March 4, 2021 Bank of America Global Agriculture & Materials Conference

All financial information is in U.S. dollars, and all earnings per share results are diluted, unless otherwise noted Safe Harbor

Forward-Looking Statements All statements in this presentation about our expectations and future performance, including the statements related to our “Strategic Initiatives,” are “forward-looking statements.” Actual results may differ materially from those suggested by these statements for a number of reasons, including the COVID-19 pandemic and the resulting decrease in paper sales and the challenges we face in maintaining manufacturing operations, changes in customer demand and pricing, changes in manufacturing costs, future acquisitions and divestitures, including facility closings, the failure to achieve our cost containment goals, costs of conversion in excess of our expectations, demand for linerboard, and the other reasons identified under “Risk Factors” in our Form 10-K for 2020 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.

Risk Factors For a summary of the risk factors, please refer to Domtar’s Annual Report on Form 10-K for the year ended December 31, 2020 filed with the Securities and Exchange Commission and as updated by subsequently filed Form 10-Q’s.

Non-GAAP Financial Measures This presentation refers to non-GAAP financial information. For a reconciliation to GAAP financial measures, please refer to the investors section of the company’s website at http://www.domtar.com (Refer to Earnings in the Investor Relations section of the website).

BANK OF AMERICA GLOBAL AGRICULTURE & MATERIALS CONFERECE | MARCH 4, 2021 2 Domtar’s Purpose : Building Value from Fiber The Most Innovative Fiber Company Occupying Strong Positions Across Most of the Value Chain

Domtar …Transforms …and Converts …Sells ~2.1M Purchases Fiber This Fiber Into ~1.7M Tons of Tons of Pulp on From Public Various Wood Pulp Into the Open and Private Pulps and Finished Markets… Owners… Energy… Products

• Purchase and process 16M • Fluff pulp is sold to the • Most of the hardwood pulp green tons of wood fiber hygiene industry is converted into paper: (either logs or wood chips) ─ ~0.9M ADMT installed ─ ~2.2M tons of various • 7.5M tons per year of bark capacity paper grades and other wood residues • Softwood is sold mostly to are processed in boilers tissue and towel and co-generation manufacturers and various turbines to produce green specialty paper grades power • Close to 3.8M tons of pulp are produced in various ─ ~1.1M ADMT Domtar facilities • Domtar also sells pulp for • Comprehensive pulp other specialty production capabilities: applications, for example, ─ Fluff plastic composites, cement boards • …and airlaid absorbent ─ Northern softwood for residential cores which are sold to ─ Southern softwood sidings, etc. personal care product ─ Hardwood manufacturers • Over 500 Megawatt hours of power generation

BANK OF AMERICA GLOBAL AGRICULTURE & MATERIALS CONFERECE | MARCH 4, 2021 3 Key Strategic Pillars to Drive Growth Focused on Driving Innovation, Enhancing Our Operating Platforms and Delivering High Quality Products

Deploy Capital Towards Growth Drive Value in Pulp Expand Into Growth Harvest and While Returning & Paper Business Businesses Innovate Cash to Shareholders

• Operate an optimal • Expand our • A balanced and • Harvest investments in portfolio of strategic operations in markets disciplined approach pulp assets with positive demand to capital allocation dynamics • Innovate and • Increase productivity • Committed to execute on new in our pulp business • Asset repurposing, deploying capital opportunities in the organic growth only to the areas that wood fiber market • Pursue new sources investments and will achieve the best of paper strategic acquisitions possible return for our consumption stockholders

BANK OF AMERICA GLOBAL AGRICULTURE & MATERIALS CONFERECE | MARCH 4, 2021 4 Progress Towards Our Strategic Initiatives and Next Steps For 2021 and Beyond

Summary of Initiative Key Steps Taken Key Next Steps

Disclosed August 7, 2020 2020 2021+

• Achieved 70% of run-rate savings to date Targeting $200MM in • Remain on track to annual run-rate savings to • Targeted areas include capacity reductions and achieve $200MM target by Cost Reduction be realized by the end of the end of 2021 2021 asset closures, mill-level Program cost savings and rightsizing support functions

• • Kingsport, TN mill to Agreement with Voith to high-quality recycled provide equipment & • Expect to complete technical services Executing On linerboard Kingsport conversion by end of 2022 Our Asset • Ashdown, AR to 100% • Actively building our teams including sales, fiber Conversion fluff/ softwood pulp; • Expected to complete preliminary engineering procurement & quality Roadmap Ashdown, AR engineering study for low-cost • Signed several NDAs with study by early 2022 linerboard potential customers

Evaluate a range of value- • creating alternatives for Announced agreement to Personal Care sell Personal Care to Personal Care, including a • Closed March 1, 2021 Strategic Review American Industrial potential sale of the Partners for $920MM business

BANK OF AMERICA GLOBAL AGRICULTURE & MATERIALS CONFERECE | MARCH 4, 2021 5 Introducing the Future of Domtar Complementary Portfolio Driving Sustainable and Profitable Growth Over the Long Term

Future Domtar

Paper Pulp Packaging • •Leading market position Highly cash generative •Potential capacity of with exposure to and reliable business 2.5M tons over time attractive categories • Well invested, low cost (i.e. tissue, hygiene) •Differentiated mills commercial strategy •Continuing to focus on enabling independents •Distinctive, flexible low risk / high return to win in the service model investments to bring marketplace •Favorable supply assets close to first dynamics quartile and drive stable growth

BANK OF AMERICA GLOBAL AGRICULTURE & MATERIALS CONFERECE | MARCH 4, 2021 6 Well Positioned as the Uncoated Freesheet Leader in North America

Domtar Continues to Strengthen its Leadership Position in North American Uncoated Freesheet Market Annual Capacity (Millions of Short Tons)

Recently announced 2,224 printing papers to be spun- off into standalone public entity 1,660

Announced conversion of 365k ton Jackson, Alabama paper machine to containerboard 860

500 360 260 145 90 85 80 50

Domtar International PCA Finch/Twin Evergreen Pixelle American Verso Resolute Willamette Other Paper Rivers Eagle Falls

• Low cost assets with limited future • Only paper supplier in North capital requirements America with a national presence Top performer with highly ─ Redefining our cost basis and truly committed to paper through $200M cost reduction ─ Major paper buyers seeking to resilient and strong cash program pivot more volume towards flows in all market ─ Targeting mid to high-teens Domtar and increasingly conditions EBITDA margins looking to develop long term relationships

Source: AF&PA, PPI

BANK OF AMERICA GLOBAL AGRICULTURE & MATERIALS CONFERECE | MARCH 4, 2021 7 Global Leader in the Profitable and Growing Pulp Market

Pulp Prices Recovering from Recent Trough Levels NBSK Pulp Price (US$ per Tonne) $1,500 Prices are beginning to rise, as a result of several recently $1,400 announced price increases

$1,300

$1,200 $1,185

$1,100

$1,000 Dec-17 Apr-18 Aug-18 Dec-18 Apr-19 Aug-19 Dec-19 Apr-20 Aug-20 Dec-20

…With Domtar Positioned to Maximize Value …Solidifying the Company as One of the Most Through High-Return Projects… Competitive Suppliers of Premium Pulp in the World

Modernize, integrate & optimize platforms in order to st Hardwood drive market pulp mills towards 1 quartile cash costs RoW 4% 36% North Softwood America 58% 39% Debottleneck, improve energy efficiency and make several additional upgrades at four of our mills Fluff 38%

High return projects China 24%

Source: RISI 2020

BANK OF AMERICA GLOBAL AGRICULTURE & MATERIALS CONFERECE | MARCH 4, 2021 8 We Will Create a Transformative Low-Cost Packaging Platform in North America Opportunity to Build Differentiated Strategy Across Products and Supply Chain Approach

State of the North American What Domtar Brings to the Market Containerboard Market

• ~40M tons, growing at ~2% per year, or 800,000 tons • Proven track record of successful large-scale mill per year conversions • Attractive supply / demand dynamics • Highly competitive packaging assets with potential capacity of 2.5M tons ─ Continued demand growth, especially driven by e-commerce • Flexibility to build a business tailored to take advantage of future trends of the industry ─ Tight supply conditions due to rapid demand growth for boxes • Targeting a diversified portfolio of independent packaging companies • Minimal supply of light weight products • Significant optionality in repurposing roadmap ─ Majority of North American boxes are over designed for their use ─ Ability to respond to evolution of paper demand and containerboard market conditions • Robust independent converter market

BANK OF AMERICA GLOBAL AGRICULTURE & MATERIALS CONFERECE | MARCH 4, 2021 9 Kingsport Conversion Will Position Domtar as a Key Player in the Containerboard Market North American Containerboard Capacity and Market Share

Total Containerboard Recycled Containerboard

WestRock Others 18% 24% International Paper Others 31% 41% 42M International Pratt Paper 13M Paper 4% Tons Tons 15% Georgia- Pacific 9% Pratt Paper PCA WestRock 12% 10% 22% New- Indy Cascades 5% 9%

Source: RISI North American Packaging Capacity Report (2019)

BANK OF AMERICA GLOBAL AGRICULTURE & MATERIALS CONFERECE | MARCH 4, 2021 10 Differentiated Value Proposition to De-Risk Our Packaging Strategy We Will Truly Partner With the Independents to Win in the Marketplace

Unleash Growth Potential of Independents Currently …Substantial Constrained by Integrated Opportunity Producers with Opportunity for JVs and/or Integration

Large Addressable Market Preliminary Discussions …Attractive Across Independents, with Potential Customers Market & Converters with Mill Validate Our Value Customers… Affiliations, etc. Proposition

Strong Balance Sheet and Strong Team Already in Ability to Leverage Our Strong Highly Cash Generative Place with Deep Extensive Network of Foundation… Paper Business to Support Understanding of the Existing Relationships at Investments Market Domtar

BANK OF AMERICA GLOBAL AGRICULTURE & MATERIALS CONFERECE | MARCH 4, 2021 11 Future Domtar: Stable Long Term Revenue Growth Potential to Build Packaging Into Major Contributor Over Time

Illustrative Evolution of Revenue by Segment

Packaging

Paper

Pulp

Today Future Domtar

BANK OF AMERICA GLOBAL AGRICULTURE & MATERIALS CONFERECE | MARCH 4, 2021 12 We Are Committed to Delivering Long Term Shareholder Value A Fiber-Based Company That is Ready for the Future

Focused and Optimized Synergistic Returning Capital to Shareholders 1 2 Business Portfolio

Leveraging Existing Assets to Execute Maximizing Efficiency & Productivity High Return Asset Repurposing 3 to Expand Margins 4 Strategy

Clear and Actionable Asset 5 Targeting Diversified Business Mix 6 Repurposing Roadmap Established to Restore Growth Potential

Long Term Shareholder Value

BANK OF AMERICA GLOBAL AGRICULTURE & MATERIALS CONFERECE | MARCH 4, 2021 13 Business Update Force Majeure at Ashdown, AR Pulp Mill

• Force Majeure announced at Ashdown, Arkansas, pulp mill on February 18, 2021

• Temporarily suspended production as unusually cold weather hindered natural gas availability in the area

• Restarted pulp-dryer on February 27, 2021

• Estimated lost production: 36,000 ADMT

• Expected financial impact in Q1’21: $21 million

BANK OF AMERICA GLOBAL AGRICULTURE & MATERIALS CONFERECE | MARCH 4, 2021 14 [placeholder for back cover]

UPDATE ON OUR STRATEGIC INITIATIVES | DECEMBER [•], 2020 APPENDIX 18