Verso Paper 8-K Regulation FD Disclosure

Exhibit 99.2

Free Cash Flow	Illustrative
($ in millions)

	Post-Filing
										Q2 2016									Q3 2016									Q4 2016									FY 2016			Q1 2017									Q2 2017
	1/31/16			2/29/16			3/31/16			4/30/16			5/31/16			6/30/16			7/31/16			8/31/16			9/30/16			10/31/16			11/30/16			12/31/16						1/31/17			2/28/17			3/31/17			4/30/17			5/31/17			6/30/17
NewPage Free Cash Flow
Cash Flow
EBITDA before Restructuring	($	2	)	($	8	)	$	0		$	3		$	10		($	5	)	($	0	)	$	2		$	6		$	1		$	6		$	7		$	20		($	3	)	($	7	)	$	0		$	1		$	8		($	11	)
Cash Restructuring		—			—			(2	)		(2	)		—			—			—			—			—			—			—			—			(4	)		—			—			—			—			—			—
Synergies & SSA Transfers		12			12			12			12			12			12			12			12			12			12			12			12			144			12			12			12			12			12			12
Pension / OPEB		(7	)		(1	)		(1	)		(7	)		(1	)		(1	)		(5	)		(1	)		(5	)		(6	)		(1	)		(1	)		(41	)		(5	)		(5	)		(5	)		(5	)		(5	)		(5	)
D in AR, Inventory, & Other WC		9			(11	)		(1	)		1			(3	)		10			(31	)		(8	)		8			7			16			8			4			(13	)		(13	)		23			(2	)		(8	)		5
D in Pre and Post-petition AP		(1	)		(25	)		5			10			2			(0	)		(0	)		(0	)		(0	)		(0	)		(0	)		(0	)		(9	)		(0	)		(0	)		0			—			—			—
CapEx		(3	)		(3	)		(3	)		(5	)		(5	)		(5	)		(6	)		(6	)		(6	)		(7	)		(7	)		(7	)		(63	)		(3	)		(3	)		(3	)		(5	)		(5	)		(5	)
Cash Interest (Ex. Adequate Protection & Post-Petition)		—			0			0			0			(0	)		0			—			0			0			—			(0	)		(0	)		0			—			(0	)		(0	)		—			(0	)		(0	)
Cash Flow before Intercompany & Restructuring Related	$	9		($	35	)	$	10		$	12		$	14		$	11		($	30	)	($	2	)	$	15		$	6		$	25		$	18		$	52		($	11	)	($	15	)	$	29		$	2		$	2		($	3	)
Inter-Company Transfers
Synergies & SSA Transfers		(4	)		(4	)		(4	)		(4	)		(4	)		(4	)		(4	)		(4	)		(4	)		(4	)		(4	)		(4	)		(42	)		(4	)		(4	)		(4	)		(4	)		(4	)		(4	)
Cash Flow before Restructuring Related	$	6		($	38	)	$	6		$	8		$	11		$	7		($	34	)	($	6	)	$	11		$	3		$	22		$	14		$	10		($	15	)	($	19	)	$	25		($	2	)	($	1	)	($	7	)
Restructuring
DIP Fees & Interest		(12	)		(1	)		(1	)		(4	)		(1	)		(1	)		(9	)		(1	)		(1	)		(6	)		(1	)		(1	)		(36	)		(10	)		(1	)		(1	)		(6	)		(1	)		(1	)
Professional Fees		—			—			—			(11	)		(3	)		(3	)		(5	)		(3	)		(3	)		(5	)		(3	)		(3	)		(38	)		(5	)		(3	)		(3	)		(5	)		(3	)		(3	)
Cash Flow before Changes in Debt	($	6	)	($	39	)	$	6		($	7	)	$	7		$	4		($	48	)	($	9	)	$	8		($	8	)	$	18		$	10		($	64	)	($	30	)	($	22	)	$	21		($	13	)	($	5	)	($	11	)
Memo:
EBITDA Contingency Included	$	—		$	—		$	—		$	—		$	—		$	—		($	2	)	($	2	)	($	2	)	($	2	)	($	2	)	($	2	)	($	10	)	($	2	)	($	2	)	($	2	)	($	2	)	($	2	)	($	2	)

Free Cash Flow	Illustrative
($ in millions)

	Post-Filing
	Q1 2016									Q2 2016									Q3 2016									Q4 2016									FY 2016			Q1 2017									Q2 2017
	1/31/16			2/29/16			3/31/16			4/30/16			5/31/16			6/30/16			7/31/16			8/31/16			9/30/16			10/31/16			11/30/16			12/31/16						1/31/17			2/28/17			3/31/17			4/30/17			5/31/17			6/30/17
Verso (excluding NewPage) Free Cash Flow
Cash Flow
EBITDA before Restructuring	$	7		$	10		$	12		$	15		$	19		$	17		$	21		$	24		$	20		$	22		$	16		$	22		$	206		$	5		$	8		$	15		$	14		$	18		$	15
Cash Restructuring		(3	)		—			—			—			—			(0	)		—			—			—			—			—			—			(3	)		—			—			—			—			—			—
Synergies & SSA Transfers		(12	)		(12	)	��	(12	)		(12	)		(12	)		(12	)		(12	)		(12	)		(12	)		(12	)		(12	)		(12	)		(144	)		(12	)		(12	)		(12	)		(12	)		(12	)		(12	)
Pension / OPEB		(1	)		0			0			(1	)		0			0			(1	)		0			(1	)		(1	)		0			0			(5	)		(0	)		(0	)		(0	)		(0	)		(0	)		(0	)
D in AR, Inventory, & Other WC		(4	)		(13	)		(7	)		5			(4	)		(4	)		(7	)		(0	)		7			7			4			5			(11	)		(10	)		(4	)		10			0			(9	)		(7	)
D in Pre and Post-petition AP		(3	)		(2	)		(1	)		2			0			(0	)		(0	)		(0	)		(0	)		(0	)		(0	)		(0	)		(4	)		(0	)		(0	)		0			—			—			—
CapEx		(1	)		(1	)		(1	)		(3	)		(3	)		(3	)		(4	)		(4	)		(4	)		(4	)		(4	)		(4	)		(37	)		(1	)		(1	)		(1	)		(3	)		(3	)		(3	)
Asset Sales		62			—			—			—			—			—			—			—			—			—			—			—			62			—			—			—			—			—			—
Cash Interest (Ex. Adequate Protection & Post-Petition)		—			—			(0	)		(0	)		—			—			(0	)		(0	)		(0	)		(0	)		—			—			(0	)		0			0			(0	)		0			(0	)		0
Cash Flow before Intercompany & Restructuring Related	$	45		($	18	)	($	10	)	$	6		$	1		($	1	)	($	3	)	$	8		$	10		$	11		$	4		$	10		$	63		($	19	)	($	9	)	$	11		($	1	)	($	7	)	($	7	)
Inter-Company Transfers
Synergies & SSA Transfers		4			4			4			4			4			4			4			4			4			4			4			4			42			4			4			4			4			4			4
Cash Flow before Restructuring Related	$	49		($	15	)	($	6	)	$	10		$	4		$	2		$	0		$	11		$	14		$	14		$	7		$	14		$	105		($	16	)	($	6	)	$	15		$	3		($	3	)	($	4	)
Restructuring
Hydro Fees / DIP Fees & Interest		(3	)		(0	)		(0	)		(0	)		(0	)		(0	)		(0	)		(0	)		(0	)		(0	)		(0	)		(0	)		(5	)		(0	)		(0	)		(0	)		(0	)		(0	)		(0	)
Professional Fees		—			—			—			(11	)		(3	)		(3	)		(5	)		(3	)		(3	)		(5	)		(3	)		(3	)		(40	)		(5	)		(3	)		(3	)		(5	)		(3	)		(3	)
Cash Flow before Changes in Debt	$	46		($	15	)	($	6	)	($	2	)	$	1		($	1	)	($	5	)	$	8		$	11		$	9		$	4		$	11		$	60		($	21	)	($	9	)	$	12		($	3	)	($	6	)	($	7	)
Memo:
EBITDA Contingency Included	$	—		$	—		$	—		$	—		$	—		$	—		($	1	)	($	1	)	($	1	)	($	1	)	($	1	)	($	1	)	($	7	)	($	1	)	($	1	)	($	1	)	($	1	)	($	1	)	($	1	)