During the quarter, the uncertainties inherent in the macroeconomic environment resulted in some weakening in demand and moderately lower sales prices. This was partly offset by stable or reducing input costs. Average benchmark recovered fibre prices were down by 4% in the quarter, whilst wood costs remained largely unchanged over the same period.Most emerging market currencies to which the Group is exposed as a net exporter were slightly weaker against the euro when compared to the second quarter, providing a small positive contribution to the Group’s performance. Similarly, the recent strengthening of the US dollar versus the euro is offering some support to European pricing.The Uncoated Fine Paper (UFP) business continued to perform very strongly. Underlying operating profit was in line with that of the comparable period of the prior year, but below that of the previous quarter. Sales volumes were lower than the previous quarter due to the expected seasonal summer slowdown and the impact of planned annual maintenance shuts. Maintenance shuts were carried out at all three of the Group’s large mills during the quarter. Average selling prices were marginally down on the previous quarter on currency and mix effects.In the Corrugated business, underlying operating profit was well above the comparable prior year period, but below that of the second quarter due to the planned maintenance shuts at Swiecie and Syktyvkar, lower average paper selling prices and reduced income from green energy credits (around €10 million reduction versus the second quarter). Selling prices for the virgin containerboard products were flat to marginally down in the quarter. Recycled containerboard prices were down by around 5% on a combination of currency and mix effects and input cost declines. Sales volumes were marginally higher than those achieved in the first two quarters of the year. Recovered fibre input costs reduced during the period, most notably towards the end of the quarter, with benchmark recovered fibre prices down by around 4% between 30 June 2011 and 30 September 2011. Wood costs have remained largely constant when compared to the second quarter of 2011.The Newsprint business continues to deliver poor results. The South African business, Mondi Shanduka Newsprint, continues to be impacted by a rising cost base, largely due to a series of significant electricity price increases. Management is actively assessing various options to address the resultant unacceptable financial performance. The very weak European newsprint market continues to impact on Aylesford Newsprint’s ability to return to profitability./KB