Domtar Corporation Reports Preliminary Third Quarter 2017 Financial Results

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Solid quarter led by a strong performance in Pulp and Paper
(All financial information is in U.S. dollars, and all earnings per share results are diluted, unless otherwise noted).

Third quarter 2017 net earnings of $1.11 per share
Price increases announced for several pulp and paper grades
$112 million of cash flow from operating activities

FORT MILL, S.C.–(BUSINESS WIRE)–Oct. 27, 2017– Domtar Corporation (NYSE: UFS) (TSX: UFS) today reported net earnings of $70 million ($1.11 per share) for the third quarter of 2017 compared to net earnings of $38 million ($0.61 per share) for the second quarter of 2017 and net earnings of $59 million ($0.94 per share) for the third quarter of 2016. Sales for the third quarter of 2017 were $1.3 billion.

Excluding items listed below, the Company had earnings before items¹ of $65 million ($1.03 per share) for the third quarter of 2017 compared to earnings before items¹ of $38 million ($0.61 per share) for the second quarter of 2017 and earnings before items¹ of $71 million ($1.13 per share) for the third quarter of 2016.

Third quarter 2017 items:

Gain on disposal of property, plant & equipment of $4 million ($3 million after tax); and
Partial reversal of contingent consideration related to an acquisition of $2 million ($2 million after tax).

Second quarter 2017 items:

None.

Third quarter 2016 items:

Impairment of property, plant & equipment of $5 million ($4 million after tax); and
Closure and restructuring costs of $10 million ($8 million after tax).

QUARTERLY REVIEW

“We continue to generate strong EBITDA and cash flow in our Pulp and Paper business while taking further measures to optimize our assets and improve our manufacturing processes,” said John D. Williams, President and Chief Executive Officer. “Our mills ran well and productivity was strong, resulting in a good cost performance across our network. Our paper shipments improved seasonally while momentum continued in both volume and price in our pulp business.”

Commenting on Personal Care, Mr. Williams added, “Price pressure and raw material headwinds negatively impacted margins in the quarter but we achieved a 9% increase in infant diaper volumes, we are delivering cost savings and our sales pipeline remains strong. We continue to execute our strategies for long-term success, while focusing on near-term growth opportunities as we operate in a competitive environment.”

Operating income was $89 million in the third quarter of 2017 compared to operating income of $64 million in the second quarter of 2017. Depreciation and amortization totaled $80 million in the third quarter of 2017.

Operating income before items¹ was $83 million in the third quarter of 2017 compared to an operating income before items¹ of $64 million in the second quarter of 2017.


(In millions of dollars)	3Q 2017			2Q 2017

Sales	$	1,292		$	1,224
Operating income (loss)
Pulp and Paper segment		93			65
Personal Care segment		8			13
Corporate		(12	)		(14	)
Total operating income		89			64
Operating income before items¹		83			64
Depreciation and amortization		80			79

The increase in operating income in the third quarter of 2017 was the result of higher volume and average selling prices, favorable productivity, and lower maintenance and raw material costs. These factors were partially offset by unfavorable exchange rates and higher selling, general and administrative expenses.

When compared to the second quarter of 2017, manufactured paper shipments were up 3% and pulp shipments increased 11%. The shipments-to-production ratio for paper was 97% in the third quarter of 2017, compared to 98% in the second quarter of 2017. Paper inventories increased by 24,000 tons and pulp inventories increased by 32,000 metric tons when compared to the second quarter of 2017.

LIQUIDITY AND CAPITAL

Cash flow from operating activities amounted to $112 million and capital expenditures were $40 million, resulting in free cash flow¹ of $72 million for the third quarter of 2017. Domtar’s net debt-to-total capitalization ratio¹ stood at 26% at September 30, 2017 compared to 28% at June 30, 2017.

OUTLOOK

In the fourth quarter, we expect higher maintenance costs in Pulp and Paper. Paper is expected to be negatively impacted by seasonally unfavorable mix while Pulp should continue to realize higher prices following recently announced price increases. Personal Care should benefit from higher volume, favorable raw material costs and seasonally lower marketing expense.

EARNINGS CONFERENCE CALL

The Company will hold a conference call today at 11:00 a.m. (ET) to discuss its third quarter 2017 financial results. Financial analysts are invited to participate in the call by dialing 1 (800) 499-4035 (toll free – North America) or 1 (416) 204-9269 (International) at least 10 minutes before start time, while media and other interested individuals are invited to listen to the live webcast on the Domtar Corporation website at www.domtar.com.

The Company will release its fourth quarter 2017 earnings results on February 9, 2018 before markets open, followed by a conference call at 11:00 a.m. (ET) to discuss results. The date is tentative and will be confirmed approximately three weeks prior to the official earnings release date.

About Domtar
Domtar is a leading provider of a wide variety of fiber-based products including communication, specialty and packaging papers, market pulp and absorbent hygiene products. With approximately 10,000 employees serving more than 50 countries around the world, Domtar is driven by a commitment to turn sustainable wood fiber into useful products that people rely on every day. Domtar’s annual sales are approximately $5.1 billion, and its common stock is traded on the New York and Toronto Stock Exchanges. Domtar’s principal executive office is in Fort Mill, South Carolina. To learn more, visit www.domtar.com.

Forward-Looking Statements
Statements in this release about our plans, expectations and future performance, including the statements by Mr. Williams and those contained under “Outlook,” are “forward-looking statements.” Actual results may differ materially from those suggested by these statements for a number of reasons, including changes in customer demand and pricing, changes in manufacturing costs, future acquisitions and divestitures, including facility closings, and the other reasons identified under “Risk Factors” in our Form 10-K for 2016 as filed with the SEC and as updated by subsequently filed Form 10-Qs. Except to the extent required by law, we expressly disclaim any obligation to update or revise these forward-looking statements to reflect new events or circumstances or otherwise.

Domtar Corporation
Highlights
(In millions of dollars, unless otherwise noted)

	Three months ended			Three months ended			Nine months ended			Nine months ended
	September 30,			September 30,			September 30,			September 30,
	2017			2016			2017			2016
	(Unaudited)
	$			$			$			$

Selected Segment Information
Sales
Pulp and Paper		1,054			1,054			3,126			3,193
Personal Care		253			231			743			675
Total for reportable segments		1,307			1,285			3,869			3,868
Intersegment sales		(15	)		(15	)		(49	)		(44	)
Consolidated sales		1,292			1,270			3,820			3,824
Depreciation and amortization of property, plant and equipment
Pulp and Paper		63			71			190			216
Personal Care		17			16			49			47
Total for reportable segments		80			87			239			263
Impairment of property, plant and equipment – Pulp and Paper		—			5			—			29
Consolidated depreciation and amortization and impairment of property, plant and equipment		80			92			239			292

Operating income (loss)
Pulp and Paper		93			89			192			143
Personal Care		8			15			37			44
Corporate		(12	)		(12	)		(34	)		(38	)
Consolidated operating income		89			92			195			149
Interest expense, net		16			17			50			49
Earnings before income taxes		73			75			145			100
Income tax expense		3			16			17			19
Net earnings		70			59			128			81
Per common share (in dollars)
Net earnings
Basic		1.12			0.94			2.04			1.29
Diluted		1.11			0.94			2.04			1.29
Weighted average number of common shares outstanding (millions)
Basic		62.7			62.6			62.6			62.6
Diluted		62.9			62.7			62.8			62.7
Cash flows from operating activities		112			95			324			310
Additions to property, plant and equipment		40			83			111			302

Domtar Corporation
Consolidated Statements of Earnings
(In millions of dollars, unless otherwise noted)

	Three months ended			Three months ended		Nine months ended			Nine months ended
	September 30,			September 30,		September 30,			September 30,
	2017			2016		2017			2016
	(Unaudited)
	$			$		$			$

Sales		1,292			1,270		3,820			3,824
Operating expenses
Cost of sales, excluding depreciation and amortization		1,012			969		3,055			3,032
Depreciation and amortization		80			87		239			263
Selling, general and administrative		118			107		337			314
Impairment of property, plant and equipment		—			5		—			29
Closure and restructuring costs		—			10		—			33
Other operating (income) loss, net		(7	)		—		(6	)		4
		1,203			1,178		3,625			3,675
Operating income		89			92		195			149
Interest expense, net		16			17		50			49
Earnings before income taxes		73			75		145			100
Income tax expense		3			16		17			19
Net earnings		70			59		128			81
Per common share (in dollars)
Net earnings
Basic		1.12			0.94		2.04			1.29
Diluted		1.11			0.94		2.04			1.29
Weighted average number of common shares outstanding (millions)
Basic		62.7			62.6		62.6			62.6
Diluted		62.9			62.7		62.8			62.7

Domtar Corporation
Consolidated Balance Sheets at
(In millions of dollars)


	September 30,			December 31,
	2017			2016
	(Unaudited)
	$			$
Assets
Current assets
Cash and cash equivalents		143			125
Receivables, less allowances of $7 and $7		659			613
Inventories		787			759
Prepaid expenses		47			40
Income and other taxes receivable		13			31
Total current assets		1,649			1,568
Property, plant and equipment, net		2,774			2,825
Goodwill		578			550
Intangible assets, net		632			608
Other assets		151			129
Total assets		5,784			5,680
Liabilities and shareholders’ equity
Current liabilities
Bank indebtedness		—			12
Trade and other payables		687			656
Income and other taxes payable		32			22
Long-term debt due within one year		1			63
Total current liabilities		720			753
Long-term debt		1,164			1,218
Deferred income taxes and other		681			675
Other liabilities and deferred credits		333			358
Shareholders’ equity
Common stock		1			1
Additional paid-in capital		1,969			1,963
Retained earnings		1,261			1,211
Accumulated other comprehensive loss		(345	)		(499	)
Total shareholders’ equity		2,886			2,676
Total liabilities and shareholders’ equity		5,784			5,680

Domtar Corporation
Consolidated Statements of Cash Flows
(In millions of dollars)

	For the nine months ended
	September 30, 2017			September 30, 2016
	(Unaudited)
	$			$
Operating activities
Net earnings		128			81
Adjustments to reconcile net earnings to cash flows from operating activities
Depreciation and amortization		239			263
Deferred income taxes and tax uncertainties		(19	)		6
Impairment of property, plant and equipment		—			29
Net gains on disposals of property, plant and equipment		(4	)		—
Stock-based compensation expense		6			5
Other		1			(3	)
Changes in assets and liabilities, excluding the effect of acquisition of business
Receivables		(28	)		19
Inventories		(10	)		6
Prepaid expenses		(2	)		(5	)
Trade and other payables		11			(53	)
Income and other taxes		30			(18	)
Difference between employer pension and other post-retirement contributions and pension and other post-retirement expense		(33	)		(16	)
Other assets and other liabilities		5			(4	)
Cash flows from operating activities		324			310
Investing activities
Additions to property, plant and equipment		(111	)		(302	)
Proceeds from disposals of property, plant and equipment		8			—
Acquisition of business, net of cash acquired		—			(1	)
Other		—			1
Cash flows used for investing activities		(103	)		(302	)
Financing activities
Dividend payments		(78	)		(76	)
Stock repurchase		—			(10	)
Net change in bank indebtedness		(12	)		1
Change in revolving credit facility		(50	)		60
Proceeds from receivables securitization facility		25			140
Repayments of receivables securitization facility		(35	)		(40	)
Repayments of long-term debt		(63	)		(40	)
Other		1			(3	)
Cash flows (used for) provided from financing activities		(212	)		32
Net increase in cash and cash equivalents		9			40
Impact of foreign exchange on cash		9			2
Cash and cash equivalents at beginning of period		125			126
Cash and cash equivalents at end of period		143			168
Supplemental cash flow information
Net cash payments for:
Interest		49			50
Income taxes		18			37

Domtar Corporation
Quarterly Reconciliation of Non-GAAP Financial Measures
(In millions of dollars, unless otherwise noted)

The following table sets forth certain non-U.S. generally accepted accounting principles (“GAAP”) financial metrics identified in bold as “Earnings before items”, “Earnings before items per diluted share”, “EBITDA”, “EBITDA margin”, “EBITDA before items”, “EBITDA margin before items”, “Free cash flow”, “Net debt” and “Net debt-to-total capitalization”. Management believes that the financial metrics are useful to understand our operating performance and benchmark with peers within the industry. The Company calculates “Earnings before items” and “EBITDA before items” by excluding the after-tax (pre-tax) effect of specified items. These metrics are presented as a complement to enhance the understanding of operating results but not in substitution for GAAP results.

				2017												2016
				Q1			Q2			Q3			YTD			Q1			Q2			Q3			Q4			Year
Reconciliation of “Earnings before items” to Net earnings
		Net earnings	($)		20			38			70			128			4			18			59			47			128
	(+)	Impairment of property, plant and equipment	($)		—			—			—			—			16			2			4			—			22
	(+)	Closure and restructuring costs	($)		—			—			—			—			2			16			8			(1	)		25
	(+)	Litigation settlement	($)		—			—			—			—			—			2			—			—			2
	(-)	Net gains on disposals of property, plant and equipment	($)		—			—			(3	)		(3	)		—			—			—			—			—
	(-)	Reversal of contingent consideration	($)		—			—			(2	)		(2	)		—			—			—			—			—
	(+)	Impact of purchase accounting	($)		—			—			—			—			—			—			—			1			1
	(=)	Earnings before items	($)		20			38			65			123			22			38			71			47			178
	(/)	Weighted avg. number of common shares outstanding (diluted)	(millions)		62.8			62.7			62.9			62.8			62.8			62.7			62.7			62.7			62.7
	(=)	Earnings before items per diluted share	($)		0.32			0.61			1.03			1.96			0.35			0.61			1.13			0.75			2.84

Reconciliation of “EBITDA” and “EBITDA before items” to Net earnings
		Net earnings	($)		20			38			70			128			4			18			59			47			128
	(+)	Income tax expense (benefit)	($)		5			9			3			17			(3	)		6			16			10			29
	(+)	Interest expense, net	($)		17			17			16			50			17			15			17			17			66
	(=)	Operating income	($)		42			64			89			195			18			39			92			74			223
	(+)	Depreciation and amortization	($)		80			79			80			239			89			87			87			85			348
	(+)	Impairment of property, plant and equipment	($)		—			—			—			—			21			3			5			—			29
	(-)	Net gains on disposals of property, plant and equipment	($)		—			—			(4	)		(4	)		—			—			—			—			—
	(=)	EBITDA	($)		122			143			165			430			128			129			184			159			600
	(/)	Sales	($)		1,304			1,224			1,292			3,820			1,287			1,267			1,270			1,274			5,098
	(=)	EBITDA margin	(%)		9	%		12	%		13	%		11	%		10	%		10	%		14	%		12	%		12	%
		EBITDA	($)		122			143			165			430			128			129			184			159			600
	(+)	Closure and restructuring costs	($)		—			—			—			—			2			21			10			(1	)		32
	(+)	Litigation settlement	($)		—			—			—			—			—			2			—			—			2
	(-)	Reversal of contingent consideration	($)		—			—			(2	)		(2	)		—			—			—			—			—
	(+)	Impact of purchase accounting	($)		—			—			—			—			—			—			—			1			1
	(=)	EBITDA before items	($)		122			143			163			428			130			152			194			159			635
	(/)	Sales	($)		1,304			1,224			1,292			3,820			1,287			1,267			1,270			1,274			5,098
	(=)	EBITDA margin before items	(%)		9	%		12	%		13	%		11	%		10	%		12	%		15	%		12	%		12	%

Reconciliation of “Free cash flow” to Cash flows from operating activities
		Cash flows from operating activities	($)		91			121			112			324			97			118			95			155			465
	(-)	Additions to property, plant and equipment	($)		(34	)		(37	)		(40	)		(111	)		(100	)		(119	)		(83	)		(45	)		(347	)
	(=)	Free cash flow	($)		57			84			72			213			(3	)		(1	)		12			110			118

“Net debt-to-total capitalization” computation
		Bank indebtedness	($)		2			—			—						6			1			—			12
	(+)	Long-term debt due within one year	($)		64			1			1						41			64			63			63
	(+)	Long-term debt	($)		1,188			1,203			1,164						1,211			1,237			1,309			1,218
	(=)	Debt	($)		1,254			1,204			1,165						1,258			1,302			1,372			1,293
	(-)	Cash and cash equivalents	($)		(111	)		(124	)		(143	)					(97	)		(111	)		(168	)		(125	)
	(=)	Net debt	($)		1,143			1,080			1,022						1,161			1,191			1,204			1,168
	(+)	Shareholders’ equity	($)		2,685			2,770			2,886						2,736			2,716			2,754			2,676
	(=)	Total capitalization	($)		3,828			3,850			3,908						3,897			3,907			3,958			3,844
		Net debt	($)		1,143			1,080			1,022						1,161			1,191			1,204			1,168
	(/)	Total capitalization	($)		3,828			3,850			3,908						3,897			3,907			3,958			3,844
	(=)	Net debt-to-total capitalization	(%)		30	%		28	%		26	%					30	%		30	%		30	%		30	%

“Earnings before items”, “Earnings before items per diluted share”, “EBITDA”, “EBITDA margin”, “EBITDA before items”, “EBITDA margin before items”, “Free cash flow”, “Net debt” and “Net debt-to-total capitalization” have no standardized meaning prescribed by GAAP and are not necessarily comparable to similar measures presented by other companies and therefore should not be considered in isolation or as a substitute for Net earnings, Operating income or any other earnings statement, cash flow statement or balance sheet financial information prepared in accordance with GAAP. It is important for readers to understand that certain items may be presented in different lines by different companies on their financial statements, thereby leading to different measures for different companies.

Domtar Corporation
Quarterly Reconciliation of Non-GAAP Financial Measures – By Segment 2017
(In millions of dollars, unless otherwise noted)

The following table sets forth certain non-U.S. generally accepted accounting principles (“GAAP”) financial metrics identified in bold as “Operating income (loss) before items”, “EBITDA before items” and “EBITDA margin before items” by reportable segment. Management believes that the financial metrics are useful to understand our operating performance and benchmark with peers within the industry. The Company calculates the segmented “Operating income (loss) before items” by excluding the pre-tax effect of specified items. These metrics are presented as a complement to enhance the understanding of operating results but not in substitution for GAAP results.

				Pulp and Paper					Personal Care					Corporate					Total
				Q1’17	Q2’17	Q3’17	Q4’17	YTD	Q1’17	Q2’17	Q3’17	Q4’17	YTD	Q1’17	Q2’17	Q3’17	Q4’17	YTD	Q1’17	Q2’17	Q3’17	Q4’17	YTD
Reconciliation of Operating income (loss) to “Operating income (loss) before items”
		Operating income (loss)	($)	34	65	93	—	192	16	13	8	—	37	(8)	(14)	(12)	—	(34)	42	64	89	—	195
	(-)	Net gains on disposals of property, plant and equipment	($)	—	—	(4)	—	(4)	—	—	—	—	—	—	—	—	—	—	—	—	(4)	—	(4)
	(-)	Reversal of contingent consideration	($)	—	—	—	—	—	—	—	—	—	—	—	—	(2)	—	(2)	—	—	(2)	—	(2)
	(=)	Operating income (loss) before items	($)	34	65	89	—	188	16	13	8	—	37	(8)	(14)	(14)	—	(36)	42	64	83	—	189

Reconciliation of “Operating income (loss) before items” to “EBITDA before items”
		Operating income (loss) before items	($)	34	65	89	—	188	16	13	8	—	37	(8)	(14)	(14)	—	(36)	42	64	83	—	189
	(+)	Depreciation and amortization	($)	64	63	63	—	190	16	16	17	—	49	—	—	—	—	—	80	79	80	—	239

	(=)	EBITDA before items	($)	98	128	152	—	378	32	29	25	—	86	(8)	(14)	(14)	—	(36)	122	143	163	—	428
	(/)	Sales	($)	1,073	999	1,054	—	3,126	249	241	253	—	743	—	—	—	—	—	1,322	1,240	1,307	—	3,869
	(=)	EBITDA margin before items	(%)	9%	13%	14%	—	12%	13%	12%	10%	—	12%	—	—	—	—	—	9%	12%	12%	—	11%

“Operating income (loss) before items”, “EBITDA before items” and “EBITDA margin before items” have no standardized meaning prescribed by GAAP and are not necessarily comparable to similar measures presented by other companies and therefore should not be considered in isolation or as a substitute for Operating income (loss) or any other earnings statement, cash flow statement or balance sheet financial information prepared in accordance with GAAP. It is important for readers to understand that certain items may be presented in different lines by different companies on their financial statements, thereby leading to different measures for different companies.

Domtar Corporation
Quarterly Reconciliation of Non-GAAP Financial Measures – By Segment 2016
(In millions of dollars, unless otherwise noted)

				Pulp and Paper					Personal Care ⁽¹⁾					Corporate					Total
				Q1’16	Q2’16	Q3’16	Q4’16	Year	Q1’16	Q2’16	Q3’16	Q4’16	Year	Q1’16	Q2’16	Q3’16	Q4’16	Year	Q1’16	Q2’16	Q3’16	Q4’16	Year
Reconciliation of Operating income (loss) to “Operating income (loss) before items”
		Operating income (loss)	($)	19	35	89	74	217	14	15	15	13	57	(15)	(11)	(12)	(13)	(51)	18	39	92	74	223
	(+)	Impairment of property, plant and equipment	($)	21	3	5	—	29	—	—	—	—	—	—	—	—	—	—	21	3	5	—	29
	(+)	Impact of purchase accounting	($)	—	—	—	—	—	—	—	—	1	1	—	—	—	—	—	—	—	—	1	1
	(+)	Closure and restructuring costs	($)	2	21	10	(2)	31	—	—	—	1	1	—	—	—	—	—	2	21	10	(1)	32
	(+)	Litigation settlement	($)	—	—	—	—	—	—	—	—	—	—	—	2	—	—	2	—	2	—	—	2
	(=)	Operating income (loss) before items	($)	42	59	104	72	277	14	15	15	15	59	(15)	(9)	(12)	(13)	(49)	41	65	107	74	287

Reconciliation of “Operating income (loss) before items” to “EBITDA before items”
		Operating income (loss) before items	($)	42	59	104	72	277	14	15	15	15	59	(15)	(9)	(12)	(13)	(49)	41	65	107	74	287
	(+)	Depreciation and amortization	($)	73	72	71	68	284	16	15	16	17	64	—	—	—	—	—	89	87	87	85	348

	(=)	EBITDA before items	($)	115	131	175	140	561	30	30	31	32	123	(15)	(9)	(12)	(13)	(49)	130	152	194	159	635
	(/)	Sales	($)	1,085	1,054	1,054	1,046	4,239	216	228	231	242	917	—	—	—	—	—	1,301	1,282	1,285	1,288	5,156
	(=)	EBITDA margin before items	(%)	11%	12%	17%	13%	13%	14%	13%	13%	13%	13%	—	—	—	—	—	10%	12%	15%	12%	12%

⁽¹⁾ On October 1, 2016, the Company acquired 100% of the shares of Home Delivery Incontinent Supplies Co. in the United States.

Domtar Corporation
Supplemental Segmented Information
(In millions of dollars, unless otherwise noted)

		2017												2016
		Q1			Q2			Q3			YTD			Q1			Q2			Q3			Q4			Year
Pulp and Paper Segment
Sales	($)		1,073			999			1,054			3,126			1,085			1,054			1,054			1,046			4,239
Operating income	($)		34			65			93			192			19			35			89			74			217
Depreciation and amortization	($)		64			63			63			190			73			72			71			68			284
Impairment of property, plant and equipment	($)		—			—			—			—			21			3			5			—			29

Paper
Paper Production	(‘000 ST)		709			715			745			2,169			785			715			726			714			2,940
Paper Shipments – Manufactured	(‘000 ST)		745			698			722			2,165			786			752			744			739			3,021
Communication Papers	(‘000 ST)		622			582			597			1,801			657			627			620			618			2,522
Specialty and Packaging Papers	(‘000 ST)		123			116			125			364			129			125			124			121			499
Paper Shipments – Sourced from 3rd parties	(‘000 ST)		29			26			29			84			32			29			35			27			123
Paper Shipments – Total	(‘000 ST)		774			724			751			2,249			818			781			779			766			3,144
Pulp
Pulp Shipments^(a)	(‘000 ADMT)		453			383			424			1,260			369			360			369			415			1,513
Pulp Shipments mix^(b):
Hardwood Kraft Pulp	(%)		4	%		3	%		7	%		5	%		5	%		4	%		4	%		8	%		5	%
Softwood Kraft Pulp	(%)		67	%		62	%		61	%		63	%		66	%		61	%		63	%		63	%		63	%
Fluff Pulp	(%)		29	%		35	%		32	%		32	%		29	%		35	%		33	%		29	%		32	%

Personal Care Segment
Sales	($)		249			241			253			743			216			228			231			242			917
Operating income	($)		16			13			8			37			14			15			15			13			57
Depreciation and amortization	($)		16			16			17			49			16			15			16			17			64

Average Exchange Rates	$US / $CAN		1.323			1.344			1.253			1.305			1.375			1.289			1.305			1.333			1.325
	$CAN / $US		0.756			0.744			0.798			0.766			0.727			0.776			0.766			0.750			0.755
	€ / $US		1.066			1.100			1.175			1.114			1.103			1.130			1.116			1.078			1.107

^(a) Figures represent Pulp Shipments to third parties.

^(b) Percentages include Pulp Shipments to our Personal Care segment.

Note: the term “ST” refers to a short ton and the term “ADMT” refers to an air dry metric ton.

¹ Non-GAAP financial measure. Refer to the Reconciliation of Non-GAAP Financial Measures in the appendix.

View source version on businesswire.com: http://www.businesswire.com/news/home/20171027005293/en/

Source: Domtar Corporation

Domtar Corporation
INVESTOR RELATIONS
Nicholas Estrela, 514-848-5555 x 85979
Director
Investor Relations
or
MEDIA RELATIONS
David Struhs, 803-802-8031
Vice-President
Corporate Services and Sustainability

Download PDF of this Press Release

Domtar Corporation Reports Preliminary Third Quarter 2017 Financial Results

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