Leading position in North America's uncoated free sheet (UFS) market Low cost profile from well-capitalized assets and moderate vertical integration Declining demand in North America for printing and writing papers due to electronic substitution Competitive pressures in personal care segment Our expectation that adjusted debt-to-EBITDA will be in the low 2x area over the next few years Financial flexibility from annual free operating cash flow generation, estimated at more than US$200 million in 2018 and 2019 Solid track record of taking a measured approach of returning cash to shareholders without materially weakening leverage The stable outlook reflects S&P Global Ratings' expectation that Domtar Corp. will continue to generate solid positive free cash flow, which should enable the company to fund
