Neucel Specialty Cellulose is owned by a consortium of investors, lead by Wellspring Capital
Management, GSC Group and Zhejiang Fulida Ltd.

Wellspring Capital Management LLC

Wellspring is a New York–based private equity firm that has consistently ranked among the top performing private equity funds specializing in the middle market. Wellspring currently manages more than $2 billion in equity capital on behalf of some of the largest and most respected institutional investors in the United States, Canada, and Europe. For more information about the firm, please visit www.wellspringcapital.com.

GSC Group

GSC Group is a registered investment advisor with more than $24 billion of assets under management. The firm specializes in credit-driven investing including corporate credit, equity and distressed investing and real estate. GSC Group, with over 180 employees, has offices in New Jersey, New York, London and Los Angeles. GSC's investors include both institutional investors and substantial net worth individuals seeking sophisticated and attractive alternative investing opportunities. For more information about the firm, please visit www.gsc.com.

Zhejiang Fulida Ltd.

Zhejiang Fulida Ltd. is the largest producer of viscose rayon fiber in China in terms of volume and is recognized as an industry leader due to its scale, equipment, technology and marketing expertise. Fulida has received numerous industry awards including "China's Famous-Brand Product" and the "Zhejiang Best Quality Enterprise" award. For more information about the firm, please visit www.fulida.cn.

The expectation of Wellspring and its partners is that Neucel’s management and employees will be able to marry its natural advantages in terms of wood fiber, water and transportation with investments in managerial practice, engineering and information technology to create shareholder value.