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    Sanford Burns

    Research Analyst at Stifel Nicolaus

    Sanford (Sandy) M. Burns is Head of High Yield Research and a Senior Research Analyst at Stifel, specializing in high yield credit with a focus on sectors such as Paper & Packaging, Manufacturing/General Industrials, Transportation, and Chemicals. He covers a range of companies in these sectors and is consistently recognized among the leading analysts in the Institutional Investor Global Fixed Income Research Survey, with over 30 years of experience spanning both sell-side roles at Deutsche Bank, Bankers Trust, and Smith Barney and buy-side positions at S.A.C. Capital and Alliance Capital. Burns began his career in leveraged finance and joined Stifel after significant prior experience, holding a BA in economics from the University of Virginia and an MBA from Carnegie Mellon University. He is a Chartered Financial Analyst (CFA) and a Certified Public Accountant, with FINRA registration and extensive credentials in credit research.

    Sanford Burns's questions to MERCER INTERNATIONAL (MERC) leadership

    Sanford Burns's questions to MERCER INTERNATIONAL (MERC) leadership • Q1 2025

    Question

    Sanford Burns of Stifel asked for more detail on the secondary effects of tariffs, such as the weaker U.S. dollar and slowing demand in China. He also inquired about the factors that could impact Q2 pulp price realizations, given the lag from Q1's higher market prices.

    Answer

    Executive Juan Bueno explained that secondary effects include the U.S. dollar's weakness impacting costs and cash balances, and a recent halt in buying from China, which has pressured prices. He noted this uncertainty makes customers cautious. For Q2, Bueno anticipates a net positive impact on pulp and lumber price realizations compared to Q1, despite recent market softness, due to the pricing lag.

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    Sanford Burns's questions to MERCER INTERNATIONAL (MERC) leadership • Q4 2024

    Question

    Sanford Burns of Stifel Nicolaus asked if the company had built up inventory ahead of the planned Q1 downtime, expecting sales to exceed production, and requested elaboration on potential positive opportunities arising from the tariff situation.

    Answer

    Richard Short (Executive) and Juan Bueno (Executive) clarified that while the downtime was planned and some inventory was built, NBSK sales volumes in Q1 are expected to be modestly down from Q4 levels. Regarding tariffs, Bueno explained that a potential positive outcome exists for the company's lumber business. If tariffs are applied, Canadian lumber producers would be at a greater disadvantage due to additional anti-dumping duties, making Mercer's European lumber exports to the U.S. more competitive. For pulp, he noted the U.S. has few alternatives for softwood, meaning tariff costs would likely be passed on to consumers.

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