Singapore Swap

Sara,

Thank you for following up on our ability to transact a swap in Singapore. I
will have a conference call with them tonight to introduce the concept of a
newsprint swap. I do not expect that we will be prepared to close any
transaction for at least one week. I just want to make sure that we will
have everything in place that will allow us to do business with them in the
future.

Thanks for your quick response.

Jay