DOMTAR CORPORATION REPORTS PRELIMINARY SECOND QUARTER 2019 FINANCIAL RESULTS

Domtar Corporation (NYSE: UFS) (TSX: UFS) today reported net earnings of $18 million ($0.28 per share) for the second quarter of 2019 compared to net earnings of $80 million ($1.27 per share) for the first quarter of 2019 and net earnings of $43 million ($0.68 per share) for the second quarter of 2018. Sales for the second quarter of 2019 were $1.3 billion.

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Excluding items listed below, the Company had earnings before items¹ of $36 million ($0.57 per share) for the second quarter of 2019 compared to earnings before items¹ of $91 million ($1.44 per share) for the first quarter of 2019 and earnings before items¹ of $41 million ($0.65 per share) for the second quarter of 2018.

ITEMS

Description	Segment	Line item	Amount	After tax effect	EPS impact (per share)
			(in millions)
Second quarter 2019
● Margin improvement plan	Personal Care	Impairment of long-lived assets	$15	$12	$0.19
● Margin improvement plan	Personal Care	Closure and restructuring costs	$8	$6	$0.10
First quarter 2019
● Margin improvement plan	Personal Care	Impairment of long-lived assets	$10	$8	$0.12
● Margin improvement plan	Personal Care	Closure and restructuring costs	$4	$3	$0.05
Second quarter 2018
● Gain on disposal of property, plant and equipment	Pulp and Paper	Other operating income, net	$3	$2	$0.03

QUARTERLY REVIEW

“Our results in the Paper business fell short of our expectations. This was primarily due to higher imports and customer destocking following a build-up of inventory ahead of the announced industry capacity closures, leading to lower volume and market-related downtime in our system. In Pulp, the current cycle in global markets led to downward price adjustments in most regions,” said John D. Williams, President and Chief Executive Officer. “The second quarter was also our peak outage quarter this year, with planned maintenance spending $44 million higher versus the first quarter. The elevated level of outages impacted productivity in Pulp and Paper.”

Mr. Williams added, “In Personal Care, we had a good performance with favorable input costs, and margin improvement initiatives coming in as planned. Our results were negatively impacted by the permanent closure of the Waco, Texas facility, resulting in lower overall production volumes and unfavorable absorption of fixed costs, but we do expect the full benefits of the closure to flow through in the second half of the year.”

Operating income was $34 million in the second quarter of 2019 compared to operating income of $115 million in the first quarter of 2019. Depreciation and amortization totaled $74 million in the second quarter of 2019.

Operating income before items¹ was $57 million in the second quarter of 2019 compared to an operating income before items¹ of $129 million in the first quarter of 2019.

(In millions of dollars)		2Q 2019				1Q 2019
Sales		$	1,317			$	1,376
Operating income (loss)
Pulp and Paper segment			62				144
Personal Care segment			(18	)			(8	)
Corporate			(10	)			(21	)
Total operating income			34				115
Operating income before items1			57				129
Depreciation and amortization			74				73

The decrease in operating income in the second quarter of 2019 was the result of higher maintenance costs, unfavorable productivity, higher fixed and other costs, lower volume in paper and higher raw material and freight costs. These factors were partially offset by lower selling, general and administrative expenses.

When compared to the first quarter of 2019, manufactured paper shipments were down 7% and pulp shipments increased 6%. The shipment-to-production ratio for paper was 98% in the second quarter of 2019, compared to 97% in the first quarter of 2019. Paper inventories increased by 15,000 tons, and pulp inventories decreased by 2,000 metric tons when compared to the first quarter of 2019.

LIQUIDITY AND CAPITAL

Cash flow from operating activities amounted to $119 million and capital expenditures were $55 million, resulting in free cash flow¹ of $64 million for the second quarter of 2019. Domtar’s net debt-to-total capitalization ratio¹ stood at 22% at June 30, 2019 compared to 23% at March 31, 2019.

OUTLOOK

For the remainder of the year, we expect our paper volumes to improve and trend in line with the market while our paper prices should remain relatively stable. We will continue to balance our production to our customer demand in our Paper business. We anticipate some volatility in softwood and fluff pulp markets but should recover cyclically and seasonally in the back end of 2019. Personal Care is expected to benefit from our margin improvement plan and increased sales driven by a stronger order book. We expect moderate inflation in our costs for the second half of the year.

EARNINGS CONFERENCE CALL

The Company will hold a conference call today at 10:00 a.m. (ET) to discuss its second quarter 2019 financial results. Financial analysts are invited to participate in the call by dialing 1 [phone] (toll free - North America) or 1 [phone] (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 third quarter 2019 earnings results on October 31, 2019 before markets open, followed by a conference call at 10:00 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 $5.5 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 2018 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.

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

Domtar Corporation Highlights (In millions of dollars, unless otherwise noted)
		Three months ended				Three months ended				Six months ended				Six months ended
		June 30,				June 30,				June 30,				June 30,
		2019				2018				2019				2018
		(Unaudited)
		$				$				$				$
Selected Segment Information
Sales
Pulp and Paper			1,096				1,123				2,243				2,223
Personal Care			237				247				484				509
Total for reportable segments			1,333				1,370				2,727				2,732
Intersegment sales			(16	)			(17	)			(34	)			(34	)
Consolidated sales			1,317				1,353				2,693				2,698
Depreciation and amortization
Pulp and Paper			58				61				115				122
Personal Care			16				18				32				36
Total for reportable segments			74				79				147				158
Impairment of long-lived assets - Personal Care			15				—				25				—
Consolidated depreciation and amortization and impairment of long-lived assets			89				79				172				158
Operating income (loss)
Pulp and Paper			62				79				206				155
Personal Care			(18	)			2				(26	)			10
Corporate			(10	)			(19	)			(31	)			(26	)
Consolidated operating income			34				62				149				139
Interest expense, net			13				16				26				32
Non-service components of net periodic benefit cost			(2	)			(5	)			(5	)			(9	)
Earnings before income taxes and equity loss			23				51				128				116
Income tax expense			5				8				29				19
Equity loss, net of taxes			—				—				1				—
Net earnings			18				43				98				97
Per common share (in dollars)
Net earnings
Basic			0.29				0.68				1.56				1.54
Diluted			0.28				0.68				1.55				1.54
Weighted average number of common shares outstanding (millions)
Basic			63.0				62.9				63.0				62.8
Diluted			63.3				63.2				63.3				63.1
Cash flows from operating activities			119				177				174				267
Additions to property, plant and equipment			55				37				101				62

Domtar Corporation Consolidated Statements of Earnings (In millions of dollars, unless otherwise noted)
		Three months ended				Three months ended				Six months ended				Six months ended
		June 30,				June 30,				June 30,				June 30,
		2019				2018				2019				2018
		(Unaudited)
		$				$				$				$
Sales			1,317				1,353				2,693				2,698
Operating expenses
Cost of sales, excluding depreciation and amortization			1,079				1,096				2,131				2,180
Depreciation and amortization			74				79				147				158
Selling, general and administrative			105				118				228				228
Impairment of long-lived assets			15				—				25				—
Closure and restructuring costs			8				—				12				—
Other operating loss (income), net			2				(2	)			1				(7	)
			1,283				1,291				2,544				2,559
Operating income			34				62				149				139
Interest expense, net			13				16				26				32
Non-service components of net periodic benefit cost			(2	)			(5	)			(5	)			(9	)
Earnings before income taxes and equity loss			23				51				128				116
Income tax expense			5				8				29				19
Equity loss, net of taxes			—				—				1				—
Net earnings			18				43				98				97
Per common share (in dollars)
Net earnings
Basic			0.29				0.68				1.56				1.54
Diluted			0.28				0.68				1.55				1.54
Weighted average number of common shares outstanding (millions)
Basic			63.0				62.9				63.0				62.8
Diluted			63.3				63.2				63.3				63.1

Domtar Corporation Consolidated Balance Sheets at (In millions of dollars)
		June 30,				December 31,
		2019				2018
		(Unaudited)
		$				$
Assets
Current assets
Cash and cash equivalents			93				111
Receivables, less allowances of $7 and $6			634				670
Inventories			823				762
Prepaid expenses			39				24
Income and other taxes receivable			41				22
Total current assets			1,630				1,589
Property, plant and equipment, net			2,563				2,605
Operating lease right-of-use assets			71				—
Intangible assets, net			586				597
Other assets			143				134
Total assets			4,993				4,925
Liabilities and shareholders' equity
Current liabilities
Bank indebtedness			3				—
Trade and other payables			682				757
Income and other taxes payable			30				25
Operating lease liabilities due within one year			24				—
Long-term debt due within one year			1				1
Total current liabilities			740				783
Long-term debt			824				853
Operating lease liabilities			63				—
Deferred income taxes and other			483				476
Other liabilities and deferred credits			264				275
Shareholders' equity
Common stock			1				1
Additional paid-in capital			1,977				1,981
Retained earnings			1,065				1,023
Accumulated other comprehensive loss			(424	)			(467	)
Total shareholders' equity			2,619				2,538
Total liabilities and shareholders' equity			4,993				4,925

Domtar Corporation Consolidated Statements of Cash Flows (In millions of dollars)
		For the six months ended
		June 30, 2019				June 30, 2018
		(Unaudited)
		$				$
Operating activities
Net earnings			98				97
Adjustments to reconcile net earnings to cash flows from operating activities
Depreciation and amortization			147				158
Deferred income taxes and tax uncertainties			(1	)			(5	)
Impairment of long-lived assets			25				—
Net gains on disposals of property, plant and equipment			—				(4	)
Stock-based compensation expense			5				5
Equity loss, net			1				—
Other			—				(1	)
Changes in assets and liabilities
Receivables			40				27
Inventories			(54	)			(10	)
Prepaid expenses			(11	)			(11	)
Trade and other payables			(76	)			1
Income and other taxes			(14	)			9
Difference between employer pension and other post-retirement contributions and pension and other post-retirement expense			1				(1	)
Other assets and other liabilities			13				2
Cash flows from operating activities			174				267
Investing activities
Additions to property, plant and equipment			(101	)			(62	)
Proceeds from disposals of property, plant and equipment			1				4
Other			—				(6	)
Cash flows used for investing activities			(100	)			(64	)
Financing activities
Dividend payments			(55	)			(53	)
Stock repurchase			(8	)			—
Net change in bank indebtedness			3				—
Proceeds from receivables securitization facility			80				—
Repayments of receivables securitization facility			(110	)			(25	)
Repayments of long-term debt			(1	)			—
Other			(1	)			2
Cash flows used for financing activities			(92	)			(76	)
Net (decrease) increase in cash and cash equivalents			(18	)			127
Impact of foreign exchange on cash			—				(2	)
Cash and cash equivalents at beginning of period			111				139
Cash and cash equivalents at end of period			93				264
Supplemental cash flow information
Net cash payments for:
Interest			23				28
Income taxes			50				25

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.

						2019												2018
						Q1				Q2				YTD				Q1				Q2				Q3				Q4				Year
Reconciliation of "Earnings before items" to Net earnings
		Net earnings		($)			80				18				98				54				43				99				87				283
	(+)	Impairment of long-lived assets		($)			8				12				20				—				—				—				5				5
	(+)	Closure and restructuring costs		($)			3				6				9				—				—				—				6				6
	(+)	Litigation settlement		($)			—				—				—				2				—				—				—				2
	(-)	Net gains on disposals of property, plant and equipment		($)			—				—				—				(1	)			(2	)			—				—				(3	)
	(-)	U.S. Tax Reform		($)			—				—				—				—				—				(7	)			5				(2	)
	(=)	Earnings before items		($)			91				36				127				55				41				92				103				291
	(/)	Weighted avg. number of common shares outstanding (diluted)		(millions)			63.2				63.3				63.3				62.9				63.2				63.2				63.0				63.1
	(=)	Earnings before items per diluted share		($)			1.44				0.57				2.01				0.87				0.65				1.46				1.63				4.61
Reconciliation of "EBITDA" and "EBITDA before items" to Net earnings
		Net earnings		($)			80				18				98				54				43				99				87				283
	(+)	Equity loss, net of taxes		($)			1				—				1				—				—				1				1				2
	(+)	Income tax expense		($)			24				5				29				11				8				3				35				57
	(+)	Interest expense, net		($)			13				13				26				16				16				15				15				62
	(+)	Depreciation and amortization		($)			73				74				147				79				79				75				75				308
	(+)	Impairment of long-lived assets		($)			10				15				25				—				—				—				7				7
	(-)	Net gains on disposals of property, plant and equipment		($)			—				—				—				(1	)			(3	)			—				—				(4	)
	(=)	EBITDA		($)			201				125				326				159				143				193				220				715
	(/)	Sales		($)			1,376				1,317				2,693				1,345				1,353				1,367				1,390				5,455
	(=)	EBITDA margin		(%)			15	%			9	%			12	%			12	%			11	%			14	%			16	%			13	%
		EBITDA		($)			201				125				326				159				143				193				220				715
	(+)	Closure and restructuring costs		($)			4				8				12				—				—				—				8				8
	(+)	Litigation settlement		($)			—				—				—				2				—				—				—				2
	(=)	EBITDA before items		($)			205				133				338				161				143				193				228				725
	(/)	Sales		($)			1,376				1,317				2,693				1,345				1,353				1,367				1,390				5,455
	(=)	EBITDA margin before items		(%)			15	%			10	%			13	%			12	%			11	%			14	%			16	%			13	%
Reconciliation of "Free cash flow" to Cash flows from operating activities
		Cash flows from operating activities		($)			55				119				174				90				177				70				217				554
	(-)	Additions to property, plant and equipment		($)			(46	)			(55	)			(101	)			(25	)			(37	)			(49	)			(84	)			(195	)
	(=)	Free cash flow		($)			9				64				73				65				140				21				133				359
"Net debt-to-total capitalization" computation
		Bank indebtedness		($)			3				3								—				1				—				—
	(+)	Long-term debt due within one year		($)			1				1								1				1				1				1
	(+)	Long-term debt		($)			853				824								1,103				1,103				1,103				853
	(=)	Debt		($)			857				828								1,104				1,105				1,104				854
	(-)	Cash and cash equivalents		($)			(94	)			(93	)							(152	)			(264	)			(256	)			(111	)
	(=)	Net debt		($)			763				735								952				841				848				743
	(+)	Shareholders' equity		($)			2,608				2,619								2,493				2,458				2,553				2,538
	(=)	Total capitalization		($)			3,371				3,354								3,445				3,299				3,401				3,281
		Net debt		($)			763				735								952				841				848				743
	(/)	Total capitalization		($)			3,371				3,354								3,445				3,299				3,401				3,281
	(=)	Net debt-to-total capitalization		(%)			23	%			22	%							28	%			25	%			25	%			23	%

“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 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 2019
(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
						Q1'19		Q2'19		Q3'19		Q4'19		YTD		Q1'19		Q2'19		Q3'19		Q4'19		YTD		Q1'19		Q2'19		Q3'19		Q4'19		YTD		Q1'19		Q2'19		Q3'19		Q4'19		YTD
Reconciliation of Operating income (loss) to "Operating income (loss) before items"
		Operating income (loss)		($)		144		62		—		—		206		(8)		(18)		—		—		(26)		(21)		(10)		—		—		(31)		115		34		—		—		149
	(+)	Impairment of long-lived assets		($)		—		—		—		—		—		10		15		—		—		25		—		—		—		—		—		10		15		—		—		25
	(+)	Closure and restructuring costs		($)		—		—		—		—		—		4		8		—		—		12		—		—		—		—		—		4		8		—		—		12
	(=)	Operating income (loss) before items		($)		144		62		—		—		206		6		5		—		—		11		(21)		(10)		—		—		(31)		129		57		—		—		186
Reconciliation of "Operating income (loss) before items" to "EBITDA before items"
		Operating income (loss) before items		($)		144		62		—		—		206		6		5		—		—		11		(21)		(10)		—		—		(31)		129		57		—		—		186
	(+)	Non-service components of net periodic benefit cost		($)		3		3		—		—		6		—		—		—		—		—		—		(1)		—		—		(1)		3		2		—		—		5
	(+)	Depreciation and amortization		($)		57		58		—		—		115		16		16		—		—		32		—		—		—		—		—		73		74		—		—		147
	(=)	EBITDA before items		($)		204		123		—		—		327		22		21		—		—		43		(21)		(11)		—		—		(32)		205		133		—		—		338
	(/)	Sales		($)		1,147		1,096		—		—		2,243		247		237		—		—		484		—		—		—		—		—		1,394		1,333		—		—		2,727
	(=)	EBITDA margin before items		(%)		18%		11%		—		—		15%		9%		9%		—		—		9%		—		—		—		—		—		15%		10%		—		—		12%

“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 2018
(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
						Q1'18		Q2'18		Q3'18		Q4'18		Year		Q1'18		Q2'18		Q3'18		Q4'18		Year		Q1'18		Q2'18		Q3'18		Q4'18		Year		Q1'18		Q2'18		Q3'18		Q4'18		Year
Reconciliation of Operating income (loss) to "Operating income (loss) before items"
		Operating income (loss)		($)		76		79		135		148		438		8		2		(3)		(12)		(5)		(7)		(19)		(18)		(3)		(47)		77		62		114		133		386
	(+)	Impairment of long-lived assets		($)		—		—		—		—		—		—		—		—		7		7		—		—		—		—		—		—		—		—		7		7
	(-)	Net gains on disposals of property, plant and equipment		($)		(1)		(3)		—		—		(4)		—		—		—		—		—		—		—		—		—		—		(1)		(3)		—		—		(4)
	(+)	Closure and restructuring costs		($)		—		—		—		—		—		—		—		—		8		8		—		—		—		—		—		—		—		—		8		8
	(+)	Litigation settlement		($)		—		—		—		—		—		—		—		—		—		—		2		—		—		—		2		2		—		—		—		2
	(=)	Operating income (loss) before items		($)		75		76		135		148		434		8		2		(3)		3		10		(5)		(19)		(18)		(3)		(45)		78		59		114		148		399
Reconciliation of "Operating income (loss) before items" to "EBITDA before items"
		Operating income (loss) before items		($)		75		76		135		148		434		8		2		(3)		3		10		(5)		(19)		(18)		(3)		(45)		78		59		114		148		399
	(+)	Non-service components of net periodic benefit cost		($)		4		6		4		5		19		—		—		—		—		—		—		(1)		—		—		(1)		4		5		4		5		18
	(+)	Depreciation and amortization		($)		61		61		58		58		238		18		18		17		17		70		—		—		—		—		—		79		79		75		75		308
	(=)	EBITDA before items		($)		140		143		197		211		691		26		20		14		20		80		(5)		(20)		(18)		(3)		(46)		161		143		193		228		725
	(/)	Sales		($)		1,100		1,123		1,146		1,154		4,523		262		247		237		254		1,000		—		—		—		—		—		1,362		1,370		1,383		1,408		5,523
	(=)	EBITDA margin before items		(%)		13%		13%		17%		18%		15%		10%		8%		6%		8%		8%		—		—		—		—		—		12%		10%		14%		16%		13%

“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 Supplemental Segmented Information (In millions of dollars, unless otherwise noted)
				2019												2018
				Q1				Q2				YTD				Q1				Q2				Q3				Q4				Year
Pulp and Paper Segment
Sales		($)			1,147				1,096				2,243				1,100				1,123				1,146				1,154				4,523
Operating income		($)			144				62				206				76				79				135				148				438
Depreciation and amortization		($)			57				58				115				61				61				58				58				238
Paper
Paper Production		('000 ST)			757				697				1,454				739				739				743				757				2,978
Paper Shipments - Manufactured		('000 ST)			736				681				1,417				769				754				727				721				2,971
Communication Papers		('000 ST)			615				567				1,182				640				615				596				595				2,446
Specialty and Packaging Papers		('000 ST)			121				114				235				129				139				131				126				525
Paper Shipments - Sourced from 3rd parties		('000 ST)			23				21				44				28				26				30				25				109
Paper Shipments - Total		('000 ST)			759				702				1,461				797				780				757				746				3,080
Pulp
Pulp Shipments(a)		('000 ADMT)			349				370				719				374				377				390				395				1,536
Pulp Shipments mix(b):
Hardwood Kraft Pulp		(%)			2	%			2	%			2	%			4	%			3	%			3	%			3	%			4	%
Softwood Kraft Pulp		(%)			53	%			56	%			54	%			58	%			56	%			56	%			55	%			56	%
Fluff Pulp		(%)			45	%			42	%			44	%			38	%			41	%			41	%			42	%			40	%
Personal Care Segment
Sales		($)			247				237				484				262				247				237				254				1,000
Operating (loss) income		($)			(8	)			(18	)			(26	)			8				2				(3	)			(12	)			(5	)
Depreciation and amortization		($)			16				16				32				18				18				17				17				70
Impairment of long-lived assets		($)			10				15				25				—				—				—				7				7
Average Exchange Rates		$US / $CAN			1.329				1.337				1.333				1.264				1.290				1.307				1.321				1.296
		$CAN / $US			0.752				0.748				0.750				0.791				0.775				0.765				0.757				0.772
		€ / $US			1.136				1.124				1.130				1.229				1.192				1.163				1.141				1.181

^(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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20190801005488/en/