Leading market position in North America's uncoated freesheet (UFS) market Declining demand in North America for printing and writing papers due to electronic substitution Low cost profile from vertical integration Low leverage, with expectation that leverage will remain under 2x Elevated capex in the next two years, with investments in the personal care segment Financial policy favors return of capital earned to shareholders The stable outlook on Domtar Corp. reflects Standard&Poor's Ratings Services' expectation that the company will continue to generate very strong cash flow from operations and, although it will continue with shareholder-friendly returns, will maintain an adjusted leverage ratio of less than 2x. Although Domtar's integration of its personal care segment slightly improves the diversity and
