Clearwater Paper 8K Reports First Quarter 2018 Results | CLW 19 Apr 18

Exhibit 99.2

CLEARWATER PAPER CORPORATIONFIRST QUARTER 2018SUPPLEMENTAL INFORMATION 04/19/18 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 Q2 and full year 2018; the costs, timing and benefits associated with strategic capital investments and operational improvements; our Shelby, North Carolina expansion; debt ratios; financial models; estimated Q2 2018 net earnings, EBITDA, and adjusted EBITDA; and estimated Q2 2018 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; Q2 and/or full year 2018 product volumes shipped, product pricing and sales mix, cost and timing of major maintenance and repairs, wood fiber and pulp costs, energy costs, and cost savings. 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: competitive pricing pressures for our products, including as a result of increased capacity as additional manufacturing facilities are operated by our competitors;the loss of or changes in prices in regards to a significant customer;changes in customer product preferences and competitors' product offerings;our ability to successfully implement our operational efficiencies and cost savings strategies, including related capital projects;our ability to execute on our expansion strategies, including on-time completion of our planned new tissue manufacturing operations in Shelby, North Carolina;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 by our expanded Shelby, North Carolina operations when they are completed;changes in the U.S. and international economies and in general economic conditions in the regions and industries in which we operate;labor disruptions;changes in transportation costs and disruptions in transportation services;changes in the cost and availability of wood fiber and wood pulp;manufacturing or operating disruptions, including IT system and IT system implementation failures, equipment malfunction and damage to our manufacturing facilities;changes in costs for and availability of packaging supplies, chemicals, energy and maintenance and repairs;cyclical industry conditions; changes in expenses and required contributions associated with our pension plans;environmental liabilities or expenditures;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

FIRST QUARTERFINANCIAL HIGHLIGHTS $437 MILLION NET SALES, FLAT VS. Q4'17 $12 MILLION GAAP OPERATING INCOME$40 MILLION ADJUSTED EBITDA1, BELOW OUTLOOK RANGE OF $42 TO $52 MILLION DILUTED GAAP EPS OF $0.16 AND ADJUSTED DILUTED EPS OF $0.311AN INCREMENTAL $5 MILLION CONTRIBUTION TO COST SAVINGS FROM STRATEGIC CAPITAL AND OPERATIONAL EFFICIENCY INITIATIVES IN Q1' 18 COMPARED TO Q1' 17 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) Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Net sales $437,525 $429,663 $426,504 $436,716 $436,952 Gross Profit $50,465 $48,602 $39,742 $61,258 $44,519 Selling, general and administrative expenses ($29,955 ) ($29,454 ) ($34,582 ) ($34,891 ) ($32,980 ) Operating income1 $20,510 $19,148 $5,160 $26,367 $11,539 Consumer Products1 $6,204 $10,698 $4,525 $7,546 $1,629 Pulp and Paperboard1 $27,200 $21,071 $14,735 $34,354 $26,154 Corporate1 ($12,894 ) ($12,621 ) ($14,100 ) ($15,533 ) ($16,244 ) Operating margin 4.7 % 4.5 % 1.2 % 6.0 % 2.6 % Interest expense, net ($8,043 ) ($7,673 ) ($7,683 ) ($7,975 ) ($8,020 ) Non-operating pension and other postretirement benefit costs1 $48 $517 $291 $287 ($1,279 ) Income tax (provision) benefit2 ($5,000 ) ($3,955 ) $3,095 $62,245 $360 Net earnings $7,515 $8,037 $863 $80,924 $2,600 Net earnings per diluted common share $0.45 $0.48 $0.05 $4.88 $0.16 4 1 In the first quarter of 2018, the company adopted a new accounting standard that resulted in a change in the presentation of pension and postretirement benefit costs other than service costs on a line outside of operating income. The corresponding prior period amounts have been reclassified to conform with the current period presentation. 2 The Income tax benefit in Q4'17 is primarily due to the remeasurement of deferred tax liabilities as a result of the Tax Cuts and Jobs Act (the "Act") signed into law on December 22, 2017. The resulting net tax benefit is included in the three months ended December 31, 2017. The Act is complex and significantly changes the U.S. corporate income tax system by, among other things, reducing the Federal corporate income tax rate from 35% to 21%.

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 In the first quarter of 2018, the company adopted a new accounting standard that resulted in a change in the presentation of pension and postretirement benefit costs other than service costs on a line outside of operating income. The corresponding prior period amounts have been reclassified to conform with the current period presentation. 4 Adjusted operating margin is defined as Adjusted operating income divided by Net sales.5 The Income tax benefit in Q4'17 is primarily due to the remeasurement of deferred tax liabilities as a result of the Tax Cuts and Jobs Act (the "Act") signed into law on December 22, 2017. The resulting net tax benefit is included in the three months ended December 31, 2017. The Act is complex and significantly changes the U.S. corporate income tax system by, among other things, reducing the Federal corporate income tax rate from 35% to 21%.6 Adjusted EBITDA margin is defined as Adjusted EBITDA divided by Net sales.7 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. (Dollars in thousands - except per-share amounts) Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Outlook7 Net sales $437,525 $429,663 $426,504 $436,716 $436,952 1% - 2% Lower Adjusted gross profit1 $55,668 $49,820 $41,048 $61,675 $44,712 Adjusted gross profit margin1,2 13.0 % 11.7 % 9.7 % 14.2 % 10.2 % Adjusted selling, general and administrative expenses1 ($31,290 ) ($30,832 ) ($29,158 ) ($29,941 ) ($28,778 ) Adjusted operating income (loss)1,3 $25,378 $18,988 $11,890 $31,734 $15,934 Consumer Products3 $12,407 $11,916 $10,312 $11,513 $3,072 Pulp and Paperboard3 $27,200 $21,071 $14,735 $34,486 $26,445 Corporate3 ($14,229 ) ($13,999 ) ($13,157 ) ($14,265 ) ($13,583 ) Adjusted operating margin1,4 5.8 % 4.4 % 2.8 % 7.3 % 3.6 % 2.5% - 4% Interest expense, net ($8,043 ) ($7,673 ) ($7,683 ) ($7,975 ) ($8,020 ) Non-operating pension and other postretirement benefit costs3 $48 $517 $291 $287 ($1,279 ) Adjusted income tax (provision) benefit1,5 ($6,655 ) ($3,902 ) $807 ($9,597 ) ($1,415 ) Adjusted net earnings1 $10,728 $7,930 $5,305 $14,449 $5,220 Depreciation and amortization expense $27,557 $26,055 $25,856 $25,522 $25,167 Adjusted EBITDA1 $49,320 $45,023 $37,621 $57,543 $39,822 $35,000-$45,000 Consumer Products3 $26,986 $27,671 $25,969 $25,913 $17,369 Pulp and Paperboard3 $35,305 $29,427 $23,063 $44,171 $35,874 Corporate3 ($12,971 ) ($12,075 ) ($11,411 ) ($12,541 ) ($13,421 ) Adjusted EBITDA margin1,6 11.3 % 10.5 % 8.8 % 13.2 % 9.1 % Adjusted net earnings per diluted common share1 $0.64 $0.48 $0.32 $0.87 $0.31 Gross debt to rolling four quarter total Adjusted EBITDA1 3.5 3.7 3.7 3.9 4.1 Capital Expenditures $41,804 $47,750 $49,269 $59,862 $49,747 5

Q1’18 VS. Q4’17CONSOLIDATED ADJUSTED EBITDA1 BRIDGE 1 Non-GAAP measure – See Appendix for the definition and reconciliation to the most comparable GAAP measure. PRICE/MIX Lower CPD retail pricing and higher promotional spending. PPD stable price/mix. VOLUME Higher retail tissue shipments, partly offset by lower paperboard shipments PULP/WOOD FIBER Higher external pulp and wood prices due to strong demand from pulp and corrugate producers TRANSPORTATION Higher freight costs due to carrier availability MAINTENANCE Higher due to planned maintenance at both Arkansas and Shelby EXPANSION COSTS Higher costs due to Shelby expansion project ADJ, EBITDA1(MILLIONS) 1 1 6

Q1’18 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 Higher paperboard pricing due to previously announced increase and favorable product mix in CPD VOLUME Lower non-retail tissue shipments and lower paperboard shipments, partly offset by higher retail tissue shipments PULP/WOOD FIBER/CHEMICALS Higher external pulp, wood fiber prices and chemical pricing on poly and caustic TRANSPORTATION Higher freight costs due to carrier availability and higher costs to service customer mix COST SAVINGS/OTHER Cost savings achieved through Warehouse Automation and Continuous Digester and operational efficiencies ADJ, EBITDA1(MILLIONS) 1 1 7

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.. STRATEGIC INVESTMENT AND OPERATIONAL IMPROVEMENT SCORECARD AS OF Q1'18 Strategic plan announced in Q1’15, expected capex of $229-$241 million Expected to yield a $115-$145 million cost savings by the end of 20181 Continuous Digester Warehouse Automation Other Projects Operational Improvements TOTAL STRATEGIC CAPEX $148-$158 $32-$34 $49 $0 FULL RUN-RATE EXPECTED IMPACT (MILLIONS $)1 COST SAVINGS1 $30-$35 $20-$21 $21-$24 $44-$65 2015-2017 COST SAVINGS ACHIEVED 2018 COST SAVINGS ACHIEVED 8

1 Includes away-from-home (AFH), contract and parent roll tissue products. 2 Includes retail, AFH, and contract tissue case products.3 In the first quarter of 2018, the company adopted a new accounting standard that resulted in a change in the presentation of pension and postretirement benefit costs other than service costs on a line outside of operating income. The corresponding prior period amounts have been reclassified to conform with the current period presentation.4 Non-GAAP measure – See Appendix for the definition and reconciliation to the most comparable GAAP measure. 5 Non-GAAP measure – Segment Adjusted EBITDA margin is defined as Segment Adjusted EBITDA divided by Segment net sales. KEY SEGMENT RESULTS -CONSUMER PRODUCTS(UNAUDITED) Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 CONSUMER PRODUCTS CROSS-CYCLE FINANCIAL MODEL Shipments Non-Retail (short tons)1 16,678 13,736 12,958 12,190 11,236 Retail (short tons) 78,686 77,714 77,544 75,123 80,971 Total Tissue Tons 95,364 91,450 90,502 87,313 92,207 Converted Products (cases in thousands)2 13,123 12,709 12,727 12,662 13,262 Sales Price Non-Retail ($/short ton)1 $1,439 $1,454 $1,468 $1,480 $1,509 Retail ($/short ton) $2,772 $2,723 $2,754 $2,855 $2,715 Total Tissue ($/short ton) $2,539 $2,533 $2,574 $2,663 $2,568 Segment net sales ($ in thousands) $242,423 $231,912 $232,916 $234,656 $238,842 Segment GAAP operating income3 ($ in thousands) $6,204 $10,698 $4,525 $7,546 $1,629 Segment GAAP operating margin 2.6% 4.6% 1.9% 3.2% 0.7% Segment Adjusted EBITDA3,4 ($ in thousands) $26,986 $27,671 $25,969 $25,913 $17,369 Segment Adjusted EBITDA margin5 11.1% 11.9% 11.1% 11.0% 7.3% 17.0% 9

CLEARWATER PAPERTISSUE SHIPMENTSAND U.S. RETAIL TISSUE MARKET U.S. Retail Tissue Market Q1'18 ($) (MultiOutlet)1 CATEGORY PRIVATELABEL BRANDS TOTAL Total RetailTissue Share ($) 26 % 74 % 100 % % ChangeQ1’18 vs. Q4’17 — % — % — % 1 Data Source: IRI Worldwide data through March 31, 2018. CLW Q1'18 by Market Segment(% of Tons) CLW Q4'17 by Market Segment(% of Tons) Other Parent Rolls Parent Rolls AFH AFH Retail Retail 10

PRICE/MIX Lower retail tissue pricing and higher promotional spending partially offset by stronger mix of ultra quality tissue shipments VOLUME Higher retail tissue shipments PULP Higher external pulp prices TRANSPORTATION Higher freight costs due to carrier availability MAINTENANCE Higher due to planned maintenance in Shelby EXPANSION COSTS Higher due to Shelby expansion project Q1'18 VS. Q4'17CONSUMER 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 In the first quarter of 2018, the company adopted a new accounting standard that resulted in a change in the presentation of pension and postretirement benefit costs other than service costs on a line outside of operating income. The corresponding prior period amounts have been reclassified to conform with the current period presentation.2 Non-GAAP measure – See Appendix for the definition and reconciliation to the most comparable GAAP measure.3 Non-GAAP measure – Segment Adjusted EBITDA margin is defined as Segment Adjusted EBITDA divided by Segment net sales. Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 PULP ANDPAPERBOARDCROSS-CYCLEFINANCIAL MODEL Shipments Paperboard (short tons) 210,382 207,152 200,569 210,098 206,309 Sales Price Paperboard ($/short ton) $927 $955 $965 $962 $960 Segment net sales ($ in thousands) $195,102 $197,751 $193,588 $202,060 $198,110 Segment GAAP operating income1 ($ in thousands) $27,200 $21,071 $14,735 $34,354 $26,154 Segment GAAP operating margin 13.9% 10.7% 7.6% 17.0% 13.2% Segment Adjusted EBITDA1,2 ($ in thousands) $35,305 $29,427 $23,063 $44,171 $35,874 Segment Adjusted EBITDA margin3 18.1% 14.9% 11.9% 21.9% 18.1% 19.0% 12

CLEARWATER PAPERPAPERBOARD SHIPMENTS ANDU.S. PAPERBOARD MARKET U.S. Paperboard Production Q1'183 CATEGORY CLEARWATER PAPER OTHER Total Domestic SBS1 Market Share 14 % 86 % Folding 18 % 82 % Food Service2 16 % 84 % Liquid Packaging 4 % 96 % 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 – February YTD 2018. CLW Q1'18 by Market Segment(% of Tons) CLW Q4'17 by Market Segment(% of Tons) Folding Folding Liquid Pkg Liquid Pkg Food Service Food Service 13

PRICE/MIX Relatively stable mix VOLUME Shipments returned to seasonal levels PULP/WOOD FIBER Higher wood prices due to strong demand from pulp and corrugate producers MAINTENANCE Higher due to planned maintenance at Arkansas Q1’18 vs. Q4'17 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. CLEARWATER PAPER CROSS-CYCLE FINANCIAL MODEL (Dollars in thousands) Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Net sales 100 % 100 % 100 % 100 % 100 % 100 % Adjusted gross profit margin1 13.0 % 11.7 % 9.7 % 14.2 % 10.2 % 17.0 % Adjusted SG&A expenses1 as % of net sales (7.2 %) (7.2 %) (6.8 %) (6.9 %) (6.6 %) (6.0 %) Adjusted operating margin1 5.8 % 4.5 % 2.9 % 7.3 % 3.6 % 11.0 % Adjusted net earnings1 as % of net sales 2.5 % 1.8 % 1.2 % 2.5 % 1.2 % 5.0 % Adjusted EBITDA margin1 11.3 % 10.5 % 8.8 % 13.2 % 9.1 % 15.0 % 15

Q2’18 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, 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 ENDINGJUNE 30, 2018 RANGE OF ESTIMATE (Dollars in thousands) FROM TO Earnings before interest, income taxes, and depreciation & amortization (EBITDA)2: GAAP net earnings $1,000 $6,500 Interest expense, net 7,600 8,200 Income tax provision 300 2,200 Depreciation and amortization expense 24,500 26,500 EBITDA2 $33,400 $43,400 Directors' equity-based compensation expense 400 400 Reorganization related expenses 1,200 1,200 Adjusted EBITDA3 $35,000 $45,000 16

Q2’18 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 affected at a 25.0% annual rate.4 GAAP net earnings per diluted common share and Adjusted net earnings per diluted common share are calculated utilizing first quarter 2018 diluted average common shares outstanding of 16,577 (in thousands). OUTLOOK THREE MONTHS ENDINGJUNE 30, 2018 RANGE OF ESTIMATE (Dollars in thousands) FROM TO GAAP Operating Income $9,900 $18,200 Directors' equity-based compensation expense 400 400 Reorganization related expenses 1,200 1,200 Adjusted operating income2 $11,500 $19,800 (Dollars in thousands) FROM TO GAAP net earnings $1,000 $6,500 Adjustments, after tax3: Directors' equity-based compensation expense 300 300 Reorganization related expenses 900 900 Adjusted net earnings2 $2,200 $7,700 FROM TO GAAP net earnings per diluted common share4 $0.06 $0.39 Adjusted net earnings per diluted common share2,4 $0.13 $0.46 17

Q2'18 OUTLOOK1 1% - 2% Lower 2.5% - 4% $35M - $45M $0.13 - $0.46 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 first quarter 2018 diluted average common shares outstanding of 16,577 (in thousands). 18

APPENDIX 19

ADJUSTED GROSS PROFIT& ADJUSTED SG&ARECONCILIATION OF NON-GAAPFINANCIAL MEASURES (UNAUDITED) 1 Gross profit is defined as net sales minus cost of sales.2 In the first quarter of 2018, the company adopted a new accounting standard that resulted in a change in the presentation of pension and postretirement benefit costs other than service costs on a line outside of operating income. The corresponding prior period amounts have been reclassified to conform with the current period presentation. 3 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) Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Gross profit1,2 $50,465 $48,602 $39,742 $61,258 $44,519 Costs associated with Long Island facility closure 466 661 610 298 — Costs associated with Oklahoma City facility closure 5,737 275 576 119 — Write-off of assets as a result of Warehouse Automation project — 41 — — — Accelerated depreciation of assets as a result of Warehouse Automation project — 241 120 — — Reorganization expenses associated with SG&A cost control measures — — — — 193 Adjusted gross profit3 $56,668 $49,820 $41,048 $61,675 $44,712 Selling, general and administrative expenses (SG&A)2 ($29,955 ) ($29,454 ) ($34,582 ) ($34,891 ) ($32,980 ) Directors' equity-based compensation (benefit) expense (1,450 ) (1,483 ) 463 (363 ) (709 ) Costs associated with Oklahoma City facility closure — — 4,481 3,530 — Manchester Industries acquisition related expenses 115 105 — — — Reorganization expenses associated with SG&A cost control measures — — 480 1,783 4,911 Adjusted selling, general and administrative expenses2 ($31,290 ) ($30,832 ) ($29,158 ) ($29,941 ) ($28,778 ) 20

SEGMENT ADJUSTED OPERATING INCOME (LOSS)RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED) 1 In the first quarter of 2018, the company adopted a new accounting standard that resulted in a change in the presentation of pension and postretirement benefit costs other than service costs on a line outside of operating income. The corresponding prior period amounts have been reclassified to conform with the current period presentation. 2 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) Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Consumer Products Operating income1 $6,204 $10,698 $4,525 $7,546 $1,629 Costs associated with Long Island facility closure 466 661 610 298 — Costs associated with Oklahoma City facility closure 5,737 275 5,057 3,649 — Write-off of assets as a result of Warehouse Automation project — 41 — — — Accelerated depreciation of assets as a result of Warehouse Automation project — 241 120 — — Reorganization expenses associated with SG&A cost control measures — — — 20 1,443 Adjusted Consumer Products operating income2 $12,407 $11,916 $10,312 $11,513 $3,072 Pulp and Paperboard Operating Income1 $27,200 $21,071 $14,735 $34,354 $26,154 Reorganization expenses associated with SG&A cost control measures — — — 132 291 Adjusted Pulp and Paperboard operating income2 $27,200 $21,071 $14,735 $34,486 $26,445 Corporate Operating loss1 ($12,894 ) ($12,621 ) ($14,100 ) ($15,533 ) ($16,244 ) Directors' equity-based compensation (benefit) expense (1,450 ) (1,483 ) 463 (363 ) (709 ) Manchester Industries acquisition related expenses 115 105 — — — Reorganization expenses associated with SG&A cost control measures — — 480 1,631 3,370 Adjusted Corporate operating loss2 ($14,229 ) ($13,999 ) ($13,157 ) ($14,265 ) ($13,583 ) 21

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. 3 The federal tax rate change in Q4'17 is primarily due to the remeasurement of deferred tax liabilities as a result of the Tax Cuts and Jobs Act (the "Act") signed into law on December 22, 2017. The resulting net tax benefit is included in the three months ended December 31, 2017. The Act is complex and significantly changes the U.S. corporate income tax system by, among other things, reducing the Federal corporate income tax rate from 35% to 21%. (Dollars in thousands - except per-share amounts) Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 GAAP net earnings $7,515 $8,037 $863 $80,924 $2,600 Adjustments, after tax1: Directors' equity-based compensation (benefit) expense (957 ) (988 ) 306 (242 ) (532 ) Costs associated with Long Island facility closure 308 440 402 199 — Costs associated with Oklahoma City facility closure 3,786 183 3,338 2,434 — Manchester Industries acquisition related expenses 76 70 — — — Write-off of assets as a result of Warehouse Automation project — 27 — — — Accelerated depreciation of assets as a result of Warehouse Automation project — 161 79 — — Reorganization expenses associated with SG&A cost control measures — — 317 1,189 3,828 Federal tax rate change3 — — — (70,055 ) — Impact of state tax rate changes — — — — (676 ) Adjusted net earnings2 $10,728 $7,930 $5,305 $14,449 $5,220 Net earnings per diluted common share $0.45 $0.48 $0.05 $4.88 $0.16 Adjustments, after tax:1 Directors' equity-based compensation (benefit) expense (0.06 ) (0.06 ) 0.02 (0.01 ) (0.03 ) Costs associated with Long Island facility closure 0.02 0.03 0.02 0.01 — Costs associated with Oklahoma City facility closure 0.23 0.01 0.20 0.15 — Manchester Industries acquisition related expenses — 0.01 — — — Write-off of assets as a result of Warehouse Automation project — — — — — Accelerated depreciation of assets as a result of Warehouse Automation project — 0.01 0.01 — — Reorganization expenses associated with SG&A cost control measures — — 0.02 0.07 0.22 Federal tax rate change3 — — — (4.23 ) — Impact of state tax rate changes — — — — (0.04 ) Adjusted net earnings per diluted common share2 $0.64 $0.48 $0.32 $0.87 $0.31 22

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.2The federal tax rate change in Q4'17 is primarily due to the remeasurement of deferred tax liabilities as a result of the Tax Cuts and Jobs Act (the "Act") signed into law on December 22, 2017. The resulting net tax benefit is included in the three months ended December 31, 2017. The Act is complex and significantly changes the U.S. corporate income tax system by, among other things, reducing the Federal corporate income tax rate from 35% to 21%. (Dollars in thousands) Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 GAAP income tax (provision) benefit ($5,000 ) ($3,955 ) $3,095 $62,245 $360 Adjustments, tax impact: Directors' equity-based compensation benefit (expense) 493 495 (157 ) 121 177 Costs associated with Long Island facility closure (158 ) (221 ) (208 ) (99 ) — Costs associated with Oklahoma City facility closure (1,951 ) (92 ) (1,719 ) (1,215 ) — Manchester Industries acquisition related expenses (39 ) (35 ) — — — Write-off of assets as a result of Warehouse Automation project — (14 ) — — — Accelerated depreciation of assets as a result of Warehouse Automation project — (80 ) (41 ) — — Reorganization expenses associated with SG&A cost control measures — — (163 ) (594 ) (1,276 ) Federal tax rate change2 — — — (70,055 ) — Impact of state tax rate changes — — — — (676 ) Adjusted income tax (provision) benefit1 ($6,655 ) ($3,902 ) $807 ($9,597 ) ($1,415 ) 23

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. EBITDA is net earnings adjusted for net interest expense, income taxes, and depreciation and amortization. It should not be considered as an alternative to net earnings computed under GAAP.2 Adjusted EBITDA excludes the impact of the items listed that we do not believe are indicative of our core operating performance. (Dollars in thousands) Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Earnings before interest, income taxes, and depreciation & amortization (EBITDA)1 GAAP net earnings $7,515 $8,037 $863 $80,924 $2,600 Interest expense, net 8,043 7,673 7,683 7,975 8,020 Income tax provision (benefit) 5,000 3,955 (3,095 ) (62,245 ) (360 ) Depreciation and amortization expense 27,557 26,055 25,856 25,522 25,167 EBITDA1 $48,115 $45,720 $31,307 $52,176 $35,427 Directors' equity-based compensation (benefit) expense (1,450 ) (1,483 ) 463 (363 ) (709 ) Costs associated with Long Island facility closure 466 365 314 298 — Costs associated with Oklahoma City facility closure 2,074 275 5,057 3,649 — Manchester Industries acquisition related expenses 115 105 — — — Write-off of assets as a result of Warehouse Automation project — 41 — — — Reorganization expenses associated with SG&A cost control measures — — 480 1,783 5,104 Adjusted EBITDA2 $49,320 $45,023 $37,621 $57,543 $39,822 24

SEGMENT EBITDA & ADJUSTED EBITDA RECONCILIATION OF NON-GAAPFINANCIAL MEASURES (UNAUDITED) 1 In the first quarter of 2018, the company adopted a new accounting standard that resulted in a change in the presentation of pension and postretirement benefit costs other than service costs on a line outside of operating income. The corresponding prior period amounts have been reclassified to conform with the current period presentation. 2 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 and non-operating pension and other postretirement benefit costs. It should not be considered as an alternative to segment operating income (loss) computed under GAAP. 3 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) Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Consumer Products Operating income1 $6,204 $10,698 $4,525 $7,546 $1,629 Depreciation and amortization expense 18,242 16,292 16,073 14,400 14,297 Segment EBITDA2 $24,446 $26,990 $20,598 $21,946 $15,926 Costs associated with Long Island facility closure 466 365 314 298 — Costs associated with Oklahoma City facility closure 2,074 275 5,057 3,649 — Write-off of assets as a result of Warehouse Automation project — 41 — — — Reorganization expenses associated with SG&A cost control measures — — — 20 1,443 Segment Adjusted EBITDA3 $26,986 $27,671 $25,969 $25,913 $17,369 Pulp and Paperboard Operating income1 $27,200 $21,071 $14,735 $34,354 $26,154 Depreciation and amortization expense 8,105 8,356 8,328 9,685 9,429 Segment EBITDA2 $35,305 $29,427 $23,063 $44,039 $35,583 Reorganization expenses associated with SG&A cost control measures — — — 132 291 Segment Adjusted EBITDA3 $35,305 $29,427 $23,063 $44,171 $35,874 Corporate Operating loss1 ($12,894 ) ($12,621 ) ($14,100 ) ($15,533 ) ($16,244 ) Depreciation and amortization expense $1,210 $1,407 $1,455 $1,437 $1,441 Non-operating pension and other postretirement benefit costs1 $48 $517 $291 $287 ($1,279 ) Corporate EBITDA2 ($11,636 ) ($10,697 ) ($12,354 ) ($13,809 ) ($16,082 ) Directors' equity-based compensation (benefit) expense (1,450 ) (1,483 ) 463 (363 ) (709 ) Manchester Industries acquisition related expenses 115 105 — — — Reorganization expenses associated with SG&A cost control measures — — 480 1,631 3,370 Corporate Adjusted EBITDA3 ($12,971 ) ($12,075 ) ($11,411 ) ($12,541 ) ($13,421 ) 25

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Clearwater Paper (CLW) 8-KClearwater Paper Reports First Quarter 2018 Results