Manufacturing pulp logs In-woods chipping Dirty chips In-woods chipping Clean chips Hardwood timber base continues to shrink REIT/TIMO replanting heavier to conifer RMZ restrictions locking up more volume Sawmills buying smaller sawlogs Sawmill efficiencies increasing, residual chip production decreasing Consumers utilizing plantation cottonwood, fruitwood Effects of Boise St. Helens shutdown Export softwood markets driving logging, availability of hardwood Sawmill chip supply Fair