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 should improve earnings stability Low cost profile from well-capitalized assets and some vertical integration Our expectation that adjusted debt-to-EBITDA will be in the low 2x area over the next few years We forecast annual free operating cash flow of more than US$250 million beyond 2016 as capital spending returns to normal levels Solid track record of taking a leverage-balanced approach when returning cash to shareholders and making acquisitions The stable outlook reflects S&P Global Ratings' expectation that Domtar Corp. will continue to generate solid cash flow from operations, which supports shareholder-friendly
