ppx from $5.40 to 3.82 100% lower, page-2

avoid! 1025 [Dow Jones] STOCK CALL: UBS downgrades PaperlinX (PPX.AU) to Reduce from
Neutral after profit-warning; cuts FY05 EPS estimate by 28%. "The near-term
operating outlook is opaque and we suggest investors avoid this stock until
there is greater confidence in the outlook for the European fine paper price
cycle." Price target also down to A$2.85 from A$4.47. PPX off 27% at A$2.80.
(RJN)