Leading position in North America's uncoated free sheet (UFS) market Declining demand in North America for printing and writing papers due to electronic substitution Growing personal care segment that we expect will improve earnings stability Low cost profile from well-capitalized assets and vertical integration Low leverage, with our expectation that adjusted debt-to-EBITDA will be about 2x over the next few years Elevated capital expenditures to depress free cash flow in 2016 Solid track record of taking a leverage balanced approach when returning cash to shareholders and making acquisitions The combination of a "satisfactory" business risk profile and an "intermediate" financial risk profile results in an initial analytical outcome (anchor) of either 'bbb' or 'bbb-'. Our selection of a 'bbb-' anchor
