Kapstone Paper & Packaging (KS) 8-K Results of Operations and Financial Condition

Exhibit 99.2

2009 Fourth Quarter and Full Year Review March 3, 2010

2 Forward Looking Statements The information in this presentation may contain certain forward-looking statements within the meaning of federal securities laws. These statements reflect management’s expectations regarding future events and operating performance. These forward-looking statements involve a number of risks and uncertainties. A list of the factors that could cause actual results to differ materially from those expressed in, or underlying, any forward-looking statements can be found in the Company’s filings with the Securities and Exchange Commission, such as its annual and quarterly reports. The Company disclaims any obligation to revise or update such statements to reflect the occurrence of events after the date of this presentation.

2009: Economically challenging start; KS finished much stronger Tons Produced/Sold Operating Cash Flows Net Debt Cash Interest Expense Market Cap 3

4 Revenue per Ton and Product Mix Average Revenue per Ton

5 Tons Sold & Sales Price/Unit

($ in Millions, except per share data) For The Year Ended December 31 2008(1) 2009(2) Inc/(Dec) Net Sales $ 525 $ 632 $ 107 EBITDA $ 81 $ 206 $ 125 Adj. EBITDA $ 81 $ 31 $ (50) Net Income $ 20 $ 80 $ 60 Adj. Net Income $ 22 $ (18) $ (40) Diluted EPS $0.57 $ 2.29 $ 1.72 Adj. Diluted EPS $0.65 $(0.53) $(1.18) 6 2009 Full Year Financial Results 2008 only includes six months of the Charleston mill’s operations since it was acquired on July 1, 2008 2009 includes a $16.4 million gain on the sale of the dunnage bag business and $164.0 million from alternate fuel mixture tax credits

($ in Millions, except per share data) Fourth Quarter 2008 2009(1)(2) Inc/(Dec) Net Sales $182 $165 $ (17) EBITDA $ 25 $ 59 $ 34 Adj. EBITDA $ 25 $ 13 $ (12) Net Income $ 2 $ 25 $ 23 Adj. Net Income $ 3 $ - $ (3) Diluted EPS $0.07 $0.55 $ 0.48 Adj. Diluted EPS $0.13 $0.00 $(0.13) 7 Fourth Quarter 2009 Financial Results Roanoke Rapids’ nine-day planned maintenance outage was in 4Q 2008 versus 3Q 2008. The outage reduced production by 10,000 tons, EBITDA by $5.9 million, net income by $3.6 million, and diluted EPS by $0.08 per share. In 4Q 2009, the implementation of a new ERP system temporarily reduced production by 6,000 tons, EBITDA by $1.5 million, net income by $0.9 million, and diluted EPS by $0.02 per share.

8 Net Sales 4Q 2009 compared to 4Q 2008

9 Operating Income 4Q 2009 Compared to 4Q 2008

10 Net Sales 4Q 2009 Compared to 3Q 2009

11 Operating Income 4Q 2009 Compared to 3Q 2009

Aggressive Debt and Interest Expense Reduction Net debt reduced by $313 million since July 1, 2008 to $150 million AFMTC provided $164 million for the 2009 year Warrant exercises in Q3 2009 provided $85 million Sale of dunnage bag business provided $29 million Q4 2009 cash interest expense down $7 million since Q4 2008 Current interest rate on majority of debt 1.73% ax Net Debt and Interest KapStone Net Debt – Rapid Pay Down Cash Interest Expense - Rapid Decrease 12

Fourth Quarter Year Ended Dec. 31 2009 2008 2009 2008 Effective tax rate 40.1% 33.6% 39.4% 38.8% 2009 tax provision includes $43 million provision for taxes on AFMTC KS has been advised and doesn’t believe AFMTC is taxable as it is similar to an excise tax refund No guidance received yet from IRS on the taxability of the AFMTC Federal NOL carryback rules extended $13 million refund Should be received by mid-2010 AFMTC Expired December 31, 2009 Total refunds claimed in 2009: $178 million Total refunds received in 2009: $165 million Total refunds received in 2010: $13 million 13 Tax

Generated $201 million of cash flows from operations Paid down 65% of our debt Improved debt to capitalization from 70% to 30% Reduced our inventory by $24 million, or 26%, since December 31, 2008, including $14 million of AFMTC Lowered accounts receivable by four days since 4Q 2008 to 33 days Completed complex transition from costly MWV support services to our own ERP system and staff. Will save over $3 million in 2010 Eliminated warrant overhang Moved to NYSE in January 2010 Achieved more respectable market cap of $446 million at December 31, 2009 14 2009 – Year of Emergence to Position of Strength

Appendix

16 Supplemental Information 2009 2008 2009 2008 Net Income (GAAP) to EBITDA (Non-GAAP) to Adjusted EBITDA (Non-GAAP): Net income (GAAP) 25,384 $ 1,879 $ 80,280 $ 19,665 $ Interest income (11) (36) (12) (927) Interest expense 1,309 7,627 13,196 16,442 Amortization of debt issuance costs 1,770 837 5,980 2,007 Provision for income taxes 16,977 952 52,137 12,482 Depreciation and amortization 13,906 13,302 54,667 31,683 EBITDA (Non-GAAP) 59,335 $ 24,561 $ 206,248 $ 81,352 $ Alternative fuel mixture tax credits (56,534) - (163,998) - Annual planned maintenance outage 5,944 - - - Unplanned downtime 1,500 - 3,305 - Restoration of benefit curtailments 1,805 - - - Dunnage bag business - (1,039) (17,165) (5,248) Stock based compensation expense 691 565 2,377 1,754 CKD acquisition start up expenses - 755 - 3,116 Adjusted EBITDA (Non-GAAP) 12,741 $ 24,842 $ 30,767 $ 80,974 $ Net Income (GAAP) to Adjusted Net Income (Non-GAAP): Net income (GAAP) 25,384 $ 1,879 $ 80,280 $ 19,665 $ Alternative fuel mixture tax credits (33,877) - (99,427) - Annual planned maintenance outage 3,562 - - - Amortization of acquired coal contract with favorable prices 1,460 1,363 5,907 2,753 Accelerated amortization of debt issuance costs 676 - 1,830 - Unplanned downtime 899 - 2,004 - Restoration of benefit curtailments 1,082 - - - Dunnage bag business - (690) (10,407) (3,210) Stock based compensation expense 414 375 1,441 1,073 Provision for income taxes adjustment 570 - - - CKD acquisition start up expenses - 501 - 1,906 Adjusted Net Income (Non-GAAP) 169 $ 3,428 $ (18,371) $ 22,187 $ Quarter Ended December 31, Year Ended December 31, GAAP to Non-GAAP Reconciliations ($ in thousands, except share and per share amounts) (unaudited)

17 Supplemental Information 2009 2008 2009 2008 Basic EPS (GAAP) to Adjusted Basic EPS (Non-GAAP): Basic EPS (GAAP) 0.56 $ 0.07 $ 2.32 $ 0.74 $ Alternative fuel mixture tax credits ( 0.75) - ( 2.87) - Annual planned maintenance outage 0.08 - - - Amortization of acquired coal contract with favorable prices 0.03 0.05 0.17 0.10 Accelerated amortization of debt issuance costs 0.01 - 0.05 - Unplanned downtime 0.02 - 0.06 - Restoration of benefit curtailments 0.02 - - - Dunnage bag business - ( 0.02) ( 0.30) ( 0.12) Stock based compensation expense 0.01 0.01 0.04 0.04 Provision for income taxes adjustment 0.01 - - - CKD acquisition start up expenses - 0.02 - 0.07 Adjusted Basic EPS (Non-GAAP) (0.01) $ 0.13 $ (0.53) $ 0.83 $ Diluted EPS (GAAP) to Adjusted Diluted EPS (Non-GAAP): Diluted earnings per share (GAAP) 0.55 $ 0.07 $ 2.29 $ 0.57 $ Alternative fuel mixture tax credits ( 0.73) - ( 2.84) - Annual planned maintenance outage 0.08 - - - Amortization of acquired coal contract with favorable prices 0.03 0.05 0.17 0.08 Accelerated amortization of debt issuance costs 0.01 - 0.05 - Unplanned downtime 0.02 - 0.06 - Restoration of benefit curtailments 0.02 - - - Dunnage bag business - ( 0.02) ( 0.30) ( 0.09) Stock based compensation expense 0.01 0.01 0.04 0.03 Provision for income taxes adjustment 0.01 - - - CKD acquisition start up expenses - 0.02 - 0.06 Adjusted Diluted EPS (Non-GAAP) - $ 0.13 $ (0.53) $ 0.65 $ Quarter Ended December 31, Year Ended December 31, GAAP to Non-GAAP Reconciliations ($ in thousands, except share and per share amounts) (unaudited)