<SEC-DOCUMENT>0001213900-16-017967.txt : 20161104
<SEC-HEADER>0001213900-16-017967.hdr.sgml : 20161104
<ACCEPTANCE-DATETIME>20161103211020
ACCESSION NUMBER:		0001213900-16-017967
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20161103
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20161104
DATE AS OF CHANGE:		20161103

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Orient Paper Inc.
		CENTRAL INDEX KEY:			0001358190
		STANDARD INDUSTRIAL CLASSIFICATION:	CONVERTED PAPER & PAPERBOARD PRODS (NO CONTAINERS/BOXES) [2670]
		IRS NUMBER:				204158835
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34577
		FILM NUMBER:		161973428

	BUSINESS ADDRESS:	
		STREET 1:		SCIENCE PARK, JULI ROAD
		STREET 2:		XUSHUI COUNTY, BAODING CITY
		CITY:			HEBEI PROVINCE,
		STATE:			F4
		ZIP:			072550
		BUSINESS PHONE:		(86) 312-8698215

	MAIL ADDRESS:	
		STREET 1:		SCIENCE PARK, JULI ROAD
		STREET 2:		XUSHUI COUNTY, BAODING CITY
		CITY:			HEBEI PROVINCE,
		STATE:			F4
		ZIP:			072550

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CARLATERAL, INC.
		DATE OF NAME CHANGE:	20060403
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>f8k110316_orientpaper.htm
<DESCRIPTION>CURRENT REPORT
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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>WASHINGTON, DC 20549</B>&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CURRENT REPORT</B><BR>
<B>Pursuant to Section 13 or 15(d) of the </B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">Date of report (Date of earliest event
reported): <B>November 3, 2016</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ORIENT PAPER, INC.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of registrant as specified
in its charter)</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Nevada</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">(State or other jurisdiction of incorporation)</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

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    <TD STYLE="vertical-align: top; width: 49%; border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%"><B>001-34577</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; text-align: center; line-height: 107%"><B>&nbsp;</B></TD>
    <TD STYLE="vertical-align: top; width: 49%; border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%"><B>20-4158835</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">(Commission File Number)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">(IRS Employer Identification No.)</FONT></TD></TR>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 49%; border-bottom: black 1.5pt solid">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Science Park, Juli Road</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Xushui District, Baoding
        City</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Hebei Province, People&rsquo;s
        Republic of China</B></P></TD>
    <TD STYLE="width: 2%; text-align: center; line-height: 107%"><B>&nbsp;</B></TD>
    <TD STYLE="width: 49%; border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%"><B>072550</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">(Address of principal executive offices)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">(Zip Code)</FONT></TD></TR>
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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(86) 312-8698215</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">(Registrant&rsquo;s telephone number,
including area code)</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">(Former name or former address, if changed
since last report)</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">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 (<I>see </I>General
Instruction A.2. below):</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></P>

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&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></P>

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    <TD STYLE="width: 10%; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%"><B>Item 2.02</B></FONT></TD>
    <TD STYLE="width: 90%; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%"><B>Results of Operations and Financial Condition.</B></FONT></TD></TR>
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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">On November 3, 2016, Orient Paper, Inc. (the &ldquo;Company&rdquo;)
issued a press release announcing its unaudited preliminary financial results and certain operational results for the quarter ended
September 30, 2016. A copy of the press release making the announcement is attached as Exhibit 99.1 to this Current Report on Form
8-K and is incorporated herein by reference.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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    <TD STYLE="width: 10%; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%"><B>Item 9.01</B></FONT></TD>
    <TD STYLE="width: 90%; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%"><B>Financial Statements and Exhibits.</B></FONT></TD></TR>
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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">(d) Exhibits.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">The following exhibits are filed herewith:</P>

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    <TD STYLE="vertical-align: top; width: 10%; border-bottom: black 1.5pt solid; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Exhibit Number</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 89%; border-bottom: black 1.5pt solid; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Description</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">99.1</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Press Release dated November 3, 2016, announcing unaudited preliminary financial results and certain operational results of the Company for the third quarter of 2016 </FONT></TD></TR>
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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">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.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">ORIENT PAPER, INC.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 62%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 3%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 5%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 30%; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Date: November 3, 2016</FONT></TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">/s/ Zhenyong Liu</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Name:</FONT></TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Zhenyong Liu</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Title:</FONT></TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Chief Executive Officer</FONT></TD></TR>
</TABLE>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>f8k110316ex99i_orientpaper.htm
<DESCRIPTION>PRESS RELEASE
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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: right; text-indent: 0.5in"><B>Exhibit
99.1</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; color: #333333"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; background-color: white; color: #333333"><FONT STYLE="color: Black"><B>Orient
Paper, Inc. Announces Unaudited Preliminary Financial Results for the Third Quarter 2016</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; background-color: white; color: #333333"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; background-color: white; color: #333333"><FONT STYLE="color: Black">Company
to Host Earnings Conference Call on Thursday, November 10, 2016, at 8:00 am ET</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0pt; text-align: center; background-color: white; color: #333333"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; background-color: white"><FONT STYLE="color: Black">BAODING,
China, November 3, 2016 /PRNewswire/ --&nbsp;Orient Paper, Inc. (NYSE MKT: ONP) (&quot;Orient Paper&quot; or the &quot;Company&quot;),
a leading manufacturer and distributor of diversified paper products in North China, today announced its unaudited preliminary
results for the quarter ended September 30, 2016.&nbsp;The Company anticipates filing its quarterly report on Form 10-Q with the
Securities and Exchange Commission and releasing its earnings after the market close on Wednesday, November 9, 2016. The Company
will host its third quarter 2016 financial results conference call at&nbsp;8:00 am Eastern Time (5:00 am Pacific Time/9:00 pm
Beijing Time)&nbsp;on&nbsp;Thursday, November 10, 2016.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; background-color: white"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; background-color: white"><FONT STYLE="color: Black"><B>Selected
Third Quarter 2016 Financial Results (Unaudited and Preliminary)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; background-color: white"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the Three Months Ended <BR>
September 30,</TD><TD STYLE="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2016</TD><TD STYLE="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2015</TD><TD STYLE="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">% Change</TD><TD STYLE="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; font-family: Times New Roman, Times, Serif; text-align: left; padding-left: 5.4pt">Revenue ($M)</TD><TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 9%; font-family: Times New Roman, Times, Serif; text-align: right">37.5</TD><TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 9%; font-family: Times New Roman, Times, Serif; text-align: right">32.4</TD><TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-family: Times New Roman, Times, Serif; text-align: right">15.6</TD><TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-left: 5.4pt">Sales volume (tonnes)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; text-indent: 9pt; padding-left: 5.4pt">Regular Corrugating Medium Paper ("CMP")*</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">68,422</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">52,737</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">29.7</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; text-indent: 9pt; padding-left: 5.4pt">Light-Weight CMP**</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">12,613</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">10,138</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">24.4</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; text-indent: 9pt; padding-left: 5.4pt">Tissue Paper Products</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">1,327</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">208</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">538.0</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; text-indent: 9pt; padding-left: 5.4pt">Offset Printing Paper</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">14,571</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">13,689</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">6.4</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; text-indent: 9pt; padding-left: 5.4pt">Digital Photo Paper</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">38</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">38</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">0.0</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 9pt; padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-left: 5.4pt">Average selling price ($/tonne)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; text-indent: 9pt; padding-left: 5.4pt">Regular Corrugating Medium Paper ("CMP")*</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">325</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">359</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">-9.5</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; text-indent: 9pt; padding-left: 5.4pt">Light-Weight CMP**</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">332</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">366</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">-9.3</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; text-indent: 9pt; padding-left: 5.4pt">Tissue Paper Products</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">1,227</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">1,324</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">-7.3</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; text-indent: 9pt; padding-left: 5.4pt">Offset Printing Paper</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">641</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">680</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">-5.8</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; text-indent: 9pt; padding-left: 5.4pt">Digital Photo Paper</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">1,702</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">3,983</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">-57.3</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 9pt; padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-left: 5.4pt">Gross profit ($M)</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">7.3</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">6.4</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">14.2</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-left: 5.4pt">Net income ($M)</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">3.0</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">1.7</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">80.0</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt; padding-left: 5.4pt">Diluted EPS ($)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">0.14</TD><TD STYLE="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">0.08</TD><TD STYLE="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">70.6</TD><TD STYLE="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif; font-style: italic; text-align: left; padding-left: 5.4pt">* Products from PM6</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; font-style: italic; text-align: left; padding-left: 5.4pt">** Products from the newly renovated PM1</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&ldquo;We
are pleased to report solid results for the third quarter of 2016 with increases in sales volume across all major product categories
that more than offset a decrease in average selling prices, leading to 15.6% and 80.0% growth in revenues and net income, respectively,
as compared to the third quarter of 2015,&rdquo; said Mr. Zhenyong Liu, Chairman and Chief Executive Officer of Orient Paper. &ldquo;Over
the last few months, we have seen orders for our products begin to stabilize and we expect that this trend to carry over into the
beginning of 2017.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 13.2pt; text-align: justify; background-color: white"><B>Earnings
Conference Call:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 13.2pt; text-align: justify; background-color: white">The
Company&rsquo;s management will host a conference call to discuss its third quarter 2016 financial results at&nbsp;8:00 am US Eastern
Time (5:00 am US Pacific Time/8:00 pm Beijing Time)&nbsp;on&nbsp;Thursday, November 10, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; background-color: white">To
attend the conference call, please dial in using the information below. When prompted upon dialing-in, please provide the conference
ID or ask for the &quot;Orient Paper Third Quarter 2016 Earnings Conference Call.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; background-color: white"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 35%; border: black 1pt solid; text-align: justify"><B>Conference Call</B></TD>
    <TD STYLE="width: 65%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify">Date:</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify">Thursday, November 10, 2016</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify">Time:</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify">8:00 am ET</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify">International Toll Free:</TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; background-color: white">United States: +1-855-500-8701</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; background-color: white">Mainland China: 400-120-0654</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; background-color: white">Hong Kong: 800-906-606</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; background-color: white">International: +65-6713-5440</P></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify">Conference ID:</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify">9574128</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; background-color: white">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: 10pt/107% Times New Roman, Times, Serif">This
conference call will be broadcast live on the Internet and can be accessed by all interested parties at </FONT>http://www.orientpaperinc.com/
<FONT STYLE="font: 10pt/107% Times New Roman, Times, Serif">or</FONT> <FONT STYLE="font: 10pt/107% Times New Roman, Times, Serif">http://edge.media-server.com/m/p/2j5ehseu</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; background-color: white">Please
access the link at least fifteen minutes prior to the start of the call to register, download, and install any necessary audio
software.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 13.2pt; text-align: justify; background-color: white">A
playback will be available through November 17, 2016. To listen, please dial+1-855-452-5696 if calling from the United States,
or +61-290-034-211 if calling internationally. Use the passcode 9574128 to access the replay.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 13.2pt; text-align: justify; background-color: white"><B>About
Orient Paper, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">Orient Paper, Inc. (&quot;Orient
Paper&quot;) is a leading paper manufacturer in North China. Using recycled paper as its primary raw material (with the exception
of its digital photo paper and tissue paper products), Orient Paper produces and distributes three categories of paper products:
corrugating medium paper, offset printing paper and other paper products, including digital photo paper and tissue paper products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">With production based
in Baoding and Xingtaiin North China's Hebei Province, Orient Paper is located strategically close to the Beijing and Tianjin region,
home to a growing base of industrial and manufacturing activities and one of the largest markets for paper product consumption
in the country.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">Orient Paper's production
facilities are controlled and operated by its wholly owned subsidiary Shengde Holdings, Inc., which in turn controls and operates
Baoding Shengde Paper Co., Ltd. and Hebei Baoding Orient Paper Milling Co., Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">Founded in 1996, Orient
Paper has been listed on the NYSE MKT under the ticker symbol &quot;ONP&quot; since December 2009. For more information about the
Company, please visit http://www.orientpaperinc.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 13.2pt; text-align: justify; background-color: white"><B><I>Safe
Harbor Statements</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 13.2pt; text-align: justify; background-color: white"><I>This
press release may contain forward-looking statements. These forward-looking statements involve inherent risks and uncertainties
that could cause actual results to differ materially from those projected or anticipated, including risks outlined in the Company's
public filings with the Securities and Exchange Commission, including the Company's latest annual report on Form 10-K. All information
provided in this press release speaks as of the date hereof. Except as otherwise required by law, the Company undertakes no obligation
to update or revise its forward-looking statements.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>For more information, please contact:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>Company Contact:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Orient Paper, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Email: ir@orientpaperinc.com</P>

<P STYLE="font: 10pt Consolas; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>Investor Relations:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Tina Xiao&#9;<BR>
Weitian Group LLC<BR>
Email: onp@weitian-ir.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Phone: +1-917-609-0333</P>

<P STYLE="font: 10pt normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>



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