Clearwater Paper 8K Reports First Quarter 2019 Results | CLW 1 May 19

CLEARWATER PAPER CORPORATIONFIRST QUARTERSUPPLEMENTAL INFORMATION 05/01/19 LINDA MASSMANPRESIDENT, CHIEF EXECUTIVE OFFICER AND DIRECTORROBERT HRIVNAKSENIOR 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; financial models; estimated Q2 2019 net earnings, EBITDA, adjusted EBITDA, 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 2019 and full year 2019 product pricing and sales mix, product volumes shipped, costs, SG&A and maintenance and full year 2019 earnings, adjusted net earnings, EBITDA, adjusted EBITDA, net sales and adjusted operating margin. 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, changes in prices in regard to, or reduction in, orders from a significant customer;changes in customer product preferences and competitors' product offerings;our ability to complete construction of our new tissue manufacturing operations in Shelby, North Carolina on time and within current cost expectations;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;consolidation and vertical integration of converting operations in the paperboard industry;our ability to successfully implement our operational efficiencies and cost savings strategies, along with related capital projects, and achieve the expected operational or financial results of those projects, including from the continuous digester at our Lewiston, Idaho facility;changes in the cost and availability of wood fiber and wood pulp;changes in transportation costs and disruptions in transportation services;labor disruptions;changes in the U.S. and international economies and in general economic conditions in the regions and industries in which we operate;manufacturing or operating disruptions, including IT system and IT system implementation failures, equipment malfunctions and damage to our manufacturing facilities;changes in costs for and availability of packaging supplies, chemicals, energy and maintenance and repairs;larger competitors having operational and other advantages;cyclical industry conditions;changes in expenses, required contributions and potential withdrawal costs 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 ability to attract, motivate, train and retain qualified and key personnel;material weaknesses in our internal control over financial reporting;our substantial indebtedness and ability 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, to retract future revisions of management's views based on events or circumstances occurring after the date of this presentation. 2

FIRST QUARTERBUSINESS HIGHLIGHTS $429 MILLION NET SALES, FLAT VS. Q4'18 $14 MILLION GAAP OPERATING INCOMEDILUTED GAAP EPS OF $0.23 SOLID OPERATING RESULTS; $40 MILLION ADJUSTED EBITDA,1,2 WITHIN OUR OUTLOOK RANGE OF $37 TO $43 MILLION QUARTER IMPACTED BY $4 MILLION DUE TO A NATURAL GAS SUPPLY PIPELINE DISRUPTION AND $3 MILLION OF SG&A RELATED TO 2018 MATERIAL WEAKNESSES AND GOODWILL IMPAIRMENTNEW PAPER MACHINE IN SHELBY, NC STARTED AS EXPECTED, WILL RAMP TO FULL RUN RATE OVER THE NEXT 12 MONTHS 1 Non-GAAP measure – See Appendix for the definition and reconciliation to the most comparable GAAP measure.2 In the first quarter of 2018, we 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. Beginning in the first quarter of 2019, the Company is excluding these non-operating costs from the calculation of Adjusted EBITDA. The corresponding prior period amounts have been reclassified to conform with the current period presentation. 3

FINANCIAL SUMMARY (GAAP BASIS)(UNAUDITED) (Dollars in thousands - except per-share amounts) Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Net sales $436,952 $432,099 $426,460 $428,707 $428,779 Gross Profit $44,519 $44,945 $50,239 $46,503 $44,533 Selling, general and administrative expenses ($32,980 ) ($26,564 ) ($26,283 ) ($27,161 ) ($30,171 ) Operating income (loss) $11,539 $18,381 $46,900 ($174,729 ) $14,362 Consumer Products $1,629 ($3,604 ) ($1,269 ) $513 $1,271 Gain on divested assets $— $— $22,944 $1,008 $— Goodwill impairment $— $— $— ($195,079 ) $— Pulp and Paperboard $26,154 $34,192 $38,280 $31,800 $29,388 Corporate ($16,244 ) ($12,207 ) ($13,055 ) ($12,971 ) ($16,297 ) Operating margin 2.6 % 4.3 % 11.0 % (40.8 )% 3.3 % Interest expense, net ($8,020 ) ($7,723 ) ($7,547 ) ($7,330 ) ($8,486 ) Non-operating pension and other postretirement benefit costs ($1,279 ) ($1,187 ) ($1,234 ) ($1,233 ) ($1,314 ) Income tax benefit (provision) $360 ($2,510 ) ($3,675 ) ($4,480 ) ($725 ) Net earnings (loss) $2,600 $6,961 $34,444 ($187,772 ) $3,837 Net earnings (loss) per diluted common share $0.16 $0.42 $2.08 ($11.39 ) $0.23 4 1 In the first quarter of 2018, we 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. Beginning in the first quarter of 2019, the Company is excluding these non-operating costs from the calculation of Adjusted EBITDA. The corresponding prior period amounts have been reclassified to conform with the current period presentation.

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, we 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. Beginning in the first quarter of 2019, the Company is excluding these non-operating costs from the calculation of Adjusted EBITDA. 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 Adjusted EBITDA margin is defined as Adjusted EBITDA divided by Net sales.6 Consolidated secured leverage ratio is calculated as the net secured debt to rolling four quarter total adjusted EBITDA plus franchise taxes and other reocuring non-cash items.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 2. (Dollars in thousands - except per-share amounts) Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Outlook7 Net sales $436,952 $432,099 $426,460 $428,707 $428,779 3.5% - 4.5% Higher Adjusted gross profit1 $44,712 $45,768 $50,399 $46,601 $44,533 Adjusted gross profit margin1,2 10.2 % 10.6 % 11.8 % 10.9 % 10.4 % Adjusted selling, general and administrative expenses1 ($28,778 ) ($27,171 ) ($25,644 ) ($26,182 ) ($30,521 ) Adjusted operating income (loss)1 $15,934 $18,597 $24,755 $20,419 $14,012 Consumer Products $3,072 ($2,596 ) ($1,024 ) $852 $1,271 Pulp and Paperboard $26,445 $34,284 $38,351 $31,806 $29,388 Corporate ($13,583 ) ($13,091 ) ($12,572 ) ($12,239 ) ($16,647 ) Adjusted operating margin1,4 3.6 % 4.3 % 5.8 % 4.8 % 3.3 % 2.0% - 4.0% Interest expense, net ($8,020 ) ($7,723 ) ($7,547 ) ($7,330 ) ($8,486 ) Non-operating pension and other postretirement benefit costs3 ($1,279 ) ($1,187 ) ($1,234 ) ($1,233 ) ($1,314 ) Adjusted income tax (provision) benefit1 ($1,415 ) ($2,566 ) $6,315 ($4,494 ) ($704 ) Adjusted net earnings1 $5,220 $7,121 $22,289 $7,362 $3,508 Depreciation and amortization expense $25,167 $25,177 $25,342 $26,267 $25,836 Adjusted EBITDA1,3 $41,101 $43,774 $50,097 $46,686 $39,848 $36,000 - $44,000 Consumer Products $17,369 $11,624 $13,423 $15,672 $16,042 Pulp and Paperboard $35,874 $43,645 $47,667 $41,498 $38,873 Corporate3 ($12,142 ) ($11,495 ) ($10,993 ) ($10,484 ) ($15,067 ) Adjusted EBITDA margin1,3,5 9.4 % 10.1 % 11.7 % 10.9 % 9.3 % Adjusted net earnings per diluted common share1 $0.31 $0.43 $1.35 $0.45 $0.21 Consolidated Secured Leverage Ratio1,6 4.15 3.95 3.97 0.99 1.62 Cash flow from operations $30,853 $80,023 $10,223 $47,800 ($29,399 ) Capital Expenditures $49,747 $117,712 $85,040 $85,451 $43,146 5

Q1’19 VS. Q4’18CONSOLIDATED ADJUSTED EBITDA1 BRIDGE 1 Non-GAAP measure – See Appendix for the definition and reconciliation to the most comparable GAAP measure.2 In the first quarter of 2018, we 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. Beginning in the first quarter of 2019, the Company is excluding these non-operating costs from the calculation of Adjusted EBITDA. The corresponding prior period amounts have been reclassified to conform with the current period presentation. PRICE/MIX Higher paperboard and tissue pricing from previously announced price increases and improved mix VOLUME Seasonally lower paperboard shipments, lower paperboard shipments due to customer purchases ahead of price increase, partially offset by higher tissue shipments to existing and new customers PULP/WOOD FIBER Higher external pulp prices as favorable 2018 contracts expired; higher wood fiber prices for Arkansas mill due to wet weather TRANSPORTATION CPD operating model improvements from reduced freight and external warehousing costs ENERGY/PIPELINE DISRUPTION Higher natural gas prices primarily due to a pipeline supply disruption impacting the Idaho mill SG&A Primarily legal fees, audit fees and other costs related to material weakness and goodwill impairment. ADJ. EBITDA1(MILLIONS) 1,2 1 6

Q1’19 VS. Q1’18CONSOLIDATED ADJUSTED EBITDA1 BRIDGE 1 Non-GAAP measure – See Appendix for the definition and reconciliation to the most comparable GAAP measure.2 In the first quarter of 2018, we 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. Beginning in the first quarter of 2019, the Company is excluding these non-operating costs from the calculation of Adjusted EBITDA. The corresponding prior period amounts have been reclassified to conform with the current period presentation. PRICE/MIX Implementation of announced price increases in both divisions VOLUME /DIVESTITURE Lower retail tissue shipments due to volume loss from significant customer in 2018 partially offset by new customer shipments; lower tissue shipments due to divestiture of Ladysmith mill in August 2018; lower paperboard shipments due to customer purchases ahead of price increase PULP/WOOD FIBER Higher external pulp prices; higher wood fiber prices for Arkansas mill due to wet weather TRANSPORTATION CPD operating model improvements from reduced freight and external warehousing costs ENERGY/PIPELINE DISRUPTION Higher natural gas prices due to a pipeline supply disruption impacting the Idaho mill SG&A AND OTHER Higher legal fees, audit fees and other costs related to material weakness and goodwill impairment, more than offset by SG&A restructure cost savings initiative ADJ. EBITDA1(MILLIONS) 1 1,2 7

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.5 Operating income (loss) for Q3'18 and Q4'18 includes $22.9 million and $1.0 million, respectively, for the gain on divested assets, net. KEY SEGMENT RESULTS -CONSUMER PRODUCTS(UNAUDITED) Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Shipments Retail (short tons) 80,971 73,070 70,335 69,480 73,356 Non-Retail (short tons)1 11,236 17,316 18,525 11,500 10,266 Total Tissue Tons 92,207 90,386 88,860 80,980 83,622 Converted Products (cases in thousands)2 13,262 12,027 11,789 11,621 12,320 Sales Price Retail ($/short ton) $2,715 $2,707 $2,615 $2,776 $2,789 Non-Retail ($/short ton)1 $1,509 $1,372 $1,491 $1,727 $1,799 Total Tissue ($/short ton) $2,568 $2,451 $2,381 $2,627 $2,667 Segment net sales ($ in thousands) $238,842 $221,585 $211,642 $212,743 $223,336 Segment GAAP operating income (loss)5 ($ in thousands) $1,629 ($3,604 ) $21,675 ($193,558 ) $1,271 Segment GAAP operating margin 0.7% (1.6)% 10.2% (91.0)% 0.6% Segment Adjusted EBITDA3 ($ in thousands) $17,369 $11,624 $13,423 $15,672 $16,042 Segment Adjusted EBITDA margin4 7.3% 5.2% 6.3% 7.4% 7.2% 8

CLEARWATER PAPERTISSUE SHIPMENTSAND U.S. RETAIL TISSUE MARKET U.S. Retail Tissue Market Q1'19 ($) (MultiOutlet)1 CATEGORY PRIVATELABEL BRANDS TOTAL Total RetailTissue Share ($) 30 % 70 % 100 % % ChangeQ1'19 vs. Q4’18 (0.4 )% 0.4 % — % 1 Data Source: IRI Worldwide data through March 24, 2019. CLW Q1'19 by Market Segment(% of Tons) CLW Q4'18 by Market Segment(% of Tons) Other Parent Rolls Parent Rolls AFH AFH Retail Retail 9 Other 1% 1%

PRICE/MIX Higher pricing due to previously announced price increase and higher mix of cases VOLUME Higher tissue shipments at existing and new accounts PULP Higher external prices and higher internal transfer costs TRANSPORTATION Operating model improvements from reduced freight and external warehousing costs ENERGY Higher natural gas prices due to a pipeline supply disruption impacting the Idaho mill Q1'19 VS. Q4'18CONSUMER PRODUCTS ADJUSTED EBITDA1 BRIDGE 1 Non-GAAP measure – See Appendix for the definition and reconciliation to the most comparable GAAP measure.2 In the first quarter of 2018, we 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. Beginning in the first quarter of 2019, the Company is excluding these non-operating costs from the calculation of Adjusted EBITDA. The corresponding prior period amounts have been reclassified to conform with the current period presentation. SEGMENT ADJ. EBITDA1(MILLIONS) 1,2 1 10

KEY SEGMENT RESULTS – PULP AND PAPERBOARD(UNAUDITED) 1 Shipments and Sales Price exclude Scrap Sales beginning in the fourth quarter of 2018.2 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. Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Shipments1 Paperboard (short tons) 206,309 216,582 218,135 218,322 202,834 Sales Price1 Paperboard ($/short ton) $960 $972 $985 $982 $1,001 Segment net sales ($ in thousands) $198,110 $210,514 $214,818 $215,964 $205,443 Segment GAAP operating income ($ in thousands) $26,154 $34,192 $38,280 $31,800 $29,388 Segment GAAP operating margin 13.2% 16.2% 17.8% 14.7% 14.3% Segment Adjusted EBITDA2 ($ in thousands) $35,874 $43,645 $47,667 $41,498 $38,873 Segment Adjusted EBITDA margin3 18.1% 20.7% 22.2% 19.2% 18.9% 11

CLEARWATER PAPERPAPERBOARD SHIPMENTS ANDU.S. PAPERBOARD MARKET U.S. Paperboard Production Q1'193 CATEGORY CLEARWATER PAPER OTHER Total Domestic SBS1 Market Share 13 % 87 % Folding 17 % 83 % Food Service2 13 % 87 % Liquid Packaging 3 % 97 % 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 – March 31, 2019. CLW Q1'19 by Market Segment(% of Tons) CLW Q4'18 by Market Segment(% of Tons) Folding Folding Liquid Pkg Liquid Pkg Food Service Food Service 12

PRICE/MIX Higher prices due to previously announced price increase and improved mix VOLUME Seasonally lower paperboard shipments and lower shipments due to customer purchases ahead of price increase PULP/WOOD FIBER Higher external pulp prices and higher wood fiber prices due to wet weather at our Arkansas mill offset by higher internal pulp transfer costs ENERGY Higher natural gas prices due to a pipeline supply disruption impacting the Idaho mill Q1’19 vs. Q4'18 PULP AND PAPERBOARD ADJUSTED EBITDA1 BRIDGE 1 Non-GAAP measure – See Appendix for the definition and reconciliation to the most comparable GAAP measure.2 In the first quarter of 2018, we 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. Beginning in the first quarter of 2019, the Company is excluding these non-operating costs from the calculation of Adjusted EBITDA. The corresponding prior period amounts have been reclassified to conform with the current period presentation. SEGMENT ADJ. EBITDA1(MILLIONS) 1,2 1 13

Q2’19 ADJUSTED EBITDA OUTLOOK1 AND RECONCILIATION 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 2.2 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 In the first quarter of 2018, we 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. Beginning in the first quarter of 2019, the Company is excluding these non-operating costs from the calculation of Adjusted EBITDA. The corresponding prior period amounts have been reclassified to conform with the current period presentation. 4 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, 2019 RANGE OF ESTIMATE (Dollars in thousands) FROM TO Earnings before interest, income taxes, and depreciation & amortization (EBITDA)2: GAAP net (loss) earnings ($1,600 ) $4,000 Interest expense, net 8,000 9,000 Income tax (benefit) provision (100 ) 300 Depreciation and amortization expense 28,000 29,000 EBITDA2 $34,300 $42,300 Directors' equity-based compensation expense 400 400 Non-operating pension and other postretirement benefit costs3 1,300 1,300 Adjusted EBITDA3,4 $36,000 $44,000 14

Q2’19 ADJUSTED NET EARNINGS OUTLOOK1 AND RECONCILIATION 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 2.2 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 6% annual rate.4 GAAP net earnings per diluted common share and Adjusted net earnings per diluted common share are calculated utilizing first quarter 2019 diluted average common shares outstanding of 16,563 (in thousands). OUTLOOK THREE MONTHS ENDINGJUNE 30, 2019 RANGE OF ESTIMATE (Dollars in thousands) FROM TO GAAP Operating Income $7,000 $15,000 Directors' equity-based compensation expense 400 400 Non-operating pension and other postretirement benefit costs 1,300 1,300 Adjusted operating income2 $8,700 $16,700 (Dollars in thousands) FROM TO GAAP net (loss) earnings ($1,600 ) $4,000 Adjustments, after tax3: Directors' equity-based compensation expense 375 375 Non-operating pension and other postretirement benefit costs 1,200 1,200 Adjusted net (loss) earnings2 ($25 ) $5,575 FROM TO GAAP net (loss) earnings per diluted common share4 ($0.10 ) $0.24 Adjusted net earnings per diluted common share2,4 $— $0.34 15

Q2'19 OUTLOOK1 3.5% - 4.5% Higher 2.0% - 4.0% $36M - $44M $0.00 - $0.34 NET SALES ADJUSTED OPERATING MARGIN2,3 ADJUSTED EBITDA2,5 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 2.2 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 16,563 (in thousands).5 In the first quarter of 2018, we 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. Beginning in the first quarter of 2019, the Company is excluding these non-operating costs from the calculation of Adjusted EBITDA. The corresponding prior period amounts have been reclassified to conform with the current period presentation. 16

APPENDIX 17

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) Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Gross profit1 $44,519 $44,945 $50,239 $46,503 $44,533 Reorganization expenses associated with SG&A cost control measures 193 31 2 — — Consumer Products reorganization related expenses — 792 158 98 — Adjusted gross profit2 $44,712 $45,768 $50,399 $46,601 $44,533 Selling, general and administrative expenses (SG&A) ($32,980 ) ($26,564 ) ($26,283 ) ($27,161 ) ($30,171 ) Directors' equity-based compensation (benefit) expense (709 ) (1,990 ) 769 (410 ) (350 ) Reorganization expenses associated with SG&A cost control measures 4,911 1,045 208 545 — Other — 338 (338 ) 844 — Adjusted selling, general and administrative expenses2 ($28,778 ) ($27,171 ) ($25,644 ) ($26,182 ) ($30,521 ) 18

SEGMENT ADJUSTED OPERATING INCOME (LOSS)RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED) 1 Operating income for Q3'18 and Q4'18 includes $22.9 million $1.0 million, respectively, for the gain on divested assets, net.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) Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Consumer Products Operating income (loss)1 $1,629 ($3,604 ) $21,675 ($193,558 ) $1,271 Reorganization expenses associated with SG&A cost control measures 1,443 216 87 241 — Consumer Products reorganization related expenses — 792 158 98 — Gain on divested assets, net — — (22,944 ) (1,008 ) — Goodwill impairment — — — 195,079 — Adjusted Consumer Products operating income (loss)2 $3,072 ($2,596 ) ($1,024 ) $852 $1,271 Pulp and Paperboard Operating Income $26,154 $34,192 $38,280 $31,800 $29,388 Reorganization expenses associated with SG&A cost control measures 291 92 71 6 — Adjusted Pulp and Paperboard operating income2 $26,445 $34,284 $38,351 $31,806 $29,388 Corporate Operating loss ($16,244 ) ($12,207 ) ($13,055 ) ($12,971 ) ($16,297 ) Directors' equity-based compensation (benefit) expense (709 ) (1,990 ) 769 (410 ) (350 ) Reorganization expenses associated with SG&A cost control measures 3,370 768 52 298 — Other — 338 (338 ) 844 — Adjusted Corporate operating loss2 ($13,583 ) ($13,091 ) ($12,572 ) ($12,239 ) ($16,647 ) 19

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) Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 GAAP net earnings (loss) $2,600 $6,961 $34,444 ($187,772 ) $3,837 Adjustments, after tax1: Directors' equity-based compensation (benefit) expense (532 ) (1,472 ) 524 (337 ) (329 ) Reorganization expenses associated with SG&A cost control measures 3,828 796 143 447 — Impact of state tax rate changes (676 ) — — — — Consumer Products reorganization related expenses — 586 108 80 — Other — 250 (250 ) 693 — Gain on divested assets, net — — (12,680 ) (828 ) — Goodwill impairment — — — 195,079 — Adjusted net earnings2 $5,220 $7,121 $22,289 $7,362 $3,508 Net earnings (loss) per diluted common share $0.16 $0.42 $2.08 ($11.39 ) $0.23 Adjustments, after tax1: Directors' equity-based compensation (benefit) expense (0.03 ) (0.09 ) 0.03 (0.02 ) (0.02 ) Reorganization expenses associated with SG&A cost control measures 0.22 0.04 0.01 0.03 — Impact of state tax rate changes (0.04 ) — — — — Consumer Products reorganization related expenses — 0.04 0.01 0.01 — Other — 0.02 (0.02 ) 0.04 — Gain on divested assets, net — — (0.76 ) (0.05 ) — Goodwill impairment — — — 11.83 — Adjusted net earnings per diluted common share2 $0.31 $0.43 $1.35 $0.45 $0.21 20

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) Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 GAAP income tax benefit (provision) $360 ($2,510 ) ($3,675 ) ($4,480 ) ($725 ) Adjustments, tax impact: Directors' equity-based compensation benefit (expense) 177 518 (245 ) 73 21 Reorganization expenses associated with SG&A cost control measures (1,276 ) (280 ) (67 ) (98 ) — Impact of state tax rate changes (676 ) — — — — Consumer Products reorganization related expenses — (206 ) (50 ) (18 ) — Other — (88 ) 88 (151 ) — Gain on divested assets, net — — 10,264 180 — Adjusted income tax benefit (provision)1 ($1,415) ($2,566) $6,315 ($4,494) ($704) 21

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. 3 In the first quarter of 2018, we 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. Beginning in the first quarter of 2019, the Company is excluding these non-operating costs from the calculation of Adjusted EBITDA. The corresponding prior period amounts have been reclassified to conform with the current period presentation. (Dollars in thousands) Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Earnings before interest, income taxes, and depreciation & amortization (EBITDA)1 GAAP net earnings (loss) $2,600 $6,961 $34,444 ($187,772 ) $3,837 Interest expense, net 8,020 7,723 7,547 7,330 8,486 Income tax (benefit) provision (360 ) 2,510 3,675 4,480 725 Depreciation and amortization expense 25,167 25,177 25,342 26,267 25,836 EBITDA1 $35,427 $42,371 $71,008 ($149,695 ) $38,884 Directors' equity-based compensation (benefit) expense (709 ) (1,990 ) 769 (410 ) (350 ) Reorganization expenses associated with SG&A cost control measures 5,104 1,076 210 545 — Consumer Products reorganization related expenses — 792 158 98 — Other — 338 (338 ) 844 — Gain on divested assets, net — — (22,944 ) (1,008 ) — Goodwill impairment — — — 195,079 — Non-operating pension and other postretirement benefit costs3 1,279 1,187 1,234 1,233 1,314 Adjusted EBITDA2,3 $41,101 $43,774 $50,097 $46,686 $39,848 22

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 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. 2 Segment Adjusted EBITDA excludes the impact of the items listed that we do not believe are indicative of our core operating performance.3 Operating income for Q3'18 and Q4'18 includes $22.9 million $1.0 million, respectively, for the gain on divested assets, net.4 In the first quarter of 2018, we 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. Beginning in the first quarter of 2019, the Company is excluding these non-operating costs from the calculation of Adjusted EBITDA. The corresponding prior period amounts have been reclassified to conform with the current period presentation. (Dollars in thousands) Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Consumer Products Operating income (loss)3 $1,629 ($3,604 ) $21,675 ($193,558 ) $1,271 Depreciation and amortization expense 14,297 14,220 14,447 14,820 14,771 Segment EBITDA1 $15,926 $10,616 $36,122 ($178,738 ) $16,042 Reorganization expenses associated with SG&A cost control measures 1,443 216 87 241 — Consumer Products reorganization related expenses — 792 158 98 — Gain on divested assets, net — — (22,944 ) (1,008 ) — Goodwill impairment — — — 195,079 — Segment Adjusted EBITDA2,4 $17,369 $11,624 $13,423 $15,672 $16,042 Pulp and Paperboard Operating income $26,154 $34,192 $38,280 $31,800 $29,388 Depreciation and amortization expense 9,429 9,361 9,316 9,692 9,485 Segment EBITDA1 $35,583 $43,553 $47,596 $41,492 $38,873 Reorganization expenses associated with SG&A cost control measures 291 92 71 6 — Segment Adjusted EBITDA2,4 $35,874 $43,645 $47,667 $41,498 $38,873 Corporate Operating loss ($16,244 ) ($12,207 ) ($13,055 ) ($12,971 ) ($16,297 ) Depreciation and amortization expense 1,441 1,596 1,579 1,755 1,580 Non-operating pension and other postretirement benefit costs4 (1,279 ) (1,187 ) (1,234 ) (1,233 ) (1,314 ) Corporate EBITDA1 ($16,082 ) ($11,798 ) ($12,710 ) ($12,449 ) ($16,031 ) Directors' equity-based compensation (benefit) expense (709 ) (1,990 ) 769 (410 ) (350 ) Reorganization expenses associated with SG&A cost control measures 3,370 768 52 298 — Other — 338 (338 ) 844 — Non-operating pension and other postretirement benefit costs4 1,279 1,187 1,234 1,233 1,314 Corporate Adjusted EBITDA2,4 ($12,142 ) ($11,495 ) ($10,993 ) ($10,484 ) ($15,067 ) 23

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Clearwater Paper (CLW) 8-KClearwater Paper Reports First Quarter 2019 Results