Company Analysis Update

Dear Team,

The following company analyses have been completed. These are posted on the web site under each company as "company analysis". If you have any questions, please call me at
5-7186.

* Indicates new companies added to the list.

ASIA

Asia Pacific Resources
CellMark
Coca-Cola
Malaysian Newsprint Industries
Marubeni
Pan Asia Paper
Singapore Press Holdings
Stora Enso

EUROPE

Arjo Wiggins Appleton
Duni AB
Frantschach
Grupo Empresarial ENCE
Haindl *
Holmen *
Jefferson Smurfit Group *
M-Real (Metsa-Serla) *
Mayr - Melnhof *
Mercer International *
Portucel *

LATIN AMERICA

Aracruz
Arauco
Copamex
Durango
Votorantim

NORTH AMERICA

Abitibi Consolidated * Financial Summary
Allied Waste
Bowater
Cascades
Casella Waste
Centex Corp.
Domtar
Dow Jones
Gaylord Container
Georgia Pacific
International Paper
Interstate Resources *
KB Homes
Krueger *
Louisiana Pacific
Mead
Newark Group
Norampac
Pope & Talbot
Potlatch
Pulte Corp.
Republic Services Group
Rock-Tenn
SAPPI
SCA
SmurfitStone Container Corp.
Tembec
Temple-Inland
Waste Management
Weyerhaeuser
Willamette Industries

Thanks,

Stacey

Stacey L. Wales

Stacey Wales
Origination Transaction Support
Enron Industrial Markets
713-345-7186