Cellulose fiber, in the form of kraft pulp or recycled fiber from recovered waste paper, is used extensively in our tissue products
and is subject to significant price fluctuations. Cellulose fiber, in the form of fluff pulp, is a key component in our personal care
products. In recent years, pulp prices have experienced significant volatility, and this volatility is expected to continue. Increases
in pulp prices or limits in the availability of recycled fiber could adversely affect our earnings if selling prices for our finished
products are not adjusted or if these adjustments significantly trail the increases in pulp prices. Derivative instruments have not
been used to manage these risks.