President's Letter The joining of the internationally renowned pulp, paper and paperboard trading company Wilfried Heinzel AG with the well known manufacturer of sulphate pulp and packaging papers Zellstoff Pöls AG, the producer of sulphite pulp and chemicals Biocel Paskov a.s. and the construction of the BCTMP (bleached chemi thermo mechanical pulp) plant AS Estonian Cell has made a re-positioning of the Heinzel Group necessary. The long-term goal of the Heinzel Group is to become the largest pulp, paperboard and paper trader as well as a respectable, niche market pulp and paperboard manufacturer in Europe. We achieve this by utilizing our professional selling capabilities, our logistics systems and financial services to offer tailor-made solutions for customers and suppliers in their international pulp, paper and paperboard business. Thus, we emphasize our uniqueness on the market and secure our position. In order to strengthen the group's identity we have value principles so-called "Core Values". These point out ways for our actions and our behaviours and they are acted upon in all our companies, Heinzel Holding GmbH, Wilfried Heinzel AG and its subsidiaries, Zellstoff Pöls AG, Biocel Paskov a.s. and AS Estonian Cell. However no member of the Heinzel Group will lose its own individual identity. The values of the Heinzel Group reflect entrepreneurial attitude - Entrepreneurship, open-mindedness, honesty - Respect - as well as education and development of excellent employees - Excellence. These values should facilitate the co-operation with our clients and suppliers as well as shareholders and colleagues of the company. Alfred H. Heinzel