Slide 1: 0.95 0.85 0.80 0.70 1-20 1-10 1-0 1-80 1-20 1-10 1-70 1-20 1-20 1-10
0.95 090 0.85 0.80 075 0.70 1-20 1-10 1-0 1-80 1-20 1-10 1-70 1-20 1-20 1-10 1-0 1-20
Slide 2: Historical Market Prices of Main Products and Raw Material
Including associates and joint ventures. Excluding associates and joint ventures not included in consolidated results. Refer to Note 9 of the 2016 audited consolidated financial statements for more information on associates and joint ventures as well as to Notes 4 and 6 of the 2017 second quarter un
Slide 3: Slide 3
Slide 4: Supplemental Information on Non-IFRS Measures
Please refer to “Supplemental Information on Non-IFRS Measures” on pages 8 to 14 for reconciliation of these figures. Raw material: The impacts of these estimated costs are based on production costs per unit shipped externally or inter-segment, which are affected by yield, product mix changes, and p
Slide 5: Slide 5
Slide 6: Containerboard Packaging Q2 Results
Shipments 2 ('000 s.t.) 32% 284 375 Average Selling Price (CAN$/unit) 1,203 1,144 -5% Sales ($M) 25% 342 428 Operating income ($M) (as reported) 46 30 -35% (adjusted) 1 -24% 46 35 OIBD 1 ($M) 60 51 -15% % of sales 18% 12% (adjusted) 1 60 56 -7% % of sales 18% 13% For Notes 1 to 4, see definitions on
Slide 7: Slide 7
Slide 8: Boxboard Europe Q2 Results
Shipments 2 ('000 s.t.) 6% 267 283 Average Selling Price 3 (CAN$/unit) 740 750 1% (Euro€/unit) 508 507 — Sales ($M) 8% 197 213 Operating income ($M) (as reported) 7 13 86% (adjusted) 1 44% 9 13 OIBD 1 ($M) 15 21 40% % of sales 8% 10% (adjusted) 1 17 21 24% % of sales 9% 10% For Notes 1 to 4, see def
Slide 9: | eee
| eee nea ew wees one oo) sue bng umauny sue ety ues sea seo seg sean sew — Repeppete 1 loteas) Reeder Bete ese pet 5 ora
Slide 10: Our Performance
1 Source: RISI Our Performance The main variances in sales and operating income for the Specialty Products segment in the second quarter of 2017, compared to the same period of 2016, are shown below: Sales ($M) Operating income ($M)
Slide 11: seas
(8) 33 187 02 20583 seas snvows oto pur ‘ancoe ioe 05985
Slide 12: Specialty Products Q2 Results
Shipments 2 ('000 s.t.) -2% 48 47 Sales ($M) 20% 157 188 Operating income ($M) (as reported) 16 14 -13% (adjusted) 1 17% 12 14 OIBD 1 ($M) 20 20 — % of sales 13% 11% (adjusted) 1 16 20 25% % of sales 10% 11% For Notes 1 to 5, see definitions on page 19. The Corporation incurred certain specific item
Slide 13: Slide 13
Slide 14: Tissue Papers Q2 Results
Shipments 2 ('000 s.t.) -4% 158 151 Average Selling Price (CAN$/unit) 2,056 2,249 9% Sales ($M) 4% 324 338 Operating income ($M) (as reported) 18 17 -6% (adjusted) 1 -21% 24 19 OIBD 1 ($M) 33 33 — % of sales 10% 10% (adjusted) 1 39 35 -10% % of sales 12% 10% For Notes 1 to 4, see definitions on page
Slide 15: Major Capital Projects
The major capital projects that were initiated, are in progress or were completed in the first half of 2017 are as follows: BOXBOARD EUROPE • Installation of new shoe press equipment at the Blendecques, France, recycled fibres plant that will provide more efficient dewatering while improving the tec
Slide 16: Adjusted OIBD and Net Debt Leverage
Adjusted OIBD 1,2 (last twelve months) 3.8 Net debt/Adjusted OIBD 1,2 4.2 Liquidity available via the Corporation's credit facilities, along with the expected cash flow generated by its operating activities, will provide sufficient funds to meet our financial obligations and to fulfill our capital e
Slide 17: Summary of Significant Accounting Policies and Controls and Procedures
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS For all the details for this section, please refer to the notes to the unaudited condensed interim consolidated financial statements. CONTROLS AND PROCEDURES EVALUATION OF THE EFFECTIVENESS OF DISCLOSURE CONT
Slide 18: Slide 18
Slide 19: Appendix: Business Segment Review, Six-Month Periods
For Notes 1 to 5, see definitions on page 19. The operating income variance analysis by segment is shown in each business segment review (refer to pages 38 to 45). APPENDIX (CONTINUED) INFORMATION FOR THE 6-MONTH PERIODS ENDED JUNE 30, 2017 AND 2016 BUSINESS SEGMENT REVIEW PACKAGING PRODUCTS - CONTA
Slide 20: Slide 20
Slide 21: Containerboard Packaging Six-Month Results
Shipments 2 ('000 s.t.) 18% 561 660 Average Selling Price (CAN$/unit) 1,208 1,173 -3% — Sales ($M) 14% 678 774 Operating income ($M) (as reported) 86 63 -27% (adjusted) 1 -21% 86 68 OIBD 1 ($M) (as reported) 115 96 -17% % of sales 17% 12% (adjusted) 1 115 101 -12% % of sales 17% 13% For Notes 1 to 4
Slide 22: a
6 a
Slide 23: Boxboard Europe Six-Month Results
Shipments 2 ('000 s.t.) 6% 545 579 Average Selling Price 3 (CAN$/unit) 763 732 -4% (Euro€/unit) 514 507 -1% Sales ($M) 2% 416 424 Operating income ($M) (as reported) 15 18 20% (adjusted) 1 12% 17 19 OIBD 1 ($M) (as reported) 31 34 10% % of sales 7% 8% (adjusted) 1 33 35 6% % of sales 8% 8% For Notes
Slide 24: Slide 24
Slide 25: Specialty Products Six-Month Results
Shipments 2 ('000 s.t.) 3% 93 96 Sales ($M) 18% 306 361 Operating income ($M) (as reported) 25 27 8% (adjusted) 1 29% 21 27 OIBD 1 ($M) (as reported) 34 38 12% % of sales 11% 11% (adjusted) 1 30 38 27% % of sales 10% 11% For Notes 1 to 5, see definitions on page 19. The Corporation incurred some spe
Slide 26: 2) ®
2) ®
Slide 27: Tissue Papers Six-Month Results
Shipments 2 ('000 s.t.) -4% 301 290 Average Selling Price (CAN$/unit) 2,143 2,221 4% — Sales ($M) — 644 644 Operating income ($M) (as reported) 37 25 -32% (adjusted) 1 -37% 43 27 OIBD 1 ($M) (as reported) 67 56 -16% % of sales 10% 9% (adjusted) 1 73 58 -21% % of sales 11% 9% For Notes 1 to 4, see de