Guarantors
                                                  -------------------------------
                                                     Buckeye                          Non-
                                                   Technologies         US          Guarantor
                                                       Inc.        Subsidiaries   Subsidiaries    Consolidated
                                                  ---------------------------------------------------------------
Net cash provided by (used in) operations               $19,141        $41,463        $(32,679)        $27,925

Investing activities:
Purchases of property, plant and equipment..             (4,410)       (28,370)         (3,192)        (35,972)
Purchases of short term investments.........             (8,863)             -               -          (8,863)
Other.......................................                  -         (1,292)              -          (1,292)
                                                  ---------------------------------------------------------------
Net cash provided by (used in) investing
  activities                                            (13,273)       (29,662)         (3,192)        (46,127)

Financing activities:
Net proceeds from sale of equity interests               23,203              -           3,030          26,233
Net borrowings under revolving
  lines of credit...........................             31,301              -          22,739          54,040
Payments for debt issuance costs............             (1,443)             -            (714)         (2,157)
Principal payments on long-term
    debt and other..........................            (23,025)       (10,631)         15,197         (18,459)
                                                  ---------------------------------------------------------------
Net cash provided by (used in) financing
     activities                                          30,036        (10,631)         40,252          59,657

Effect of foreign currency rate fluctuations
     on cash................................                  -              -           1,619           1,619
                                                  ---------------------------------------------------------------

Increase in cash and cash  equivalents                   35,904          1,170           6,000          43,074
Cash and cash equivalents at beginning
     of period                                              539            188          12,205          12,932
                                                  ---------------------------------------------------------------
Cash and cash equivalents at end of period              $36,443        $ 1,358        $ 18,205         $56,006
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