Pulpex Bulletin for Thursday, October 25, 2001

Market News:

NBSK Warrants
There are 370 warrants in circulation that will not be deliverable beyond the
November expiration
There are 161 warrants in circulation that will not be deliverable beyond the
December expiration
There are  96 warrants in circulation that will not be deliverable beyond the
January expiration

BEK Warrants
There are  62 warrants in circulation that will not be deliverable beyond the
November expiration
There are 104 warrants in circulation that will not be deliverable beyond the
December expiration
There are no warrants in circulation that will not be deliverable beyond the
January expiration



NBSK ------------------------------------------------------------
Nov01     420.00   426.00   425.00   425.00   425.00     5    79
Dec01     428.00   433.00   430.00   430.00   430.00     5   149
Jan02     429.00   438.00        -        -        -     -     -
Mar02     446.00   449.00        -        -        -     -   153
Jun02     443.00   467.00        -        -        -     -    40
Sep02     461.00   481.00        -        -        -     -    35
Dec02     475.00   497.00        -        -        -     -    15
Mar03     485.00   517.00        -        -        -     -     -

BEK -------------------------------------------------------------
Nov01     402.00   409.00        -        -        -     -   126
Dec01     406.00   412.00        -        -        -     -    40
Jan02     409.00   419.00        -        -        -     -     -
Mar02     415.00   427.00        -        -        -     -     -

Settlement Prices Futures
          Today      Chg      Prev
NBSK -------------------------------
Nov01    425.00     +1.00    424.00
Dec01    430.00     +0.50    429.50
Jan02    433.50     -1.00    434.50
Mar02    447.50     +0.00    447.50
Jun02    455.00     -2.50    457.50
Sep02    471.00     +0.00    471.00
Dec02    486.00     +0.00    486.00
Mar03    501.00     +0.00    501.00

BEK --------------------------------
Nov01    405.50     -3.00    408.50
Dec01    409.00     -4.00    413.00
Jan02    414.00     -1.00    415.00
Mar02    421.00     -1.00    422.00

The above tables should ideally be viewed using Courier or other fixed fonts.
During Pulpex opening hours (0830-1600 UK Time, 0930-1700 CET),prices
are distributed on our web page: http://www.pulpex.com

If you would like someone else to receive this bulletin or to cancel your own
please mail: info@pulpex.com or fax: +44 20 7065 8941
The above tables should ideally be viewed using Courier or other fixed fonts.
During Pulpex opening hours (0830-1600 UK Time, 0930-1700 CET),prices
are distributed on our web page: http://www.pulpex.com

If you would like someone else to receive this bulletin or to cancel your own
please mail: info@pulpex.com or fax: +44 20 7065 8941