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A Transformation Story

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A Transformation Story Catalyst Paper: A Transformation Story Joe Nemeth Presented by: President & Chief Executive KevinOfficer J. Clarke, President & CEO Brian Baarda, VP Finance & CFO August 2015 May 7, 2013 March 6, 2013 Forward-Looking Statement The presentation and answers to questions today contain forward-looking statements. Forward-looking statements are statements that address or discuss activities, events or developments that we expect or anticipate may occur in the future and can be identified by the use of words such as “believe”, “expect”, “anticipate”, “intend”, “plan”, “likely”, “predict”, “estimate”, “forecast”, and similar words or phrases or the negative of such words or phrases. These forward-looking statements reflect our current beliefs, intentions or expectations based on certain assumptions and estimates, which could prove to be significantly incorrect, including our ability to develop, manufacture and sell new products and services that meet the needs of our customers and gain commercial acceptance, our ability to continue to sell our products and services in the expected quantities at the expected prices and expected times, our ability to successfully obtain cost savings from our cost reduction initiatives, our ability to implement business strategies and pursue opportunities, expected cost of goods sold, expected component supply costs and constraints and expected foreign exchange and tax rates. While considered reasonable by management, these forward-looking statements are inherently subject to known and unknown risks and uncertainties and other factors that could cause actual results or events to differ from historical or anticipated results or events. These risks, uncertainties and other factors include the impact of general economic conditions in the countries in which we do business, conditions in the capital markets and our ability to obtain financing and refinance existing debt, the degree to which our debt may limit financing and operating activities, market conditions and demand for our products (including declines in advertising and circulation), product selling prices, the implementation of trade restrictions in jurisdictions where our products are marketed, equipment failure and maintenance, fluctuations in foreign exchange or interest rates, raw material prices and supply (including wood fibre, chemicals and energy), our ability to successfully obtain cost savings from our cost reduction initiatives, the effect of, or change in, environmental and other governmental regulations, potential impacts of claims of aboriginal rights and title, labour relations, the availability of qualified personnel, legal proceedings, the effects of competition from domestic and foreign producers, our ability to implement business strategies and pursue opportunities, the risk of natural disaster and other factors beyond our control. As a result, no assurance can be given that any of the events or results anticipated by such forward-looking statements will occur or, if they do occur, what benefit they will have on our operations or financial condition. Readers are cautioned not to place undue reliance on these forward-looking statements. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. 2 All numbers are in Canadian dollars Non-GAAP Measures Except where otherwise indicated, the financial information in this presentation is determined on the basis of US GAAP. “Adjusted EBITDA” is a non-GAAP measure, calculated as operating earnings (loss) plus depreciation and amortization and impairment. We focus on adjusted EBITDA as we believe this measure enables comparison of our results between periods without regard to debt service, income taxes, capital expenditure requirements, and impairment. “Adjusted EBITDA before restructuring costs”, “adjusted EBITDA before specific items”, “net earnings (loss) attributable to the Company before specific items”, and “net earnings(loss) per share attributable to the Company’s common shareholders before specific items” are non-GAAP measures. We use measures excluding specific items in evaluating our results between periods without regard to specific items that adversely or positively affect our adjusted EBITDA and net earnings (loss). “Free cash flow” is a non-GAAP measure, calculated as adjusted EBITDA after capital expenditures, interest and taxes paid, and adjustments to reflect employee future benefit payments. The closest GAAP measure is cash provided by operating activities less cash used by investing activities. We report free cash flow as we believe it is useful for investors and other users to be aware of this measure so they can better assess our operating performance. 3 All numbers are in Canadian dollars Agenda 1. Catalyst Paper Overview 2. LOOK BACK: Company Transformation Strategy a. Strengthening our Bottom Line b. Growing our Top Line 3. LOOK FORWARD: 4. Summary - A solid choice for the future 4 All numbers are in Canadian dollars 1. Catalyst Paper Overview Major Pulp & Paper Player: • Over $2 billion in annual sales • 2,800 employees • Production platform that spans North America • Global customer base One of Canada’s top corporate citizens: • Corporate Knights • ECO certified fiber • Carbon friendly 5 All numbers are in Canadian dollars 2. Look Back: Catalyst Transformation Strategy Strengthening our Bottom Line . Changed Leadership & Organization • New Executive Team: Enhanced capabilities and diverse experiences to advance opportunities • Streamlined Organization: Eliminated a layer of bureaucracy to ensure key line functions (Mill Managers, Fibre, Energy, Procurement) are part of the senior management team to drive faster, better decisions, and ultimately, performance improvement . Focused on Operational Excellence • Safety: Show you care and employees will too - 2014 best safety on record • Productivity: Largest single driver of profitability - 2014 saw a step change in performance improvement (with pulp leading the way) • Costs: Fixed cost spending and variable cost - 2014 included a real focus and successes with energy cost mitigation 6 All numbers are in Canadian dollars 2. Look Back: Catalyst Transformation Strategy Strengthening our Bottom Line * Includes US paper mills from acquisition date of January 7, 2015 All numbers are in Canadian dollars 2. Look Back: Catalyst Transformation Strategy Strengthening our Bottom Line Crofton Pulp Production (tpd) 1250 1200 1198 1150 1100 1129 50 1078 1086 1050 1068 1057 1056 1044 1052 1034 1000 288 950 900 850 800 814 2011 2012 2013 2014 2015 YTD Jan Feb Mar Apr May Jun Monthly Ave Pulp Production (tpd) Oxygen Plant Outage 8 All numbers are in Canadian dollars 2. Look Back: Catalyst Transformation Strategy Strengthening our Bottom Line Implemented Proven Performance Improvement Processes • Opportunities for Improvement (OFI): Engage the hearts and minds of all employees. Delivered $16.1 million net benefits (2014) • Capital Planning: Re-engineered to ensure a minimum 33% ROI • Line-by-Line Cost Review: Questioned every line item to drive out costs Developed a “Revitalization” Core Competency • Goal: Step change performance improvement in struggling operations • Process: Partnership (Change Council) including management, union leadership and external consultants with a proven track record of success • Progress Report: • Q4 2014: Launched at Powell River (mill lost $12 Million EBITDA) • First half 2015: Achieved milestone; #1 - EBITDA positive 9 All numbers are in Canadian dollars 2. Look Back: Catalyst Transformation Strategy Strengthening our Top Line Acquired two U.S. operations to expand our North American platform: Seized a unique purchase opportunity – Transformative to the income statement – Strengthened balance sheet Acquired solid assets & top talent – Acquired third quartile assets with first quartile potential – Acquired company’s top sales & marketing complement Positioned to succeed in marketplace – Only P&W paper company with assets in the West, Midwest & East – Superior service model and synergy potential – Full product range and brand preference – Will apply Canadian template for performance improvement with anticipated similar results starting to manifest in Q3/Q4 2015 10 All numbers are in Canadian dollars 2. Look Back: Catalyst Transformation Strategy Historical Financials LTM Revenue LTM EBITDA Before Specific Items ($ millions) ($ millions) $1,490 $69 $1,315 $62 $61 $1,109 $1,040 $1,051 $1,078 $1,098 $1,102 $47 $48 $40 $34 $37 Q3 '13 Q4 '13 Q1 '14 Q2 '14 Q3' 14 Q4 '14 Q1 '15* Q2 '15* Q3 '13 Q4 '13 Q1 '14 Q2 '14 Q3' 14 Q4 '14 Q1 '15* Q2 '15* *Includes revenue generated by US paper mills acquired on January 7, 2015 * Includes EBITDA generated by US paper mills acquired on January 7, 2015 LTM Free Cash Flow ($ millions) $10 $1 $(1) $(21) $(17) $(37) $(51) $(70) Q3 '13 Q4 '13 Q1 '14 Q2 '14 Q3' 14 Q4 '14 Q1 '15* Q2 '15* All numbers are in Canadian dollars 11 *Includes free cash flow generated by US paper mills acquired on January 7, 2015 3. Look Forward: Catalyst Transformation Strategy Evolution: Product Migration & Portfolio Optimization • Product Migration: Rumford Coated Freesheet growth; Biron: Lightweight Roto Gravure Coated Groundwood • Portfolio Optimization: Freight Synergies (Coated Freesheet between Rumford and Alberni), Lighter basis weights (38 and 40 gsm News), strategic partnerships with large printers • Green Energy business growth: Third business unit 12 All numbers
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