world's most frequented sites in the pulp and paper industry. Not only has the Company shown consistent and rapid growth in terms of bidding activity, completed transactions, tons of product posted, and number of registered members, but the Company's site activity, as measured by user sessions, reached dramatically higher new all-time records in each consecutive quarter of 1999. PaperExchange.com is open for business 24 hours a day, seven days a week. The Company is located in the central Back Bay area of Boston, Massachusetts, USA.