Clearwater Paper 8K Reports Second Quarter 2017 Results | CLW 2 Aug 17

Exhibit 99.2

CLEARWATER PAPER CORPORATIONSECOND QUARTER 2017SUPPLEMENTAL INFORMATION 08/02/17 LINDA MASSMANPRESIDENT, CHIEF EXECUTIVE OFFICER AND DIRECTORJOHN HERTZSENIOR VICE PRESIDENT FINANCE AND CHIEF FINANCIAL OFFICER

FORWARD-LOOKING STATEMENTS This presentation of supplemental information contains, in addition to historical information, certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding outlook for Q3 and full year 2017; the costs, timing and benefits associated with strategic capital investments and operational improvements; financial models; estimated Q3 and full year 2017 net earnings, EBITDA, and adjusted EBITDA; and estimated Q3 2017 operating income, adjusted operating income, adjusted net earnings, net earnings per diluted common share, adjusted net earnings per diluted common share, net sales and adjusted operating margin, product volumes shipped, product pricing and sales mix, cost and timing of major maintenance and repairs, pulp costs,energy costs, and productivity gains. These forward-looking statements are based on management’s current expectations, estimates, assumptions and projections that are subject to change. Our actual results of operations may differ materially from those expressed or implied by the forward-looking statements contained in this presentation. Important factors that could cause or contribute to such differences include the risks and uncertainties described from time to time in the company's public filings with the Securities and Exchange Commission, as well as the following: our ability to execute on our growth and expansion strategies; unanticipated construction delays involving our planned new tissue manufacturing operations in Shelby, NC; competitive pricing pressures for our products, including as a result of increased capacity as additional manufacturing facilities are operated by our competitors; customer acceptance and timing and quantity of purchases of our tissue products, including the existence of sufficient demand for and the quality of tissue produced at our recently announced Shelby, NC facility expansion when it becomes operational; changes in the U.S. and international economies and in general economic conditions in the regions and industries in which we operate; the loss of or changes in prices in regards to a significant customer; our ability to successfully implement our operational efficiencies and cost savings strategies; changes in customer product preferences and competitors' product offerings;manufacturing or operating disruptions, including IT system and IT system implementation failures, equipment malfunction and damage to our manufacturing facilities; changes in transportation costs and disruptions in transportation services; changes in the cost and availability of wood fiber and wood pulp; labor disruptions; cyclical industry conditions; changes in costs for and availability of packaging supplies, chemicals, energy and maintenance and repairs; environmental liabilities or expenditures; our ability to realize the expected benefits of our Manchester Industries acquisition;changes in expenses and required contributions associated with our pension plans; cyber-security risks;reliance on a limited number of third-party suppliers for raw materials; our inability to service our debt obligations;restrictions on our business from debt covenants and terms; andchanges in laws, regulations or industry standards affecting our business.Forward-looking statements contained in this presentation present management’s views only as of the date of this presentation. We undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise. 2

SECOND QUARTERFINANCIAL HIGHLIGHTS $430 MILLION NET SALES, DOWN 2% VS. Q1'17 $20 MILLION GAAP OPERATING INCOME$45 MILLION ADJUSTED EBITDA1, AT THE MID-POINT OF OUR OUTLOOK RANGE OF $42 TO $48 MILLIONGAAP AND ADJUSTED1 EPS OF $0.48 COMPLETED MAJOR MAINTENANCE OUTAGE AT OUR ARKANSAS PAPERBOARD MILL AT A COST OF $9 MILLIONA $7 MILLION CONTRIBUTION TO OPERATING INCOME AND AN $8 MILLION CONTRIBUTION TO ADJUSTED EBITDA1 FROM STRATEGIC CAPITAL AND OPERATIONAL EFFICIENCY INITIATIVES IN Q2’17 VS. Q2’16 1 Non-GAAP measure – See Appendix for the definition and reconciliation to the most comparable GAAP measure. 3

FINANCIAL SUMMARY (GAAP BASIS)(UNAUDITED) (Dollars in thousands - except per-share amounts) Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Net sales $437,204 $436,671 $435,320 $425,568 $437,525 $429,663 Gross Profit $68,557 $74,820 $38,715 $57,044 $50,495 $48,930 Selling, general and administrative expenses ($30,795 ) ($34,655 ) ($31,190 ) ($32,934 ) ($29,937 ) ($29,265 ) Gain on divested assets $— $— $1,755 $— $— $— Operating income (loss) $37,762 $40,165 $9,280 $24,110 $20,558 $19,665 Consumer Products 18,390 18,544 17,201 13,781 6,189 10,534 Pulp and Paperboard 35,163 40,032 9,956 27,581 27,248 21,595 Corporate (15,791 ) (18,411 ) (17,877 ) (17,252 ) (12,879 ) (12,464 ) Operating margin 8.6 % 9.2 % 2.1 % 5.7 % 4.7 % 4.6 % Interest expense, net ($7,643 ) ($7,396 ) ($7,520 ) ($7,741 ) ($8,043 ) ($7,673 ) Debt retirement costs $— $— $— ($351 ) $— $— Income tax provision ($11,673 ) ($11,905 ) ($859 ) ($6,675 ) ($5,000 ) ($3,955 ) Net earnings $18,446 $20,864 $901 $9,343 $7,515 $8,037 Net earnings per diluted common share $1.05 $1.21 $0.05 $0.56 $0.45 $0.48 4

FINANCIAL SUMMARY (ADJUSTED BASIS)(UNAUDITED) 1 Non-GAAP measure – See Appendix for the definition and reconciliation to the most comparable GAAP measure.2 Adjusted gross profit margin is defined as Adjusted gross profit divided by Net sales.3 Adjusted operating margin is defined as Adjusted operating income divided by Net sales.4 Adjusted EBITDA margin is defined as Adjusted EBITDA divided by Net sales.5 This information is based upon management’s current expectations and estimates, which are in part based on market and industry data. Many factors are outside the control of management, including particularly input costs for commodity products, and actual results may differ materially from the information set forth above. See “Forward-Looking Statements” on page 1.6 Non-GAAP measure – See page 15 for the reconciliation to the most comparable GAAP measure... (Dollars in thousands - except per-share amounts) Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Outlook5 Net sales $437,204 $436,671 $435,320 $425,568 $437,525 $429,663 1% - 3% higher Adjusted gross profit1 $68,989 $75,353 $41,051 $60,215 $56,698 $50,148 Adjusted gross profit margin1,2 15.8 % 17.3 % 9.4 % 14.1 % 13.0 % 11.7 % Adjusted selling, general and administrative expenses1 ($30,069 ) ($31,045 ) ($29,489 ) ($29,915 ) ($31,272 ) ($30,643 ) Adjusted operating income (loss)1 $38,920 $44,308 $11,562 $30,300 $25,426 $19,505 Consumer Products 18,822 19,077 15,912 16,952 12,392 11,752 Pulp and Paperboard 35,163 40,032 9,956 27,581 27,248 21,595 Corporate (15,065 ) (14,801 ) (14,306 ) (14,233 ) (14,214 ) (13,842 ) Adjusted operating margin1,3 8.9 % 10.1 % 2.7 % 7.1 % 5.8 % 4.5 % 3% - 4.5% Interest expense, net ($7,643 ) ($7,396 ) ($7,520 ) ($7,741 ) ($8,043 ) ($7,673 ) Debt retirement costs $— $— $— ($351 ) $— $— Adjusted income tax provision1 ($12,089 ) ($13,368 ) ($1,673 ) ($8,388 ) ($6,655 ) ($3,902 ) Adjusted net earnings1 $19,188 $23,544 $2,369 $13,820 $10,728 $7,930 Depreciation and amortization expense $21,150 $22,024 $22,747 $25,169 $27,557 $26,055 Adjusted EBITDA1 $60,070 $66,332 $34,309 $54,125 $49,320 $45,023 $40,000-$46,000 Consumer Products 32,581 33,280 30,934 31,999 26,971 27,507 Pulp and Paperboard 41,530 46,481 16,486 34,976 35,353 29,951 Corporate (14,041 ) (13,429 ) (13,111 ) (12,850 ) (13,004 ) (12,435 ) Adjusted EBITDA margin1,4 13.7 % 15.2 % 7.9 % 12.7 % 11.3 % 10.5 % Adjusted net earnings per diluted common share1 $1.09 $1.37 $0.14 $0.82 $0.64 $0.48 Gross debt to rolling four quarter total Adjusted EBITDA1 2.5 2.3 2.7 3.3 3.5 3.7 Capital Expenditures $25,732 $28,822 $54,794 $46,329 $41,804 $47,750 5

Q2’17 VS. Q1’17CONSOLIDATED ADJUSTED EBITDA1 BRIDGE 1 Non-GAAP measure – See Appendix for the definition and reconciliation to the most comparable GAAP measure. PRICE/MIX Weaker mix of ultra quality tissue sales, partly offset by higher paperboard pricing and improved mix VOLUME Slightly lower shipments of commodity grade paperboard and non-retail tissue sales RAW MATERIALS Higher external pulp pricing TRANSPORTATION Increased internal inventory shipments due to Oklahoma City facility closure, more than offset by reductions in wages and benefits ENERGY Lower natural gas pricing and lower seasonal usage MAINTENANCE Planned Arkansas major maintenance outage WAGES & BENEFITS Lower due to warehouse automation and Oklahoma City facility closure, partly offset by annual wage increases UNIT COST No curtailment impact to tissue per unit production costs in Q2 versus impact in Q1’17 ADJ, EBITDA1(MILLIONS) 1 1 6

Q2’17 VS. Q2’16CONSOLIDATED ADJUSTED EBITDA1 BRIDGE 1 Non-GAAP measure – See Appendix for the definition and reconciliation to the most comparable GAAP measure. PRICE/MIX Weaker mix of ultra quality tissue sales, partly offset by lower mix of commodity grade paperboard sales VOLUME Lower non-retail sales due to shutdown of two tissue machines at the Neenah facility, partly offset by higher paperboard shipment volume due to Manchester Industries acquisition TRANSPORTATION Increased internal inventory shipments due to Oklahoma City facility closure, more than offset by reductions in wages and benefits RAW MATERIALS Higher pricing on pulp, chemicals, and packaging supplies ENERGY Higher natural gas prices MAINTENANCE Planned Arkansas major maintenance outage WAGES & BENEFTIS Lower due to warehouse automation, shutdown of two tissue machines at the Neenah facility, and Oklahoma City facility closure, partly offset by annual wage increases OTHER Partial reimbursement of costs in Q2'16 related to Arkansas recovery boiler issues ADJ, EBITDA1(MILLIONS) 1 1 Net productivity improvement vs. Q2'16 of $8 million1, primarily in wages and benefits 7

1 Updated to reflect reduction in strategic capex spending on Warehouse Automation. 2 Non-GAAP measure – See Appendix for the definition and reconciliation to the most comparable GAAP measure.3 Based on Q1’15 prices, input costs, and market and industry data. Many factors are outside the control of management, including particularly input costs for commodity products, and actual results may differ materially from the information set forth above. See “Forward-Looking Statements” on page 1.4 The Continuous Digester is expected to be completed in Q4’17. 2015 - 2016 and YTD Q2'17 Adjusted EBITDA contributions were $0.3M and $0.5M, respectively.. STRATEGIC INVESTMENT AND OPERATIONAL IMPROVEMENT SCORECARD AS OF Q2'17 Strategic plan announced in Q1’15, expected capex of $229-$2411 millionExpected to yield a $98-$128 million operating income increase by 20183Expected to yield a $115-$145 million Adjusted EBITDA2 increase by 20183Would yield a $285-$335 2018 Adjusted EBITDA2 run rate assuming $10-$15 million of annual margin pressure3 Continuous Digester4 Warehouse Automation Other Projects Operational Improvements TOTAL STRATEGIC CAPEX $148-$158 $32-$341 $49 $0 FULL RUN-RATE EXPECTED IMPACT (MILLIONS $)3 OPERATING INCOME $23-$28 $15-$16 $16-$19 $44-$65 ADJUSTED EBITDA2 $30-$35 $20-$21 $21-$24 $44-$65 2015-2016 ADJUSTED EBITDA1 ACHIEVED YTD Q2'17 ADJUSTED EBITDA1 ACHIEVED 8

1 Includes away-from-home (AFH), contract and parent roll tissue products. 2 Includes retail, AFH, and contract tissue case products. 3 Non-GAAP measure – See Appendix for the definition and reconciliation to the most comparable GAAP measure. 4 Non-GAAP measure – Segment Adjusted EBITDA margin is defined as Segment Adjusted EBITDA divided by Segment net sales. KEY SEGMENT RESULTS -CONSUMER PRODUCTS(UNAUDITED) Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 CONSUMER PRODUCTS CROSS-CYCLE FINANCIAL MODEL Shipments Non-Retail (short tons)1 24,358 20,028 18,384 19,182 16,678 13,736 Retail (short tons) 75,027 79,095 82,216 77,704 78,686 77,714 Total Tissue Tons 99,385 99,123 100,600 96,886 95,364 91,450 Converted Products (cases in thousands)2 12,990 13,229 13,770 12,886 13,123 12,709 Sales Price Non-Retail ($/short ton)1 $1,477 $1,496 $1,506 $1,442 $1,439 $1,454 Retail ($/short ton) $2,784 $2,747 $2,742 $2,757 $2,772 $2,723 Total Tissue ($/short ton) $2,464 $2,494 $2,516 $2,496 $2,539 $2,533 Segment net sales ($ in thousands) $245,018 $247,912 $253,319 $242,131 $242,423 $231,912 Segment GAAP operating income ($ in thousands) $18,390 $18,544 $17,201 $13,781 $6,189 $10,534 Segment GAAP operating margin 7.5% 7.5% 6.8% 5.7% 2.6% 4.5% Segment Adjusted EBITDA3 ($ in thousands) $32,581 $33,280 $30,934 $31,999 $26,971 $27,507 Segment Adjusted EBITDA margin4 13.3% 13.4% 12.2% 13.2% 11.1% 11.9% 17.0% 9

CLEARWATER PAPERTISSUE SHIPMENTSAND U.S. RETAIL TISSUE MARKET U.S. Retail Tissue Market ($) (MultiOutlet)1 CATEGORY PRIVATELABEL BRANDS TOTAL Total RetailTissue Share ($) 25 % 75 % 100 % % ChangeQ2’17 vs. Q1’17 0.7 % (0.7 )% — % 1 Data Source: IRI Worldwide data through June 18, 2017. CLW Q2'17 by Market Segment(% of Tons) CLW Q1'17 by Market Segment(% of Tons) Other Other Parent Rolls Parent Rolls AFH AFH Retail Retail 10

PRICE /MIX Weaker mix of ultra quality tissue sales, partly offset by lower parent roll sales VOLUME Lower non-retail tissue sales RAW MATERIALS Higher external pulp pricing TRANSPORTATION Increased internal inventory shipments due to Oklahoma City facility closure, more than offset by reductions in wages and benefits WAGES & BENEFITS Lower due to warehouse automation, Oklahoma City facility closure, and shutdown of two tissue machines at the Neenah facility, partly offset by annual wage increases UNIT COST No curtailment impact to tissue per unit production costs in Q2 versus impact in Q1’17 Q2'17 VS. Q1'17CONSUMER PRODUCTS ADJUSTED EBITDA1 BRIDGE 1 Non-GAAP measure – See Appendix for the definition and reconciliation to the most comparable GAAP measure. SEGMENT ADJ. EBITDA1(MILLIONS) 1 1 11

KEY SEGMENT RESULTS – PULP AND PAPERBOARD(UNAUDITED) 1 Non-GAAP measure – See Appendix for the definition and reconciliation to the most comparable GAAP measure.2 Non-GAAP measure – Segment Adjusted EBITDA margin is defined as Segment Adjusted EBITDA divided by Segment net sales.3 Results include the full impact of Manchester Industries, which was acquired at the end of Q4’16. Q1'16 Q2'16 Q3'16 Q4'16 Q1'173 Q2'173 PULP ANDPAPERBOARDCROSS-CYCLEFINANCIAL MODE Shipments Paperboard (short tons) 201,340 199,132 196,271 199,415 210,382 207,152 Sales Price Paperboard ($/short ton) $952 $948 $927 $920 $927 $955 Segment net sales ($ in thousands) $192,186 $188,759 $182,001 $183,437 $195,102 $197,751 Segment GAAP operating income ($ in thousands) $35,163 $40,032 $9,956 $27,581 $27,248 $21,595 Segment GAAP operating margin 18.3% 21.2% 5.5% 15.0% 14.0% 10.9% Segment Adjusted EBITDA1 ($ in thousands) $41,530 $46,481 $16,486 $34,976 $35,353 $29,951 Segment Adjusted EBITDA margin2 21.6% 24.6% 9.1% 19.1% 18.1% 15.1% 19.0% 12

CLEARWATER PAPERPAPERBOARD SHIPMENTS ANDU.S. PAPERBOARD MARKET U.S. Paperboard Production3 CATEGORY CLEARWATER PAPER OTHER Total Domestic SBS1 Market Share 14 % 86 % Folding 19 % 81 % Food Service2 15 % 85 % Liquid Packaging 5 % 95 % 1 Solid Bleached Sulfate.2 Food Service includes cup, plate, dish and tray products.3 Data Source: American Forest and Paper Association Solid Bleached Domestic Production – July YTD 2017. CLW Q2'17 by Market Segment(% of Tons) CLW Q1'17 by Market Segment(% of Tons) Folding Folding Liquid Pkg Liquid Pkg Food Service Food Service 13

PRICE/MIX Higher paperboard pricing and improved mix VOLUME Slightly lower shipments of commodity grade paperboard ENERGY Lower natural gas pricing and lower seasonal usage MAINTENANCE Planned Arkansas major maintenance outage Q2’17 vs. Q1'17 PULP AND PAPERBOARD ADJUSTED EBITDA1 BRIDGE 1 Non-GAAP measure – See Appendix for the definition and reconciliation to the most comparable GAAP measure. SEGMENT ADJ. EBITDA1(MILLIONS) 1 1 14

CLEARWATER PAPER CROSS-CYCLE FINANCIAL MODEL 1 Non-GAAP measure – See Appendix for the definition and reconciliation to the most comparable GAAP measure. (Dollars in thousands) Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 CLEARWATER PAPER CROSS-CYCLE FINANCIAL MODEL Net sales 100 % 100 % 100 % 100 % 100 % 100 % 100 % Adjusted gross profit margin1 15.8 % 17.3 % 9.4 % 14.1 % 13.0 % 11.7 % 17.0 % Adjusted SG&A expenses1 as % of net sales (6.9 %) (7.1 %) (6.8 %) (7.0 %) (7.1 %) (7.1 %) (6.0 %) Adjusted operating margin1 8.9 % 10.1 % 2.7 % 7.1 % 5.8 % 4.5 % 11.0 % Adjusted net earnings1 as % of net sales 4.4 % 5.4 % 0.5 % 3.2 % 2.5 % 1.8 % 5.0 % Adjusted EBITDA margin1 13.7 % 15.2 % 7.9 % 12.7 % 11.3 % 10.5 % 15.0 % 15

Q3’17 OUTLOOK1RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED) 1 This information is based upon management’s current expectations and estimates, which are in part based on market and industry data. Many factors are outside the control of management, including particularly input costs for commodity products, and actual results may differ materially from the information set forth above. See “Forward-Looking Statements” on page 1.2 EBITDA is a non-GAAP measure that management uses as a supplemental performance measure. The most directly comparable GAAP measure is net earnings (loss). EBITDA is net earnings adjusted for net interest expense (including debt retirement costs), income taxes, and depreciation and amortization. It should not be considered as an alternative to net earnings computed under GAAP.3 Adjusted EBITDA excludes the impact of the items listed that we do not believe are indicative of our core operating performance. OUTLOOK THREE MONTHS ENDINGSEPTEMBER 30, 2017 RANGE OF ESTIMATE (Dollars in thousands) FROM TO Earnings before interest, income taxes, and depreciation & amortization (EBITDA)2: GAAP net earnings $5,000 $7,700 Interest expense, net 7,100 7,500 Income tax provision 2,500 3,900 Depreciation and amortization expense 24,500 26,000 EBITDA2 $39,100 $45,100 Directors' equity-based compensation expense 300 300 Costs associated with Long Island facility closure 500 500 Costs associated with announced Oklahoma City facility closure 100 100 Adjusted EBITDA3 $40,000 $46,000 16

Q3’17 OUTLOOK1RECONCILIATION OF NON-GAAPFINANCIAL MEASURES (UNAUDITED) 1 This information is based upon management’s current expectations and estimates, which are in part based on market and industry data. Many factors are outside the control of management, including particularly input costs for commodity products, and actual results may differ materially from the information set forth above. See “Forward-Looking Statements” on page 1.2 Adjusted operating income, Adjusted net earnings and Adjusted net earnings per diluted common share exclude the impact of the items listed that we do not believe are indicative of our core operating performance.3 All non-tax items are tax effected at a 33.4% annual rate.4 GAAP net earnings per diluted common share and Adjusted net earnings per diluted common share are calculated utilizing second quarter 2017 diluted average common shares outstanding of 16,590 (in thousands). OUTLOOK THREE MONTHS ENDINGSEPTEMBER 30, 2017 RANGE OF ESTIMATE (Dollars in thousands) FROM TO GAAP Operating Income $14,300 $19,300 Directors' equity-based compensation expense 300 300 Costs associated with Long Island facility closure 500 500 Costs associated with announced Oklahoma City facility closure 100 100 Adjusted operating income2 $15,200 $20,200 (Dollars in thousands) FROM TO GAAP net earnings $5,000 $7,700 Special items, after tax3: Directors' equity-based compensation expense 200 200 Costs associated with Long Island facility closure 330 330 Costs associated with announced Oklahoma City facility closure 70 70 Adjusted net earnings2 $5,600 $8,300 FROM TO GAAP net earnings per diluted common share4 $0.30 $0.46 Adjusted net earnings per diluted common share2,4 $0.34 $0.50 17

REVISED 2017 OUTLOOK1RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED) 1 This information is based upon management’s current expectations and estimates, which are in part based on market and industry data. Many factors are outside the control of management, including particularly input costs for commodity products, and actual results may differ materially from the information set forth above. See “Forward-Looking Statements” on page 1.2 EBITDA is a non-GAAP measure that management uses as a supplemental performance measure. The most directly comparable GAAP measure is net earnings (loss). EBITDA is net earnings adjusted for net interest expense (including debt retirement costs), income taxes, and depreciation and amortization. It should not be considered as an alternative to net earnings computed under GAAP.3 Adjusted EBITDA excludes the impact of the items listed that we do not believe are indicative of our core operating performance. REVISED OUTLOOK TWELVE MONTHS ENDINGDECEMBER 31, 2017 RANGE OF ESTIMATE (Dollars in thousands) FROM TO Earnings before interest, income taxes, and depreciation & amortization (EBITDA)2: GAAP net earnings $34,600 $42,900 Interest expense, net 30,000 32,000 Income tax provision 16,700 23,800 Depreciation and amortization expense 103,000 105,000 EBITDA2 $184,300 $203,700 Directors' equity-based compensation expense (2,600 ) (2,400 ) Manchester Industries acquisition related expenses 300 300 Costs associated with Long Island facility closure 1,900 2,100 Costs associated with announced Oklahoma City facility closure 6,100 6,300 Adjusted EBITDA3 $190,000 $210,000 18

Q3’17 OUTLOOK1 1% - 3% higher 3% - 4.5% $40M - $46M $0.34 - $0.50 NET SALES ADJUSTED OPERATING MARGIN2,3 ADJUSTED EBITDA2 ADJUSTED NET EARNINGS PER DILUTED COMMON SHARE2,4 1 This information is based upon management’s current expectations and estimates, which are in part based on market and industry data. Many factors are outside the control of management, including particularly input costs for commodity products, and actual results may differ materially from the information set forth above. See “Forward-Looking Statements” on page 1.2 Non-GAAP measure – See prior slides for the reconciliation to the most comparable GAAP measure.3 Adjusted operating margin is defined as net sales divided by adjusted operating income.4 Adjusted net earnings per diluted common share is calculated utilizing second quarter 2017 diluted average common shares outstanding of 16,590 (in thousands). Revised full year 2017 outlook of $190 to $210 million adjusted EBITDA1,2 19

APPENDIX 20

ADJUSTED GROSS PROFIT& ADJUSTED SG&ARECONCILIATION OF NON-GAAPFINANCIAL MEASURES (UNAUDITED) 1 Gross profit is defined as net sales minus cost of sales.2 Adjusted gross profit and Adjusted selling, general and administrative expenses exclude the impact of the items listed that we do not believe are indicative of our core operating performance. (Dollars in thousands) Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Gross profit1 $68,557 $74,820 $38,715 $57,044 $50,495 $48,930 Costs associated with Long Island facility closure 432 533 466 460 466 661 Pension settlement expense — — 1,870 — — — Costs associated with Oklahoma City facility closure — — — 1,662 5,737 275 Costs associated with Neenah paper machines shutdown — — — 1,049 — — Write-off of assets in association with Warehouse Automation project — — — — — 41 Accelerated depreciation of assets associated with Warehouse Automation project — — — — — 241 Adjusted gross profit2 $68,989 $75,353 $41,051 $60,215 $56,698 $50,148 Selling, general and administrative expenses (SG&A) ($30,795 ) ($34,655 ) ($31,190 ) ($32,934 ) ($29,937 ) ($29,265 ) Directors' equity-based compensation expense (benefit) 726 3,610 89 354 (1,450 ) (1,483 ) Pension settlement expense — — 1,612 — — — Manchester Industries acquisition related expenses — — — 2,665 115 105 Adjusted selling, general and administrative expenses2 ($30,069 ) ($31,045 ) ($29,489 ) ($29,915 ) ($31,272 ) ($30,643 ) 21

SEGMENT ADJUSTED OPERATING INCOME (LOSS)RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED) 1 Adjusted operating income (loss) excludes the impact of the items listed that we do not believe are indicative of our core operating performance. (Dollars in thousands) Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Consumer Products Operating income $18,390 $18,544 $17,201 $13,781 $6,189 $10,534 Costs associated with Long Island facility closure 432 533 466 460 466 661 Gain associated with the sale of the specialty mills, net — — (1,755 ) — — — Costs associated with Oklahoma City facility closure — — — 1,662 5,737 275 Costs associated with Neenah paper machines shutdown — — — 1,049 — — Write-off of assets in association with Warehouse Automation project — — — — — 41 Accelerated depreciation of assets associated with Warehouse Automation project — — — — — 241 Adjusted Consumer Products operating income1 $18,822 $19,077 $15,912 $16,952 $12,392 $11,752 Pulp and Paperboard Operating Income $35,163 $40,032 $9,956 $27,581 $27,248 $21,595 Adjusted Pulp and Paperboard operating income1 $35,163 $40,032 $9,956 $27,581 $27,248 $21,595 Corporate Operating loss ($15,791 ) ($18,411 ) ($17,877 ) ($17,252 ) ($12,879 ) ($12,464 ) Directors' equity-based compensation expense (benefit) 726 3,610 89 354 (1,450 ) (1,483 ) Pension settlement expense — — 3,482 — — — Manchester Industries acquisition related expenses — — — 2,665 115 105 Adjusted Corporate operating loss1 ($15,065 ) ($14,801 ) ($14,306 ) ($14,233 ) ($14,214 ) ($13,842 ) 22

ADJUSTED NET EARNINGS & ADJUSTED NET EARNINGS PER DILUTED COMMON SHARE RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED) 1 All non-tax items are tax effected at the expected annual rate for that period.2 Adjusted net earnings and Adjusted net earnings per diluted common share exclude the impact of the items listed that we do not believe are indicative of our core operating performance. (Dollars in thousands - except per-share amounts) Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 GAAP net earnings $18,446 $20,864 $901 $9,343 $7,515 $8,037 Special items, after tax1: Directors' equity-based compensation expense (benefit) 465 2,335 57 229 (957 ) (988 ) Costs associated with Long Island facility closure 277 345 300 297 308 440 Gain associated with the sale of the specialty mills, net — — (1,129 ) — — — Pension settlement expense — — 2,240 — — — Costs associated with Oklahoma City facility closure — — — 1,073 3,786 183 Costs associated with Neenah paper machines shutdown — — — 678 — — Manchester Industries acquisition related expenses — — — 2,200 76 70 Write-off of assets in association with Warehouse Automation project — — — — — 27 Accelerated depreciation of assets associated with Warehouse Automation project — — — — — 161 Adjusted net earnings2 $19,188 $23,544 $2,369 $13,820 $10,728 $7,930 Net earnings per diluted common share $1.05 $1.21 $0.05 $0.56 $0.45 $0.48 Special items, after tax:1 Directors' equity-based compensation expense (benefit) 0.03 0.14 — 0.01 (0.06 ) (0.06 ) Costs associated with Long Island facility closure 0.02 0.02 0.02 0.02 0.02 0.03 Gain associated with the sale of the specialty mills, net — — (0.07 ) — — — Pension settlement expense — — 0.13 — — — Costs associated with Oklahoma City facility closure — — — 0.06 0.23 0.01 Costs associated with Neenah paper machines shutdown — — — 0.04 — — Manchester Industries acquisition related expenses — — — 0.13 — 0.01 Write-off of assets in association with Warehouse Automation project — — — — — — Accelerated depreciation of assets associated with Warehouse Automation project — — — — — 0.01 Adjusted net earnings per diluted common share2 $1.09 $1.37 $0.14 $0.82 $0.64 $0.48 23

ADJUSTED INCOME TAX PROVISION RECONCILIATION OF NON-GAAP FINANCIAL MEASURE (UNAUDITED) 1 Adjusted income tax provision excludes the impact of the items listed that we do not believe are indicative of our core operating performance. (Dollars in thousands) Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 GAAP income tax provision ($11,673 ) ($11,905 ) ($859 ) ($6,675 ) ($5,000 ) ($3,955 ) Special items, tax impact: Directors' equity-based compensation (expense) benefit (261 ) (1,275 ) (32 ) (125 ) 493 495 Costs associated with Long Island facility closure (155 ) (188 ) (166 ) (163 ) (158 ) (221 ) Gain associated with the sale of the specialty mills, net — — 626 — — — Pension settlement expense — — (1,242 ) — — — Costs associated with Oklahoma City facility closure — — — (589 ) (1,951 ) (92 ) Costs associated with Neenah paper machines shutdown — — — (371 ) — — Manchester Industries acquisition related expenses — — — (465 ) (39 ) (35 ) Write-off of assets in association with Warehouse Automation project — — — — — (14 ) Accelerated depreciation of assets associated with Warehouse Automation project (80 ) Adjusted income tax provision1 ($12,089 ) ($13,368 ) ($1,673 ) ($8,388 ) ($6,655 ) ($3,902 ) 24

EBITDA & ADJUSTED EBITDA RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED) 1 EBITDA is a non-GAAP measure that management uses as a supplemental performance measure. The most directly comparable GAAP measure is net earnings (loss). EBITDA is net earnings (loss) adjusted for net interest expense (including debt retirement costs), income taxes, and depreciation and amortization. It should not be considered as an alternative to net earnings (loss) computed under GAAP.2 Interest expense, net for the fourth quarter of 2016 includes debt retirement costs of $0.4 million.3 Adjusted EBITDA excludes the impact of the items listed that we do not believe are indicative of our core operating performance. (Dollars in thousands) Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Earnings before interest, income taxes, and depreciation & amortization (EBITDA)1 GAAP net earnings $18,446 $20,864 $901 $9,343 $7,515 $8,037 Interest expense, net2 7,643 7,396 7,520 8,092 8,043 7,673 Income tax provision 11,673 11,905 859 6,675 5,000 3,955 Depreciation and amortization expense 21,150 22,024 22,747 25,169 27,557 26,055 EBITDA1 $58,912 $62,189 $32,027 $49,279 $48,115 $45,720 Directors' equity-based compensation expense (benefit) 726 3,610 89 354 (1,450 ) (1,483 ) Costs associated with Long Island facility closure 432 533 466 460 466 365 Gain associated with the sale of the specialty mills, net — — (1,755 ) — — — Pension settlement expense — — 3,482 — — — Costs associated with Oklahoma City facility closure — — — 318 2,074 275 Costs associated with Neenah paper machines shutdown — — — 1,049 — — Manchester Industries acquisition related expenses — — — 2,665 115 105 Write-off of assets in association with Warehouse Automation project — — — — — 41 Adjusted EBITDA3 $60,070 $66,332 $34,309 $54,125 $49,320 $45,023 25

SEGMENT EBITDA & ADJUSTED EBITDA RECONCILIATION OF NON-GAAPFINANCIAL MEASURES (UNAUDITED) 1 Segment EBITDA is a non-GAAP measure that management uses as a supplemental performance measure. The most directly comparable GAAP measure is segment operating income (loss). Segment EBITDA is segment operating income (loss) adjusted for depreciation and amortization. It should not be considered as an alternative to segment operating income (loss) computed under GAAP. 2 Segment Adjusted EBITDA excludes the impact of the items listed that we do not believe are indicative of our core operating performance. (Dollars in thousands) Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Consumer Products Operating income $18,390 $18,544 $17,201 $13,781 $6,189 $10,534 Depreciation and amortization expense 13,759 14,203 15,022 16,391 18,242 16,292 Segment EBITDA1 $32,149 $32,747 $32,223 $30,172 $24,431 $26,826 Costs associated with Long Island facility closure 432 533 466 460 466 365 Gain associated with the sale of the specialty mills, net — — (1,755 ) — — — Costs associated with Oklahoma City facility closure — — — 318 2,074 275 Costs associated with Neenah paper machines shutdown — — — 1,049 — — Write-off of assets in association with Warehouse Automation project — — — — — 41 Segment Adjusted EBITDA2 $32,581 $33,280 $30,934 $31,999 $26,971 $27,507 Pulp and Paperboard Operating income $35,163 $40,032 $9,956 $27,581 $27,248 $21,595 Depreciation and amortization expense 6,367 6,449 6,530 7,395 8,105 8,356 Segment EBITDA1 $41,530 $46,481 $16,486 $34,976 $35,353 $29,951 Segment Adjusted EBITDA2 $41,530 $46,481 $16,486 $34,976 $35,353 $29,951 Corporate Operating loss ($15,791 ) ($18,411 ) ($17,877 ) ($17,252 ) ($12,879 ) ($12,464 ) Depreciation and amortization expense 1,024 1,372 1,195 1,383 1,210 1,407 Corporate EBITDA1 ($14,767 ) ($17,039 ) ($16,682 ) ($15,869 ) ($11,669 ) ($11,057 ) Directors' equity-based compensation expense (benefit) 726 3,610 89 354 (1,450 ) (1,483 ) Pension settlement expense — — 3,482 — — — Manchester Industries acquisition related expenses — — — 2,665 115 105 Corporate Adjusted EBITDA2 ($14,041 ) ($13,429 ) ($13,111 ) ($12,850 ) ($13,004 ) ($12,435 ) 26

RECONCILIATION OF GAAP TO NON-GAAP: STRATEGIC INVESTMENTS1 (UNAUDITED) 1 Based on Q1’15 prices, input costs, and market and industry data. Many factors are outside the control of management, including particularly input costs for commodity products, and actual results may differ materially from the information set forth above. See “Forward-Looking Statements” on page 1.2 Non-GAAP measure – See Appendix for the definition. FULL RUN-RATE EXPECTED ADJUSTED EBITDA2 IMPACT OTHER PROJECTS OPERATIONAL IMPROVEMENTS (Dollars in millions) CONTINUOUSDIGESTER WAREHOUSEAUTOMATION PAPER MACHINEUPGRADES CONVERTINGLINE OPERATIONALEFFICIENCY SALES & MARKETINGEFFICIENCY STRANDEDOVERHEAD Expected Operating income $22.5 - $27.5 $15.3 - $16.3 $7.1 - $8.1 $8.6 - $10.9 $27 - $43 $10 - $15 $7 Expected depreciation $7.5 $4.7 $3.9 $1.4 $— $— $— Expected EBITDA2 $30 - $35 $20 - $21 $11 - $12 $10 - $12 $27 - $43 $10 - $15 $7 Expected Adjusted EBITDA2 $30 - $35 $20 - $21 $11 - $12 $10 - $12 $27 - $43 $10 - $15 $7 2015 THROUGH Q2'17 ADJUSTED EBITDA2 IMPACT (Dollars in millions) CONTINUOUSDIGESTER WAREHOUSEAUTOMATION OTHER PROJECTS OPERATIONALIMPROVEMENTS Operating income $— $8.7 $5.7 $50.6 Depreciation $0.8 $1.2 $2.9 $— EBITDA2 $0.8 $9.9 $8.6 $50.6 Adjusted EBITDA2 $0.8 $9.9 $8.6 $50.6 27

RECONCILIATION OF GAAP TO NON-GAAP: STRATEGIC INVESTMENT1 (UNAUDITED) 1 Based on Q1’15 prices, input costs, and market and industry data. Many factors are outside the control of management, including particularly input costs for commodity products, and actual results may differ materially from the information set forth above. See “Forward-Looking Statements” on page 1.2 Non-GAAP measure – See Appendix for the definition. Q2'17 ADJUSTED EBITDA2 IMPACT (Dollars in millions) CONTINUOUSDIGESTER WAREHOUSEAUTOMATION OTHER PROJECTS OPERATIONALIMPROVEMENTS Operating income $0.3 $2.1 $2.0 $2.4 Depreciation $0.2 $0.4 $0.6 $— EBITDA2 $0.5 $2.5 $2.6 $2.4 Adjusted EBITDA2 $0.5 $2.5 $2.6 $2.4 2015-2016 ADJUSTED EBITDA2 IMPACT (Dollars in millions) CONTINUOUSDIGESTER WAREHOUSEAUTOMATION OTHER PROJECTS OPERATIONALIMPROVEMENTS Operating income ($0.1 ) $5.0 $1.4 $44.3 Depreciation $0.4 $0.4 $1.8 $— EBITDA2 $0.3 $5.4 $3.2 $44.3 Adjusted EBITDA2 $0.3 $5.4 $3.2 $44.3 28

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Clearwater Paper (CLW) 8-KClearwater Paper Reports Second Quarter 2017 Results