November 10, 2008

Dear Friend,

Attached are the remarks we will present and webcast at 12:40 on Wednesday to our  seminar, an update on FNX Mining and an update on Domtar. 

We cut our price target on FNX Mining to $20 due to lower prices, volumes and an agonizing slow pace of exploration progress.  However, the company has net cash, fine exploration and a good position to rebound and prosper in a recover in 2011 or so.  It will be a fine vehicle when the outlook turns more optimistic.

We cut our price target on Domtar to $6.50 owing to delayed wood asset sales, soft markets and it partly offsets less revenues with moderating costs and capacity cuts.  We rate both companies Overweight.

Please feel free to listen to our webcasts beginning at 8 am Wednesday if you are out-of-town via the   http://www.wsw.com/webcast/vir2/ link or our www.veryindependentresearch.com web site.  Both links should lead you to the agenda and schedule.

Faithfully,

John C. Tumazos

Copyright © 2008 John Tumazos Very Independent Research, LLC
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Last modified: 05/17/12