font-size: 11pt">As shown on slides 13 and 14, adjusted earnings per share finished at $1.34 versus $1.55 last year.
This decline was largely driven by the impact of foreign currencies, which negatively impacted
earnings by $0.22 per share.


<P align="left" style="font-size: 11pt">Market pricing was very competitive in most of our product segments and negatively impacted
earnings by $0.32 per share. Wallcover shipments were down 20% as a result of the weak economic
environment in Russia and Ukraine, and our hygiene market had a sluggish first half.


<P align="left" style="font-size: 11pt">Despite these challenges we delivered solid growth in key product segments, including 5% increase
in Food and Beverage products, an 11% increase in Composite Laminates and a 10% improvement in
Technical Specialties. In our Advanced Airlaid Materials business we saw a 44% boost in specialty
wipes after a sluggish first half of the year. And we grew our feminine hygiene shipment 6% in the
fourth quarter. And shipments for Specialty Papers were flat for the year, which beat the broader
uncoated freesheet market for the 11th consecutive year.


<P align="left" style="font-size: 11pt">We continue to see solid growth opportunities across much of our business in 2016. In Composite
Fibers we are leveraging prior investments to increase capacity in our continuous improvement
initiatives to support continuing growth in our core segments. The flexibility of these assets will
allow us to continue to grow in tea, single-serve coffee, Composite Laminates and electrical
markets. Our Airlaid business has been strong with growth in specialty wipes in North America, and
our hygiene business returned to growth in the fourth quarter.


<P align="left" style="font-size: 11pt">Driven by this growth, we announced in December a plan to build a new Airlaid facility in the
United States. We are progressing with site selection and contractor and equipment supply
arrangements. We expect to complete the facility in the fourth quarter of 2017 with commercial
shipments beginning in the first quarter of 2018.


<P align="left" style="font-size: 11pt">This facility will bring 22,000 tons of additional capacity to these growing markets.


<P align="left" style="font-size: 11pt">During 2015, we aggressively executed our enterprise-wide cost reduction and continuous improvement
initiatives. We reduced our workforce by 3.1%, improved productivity, lowered downtime and broke
rates and worked closely with our suppliers to reduce waste and drive down costs of purchased goods
and services. As a result of these initiatives, we generated $31&nbsp;million in total cost reductions,
exceeding the upper end of our target range.


<P align="left" style="font-size: 11pt">We also generated solid free cash flow for the year, as shown on slide 15. This allowed us to fund
the environmental compliance projects in Specialty Papers and increase our dividend for the third
consecutive year. We did this while also reducing net debt by $46&nbsp;million.


<P align="left" style="font-size: 11pt">We have a strong balance sheet with adequate liquidity to execute our capital projects and growth
initiatives in 2016.


<P align="left" style="font-size: 11pt">Although I&#146;m disappointed with our overall earnings in 2015, I am very pleased with the result of
Glatfelter people, as we confronted our challenges head on with focused determination. We worked
diligently to grow key areas of our business, drove our continuous improvement and cost reduction
initiatives and achieved our workforce reduction targets, which all helped to mitigate the effects
of significant external factors.


<P align="left" style="font-size: 11pt">We remain focused on executing our long-term growth strategy with continued emphasis on winning in
our core segments by enhancing our leading positions in growing markets around the world, including
the pursuit of acquisitions. Our growth will be supplemented by introducing differentiated and
cost-competitive new products, providing superior customer service and executing strong cost
control measures. I believe this approach will serve our business well as we continue to position
Glatfelter for future success.


<P align="left" style="font-size: 11pt">At this point I will open the call for questions.


<P align="left" style="font-size: 11pt"><B>QUESTION AND ANSWER</B>


<P align="left" style="font-size: 11pt"><B>Operator</B>


<P align="left" style="font-size: 11pt">(Operator Instructions) Mark Wilde, BMO Capital Markets.


<P align="left" style="font-size: 11pt"><B>Mark Wilde </B><B><I>- BMO Capital Markets &#151; Analyst</I></B>


<P align="left" style="font-size: 11pt">Dante, is it possible to get a sense of the product mix coming off of the new Airlaid
operation?


<P align="left" style="font-size: 11pt"><B>Dante Parrini </B><B><I>- Glatfelter &#151; Chairman and CEO</I></B>


<P align="left" style="font-size: 11pt">Yes. So the machine is being designed to produce high-value, lower basis weight products and
will focus predominantly on the broader specialty wipes category.


<P align="left" style="font-size: 11pt"><B>Mark Wilde </B><B><I>- BMO Capital Markets &#151; Analyst</I></B>


<P align="left" style="font-size: 11pt">So it will be wipes as opposed to core material, which was the original base in Canada and
Germany?


<P align="left" style="font-size: 11pt"><B>Dante Parrini </B><B><I>- Glatfelter &#151; Chairman and CEO</I></B>


<P align="left" style="font-size: 11pt">Right. So we will have a much larger platform so we will be able to establish centers of
excellence between the Gatineau, Canada facility and the southern US facility.


<P align="left" style="font-size: 11pt"><B>Mark Wilde </B><B><I>- BMO Capital Markets &#151; Analyst</I></B>


<P align="left" style="font-size: 11pt">Okay. And does this mean you are shifting the focus of this business a bit?


<P align="left" style="font-size: 11pt"><B>Dante Parrini </B><B><I>- Glatfelter &#151; Chairman and CEO</I></B>


<P align="left" style="font-size: 11pt">I wouldn&#146;t say shifting &#151; I&#146;d say growing. So this is a platform that is serving markets that
are growing at 5% per year both in hygiene as well as wipes.


<P align="left" style="font-size: 11pt">In North America the airlaid substrate is a form factor of choice for the growing specialty wipes
category, and we have strong working relationships with some of the key market makers.


<P align="left" style="font-size: 11pt">And so as we looked at opportunities to invest in organic growth, we saw this as a good opportunity
and very timely. And it&#146;s consistent with what we&#146;ve described in the past in terms of how we
envision continuing to grow Glatfelter.


<P align="left" style="font-size: 11pt"><B>Mark Wilde </B><B><I>- BMO Capital Markets &#151; Analyst</I></B>


<P align="left" style="font-size: 11pt">Okay. And just in light of the situation in the Ukraine and Russia, since it doesn&#146;t look like
there&#146;s any short-term answer there, can you just talk about what this means in terms of the
Dresden facility and whether you need to rethink how that operation is used?


<P align="left" style="font-size: 11pt"><B>Dante Parrini </B><B><I>- Glatfelter &#151; Chairman and CEO</I></B>


<P align="left" style="font-size: 11pt">Well, certainly the uncertainty and volatility in Russia and Ukraine is top of mind. And the
Dresden facility is a low-cost producing facility. It&#146;s run exceptionally well. We have gathered a
team together to focus on areas where we can create even more cost-competitive cost structure and
look at ways to round out the product portfolio to have fit-for-purpose offerings for certain
regions of the world when you&#146;ve got economies in recession and very volatile and weakened
currencies.


<P align="left" style="font-size: 11pt">So the product category itself, big picture, we still see the markets growing globally. Over time
we like our leading share position, which is just under 50% market share. And in terms of its
profitability profile, although substantially impacted over these turns of events over the last,
say, six quarters or so, it still is a contributor to CFBU and fits our profile.


<P align="left" style="font-size: 11pt"><B>Mark Wilde </B><B><I>- BMO Capital Markets &#151; Analyst</I></B>


<P align="left" style="font-size: 11pt">Okay. Just two final ones &#151; a timeline on that remaining 8,000 acres of timber land down in
Delaware: is that something we might expect to see you monetized over the next 12 to 18&nbsp;months, or
it&#146;s still a little more of an open question?


<P align="left" style="font-size: 11pt"><B>John Jacunski </B><B><I>- Glatfelter &#151; EVP and CFO</I></B>


<P align="left" style="font-size: 11pt">Mark, I think it&#146;s a little bit more of an open question. As we have done with our other
timberlands, we will continue to stay abreast of the conditions in the market and look for
opportunities to get what we think is appropriate value. And when we can do that, we&#146;ll sell them.


<P align="left" style="font-size: 11pt">The properties we have remaining, the 8,000 acres &#151; about half of that are eased lots that have
restrictions on commercial and residential development. So the market for those is a little bit
more restricted.


<P align="left" style="font-size: 11pt">But we will continue to do what we&#146;ve been doing, which is try to make sure we get appropriate
value. And when we see the opportunity to do that, we will sell it. And as you know, our balance
sheet is in very good shape. So we can take the appropriate amount of time and make sure we get the
appropriate value.


<P align="left" style="font-size: 11pt"><B>Mark Wilde </B><B><I>- BMO Capital Markets &#151; Analyst</I></B>


<P align="left" style="font-size: 11pt">Yes, sure. And then finally, John, can you give us a little update on the Fox River situation,
what we might expect for remediation costs in 2016 and then whatever you can tell us about where
the legal case sits right now?


<P align="left" style="font-size: 11pt"><B>John Jacunski </B><B><I>- Glatfelter &#151; EVP and CFO</I></B>


<P align="left" style="font-size: 11pt">Sure. So since our last call in early November, there has really only been one significant
development, and that is that the trial date for the case was moved to January&nbsp;2017. It had
previously been scheduled for July of 2016.


<P align="left" style="font-size: 11pt">So there has been about a six-month delay, and that&#146;s just driven by the time required for
discovery and depositions in what is a fairly complex case.


<P align="left" style="font-size: 11pt">As far as 2016 remediation, our view really hasn&#146;t changed. We made an accrual last year of $10
million. We believe that our contribution to the 2017 remediation will be no more than $10&nbsp;million
&#151; I&#146;m sorry, 2016 remediation will be no more than $10&nbsp;million and could possibly be less.


<P align="left" style="font-size: 11pt">So, we haven&#146;t really changed our view on that.


<P align="left" style="font-size: 11pt"><B>Mark Wilde </B><B><I>- BMO Capital Markets &#151; Analyst</I></B>


<P align="left" style="font-size: 11pt">Okay. That&#146;s helpful, guys. Good luck in 2016.


<P align="left" style="font-size: 11pt"><B>Operator</B>


<P align="left" style="font-size: 11pt">James Armstrong, Vertical Research Partners.


<P align="left" style="font-size: 11pt"><B>James Armstrong </B><B><I>- Vertical Research Partners &#151; Analyst</I></B>


<P align="left" style="font-size: 11pt">Congrats on a good quarter. First question is, given your diverse geography, what effect, if
any, are you seeing from the anti-dumping rulings for uncoated freesheet in the US thus far?


<P align="left" style="font-size: 11pt"><B>Dante Parrini </B><B><I>- Glatfelter &#151; Chairman and CEO</I></B>


<P align="left" style="font-size: 11pt">Well, as you may be aware, there have been anti-dumping and countervailing duties levied
against certain countries that were importing into the US markets. I would say generally speaking
it has had a positive effect on slowing down the rate of imported papers and creating a little bit
more stability in the floor where some of these commodity white papers are trading. It was really
focused on cut sheet papers, where we have a very small market share.


<P align="left" style="font-size: 11pt">And there are other plays that have much bigger, but we chose to get involved because we thought
fundamentally it was the right thing to do. So, we see it as a positive. But we still have the
broader issue of declining demand and excess capacity, which, as you know, has retarded selling
prices in general.


<P align="left" style="font-size: 11pt"><B>James Armstrong </B><B><I>- Vertical Research Partners &#151; Analyst</I></B>


<P align="left" style="font-size: 11pt">Yes, okay. And then coming back to wall coverings, can you remind us when this demand decline
started, which quarter? In other words, when do the comps start to get easier? And do you see any
end in sight to the current declines that we&#146;ve seen?


<P align="left" style="font-size: 11pt"><B>John Jacunski </B><B><I>- Glatfelter &#151; EVP and CFO</I></B>


<P align="left" style="font-size: 11pt">Yes, James. From a comparable standpoint, I would say this started primarily about a year ago,
fourth quarter. So fourth-quarter 2014, maybe a little impact in the third quarter of 2014. So
we&#146;ve been through about a full year, and so the comps obviously will get a little bit easier in
2016 compared to last year.


<P align="left" style="font-size: 11pt">It remains a pretty volatile situation if you look at what has happened with the ruble. The value
has continued to decline and reaching some pretty difficult levels compared to the Euro at about
RUB90. So, we don&#146;t really see much of a change.


<P align="left" style="font-size: 11pt">It&#146;s a little bit hard to predict when it might change because it&#146;s really driven by some of the
political issues between Russia and Ukraine, as well as oil prices that are affecting the ruble and
then affecting the broader economy. So, it&#146;s a little bit difficult to have a clear crystal ball as
to where this is heading. But certainly the comps will get easier starting the first quarter of
this year.


<P align="left" style="font-size: 11pt"><B>James Armstrong </B><B><I>- Vertical Research Partners &#151; Analyst</I></B>


<P align="left" style="font-size: 11pt">Okay, two quick ones to follow up &#151; can you remind us, do you have any currency hedging in
place for the first quarter? I know your guidance didn&#146;t assume any benefit or costs associated
with that but I just wondered if you have anything in place.


<P align="left" style="font-size: 11pt"><B>John Jacunski </B><B><I>- Glatfelter &#151; EVP and CFO</I></B>


<P align="left" style="font-size: 11pt">We do have hedges in place, although the strike price of those hedges is consistent with where
the trading value is today, so right around that 112 range is where our hedging is. So we don&#146;t
expect any impact from those hedges this quarter.


<P align="left" style="font-size: 11pt"><B>James Armstrong </B><B><I>- Vertical Research Partners &#151; Analyst</I></B>


<P align="left" style="font-size: 11pt">Okay. And then lastly, on acquisitions, where does it lie on your use of capital versus
buybacks and paying down debt? And what does the pipeline look like?


<P align="left" style="font-size: 11pt"><B>Dante Parrini </B><B><I>- Glatfelter &#151; Chairman and CEO</I></B>


<P align="left" style="font-size: 11pt">Yes, so happy to comment on that. As you know, acquisitions are an important component of our
growth strategy. We do have an ongoing process that identifies and assesses targets.


<P align="left" style="font-size: 11pt">As you might appreciate, we can&#146;t really get into any specifics about what the pipeline looks like.
Most likely targets will be businesses that enhance our existing engineered materials business or
adjacencies that expand our portfolio and help us build additional growth platforms. And we have
been and will continue to be very disciplined with our process. And we&#146;ve got balance sheet
capacity that gives us the latitude to execute when we find the right opportunity.


<P align="left" style="font-size: 11pt">And we&#146;re committed to growing our Company but we&#146;re not going to compromise our standards or make
a bad deal.


<P align="left" style="font-size: 11pt">As it pertains to uses of cash, if you think about our cash flow profile and expected cash needs
over the near term, we&#146;ve got to finish our Boiler MACT environmental compliance. As John said,
there will be $40&nbsp;million to $45&nbsp;million spent this year.


<P align="left" style="font-size: 11pt">We announced capacity expansion for the Airlaid business. We had been signaling this for some time
and now we are in the process of executing that. That&#146;s an $80&nbsp;million project. That $40&nbsp;million to
$45&nbsp;million will be spent this year as well.


<P align="left" style="font-size: 11pt">So we want to support our dividend. And although we believe that we have very strong defenses for
the ongoing Fox River liability, we have to be mindful of any short-term funding dynamics.


<P align="left" style="font-size: 11pt">So, I think these are all things that we and the Board take into consideration. And of course the
Board always has the prerogative to update the priorities as circumstances change.


<P align="left" style="font-size: 11pt"><B>James Armstrong </B><B><I>- Vertical Research Partners &#151; Analyst</I></B>


<P align="left" style="font-size: 11pt">All right, thank you very much.


<P align="left" style="font-size: 11pt"><B>Operator</B>


<P align="left" style="font-size: 11pt">Dan Jacome, Sidoti & Company.


<P align="left" style="font-size: 11pt"><B>Dan Jacome </B><B><I>- Sidoti & Company &#151; Analyst</I></B>


<P align="left" style="font-size: 11pt">Thanks for taking the question. A lot of them have been answered, but just going back to
wallcover can you break out how much of the erosion last year was just strictly from the weaker
currency and how much was perhaps on an organic decline for the product, if you are seeing that at
all?


<P align="left" style="font-size: 11pt"><B>John Jacunski </B><B><I>- Glatfelter &#151; EVP and CFO</I></B>


<P align="left" style="font-size: 11pt">Yes. I don&#146;t have the specific currency number for wallcover. For the year our volumes were
down 20%. We also had some price erosion, of course, the FX impact. But I don&#146;t have that specific
breakdown. I can follow up with you after the call on that.


<P align="left" style="font-size: 11pt"><B>Dan Jacome </B><B><I>- Sidoti & Company &#151; Analyst</I></B>


<P align="left" style="font-size: 11pt">Okay. No, that&#146;s helpful anyway. And then just going back to the Airlaid investment, are you
at liberty to say how long that customer purchase commitment is for? I know that when you initially
released this news in December, it sounded like that you already had a customer lined up to buy a
majority of the capacity.


<P align="left" style="font-size: 11pt"><B>John Jacunski </B><B><I>- Glatfelter &#151; EVP and CFO</I></B>


<P align="left" style="font-size: 11pt">Yes. I think, as you might be able to appreciate, we have confidentiality arrangements with
our customers. So I can&#146;t get deep into the contract at all but I can tell you it&#146;s more than a
year. But I can&#146;t really go further than that.


<P align="left" style="font-size: 11pt"><B>Dan Jacome </B><B><I>- Sidoti & Company &#151; Analyst</I></B>


<P align="left" style="font-size: 11pt">Okay. No, I definitely appreciate it. And then lastly, I think you mentioned capacity
utilization rates on the commodity grade papers are running suboptimal. Do you know what the
operating rates are?


<P align="left" style="font-size: 11pt"><B>John Jacunski </B><B><I>- Glatfelter &#151; EVP and CFO</I></B>


<P align="left" style="font-size: 11pt">You are speaking to our Specialty Papers business?


<P align="left" style="font-size: 11pt"><B>Dan Jacome </B><B><I>- Sidoti & Company &#151; Analyst</I></B>


<P align="left" style="font-size: 11pt">Yes, in the Specialty Papers segment. I think you called out just the commodity grades that
are running suboptimal operating rates. And I was wondering what exactly that was because, if you
look at the uncoated market I believe it&#146;s running in the low 90s. So I was just looking at what
the difference was in those two types.


<P align="left" style="font-size: 11pt"><B>John Jacunski </B><B><I>- Glatfelter &#151; EVP and CFO</I></B>


<P align="left" style="font-size: 11pt">Sure. So we do not take any downtime in the fourth quarter in our Specialty Papers business
and we don&#146;t expect to take any downtime in the first quarter. We have generally been &#151; I think,
as I mentioned, we grew &#151; in the fourth quarter we saw book publishing products was up and our
non-carbonless forms products grew, and that offset declines in our other product lines.


<P align="left" style="font-size: 11pt">So we are currently essentially running at capacity. And we have been able to, as I described,
generate some growth in certain product lines to offset the overall decline. So we haven&#146;t had any
downtime in Q4 and we don&#146;t expect any in Q1.


<P align="left" style="font-size: 11pt"><B>Dan Jacome </B><B><I>- Sidoti & Company &#151; Analyst</I></B>


<P align="left" style="font-size: 11pt">Okay, great. Thanks a lot.


<P align="left" style="font-size: 11pt"><B>Operator</B>


<P align="left" style="font-size: 11pt">(Operator Instructions) Steve Chercover, D.A. Davidson.


<P align="left" style="font-size: 11pt"><B>Steve Chercover </B><B><I>- D.A. Davidson & Co. &#151; Analyst</I></B>


<P align="left" style="font-size: 11pt">I was just wondering, can you explain how backend-loaded the 2015 cost saving initiative was?
I know you got $10&nbsp;million in Q4. Because &#151; like how should we model it in terms of maybe what
costs were associated with getting it and how it&#146;s going to benefit 2016 and in what segments?


<P align="left" style="font-size: 11pt"><B>John Jacunski </B><B><I>- Glatfelter &#151; EVP and CFO</I></B>


<P align="left" style="font-size: 11pt">Sure. So I think, as you mentioned, the run rate or what we achieved in the fourth quarter was
$10&nbsp;million. And the guidance we provided from Q4 to Q1 &#151; was from Q4 to Q1. So we generated $31
million in total, so it was a little bit backend-loaded. But I think the $10&nbsp;million number for Q4
is what we&#146;d expect to sustain as we go forward.


<P align="left" style="font-size: 11pt">As far as a breakdown by business, again, I do not have that in front of me. But I can certainly
follow up with you, Steve, to give you a sense for that. But it&#146;s embedded in the guidance we
provided for Q1.


<P align="left" style="font-size: 11pt"><B>Steve Chercover </B><B><I>- D.A. Davidson & Co. &#151; Analyst</I></B>


<P align="left" style="font-size: 11pt">Okay, so we&#146;ll follow up. But it has also trickled into the business units?


<P align="left" style="font-size: 11pt"><B>John Jacunski </B><B><I>- Glatfelter &#151; EVP and CFO</I></B>


<P align="left" style="font-size: 11pt">Sure, yes.


<P align="left" style="font-size: 11pt"><B>Steve Chercover </B><B><I>- D.A. Davidson & Co. &#151; Analyst</I></B>


<P align="left" style="font-size: 11pt">Okay, got it. Thank you for that. And then (inaudible)&nbsp;ask this. Are there any benefits,
whether it be capacity expansion or cost reduction, associated with the Boiler MACT project?


<P align="left" style="font-size: 11pt"><B>John Jacunski </B><B><I>- Glatfelter &#151; EVP and CFO</I></B>


<P align="left" style="font-size: 11pt">No, no. Generally speaking, it&#146;s a breakeven type project from a cost perspective. So we have
some cost benefits, but it&#146;s offset by higher fuel costs. So essentially it&#146;s about a neutral going
forward. We obviously will have some depreciation expense from those investments, but from an
operating cost perspective, it&#146;s a neutral.


<P align="left" style="font-size: 11pt"><B>Steve Chercover </B><B><I>- D.A. Davidson & Co. &#151; Analyst</I></B>


<P align="left" style="font-size: 11pt">It&#146;s a license to do business.


<P align="left" style="font-size: 11pt"><B>John Jacunski </B><B><I>- Glatfelter &#151; EVP and CFO</I></B>


<P align="left" style="font-size: 11pt">Correct.


<P align="left" style="font-size: 11pt"><B>Steve Chercover </B><B><I>- D.A. Davidson & Co. &#151; Analyst</I></B>


<P align="left" style="font-size: 11pt">Okay. And finally, the second half run rate in Airlaid was pretty good. Is that sustainable
into 2016?


<P align="left" style="font-size: 11pt"><B>John Jacunski </B><B><I>- Glatfelter &#151; EVP and CFO</I></B>


<P align="left" style="font-size: 11pt">Yes. I think that &#151; obviously, we only gave guidance for Q1 but our guidance was &#151; it will
lead you to the fact that we expect volumes in Q1 to be in line with Q4, and pricing should be in
line. So we expect it&#146;s sustainable.


<P align="left" style="font-size: 11pt"><B>Steve Chercover </B><B><I>- D.A. Davidson & Co. &#151; Analyst</I></B>


<P align="left" style="font-size: 11pt">Very good, thank you very much.


<P align="left" style="font-size: 11pt"><B>Operator</B>


<P align="left" style="font-size: 11pt">Debbie Jones, Deutsche Bank.


<P align="left" style="font-size: 11pt"><B>Debbie Jones </B><B><I>- Deutsche Bank &#151; Analyst</I></B>


<P align="left" style="font-size: 11pt">Another couple questions about slide 11, the first one on the boiler compliance. What drove
the incremental spend? I think it was a little in 2016 and then the addition in 2017. I can&#146;t
recall if you said this, but is that complete in 2017? And also is it just related to one plant or
is it both of yours in North America?


<P align="left" style="font-size: 11pt"><B>John Jacunski </B><B><I>- Glatfelter &#151; EVP and CFO</I></B>


<P align="left" style="font-size: 11pt">Yes, the spending is in both of our North American facilities, Pennsylvania and Ohio. We have
adjusted the estimates based on what our actual spend is. So in 2015 we spent $27&nbsp;million, where I
think we had been guiding more like $35&nbsp;million to $40&nbsp;million. So we spent less there and we have
made adjustments. We will largely finish these projects in 2016. Certainly Ohio will get started
up. Pennsylvania will certainly get tested and maybe started up before the end of the year.


<P align="left" style="font-size: 11pt">The spending in 2017 is really just the final cash flow from work that will be completed largely by
the end of 2016. So the total project cost estimate has not changed; it&#146;s still $85&nbsp;million to $90
million. But how we are incurring that cash flow has changed a little bit.


<P align="left" style="font-size: 11pt"><B>Debbie Jones </B><B><I>- Deutsche Bank &#151; Analyst</I></B>


<P align="left" style="font-size: 11pt">Okay, thanks. That&#146;s helpful. And then on the one-time cost estimates related to the capacity
expansion, is that &#151; ? I infer there that that&#146;s related to your existing facilities and then
maybe there are some things going on there that would impact that because you wouldn&#146;t have started
your new capacity yet.


<P align="left" style="font-size: 11pt"><B>John Jacunski </B><B><I>- Glatfelter &#151; EVP and CFO</I></B>


<P align="left" style="font-size: 11pt">Yes, so that&#146;s &#151; the $2&nbsp;million in 2016 and $4&nbsp;million in 2017 is driven primarily by the
need to hire and train a workforce at the new facility and then the actual start-up process. So
that&#146;s why there are some costs in 2016. We will need to begin that hiring and training process as
we go through the second half of 2016 so that we can meet the start-up timeframe and get folks
trained on the operation of the equipment.


<P align="left" style="font-size: 11pt"><B>Debbie Jones </B><B><I>- Deutsche Bank &#151; Analyst</I></B>


<P align="left" style="font-size: 11pt">Thanks for that color. And then my last question, on Composite Fibers &#151; the price erosion
this year &#151; would you just say that that&#146;s primarily just related to the Russia-Ukraine exposure?
And then what should we think about that looking through 2016? Would you say pricing is more stable
in the rest of your markets? Or how should we think about that?


<P align="left" style="font-size: 11pt"><B>John Jacunski </B><B><I>- Glatfelter &#151; EVP and CFO</I></B>


<P align="left" style="font-size: 11pt">Debbie, I would say that certainly the wallcover market we saw price erosion and then we also
saw erosion in some of the food and beverage, due to some competitive situations. But I would say
that in Q4 compared to Q3 we were largely flat on pricing. So we believe that much of the price
erosion or all that price erosion is largely behind us and that we ought to see better stability as
we go through 2016.


<P align="left" style="font-size: 11pt"><B>Debbie Jones </B><B><I>- Deutsche Bank &#151; Analyst</I></B>


<P align="left" style="font-size: 11pt">Okay, thank you very much. I&#146;ll turn it over.


<P align="left" style="font-size: 11pt"><B>Operator</B>


<P align="left" style="font-size: 11pt">Mark Wilde, BMO Capital Markets.


<P align="left" style="font-size: 11pt"><B>Mark Wilde </B><B><I>- BMO Capital Markets &#151; Analyst</I></B>


<P align="left" style="font-size: 11pt">I&#146;ve got a couple of follow-ups. One, Dante, is it possible to get a sense of year-over-year
volume in that trade book section? We&#146;ve heard some things to suggest maybe the erosion in the book
market may have eased. I wonder if you are seeing that.


<P align="left" style="font-size: 11pt"><B>Dante Parrini </B><B><I>- Glatfelter &#151; Chairman and CEO</I></B>


<P align="left" style="font-size: 11pt">John will give us the exact data. But what I can tell you is that we have seen a bit of a
leveling out as to which parts of the book industry have moved to groundwood and which are staying
on permanent freesheet papers. In some cases there have been categories of titles and publications
that initially switched to groundwood but then moved back to permanent papers. So I think there has
been a bit of a settling out and we do not see a conversion rate that we had experienced in
previous years. So I think the market has settled down a bit.


<P align="left" style="font-size: 11pt">I don&#146;t know, John, do you have the exact &#151; ?


<P align="left" style="font-size: 11pt"><B>John Jacunski </B><B><I>- Glatfelter &#151; EVP and CFO</I></B>


<P align="left" style="font-size: 11pt">I don&#146;t have it just specific to trade book. So I&#146;ll need to follow up with that.


<P align="left" style="font-size: 11pt"><B>Mark Wilde </B><B><I>- BMO Capital Markets &#151; Analyst</I></B>


<P align="left" style="font-size: 11pt">Okay. I wondered, Dante, just generally whether the penetration of the e-book is slowing down
at all.


<P align="left" style="font-size: 11pt"><B>Dante Parrini </B><B><I>- Glatfelter &#151; Chairman and CEO</I></B>


<P align="left" style="font-size: 11pt">It is, yes. Big picture, most of these product segments are still declining 3.5% to 4%. You do
get some quarter-to-quarter and year-over-year variation. Those are the operating assumptions that
we are using for these businesses. But for certain we&#146;ve seen a slowdown in e-books and a slowdown
in the cannibalization of freesheet by ground wood papers and in some cases a reversal of moving
away from ground wood papers back to freesheet.


<P align="left" style="font-size: 11pt"><B>Mark Wilde </B><B><I>- BMO Capital Markets &#151; Analyst</I></B>


<P align="left" style="font-size: 11pt">Okay. And then the final question I had is maybe an update on activity within the single-serve
coffee and tea markets. And when you do that, maybe just any thoughts on this change in ownership
at Green Mountain and whether that has any implications for Glatfelter?


<P align="left" style="font-size: 11pt"><B>Dante Parrini </B><B><I>- Glatfelter &#151; Chairman and CEO</I></B>


<P align="left" style="font-size: 11pt">Sure, happy to give you some commentary. So single-serve coffee is an important segment for us
and we have a leading global share position that we estimate in the 70% range or so. I think the
category is still growing and we expect that to continue. The growth rates have slowed down as the
base continues to get bigger.


<P align="left" style="font-size: 11pt">So, right now we are estimating single-serve coffee to grow around 4% a year or so. The announced
acquisition of Keurig &#151; the holding company that&#146;s acquiring them is a business &#151; they own other
businesses that we do businesses with, so we know them and have constructive working relationships
with them. So we intend to continue to be the global leading supplier in single-serve coffee and we
don&#146;t envision there being any real difficulties or challenges getting acquainted with Keurig&#146;s new
owner.


<P align="left" style="font-size: 11pt"><B>Mark Wilde </B><B><I>- BMO Capital Markets &#151; Analyst</I></B>


<P align="left" style="font-size: 11pt">Okay. And then what about over on teabag?


<P align="left" style="font-size: 11pt"><B>Dante Parrini </B><B><I>- Glatfelter &#151; Chairman and CEO</I></B>


<P align="left" style="font-size: 11pt">Yes, so we still see the teabag market growing at about 3% per year globally. Our market share
is a little over 50% worldwide. And we continue to do well in that particular business, both on the
heat seal and non heat seal. And we expect that market to continue to grow. And as I commented
earlier, our food and beverage sales, up 5%, are a good recent example of that, notwithstanding all
the geopolitical and foreign currency volatility that we experienced in 2015.


<P align="left" style="font-size: 11pt"><B>Mark Wilde </B><B><I>- BMO Capital Markets &#151; Analyst</I></B>


<P align="left" style="font-size: 11pt">Okay, that&#146;s helpful. And good luck in 2016.


<P align="left" style="font-size: 11pt"><B>Operator</B>


<P align="left" style="font-size: 11pt">That will conclude the Q&A portion of today&#146;s conference call. I&#146;ll turn the conference over
to Dante for closing remarks.


<P align="left" style="font-size: 11pt"><B>Dante Parrini </B><B><I>- Glatfelter &#151; Chairman and CEO</I></B>


<P align="left" style="font-size: 11pt">All right. Thank you for joining our call today and we look forward to speaking with you again
next quarter. Have a good day.


<P align="left" style="font-size: 11pt"><B>Operator</B>


<P align="left" style="font-size: 11pt">Once again, we would like to thank you for dialing in for today&#146;s Glatfelter 2015
fourth-quarter earnings release conference call. You may now disconnect.



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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
