Export,Average Quarterly Prices NZ$ f.o.b,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, ,Mar-92,Jun-92,Sep-92,Dec-92,Mar-93,Jun-93,Sep-93,Dec-93,Mar-94,Jun-94,Sep-94,Dec-94,Mar-95,Jun-95,Sep-95,Dec-95,Mar-96,Jun-96,Sep-96,Dec-96,Mar-97,Jun-97,Sep-97,Dec-97,Mar-98,Jun-98,Sep-98,Dec-98,Mar-99,Jun-99,Sep-99,Dec-99,Mar-00,Jun-00,Sep-00,Dec-00,Mar-01,Jun-01,Sep-01,Dec-01,Mar-02,Jun-02,Sep-02,Dec-02,Mar-03,Jun-03,Sep-03,Dec-03,Mar-04,Jun-04,Sep-04,Dec-04,Mar-05,Jun-05,Sep-05,Dec-05,Mar-06,Jun-06,Sep-06,Dec-06,Mar-07,Jun-07,Sep-07,Dec-07,Mar-08,Jun-08,Sep-08 Pruned,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, Low,168,177,194,217,286,399,462,236,236,308,280,226,258,224,224,200,200,180,184,186,179,203,230,217,216,245,210,190,186,180,167,171,176,190,190,192,189,190,144,190,214,197,197,170,160,154,165,105,141,..,142,139,134,133,145,139,128,141,173,153,144,112,101,99,121,117,122 Hi,171,177,194,237,286,416,462,236,236,308,280,250,258,239,224,230,220,215,213,207,200,213,235,238,251,255,240,240,200,198,186,206,218,219,229,237,220,217,230,234,230,230,230,215,230,230,227,206,207,..,249,217,183,227,236,149,200,170,178,232,230,133,114,169,165,157,175 Average,170,177,194,227,286,408,462,236,236,308,280,238,258,232,224,215,210,198,199,197,190,208,233,228,234,250,225,215,193,189,177,189,197,205,210,215,205,204,187,212,222,214,214,193,195,192,196,156,174,..,195,178,159,180,191,144,164,156,176,193,187,123,108,134,143,137,149 Average over 12 quarters:,,,,,,,,,,,,268,276,280,283,282,276,258,236,233,229,221,217,216,214,215,215,215,214,213,211,211,211,211,209,208,206,202,199,198,201,203,206,206,206,205,204,199,196,196,197,193,188,185,183,178,175,172,170,173,175,170,163,159,158,154,151 A Grade,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, Low,111,120,114,132,208,215,256,164,164,179,150,115,129,135,130,130,115,105,97,93,97,108,108,108,114,115,106,99,93,104,94,98,98,106,109,122,117,100,100,94,105,94,100,91,87,87,79,77,79,74,58,64,83,85,82,88,70,94,104,106,115,96,93,76,92,93,88 Hi,122,120,131,164,208,222,266,164,164,179,150,134,129,137,130,140,130,125,128,109,114,115,128,133,128,139,112,114,119,107,112,119,121,130,142,141,133,127,136,115,117,115,118,121,114,106,95,98,104,115,96,100,90,95,93,93,99,100,119,111,122,120,109,101,96,98,103 Average,117,120,123,148,208,219,261,164,164,179,150,125,129,136,130,135,123,115,113,101,106,112,118,121,121,127,109,107,106,106,103,109,110,118,126,132,125,114,118,105,111,105,109,106,101,97,87,88,92,95,77,82,87,90,88,91,85,97,112,109,119,108,101,89,94,96,96 12-quarter average,,,,,,,,,,,,165,166,167,168,167,159,151,138,133,128,123,120,120,119,118,117,114,113,112,111,112,112,113,113,114,115,113,114,114,114,114,115,115,114,112,109,105,102,101,97,96,94,92,91,89,88,88,90,92,94,95,97,98,98,99,99 J Grade,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, Low,85,97,113,112,128,194,,,,140,125,94,104,115,114,110,105,105,94,91,78,91,98,97,68,65,64,61,78,70,71,80,92,94,94,89,89,78,85,89,98,92,98,87,77,77,64,60,70,54,57,55,73,72,53,81,88,80,98,99,114,107,90,74,80,70,* Hi,92,97,113,134,177,194,,,,140,125,105,104,115,130,120,115,117,104,95,100,105,112,110,103,96,84,85,89,89,85,98,104,106,117,122,105,102,94,98,109,104,110,103,103,102,73,83,99,91,76,80,79,80,77,72,77,93,102,101,120,118,106,78,85,84,* Average,89,97,113,123,153,194,#DIV/0!,#DIV/0!,#DIV/0!,140,125,100,104,115,122,115,110,111,99,93,89,98,105,104,86,81,74,73,84,80,78,89,98,100,106,106,97,90,90,94,104,98,104,95,90,90,69,72,85,73,67,68,76,76,65,77,83,87,100,100,117,113,98,76,83,77,90 12-quarter average,,,,,,,,,,,,126,128,130,131,130,125,116,114,112,110,107,105,105,104,101,97,93,91,89,87,87,87,87,88,88,89,89,91,92,94,96,98,98,98,97,94,91,90,88,86,84,82,80,77,75,75,74,77,79,82,86,88,89,89,89,92 K Grade,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, Low,89,92,79,107,147,150,136,100,114,109,100,87,109,110,110,110,105,90,88,69,75,91,80,95,67,62,60,53,52,72,78,83,84,84,72,65,70,64,84,87,91,90,92,80,70,70,65,65,70,54,50,45,70,48,58,78,65,75,87,93,107,90,72,59,76,70,80 Hi,102,92,96,128,162,222,136,100,114,109,100,97,109,113,113,125,110,97,96,87,83,99,99,101,112,105,76,87,92,83,89,110,102,106,105,105,97,78,90,100,113,105,108,90,86,86,87,93,90,101,70,75,100,86,90,82,86,88,111,110,111,108,88,77,82,87,93 Average,96,92,88,118,155,186,136,100,114,109,100,92,109,112,112,118,108,94,92,78,79,95,90,98,90,84,68,70,72,78,84,97,93,95,89,85,84,71,87,94,102,98,100,85,78,78,76,79,80,78,60,60,85,67,74,80,76,82,99,102,109,99,80,68,79,79,87 12-quarter average,,,,,,,,,,,,115,116,118,120,120,116,108,105,103,100,99,98,99,97,95,91,87,84,83,82,84,85,85,85,84,83,82,84,86,88,90,91,90,89,87,86,86,86,86,84,81,80,77,75,75,74,75,77,78,81,83,84,85,84,85,86 Pulp,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, Low,,,,,,,,,,,,,,,,55,57,51,49,44,46,38,52,55,43,0,44,41,47,54,59,58,58,62,60,62,62,53,56,65,65,65,65,52,45,40,44,27,48,40,41,43,47,45,48,50,48,57,65,73,59,57,45,46,64,58,68 Hi,,,,,,,,,,,,,,,,65,67,51,61,49,51,45,62,60,45,0,48,48,54,62,61,72,63,65,68,80,79,69,65,70,72,72,71,61,59,52,59,58,60,48,47,54,65,62,56,57,64,72,84,84,78,70,62,64,67,62,76 Average,#DIV/0!,#DIV/0!,#DIV/0!,#DIV/0!,#DIV/0!,#DIV/0!,#DIV/0!,#DIV/0!,#DIV/0!,#DIV/0!,#DIV/0!,#DIV/0!,#DIV/0!,#DIV/0!,#DIV/0!,60,62,51,55,47,49,42,57,58,44,0,46,45,51,58,60,65,61,64,64,71,71,61,61,68,69,69,68,57,52,46,52,43,54,44,44,49,56,54,52,54,56,65,75,79,69,64,54,55,66,60,72 12-quarter average,,,,,,,,,,,,,,,,,,,,,,52,53,53,52,48,47,46,45,46,46,48,49,51,51,52,54,60,61,63,64,65,66,65,64,63,62,59,58,57,55,54,53,51,50,50,50,52,54,57,58,59,60,61,62,62,64 Average over 12 quarters,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, Pruned,,,,,,,,,,,,,,280,283,282,276,258,236,233,229,221,217,216,214,215,215,215,214,213,211,211,211,211,209,208,206,202,199,198,201,203,206,206,206,205,204,199,196,196,197,193,188,185,183,178,175,172,170,173,175,170,163,159,158,154,151 A Grade,,,,,,,,,,,,,,167,168,167,159,151,138,133,128,123,120,120,119,118,117,114,113,112,111,112,112,113,113,114,115,113,114,114,114,114,115,115,114,112,109,105,102,101,97,96,94,92,91,89,88,88,90,92,94,95,97,98,98,99,99 J Grade,,,,,,,,,,,,,,130,131,130,125,116,114,112,110,107,105,105,104,101,97,93,91,89,87,87,87,87,88,88,89,89,91,92,94,96,98,98,98,97,94,91,90,88,86,84,82,80,77,75,75,74,77,79,82,86,88,89,89,89,92 K Grade,,,,,,,,,,,,,,118,120,120,116,108,105,103,100,99,98,99,97,95,91,87,84,83,82,84,85,85,85,84,83,82,84,86,88,90,91,90,89,87,86,86,86,86,84,81,80,77,75,75,74,75,77,78,81,83,84,85,84,85,86 Pulp,,,,,,,,,,,,,,0,0,0,0,0,0,0,0,52,53,53,52,48,47,46,45,46,46,48,49,51,51,52,54,60,61,63,64,65,66,65,64,63,62,59,58,57,55,54,53,51,50,50,50,52,54,57,58,59,60,61,62,62,64 Average,,,,,,,,,,,,,,139,140,140,135,127,119,116,113,120,118,119,117,115,113,111,109,108,108,108,109,109,109,109,109,109,110,111,112,113,115,115,114,113,111,108,106,106,104,102,99,97,95,93,92,92,93,96,98,99,99,98,98,98,98 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, All grades average per quarter,#DIV/0!,#DIV/0!,#DIV/0!,#DIV/0!,#DIV/0!,#DIV/0!,#DIV/0!,#DIV/0!,#DIV/0!,#DIV/0!,#DIV/0!,#DIV/0!,#DIV/0!,#DIV/0!,#DIV/0!,129,122,114,111,103,102,111,120,121,115,108,104,102,101,102,100,110,112,116,119,122,116,108,108,114,121,116,119,107,103,100,96,87,97,93,89,87,92,93,94,89,93,97,112,116,120,101,88,84,93,90,101 4-quarter average,,,,,,,,,,,,,,,,,,,119,113,108,107,109,114,117,116,112,107,104,102,101,103,106,109,114,117,118,116,113,112,113,115,118,116,111,107,102,97,95,89,87,87,86,90,92,92,92,93,98,104,111,112,106,98,92,89,91 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, * Limited response - very small volume traded,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,