Exhibit 99.2

CLEARWATER PAPER CORPORATION FOURTH QUARTER AND FULL YEAR 2015 SUPPLEMENTAL INFORMATION LINDA MASSMAN PRESIDENT, CHIEF EXECUTIVE OFFICER AND DIRECTOR JOHN HERTZ SENIOR VICE PRESIDENT FINANCE AND CHIEF FINANCIAL OFFICER

1 FORWARD-LOOKING STATEMENTS This 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, the effects of new Consumer Products business; U.S. and global paperboard industry conditions; segment, corporate and consolidated outlook for Q1 2016 and fiscal year 2016; production; product volumes shipped; product pricing and sales mix; pulp and wood fiber costs and supply; chemical costs; operational and packaging supply costs; transportation costs; energy costs; cost and timing of major maintenance and repairs; cost of wages and benefits; selling, general, and administrative expenses; corporate expenses; consolidated sales and operating margins; EBITDA sensitivities; and estimated Q1 2016 adjusted EBITDA. 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; changes in the U.S. and international economies and in general economic conditions in the regions and industries in which we operate; customer acceptance in North America and abroad, timing and quantity of purchases of our new through-air-dried, or TAD products, or other tissue products; changes in customer product preferences and competitors' product offerings; the loss of or changes in prices in regards to a significant customer; announced price increases for our products may not be accepted in whole or part; changes in transportation costs and disruptions in transportation services; manufacturing or operating disruptions, including IT system and IT system implementation failures, equipment malfunction and damage to our manufacturing facilities caused by fire or weather-related events; changes in the cost and availability of wood fiber and wood pulp; cyclical industry conditions; labor disruptions; changes in costs for and availability of packaging supplies, chemicals, energy and maintenance and repairs; environmental liabilities or expenditures; changes in expenses and required contributions associated with our pension plans; reliance on a limited number of third-party suppliers for raw materials; inability to successfully implement our operational efficiencies and expansion strategies; inability to fund our debt obligations; restrictions on our business from debt covenants and terms; and changes 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. 1

2 2015 FULL YEAR HIGHLIGHTS $1,752 MILLION NET SALES, $124 MILLION GAAP OPERATING INCOME, UP 55% VS. 2014, $211 MILLION ADJUSTED EBITDA1, DOWN 12% VS. 2014 DILUTED GAAP EPS OF $2.97, ADJUSTED DILUTED EPS OF $3.131 FOCUS ON CPD COST STRUCTURE RESULTED IN 630 BASIS POINT IMPROVEMENT IN CPD GAAP OPERATING MARGIN, 200 BASIS POINT IMPROVEMENT IN CPD ADJUSTED EBITDA MARGIN1,2 VS. 2014 PPD GAAP OPERATING MARGIN AT 15.3%, ADJUSTED EBITDA MARGIN1,2 AT 18.9%, WHICH INCLUDED TWO MAJOR MAINTENANCE OUTAGES AT A COST OF $22 MILLION, CROSS-CYCLE PPD MARGIN TARGET AT 19% FIRST FULL YEAR WITHOUT SPECIALTY MILLS COMPLETION OF $100 MILLION SHARE BUYBACK PROGRAM, ANNOUNCEMENT OF NEW $100 MILLION SHARE BUYBACK PROGRAM 1 Non-GAAP measure – See Appendix for the definition and reconciliation to the most comparable GAAP measure. 2 Adjusted EBITDA margin is defined as Adjusted EBITDA divided by Net sales.2

3 FOURTH QUARTER HIGHLIGHTS $432 MILLION NET SALES, DOWN 2.4% VS. Q3’15, VS. OUR OUTLOOK OF DOWN 3% TO 5%, WITH NEAR RECORD PAPERBOARD SHIPMENTS $36.3 MILLION GAAP OPERATING INCOME, DOWN 9% VS. Q3’15 $59 MILLION ADJUSTED EBITDA1, DOWN 7% VS. Q3’15, IN HIGH END OF OUR RANGE OF $54 TO $62 MILLION DILUTED GAAP EPS OF $0.65, ADJUSTED DILUTED EPS OF $0.751 1 Non-GAAP measure – See Appendix for the definition and reconciliation to the most comparable GAAP measure.3

4 FINANCIAL SUMMARY (GAAP BASIS) (UNAUDITED) 1 Results include specialty tissue business which was sold at the end of Q4’14. 2 The Q1’15 and Q2’15 selling, general, and administrative results exclude costs associated with the 2014 divesture of the specialty tissue business previously included. 4 Q1'14Q2'14Q3'14Q4'14Q1'15Q2'15Q3'15Q4'15201412015$ 484,920$ 498,759$ 511,142$ 472,318$ 434,026$ 444,558$ 442,222$ 431,595$ 1,967,139$ 1,752,401 ($33,514)($31,565)($31,817)($33,206)($29,088)2($29,469)2($28,284)($30,308)($130,102)($117,149)$ 20,518$ 33,083$ 43,97 8($17 ,768)$ 15,237$ 32,073$ 40,046$ 36,314$ 79,811$ 123,670Consumer Products(523 )12,70512,535(30,745)12,39517,03215,52110,756(6,028)55,704Pulp and Paperboard3 6,77633,635 45,60 228,15 816,19 427,75437,44639,467144,171120,861Corporate (15,735)(13,257)(14,159)(15,1 81)(13,3 52)(12,713) (12,921)(13 ,909)(58,33 2)(52,895)4 .2%6.6%8.6 %-3.8%3.5% 7.2% 9.1% 8.4% 4.1% 7.1% ($10 ,734)($10,688)($9,570)($8,158)($7,782)($7,774)($7,882)($7,744)($39,150)($31,182) $ -$ -($24,420 )$ -$ -$ -$ -$ -($24,420)$ -($3,558)($9 ,942)($3,735) ($1,321)($1,6 98)( $8,7 02)($ 9,10 0)($1 7,005)($18,556)($36,505)$ 6,226$ 12,453$ 6,253($27,247)$ 5,757$ 15,597$ 23,064$ 11,565($2 ,315)$ 55,983$ 0.29$ 0.61$ 0.31(1.39)$ $ 0.30$ 0.81$ 1.21$ 0.65(0.11)$ $ 2.97Twelve Months E nde d December 31,Operating marginInterest expense, netDebt retirement costsIncome tax provisionNet earning s (loss)Net earnings (loss) per diluted common shareOperating income (loss)(Dollars in thousands - except per-share amounts)Net salesSelling, general and administrative expensesRESULTS INCLUDE SPEC IALTY MILLS1POST SPECIALTY MILLS

5 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 Results include specialty tissue business which was sold at the end of Q4’14. Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15   Outlook5201462015$ 484,920$ 498,759$ 511,142$ 472,318$ 434,026$ 444,558$ 442,222$ 431,5950%-1%  higher$ 1,967,139$ 1,752,401$ 62,982$ 66,865$ 80,604$ 62,537$ 46,478$ 60,946$ 69,170$ 67,280$ 272,988$  243,874Adjusted gross profit margin 1,213.0%13.4% 15.8%13.2%10.7% 13.7%15.6%15.6% 13.9% 13.9%($30,4 65)($31,601)($30,936)($31,620)($29, 558) ($30,926) ($27,153) ($30,272) ($124,622) ($117,909)$ 32,517$ 35,264$ 49,668$ 30,917$ 16,920$ 30,020$ 42,017$ 37,008$ 148,366$ 125,965 Consumer  Products8,65914,92217,92313,33913,63216,43616,74311,45954,84358,270Pulp and Paperboar d36,77633 ,63545,60 231,23617 ,11027,75 437,68539 ,647147,249122,19 6Cor porate (12,918) (13,293) (13,857) (13,658) (13,822) 14,170)( 12,411)( 14,098)( )(54,501)6.7%7.1%9 .7%6.5%3. 9%6.8%9. 5%8.6%7. 0%-8.5%7 .5%7.2%($ 10,734)($1 0,688 )($9,5 70)($ 8,158 7,782 )($7, )($7,8 82)($7,7 44)($39, 150)($3 1,182) ($7,881) ($9,323) ($14,40 3)($7,78 2)($2,21 7)($8,05 5)($9,72 6)($15,9 24)($39, 389)($35 ,922)$ 1   3,902$ 15,253$ 25,695$ 14,977 $ 6,921$ 14,191$ 24,409$ 13,340$ 69,827$ 58,861$ 22,231$ 22,015$  22,293$ 23,606$ 21,008$ 20,632$ 21,204$ 21,888$ 90,145$ 84,732$ 54,748$ 57,279$ 71,961$ 54,523$ 37,928$ 50,652$ 63,22 1$ 58,896$52,000-$60,000$ 238,511$ 210,697Consumer Products 2 4,14929,9933 3,40728,79826,60929,87430,79125,591116,347112,865Pulp and Paperboard 43 ,04639,65 451,541 38 ,4 60 24,42 1 34,49144,22046, 268172,701149,40 0Corporate(12,44 7) (12,368) (12,987 )(12,735)(13, 102) (13,713)(11,790)( 12,963)(50,537)(5 1,568)11.3%11.5 %14.1%11.5%8.7 %11 .4% 1  4.3% 13.6 % 12 .1%1 2.0% $ 0.66$ 0.74$ 1.28$ 0.77$ 0.36$ 0.74$ 1.28$ 0.75$ 3.47$ 3.133.0 2.9 2.5 2.4 2.6 2.7 2.8 2.7 2.4 2.7 $ 14,751$ 16,949$ 26,161$ 41,739$ 20,809$ 29,542$ 33,275$ 50,478$ 99,600$ 134, 104 Depreciation and amortization expenseAdjusted EBITDA1Adjusted EBITDA margin 1,4 Adjusted net earnings per diluted common share1Gross debt to rolling four quarter total Adjusted EBITDA1Capital Expenditures Adjusted operating income (loss)1Adjusted operating margin1,3Interest expense, netAdjusted income tax provision1Adjusted net earnings1Twelve Months Ended December 31,(Dollars in thousands - except per-share amounts)Net salesAdjusted gross profit1Adjusted selling, general and administrative expenses1RESULTS INCLUDE SPECIALTY MILLS6POST SPECIALTY MILLS5

6 1 Non-GAAP measure – See Appendix for the definition and reconciliation to the most comparable GAAP measure. 6 Divested 5 specialty mills in Q4‘14 Lower paperboard pricing, higher mix of commodity grade paperboard sales, higher mix of tissue parent roll sales Higher paperboard and tissue parent roll shipments Higher internal pulp usage, lower negotiated spot market pricing Favorable internal transportation costs due to network optimization, lower fuel costs Lower negotiated polyethylene prices Lower natural gas prices, partly offset by higher electrical rates Lower negotiated packaging prices Higher Lewiston and Arkansas planned major maintenance outages, partly offset by lower CPD maintenance expense Higher primarily due to annual wage and benefit inflation

7 Lower paperboard pricing, higher mix of commodity grade paperboard sales, higher mix of tissue parent roll sales Higher paperboard and tissue parent roll volume, partly offset by lower retail sales volume Increased internal pulp usage Favorable internal transportation costs due to improved inventory levels Lower negotiated polyethylene prices Lower natural gas prices, lower Las Vegas electrical rates Lower planned maintenance expense Higher benefit costs, lower absorption due to production curtailments Higher corporate overhead spending driven by consulting and professional services fees $63.2 $7.5 $0.2 $1.4 $1.3 $1.7 $0.6 $2.9 $2.9 $1.2 $0.8 $58.9 $30 $35 $40 $45 $50 $55 $60 $65

8 Divested 5 specialty mills in Q4’14 Lower paperboard pricing, higher mix of commodity grade paperboard sales, higher tissue parent roll mix, partly offset by tissue price increase Higher paperboard shipments Favorable internal transportation costs, lower fuel costs Lower negotiated polyethylene prices Lower natural gas and other energy prices Lower planned maintenance expense Higher primarily due to annual wage and benefit inflation 1 Non-GAAP measure – See Appendix for the definition and reconciliation to the most comparable GAAP measure.

9 KEY SEGMENT RESULTS – CONSUMER PRODUCTS (UNAUDITED) 1 Includes away-from-home (AFH), contract, machine-glazed (MG) 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 Results include specialty tissue business which was sold at the end of Q4’14. RESULTS INCLUDE SPECIALTY MILLS5 POST SPECIALTY MILLS CONSUMER PRODUCTS CROSS-CYCLE FINANCIAL MODEL Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2’15 Q3’15 Q4’15 Shipments Non-Retail (short tons)1 56,839 59,832 59,703 57,765 21,107 24,744 21,250 23,077 Retail (short tons) 70,919 75,009 75,363 72,420 71,102 71,476 76,856 73,004 Total Tissue Tons 127,758 134,841 135,066 130,185 92,209 96,220 98,106 96,081 Converted Products (cases in thousands)2 13,437 14,101 14,360 13,603 13,025 13,125 13,375 12,624 Sales Price Non-Retail ($/short ton)1 $1,489 $1,492 $1,531 $1,506 $1,475 $1,430 $1,530 $1,448 Retail ($/short ton) $2,841 $2,795 $2,836 $2,820 $2,864 $2,846 $2,787 $2,805 Total Tissue ($/short ton) $2,239 $2,217 $2,259 $2,237 $2,546 $2,482 $2,515 $2,479 Segment net sales ($ in thousands) $286,508 $299,130 $306,104 $291,643 $235,176 $239,391 $247,039 $238,288 Segment GAAP operating income ($ in thousands) ($523) $12,705 $12,535 $(30,745) $12,395 $17,032 $15,521 $10,756 Segment GAAP operating margin (0.2%) 4.2% 4.1% (10.5%) 5.3% 7.1% 6.3% 4.5% Segment Adjusted EBITDA3 ($ in thousands) $24,149 $29,993 $33,407 $28,798 $26,609 $29,874 $30,791 $25,591 Segment Adjusted EBITDA margin4 8.4% 10.0% 10.9% 9.9% 11.3% 12.5% 12.5% 10.7% 17.0%

CLEARWATER PAPER TISSUE SHIPMENTS AND U.S. RETAIL TISSUE MARKET 10 Retail 78% AFH 8% Parent Rolls 13% Other 1% CLW Q3’15 by Market Segment (% of Tons) U.S. Retail Tissue Market ($) (MultiOutlet)1 CATEGORY PRIVATE LABEL BRANDS TOTAL Total Retail Tissue Share ($) 22% 78% 100% % Change Q4’15 vs. Q3’15 (0.9)% 0.9% -% 1 Data Source: IRI Worldwide data through January 3, 2016. PRICE/MIX SHIPMENT VOLUMES EXTERNAL PULP CHEMICAL COSTS OP. & PKG. SUPPLIES TRANSPORTATION COSTS ENERGY COSTS MAINTENANCE SG&A Q4’15 OUTLOOK VERSUS Q3’15 stable 0-1% lower Cost / shipped ton: stable Cost / shipped ton: stable Cost / shipped ton: stable Cost / shipped ton: higher Cost / shipped ton: lower stable stable Q4’15 ACTUAL VERSUS Q3’15 2% lower 2% lower Cost / shipped ton: stable Cost / shipped ton: stable Cost / shipped ton: stable Cost / shipped ton: lower Cost / shipped ton: lower stable stable PRICE/MIX Higher mix of parent roll sales VOLUME Lower retail sales volume partly offset by higher parent roll volume TRANSPORTATION Favorable internal transportation costs due to improved inventory levels ENERGY Lower natural gas prices, lower Las Vegas electrical rates WAGES & BENEFITS Lower absorption due to production curtailments

Q4’15 VS. Q3’15 CONSUMER PRODUCTS ADJUSTED EBITDA1 BRIDGE 11 1 Non-GAAP measure – See Appendix for the definition and reconciliation to the most comparable GAAP measure. Previous Outlook vs. Segment Actual $30.8 $3.8 $0.5 $0.5 $0.6 $1.5 $0.5 $25.6 $15 $20 $25 $30 $35 $40 SEGMENT ADJ. EBITDA1 (MILLIONS)

KEY SEGMENT RESULTS – PULP AND PAPERBOARD (UNAUDITED) 12 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. PULP AND PAPERBOARD CROSS-CYCLE FINANCIAL MODEL Q1'14 Q2'14 Q3'14 Q4'14 Q1’15 Q2’15 Q3’15 Q4’15 Shipments Paperboard (short tons) 200,665 195,924 201,609 176,467 191,635 204,983 198,535 201,580 Sales Price Paperboard ($/short ton) $988 $1,017 $1,016 $1,017 $1,031 $997 $979 $956 Segment net sales ($ in thousands) $198,412 $199,629 $205,038 $180,675 $198,850 $205,167 $195,183 $193,307 Segment GAAP operating income ($ in thousands) $36,776 $199,629 $45,602 $28,158 $16,194 $27,754 $37,446 $39,467 Segment GAAP operating margin 18.5% 16.8% 22.2% 15.6% 8.1% 13.5% 19.2% 20.4% Segment Adjusted EBITDA1 ($ in thousands) $43,046 $39,654 $51,541 $38,460 $24,421 $34,491 $44,220 $46,268 Segment Adjusted EBITDA margin2 21.7% 19.9% 25.1% 21.3% 12.3% 16.8% 22.7% 23.9% 19.0%

CLEARWATER PAPER PAPERBOARD SHIPMENTS AND U.S. PAPERBOARD MARKET 13 U.S. Paperboard Production3 CATEGORY CLEARWATER PAPER OTHER Total Domestic SBS1 Market Share 14% 86% Folding 18% 82% Food Service2 14% 86% Liquid Packaging 8% 92% Folding 55% Food Service 37% Liquid Pkg 8% CLW Q4’15 by Market Segment (% of Tons) 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 – December YTD 2015. Folding 61% Food Service 31% Liquid Pkg 8% CLW Q3’15 by Market Segment (% of Tons) PRICE/MIX SHIPMENT VOLUMES WOOD FIBER CHEMICAL COSTS OP. & PKG. SUPPLIES TRANSPORTATION COSTS ENERGY COSTS MAINTENANCE SG&A Q4’15 OUTLOOK VERSUS Q3’15 0-2% lower 4-6% lower Cost / shipped ton: stable Cost / shipped ton: lower Cost / shipped ton: higher Cost / shipped ton: stable Cost / shipped ton: stable lower Stable Q4’15 ACTUAL VERSUS Q3’15 2% lower 2% higher Cost / shipped ton: lower Cost / shipped ton: lower Cost / shipped ton: stable Cost / shipped ton: lower Cost / shipped ton: stable $2.9M lower Stable PRICE/MIX Lower paperboard pricing, higher mix of commodity grade paperboard sales VOLUME Higher paperboard shipment tons WOOD FIBER Lower purchased pulp usage CHEMICALS Lower negotiated polyethylene prices TRANSPORTATION Lower fuel prices WAGES/BENEFITS Higher benefit costs MAINTENANCE Lower planned maintenance expense Q4’15 VS. Q3’15

PULP AND PAPERBOARD ADJUSTED EBITDA1 BRIDGE 14 1 Non-GAAP measure – See Appendix for the definition and reconciliation to the most comparable GAAP measure. Previous Outlook vs. Segment Actual $44.2 $3.7 $0.7 $1.4 $1.7 $0.8 $1.4 $2.9 $0.3 $46.3 $15 $20 $25 $30 $35 $40 $45 $50 SEGMENT ADJ. EBITDA1 (MILLIONS)

CLEARWATER PAPER CROSS-CYCLE FINANCIAL MODEL 15 1 Non-GAAP measure – See Appendix for the definition and reconciliation to the most comparable GAAP measure. (Dollars in thousands )Q1'14Q2'1 4Q 3'14Q4' 14Q1'15Q2'15Q3'15Q4'1520142015Net sales 100% 100% 100% 100% 100% 100% 100% 100% 100%100%100%Adjusted gross profit margin 113.0% 13.4%1 5.8%13 .2%10. 7% 13. 7% 15. 6% 15. 6% 13.9%13.9%17.0% Adjusted SG&A expenses1 as % of net sale s(6.3 %)(6 .3%)(6.1% )(6.7%)(6. 8%)(7.0%)  (6.1 %)(7.0%)(6.3%)(6.7%)(6.0%)Adjusted operating margi n16.7% 7.1%9.7 %6.5%3 .9%6.8 %9.5%8 .6%7.5%7.2%11.0% Adjusted net earnings1 as % of net sales2. 9%3.1% 5.0%3. 2%1.6% 3.2%5. 5%3.1%3.5%3.4%5.0% Adjusted EBITDA margi n111.3 11.5% 14.1% 11.5% 8.7%1 1.4% .3%13 .6%12 1%12.0%15.0%CLEARWATER PAPER CROSS-CYCLE FINANCIAL MODELTwelve Months Ended December 31,  12.6% 12.9% 11.2% 12.8% 10.5% 8% 9% 10% 11% 12% 13% 14% 15% 2011 2012 2013 2014 2015 Adjusted ROIC 1,2,3,4,5 4 3 2

ADJUSTED RETURN ON INVESTED CAPITAL1,6 (UNAUDITED) 16 1 Adjusted Return on Invested Capital (Adjusted ROIC) is defined as [Net Earnings + Interest Expense] / [Tangible Stockholders’ Equity6 + Debt – Excess (Deficit) Cash6] adjusted for non-recurring discrete items. 2 2013 Adjusted ROIC Net Earnings was adjusted to remove a benefit of $67.5 million from discrete tax items relating to release of uncertain tax positions. 2013 Adjusted ROIC Interest Expense includes debt retirement costs of $17.1 million. 3 2014 Adjusted ROIC Net Earnings was adjusted to remove costs/loss associated with optimization and sale of the specialty mills totaling $37.0 million after-tax. 2014 Adjusted ROIC Interest Expense includes debt retirement costs of $24.4 million. 4 2015 Adjusted ROIC Net Earnings was adjusted to remove costs/loss associated with optimization and sale of the specialty mills totaling ($.9) million after-tax. 5 We recently adopted Accounting Standards Update 2015-03, which requires us to retroactively include deferred issuance amounts in Debt for 2011-2015. Adjusted ROIC amounts shown for 2011-2014 have been adjusted accordingly. 6 Non-GAAP measure – See Appendix for the definition and reconciliation to the most comparable GAAP measure.

FIRST QUARTER 2016 OUTLOOK (COMPARED TO Q4’15)1 ARROWS REPRESENT ADJUSTED EBITDA IMPACT 17 CONSUMER PRODUCTS PULP AND PAPERBOARD CORPORATE SHIPMENT VOLUMES • Slightly higher: 0–1% higher • Slightly higher: 0-1% higher PRICE/MIX • Slightly higher: 0–1% higher • Stable PULP/WOOD FIBER COSTS • Cost/shipped ton: stable • Cost/shipped ton: slightly higher CHEMICAL COSTS • Cost/shipped ton: stable • Cost/shipped ton: stable OP. & PKG. SUPPLIES • Cost/shipped ton: lower • Cost/shipped ton: stable TRANSPORTATION COSTS • Cost/shipped ton: stable • Cost/shipped ton: stable ENERGY COSTS • Cost/shipped ton: stable • Cost/shipped ton: stable MAINTENANCE & REPAIRS • Stable • Boiler water wash at Idaho SG&A • Stable • Stable • Stable 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.

Q1’16 OUTLOOK1 RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED) 18 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. (Dollars in thousands)FROMTOEarnings before interest, income taxes, and depreciation & amortization (EBITDA) 2:GAAP net earnings$13,000$18,000Interest expense, net$8,000$8,000Income tax provision $7,500 $10,500 Depreciation and amortization expense $22,500 $22,500 EBITDA 2$51,00 0$59,00 0Direct ors' equity-based compensation expense$500$500Costs associated with Long Island facility closure $500$500 Adjusted EBITDA3$52,000$60,000THREE MONTHS ENDINGMARCH 31, 2016RANGE OF ESTIMATEOUTLOOK

BRIDGE TO Q1’16 ADJUSTED EBITDA OUTLOOK1,2 19 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 slide for the definition and reconciliation to the most comparable GAAP measure. $59 $0-$1 $0-$1 $0-$1 $0-$1 $2-$4 $0-$2 $52-$60 $15 $25 $35 $45 $55 $65 $75 Q4'15 Adj. EBITDA Shipment Volumes Price/Mix Wood Fiber Operating & Packaging Supplies Maintenance & Repairs Wages & Benefits Q1'16 Adj. EBITDA Outlook ADJ. EBITDA2 (MILLIONS) 1,2 2

2016 OUTLOOK1 20 PRICE/MIX Previously announced and implemented CPD price increases are in effect. RISI is projecting paperboard pricing to remain at Q4’15 levels through the first half of 2016, with modest declines in the second half. Uncertainty remains around further impacts from incremental imports and pressure on U.S. exports due to continued strength of U.S. dollar. VOLUME CPD projected to grow with market at 1%-2%, PPD flat after robust growth in 2015. PULP/WOOD FIBER Flat to slightly up. Higher wood fiber costs partly offset by lower external pulp costs. MAINTENANCE Flat to slightly down. No 2016 major maintenance outage in Arkansas ($7 million cost in 2015), partly offset by investments in TPM and higher scheduled maintenance at other sites. OTHER COSTS Flat to slightly up. Lower energy and chemical costs offset by wage and other input cost inflation. OPERATIONAL IMPROVEMENTS On track to achieve $40-$50 million of savings from strategic investments and operational improvements, less $10-$15 million of margin pressure. 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.

APPENDIX 21

ADJUSTED GROSS PROFIT & ADJUSTED SG&A RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED) 22 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) Q1'14Q2'14 Q3' 14Q 4'14 Q1'15Q2'15Q3'15Q4'1520142015Gross profit1$ 58,291$ 64,648$ 76,685$ 58,675$ 44,194$ 60,211$  68,330$ 66,817$ 258,299$ 239,552Costs associated with Thomaston facility closure750 374 42 91 - - - - 1,257 - Costs associated with Long Island facility closure3,941 1,843 3,877 3,771 554 735 728 446 13,432 2,463 Costs associated with labor agreement- - - - 1,730 - - - - 1,730 Reorganization related expenses- - - - - - 112 17 - 129 Adjusted gross profit2$ 62,982$ 66,865$ 80,604$ 62,537$ 46,478$ 60,946 $ 69,1 70$ 67,280$ 272,988$ 243,874Selling, general and administrative expenses (SG&A) ($33,514) ($31,565) ($31,817)($33,206)($29,088)($29,469)($28,284)($30,308)($130,102)($117,149)Costs associated with Long Island facility closure232 - - - - - - - 232 - Directors' equity-based compensation expense (benefit)2,817 (36) (185) 2,010 (470) (1,457) (1,914) (232) 4,606 (4,073) Costs/loss associated with optimization and sale of the specialty mills- - 1,066 (424) - - - - 642 - Legal expenses and settlement costs- - - - - - 1,972 - - 1,972 Reorganization related expenses- - - - - - 1,073 268 - 1,341 Adjusted selling, general and administrative expenses 2($30,465 )($31,601) ($30,936)( $31,620)( $29,558 )($30,92 6)($27,153) ($30,272)($124,622)($117,909)Twelve Months Ended December 31,

SEGMENT ADJUSTED OPERATING INCOME (LOSS) RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED) 23 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) Q1'14 Q2'14 Q3'14Q4'14Q1'15Q2'15Q3'15Q4'1520142015Consumer ProductsOperating (loss) income($523)$ 12,7 05$  12,535($30,745)$ 12,395$ 17,032$ 15,521$ 10,756(6,028)$ $ 55,704Costs associated with Thomaston facility closure750 374 42 91 - - - - 1,257 - Costs associated with Long Island facility closure8,432 1,843 4,767 3,771 554 735 728 446 18,813 2,463 Costs/loss associated with optimization and sale of the specialty mills- - 579 40,222 (131) (1,331) - 195 40,801 (1,267) Costs associated with labor agreement- - - - 814 - - - - 814 Reorganization related expenses- - - - - - 494 62 - 556 Adjusted Consumer Products operating income1$ 8,659$ 14,922$ 17,923$ 13,339$ 13,632$ 16,436$ 16,743$ 11,459$ 54,843$ 58,270Pulp and PaperboardOperating Income$ 36,776$ 33,635$ 45,602$ 28,158$ 16,194$ 27,754$ 37,446$ 39,467$ 144,171$ 120,861Loss on impairment of Clearwater Fiber intangible asset- - - 3,078 - - - - 3,078 - Costs associated with labor agreement- - - - 916 - - - - 916 Reorganization related expenses- - - - - - 239 180 - 419 Adjusted Pulp and Paperboard operating income1$ 36,776$ 33,635$ 45,602$ 31,236$ 17,110$ 27,754$ 37,685$ 39,647$ 147,249$ 122,196CorporateOperating loss($15,735)($13,257)($14,159)($15,181)($13,352)($12,713)($12,921)($13,909)($58,332)($52,895)Directors' equity-based compensation expense (benefit)2,817 (36) (185) 2,010 (470) (1,457) (1,914) (232) 4,606 (4,073) Costs/loss associated with optimization and sale of the specialty mills- - 487 (487) - - - - - - Legal expenses and settlement costs- - - - - - 1,972 - - 1,972 Reorganization related expenses- - - - - - 452 43 - 495 Adjusted Corporate operating loss1 ($12, )($13 ,293) ($13, 857) ($13, 658) ($13, 822) ($14, 170) ($12, 411)($14,098)($53,726)($54,501)Twelve Months Ended December 31,

ADJUSTED NET EARNINGS & ADJUSTED NET EARNINGS PER DILUTED COMMON SHARE RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED) 24 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) Q1'14Q2'1 4Q3'14Q4 '14Q1'15Q 2'15Q3'15Q4'1520142015GAAP net earnings (loss)$ 6,226$ 12,453$ 6,253($27,247)$ 5,757$ 15,597$ 23,064$ 11,565(2,315)$ $ 55,983Special items, after tax:1Debt retirement costs- - 15,777 - - - - - 15,777 - Directors' equity-based compensation expense (benefit)1,802 (23) (120) 1,322 (325) (998) (1,307) (155) 2,981 (2,785) Costs associated with Thomaston facility closure480 242 27 60 - - - - 809 - Costs associated with Long Island facility closure5,394 1,193 3,069 2,480 383 504 497 299 12,136 1,683 Costs/loss associated with optimization and sale of the specialty mills- - 689 36,338 (91) (912) - 131 37,027 (872) Discrete tax item related to state tax rate changes- 1,388 - - - - - - 1,388 - Discrete tax items related to foreign tax credits- - - - - - - 1,309 - 1,309 Loss on impairment of Clearwater Fiber intangible asset- - - 2,024 - - - - 2,024 - Costs associated with labor agreement- - - - 1,197 - - - - 1,197 Legal expenses and settlement costs- - - - - - 1,346 - - 1,346 Reorganization related expenses- - - - - - 809 191 - 1,000 Adjusted net earnings2$ 13,902$ 15,253$ 25,695$ 14,977$ 6,921$ 14,191$ 24,409$ 13,340$ 69,827$ 58,861Net earnings (loss) per diluted common share$ 0.29$ 0.61$ 0.31($1.39)$ 0.30$ 0.81$ 1.21$ 0.65(0.11)$ $ 2.97Special items, after tax:1Debt retirement costs- - 0.78 - - - - - 0.78 - Directors' equity-based compensation expense (benefit)0.08 - (0.01) 0.07 (0.02) (0.05) (0.07) (0.01) 0.15 (0.15) Costs associated with Thomaston facility closure0.02 0.01 - - - - - - 0.04 - Costs associated with Long Island facility closure0.25 0.06 0.15 0.13 0.02 0.03 0.03 0.02 0.60 0.09 Costs/loss associated with optimization and sale of the specialty mills- - 0.03 1.86 - (0.05) - 0.01 1.84 (0.05) Discrete tax item related to state tax rate changes- 0.07 - - - - - - 0.07 - Discrete tax items related to foreign tax credits- - - - - - - 0.07 - 0.07 Loss on impairment of Clearwater Fiber intangible asset- - - 0.10 - - - - 0.10 - Costs associated with labor agreement- - - - 0.06 - - - - 0.06 Legal expenses and settlement costs- - - - - - 0.07 - - 0.07 Reorganization related expenses- - - - - - 0.04 0.01 - 0.05 Adjusted net earnings per diluted common share2$ 0.66$ 0.74$ 1.28$ 0.77$ 0.36$ 0.74$ 1.28$ 0.75$ 3.47$ 3.13Twelve Months Ended December 31,

ADJUSTED INCOME TAX PROVISION RECONCILIATION OF NON-GAAP FINANCIAL MEASURE (UNAUDITED) 25 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) Q1'14Q2'14 Q3'14Q4'14 Q1'15Q2'15 Q3'15Q4'1520142015GAAP income tax provision( $3,558)($ 9,942)($3, 735)($1,3 21)($1,69 8)($8,702) ($9,100)($17,005)($18,556)($36,505)Special items, tax impact: Debt retirement costs- - (8,643 ) - - - - - (8,643) - Directors' equity-based compensation (expense) benefit (1,015) 13 65 (688) 145 459 607 77 (1,625) 1,288 Costs associated with Thomaston facility closure(270) (132) (15) (31) - - - - (448) - Costs associated with Long Island facility closure(3,038) (650) (1,698) (1,291) (171) (231) (231) (147) (6,677) (780) Costs/loss associated with optimization and sale of the specialty mills- - (377) (3,397) 40 419 - (64) (3,774) 395 Discrete tax item related to state tax rate changes- 1,388 - - - - - - 1,388 - Discrete tax items related to foreign tax credits- - - - - - - 1,309 - 1,309 Loss on impairment of Clearwater Fiber intangible asset- - - (1,054) - - - - (1,054) - Costs associated with labor agreement- - - - (533) - - - - (533) Legal expenses and settlement costs- - - - - - (626) - - (626) Reorganization related expenses- - - - - - (376) (94) - (470) Adjusted income tax provision1 ($7,881)($ 9,323)($14 ,403)($7,7 82)($2,217 )($8 ,055) ($ 9,726) ($15,924)($39,389)($35,922)Twelve Months Ended December 31,

EBITDA & ADJUSTED EBITDA RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED) 26 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 third quarter of 2014 includes debt retirement costs of $24.4 million. 3 Adjusted EBITDA excludes the impact of the items listed that we do not believe are indicative of our core operating performance. (Dollars in thousands) Q1'14Q2'14 Q3'14Q4'14 Q1'15Q2'15 Q3'15Q4'15 201 42015Ea rnings before interest, income taxes, and depreciation & amortization (EBITDA)1 GAAP net earnings (loss)$ 6,226$ 12,453$ 6,253($27,247)$ 5,757$ 15,597$ 23,064$ 11,565(2,315)$ $55,983Interest expense, net210,73410,68833,9908,1587,7827,7747,8827,74463,57031,182Income tax provision3,5589,9423,7351,3211,6988,7029,10017,00518,55636,505Depreciation and amortization expense22,23122,01522,29323,60621,00820,63221,20421,88890,14584,732EBITDA1$ 42,749$ 55,098$ 66,271$ 5,838$ 36,245$ 52,705$ 61,250$ 58,202$ 169,956$ 208,402Directors' equity-based compensation expense (benefit)2,817 (36) (185) 2,010 (470) (1,457) (1,914) (232) 4,606 (4,073) Costs associated with Thomaston facility closure750 374 42 91 - - - - 1,257 - Costs associated with Long Island facility closure8,432 1,843 4,767 3,771 554 735 728 446 18,813 2,463 Costs/loss associated with optimization and sale of the specialty mills- - 1,066 39,735 (131) (1,331) - 195 40,801 (1,267) Loss on impairment of Clearwater Fiber intangible asset- - - 3,078 - - - - 3,078 - Costs associated with labor agreement- - - - 1,730 - - - - 1,730 Legal expenses and settlement costs- - - - - - 1,972 - - 1,972 Reorganization related expenses- - - - - - 1,185 285 - 1,470 Adjusted EBITDA3$ 54,748$ 57,279$ 71,961$ 54,523$ 37,928$ 50,652$ 63,221$ 58,896$ 238,511$ 210,697Twelve Months Ended December 31,

SEGMENT EBITDA & ADJUSTED EBITDA RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED) 27 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) Q1'14Q2'14 Q3'14Q4'14 Q1'15Q2'15 Q3'15Q4'15 20142015Consumer ProductsOperating (loss) income($523)$ 12,705$ 12,535(30,745)$ $ 12,395$ 17,032$ 15,521$ 10,756($6,028)$ 55,704Depreciation and amortization expense15,490 15,071 15,484 15,459 12,977 13,438 14,048 14,132 61,504 54,595 Segment EBITDA1$ 14,967$ 27,776$ 28,019($15,286)$ 25,372$ 30,470$ 29,569$ 24,888$ 55,476$ 110,299Costs associated with Thomaston facility closure750 374 42 91 - - - - 1,257 - Costs associated with Long Island facility closure8,432 1,843 4,767 3,771 554 735 728 446 18,813 2,463 Costs/loss associated with optimization and sale of the specialty mills- - 579 40,222 (131) (1,331) - 195 40,801 (1,267) Costs associated with labor agreement- - - - 814 - - - - 814 Reorganization related expenses- - - - - - 494 62 - 556 Segment Adjusted EBITDA2$ 24,149$ 29,993$ 33,407$ 28,798$ 26,609$ 29,874$ 30,791$ 25,591$ 116,347$ 112,865Pulp and PaperboardOperating income$ 36,776$ 33,635$ 45,602$ 28,158$ 16,194$ 27,754$ 37,446$ 39,467$ 144,171$ 120,861Depreciation and amortization expense6,270 6,019 5,939 7,224 7,311 6,737 6,535 6,621 25,452 27,204 Segment EBITDA1$ 43,046$ 39,654$ 51,541$ 35,382$ 23,505$ 34,491$ 43,981$ 46,088$ 169,623$ 148,065Loss on impairment of Clearwater Fiber intangible asset- - - 3,078 - - - - 3,078 - Costs associated with labor agreement- - - - 916 - - - - 916 Reorganization related expenses- - - - - - 239 180 - 419 Segment Adjusted EBITDA2$ 43,046$ 39,654$ 51,541$ 38,460$ 24,421$ 34,491$ 44,220$ 46,268$ 172,701$ 149,400CorporateOperating loss($15,735) ($13,257)($14 ,159)($15,181 )($13,352)($1 2,713)($12,921)($13,909)($58,332)($52,895)Depreciation and amortization expense471 925 870 923 720 457 621 1,135 3,189 2,933 Corporate EBITDA1 ($15,264 )($12,33 2)($13,2 89)($14, 258)($12 ,632 )($1 2,256)($12,300)($12,774)($55,143)($49,962)Directors' equity-based compensation expense (benefit)2,817 (36) (185) 2,010 (470) (1,457) (1,914) (232) 4,606 (4,073) Costs/loss associated with optimization and sale of the specialty mills- - 487 (487) - - - - - - Legal expenses and settlement costs- - - - - - 1,972 - - 1,972 Reorganization related expenses- - - - - - 452 43 - 495 Corporate Adjusted EBITDA2 ($12,447 )($12,368)($12,987)($12,735)($13,102)($13,713)($11,790)($12,963)($50,537)($51,568)Twelve Months Ended December 31,

RETURN ON INVESTED CAPITAL, TANGIBLE STOCKHOLDERS’ EQUITY & EXCESS CASH RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED) 28 1 Non-GAAP measure. 2 Tangible stockholders' equity is defined as stockholders’ equity less Goodwill and Intangible assets, net. 3 Excess cash is defined as the sum of Cash and Short-term investments less Operating cash1. 4 Operating cash is defined as a minimum amount of available cash deemed by management to be sufficient to avoid operating disruptions due to a mismatch of cash inflows and outflows during an accounting period. 5 We recently adopted Accounting Standards Update 2015-03, which requires us to retroactively include deferred issuance amounts in Debt for 2011-2015. Debt amounts shown for 2011-2014 in the table have been adjusted accordingly. Note: Balance sheet items are as of the end of each period presented. (Dollars in thousands)20112012201320142015Net earnings (loss)39,674$ 64,131$ 106,955$ ($2,315)55,983$ Interest expense, net44,809 33,796 44,036 39,150 31,182 Net earnings before interest184,483$ 97,927$ 150,991$ 36,835$ 87,165$ Tangible stockholders' equity2205,623$ 263,608$ 334,783$ 263,494$ 245,789$ Debt5513,646 515,570 640,410 568,221 568,987 Less excess cash3(48,440) (17,579) (78,675) (62,331) 9,140 Invested capital670,829$ 761,599$ 896,518$ 769,384$ 823,916$ Return on Invested Capital (ROIC)12.6%12.9%16.8%4.8%10.6%Stockholders' equity484,904$ 540,894$ 605,094$ 497,537$ 474,866$ Goodwill(229,533) (229,533) (229,533) (209,087) (209,087) Intangible assets, net(49,748) (47,753) (40,778) (24,956) (19,990) Tangible stockholders' equity2205,623$ 263,608$ 334,783$ 263,494$ 245,789$ Cash8,439$ 12,579$ 23,675$ 27,331$ 5,610$ Short-term investments55,001 20,000 70,000 50,000 250 Operating cash4(15,000) (15,000) (15,000) (15,000) (15,000) Excess cash348,440$ 17,579$ 78,675$ 62,331$ (9,140)$ CONSUMER PRODUCTS INCLUDING SPECIALTY MILLSSPECIALTY MILLSPRO FORMACONSUMER PRODUCTS EXCLUDING SPECIALTY MILLS(Dollars in millions)TWELVE MONTHS ENDEDDECEMBER 31, 2014TWELVE MONTHS ENDEDNOVEMBER 30, 2014PRO FORMANet sales$1,183.4$217.7$965.7Adjusted operating income1$54.8$8.8$46.0Depreciation and amortization expense$61.5 $9.6 $51.9 Adjusted EBITDA1$116.3 $18.4 $97.9

PRO FORMA IMPACT OF SALE OF SPECIALTY MILLS (UNAUDITED) 29 1 Non-GAAP measure – See definition and reconciliation to most comparable GAAP measure.

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