Initial Public Offering

Initial Public Offering. Means the Company's initial public offering conducted in _____________, 2005 pursuant to the Securities Act.

Initial Public Offering. Means the first sale after the date hereof in an underwritten public offering registered under the Securities Act (other than on Form S-8 or a similar form) of equity securities of the Company (or any successor thereto).

Initial Public Offering. Means consummation of a public offering pursuant to an effective registration statement under the Securities Act covering the offering and sale of Common Stock by the Company to the public and underwritten by an investment banking firm of nationally recognized standing.

Initial Public Offering. Shall mean an underwritten initial public offering by the Corporation of shares of its Common Stock.

Initial Public Offering. Means the initial underwritten public offering of equity securities of the Company registered under the Securities Act, so long as after such offering, such equity securities are traded, listed or quoted on a national securities exchange or the NASDAQ Stock Market.

Initial Public Offering. Means an initial public offering of the Stock registered under the Securities Act pursuant to an effective registration statement.

Initial Public Offering. Shall mean the sale of the Company's securities pursuant to a registration statement filed by the Company under the Securities Act in connection with the initial firm commitment underwritten offering of its securities to the general public in which the Company receives gross proceeds of at least $10,000,000 and which reflects an equity valuation of $50,000,000.

Initial Public Offering. Means the first public offering of common stock of the Company or NewPage Holding pursuant to a registration statement filed with and declared effective by the Securities and Exchange Commission (the "SEC") resulting in proceeds to the Company, NewPage Holding or its stockholders of at least $50 million. 3

Initial Public Offering. Shall mean the Company's first firm commitment underwritten public offering pursuant to an effective registration statement under the Securities Act on Form S-1 (or successor form).

Initial Public Offering. Shall mean the closing of the first sale of Common Stock pursuant to an effective registration statement filed by the Company under the Securities Act in connection with a firm commitment underwritten offering of its Common Stock to the general public.