Exhibit 99.2

CLEARWATER PAPER CORPORATIONFOURTH QUARTER AND FULL YEAR 2018SUPPLEMENTAL INFORMATION  03/12/19 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 the Shelby, North Carolina expansion; financial models; estimated Q1 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; and Q1 2019 product pricing and sales mix, product volumes shipped, pulp, transportation and maintenance. 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 

   2018 FULL YEARHIGHLIGHTS  $1,724 MILLION NET SALES, FLAT VS. 2017 ($98) MILLION GAAP OPERATING LOSS $177 MILLION ADJUSTED EBITDA1 DILUTED GAAP EPS OF ($8.72) AND ADJUSTED DILUTED EPS OF $2.551 ACHIEVED RECORD PAPERBOARD PRODUCTION AND SHIPMENTS COMPLETED SALE OF LADYSMITH MILL $195 MILLION NON CASH GOODWILL IMPAIRMENT CHARGE RELATED TO CONSUMER PRODUCTS STARTED TISSUE CONVERTING OPERATIONS AT OUR EXPANDED SHELBY FACILITYCOMPLETED SG&A COST SAVINGS ACTIONS RESULTING IN A $13 MILLION REDUCTION IN 2018 WITH AN EXPECTED FULL $20 MILLION RUN RATE REDUCTION IN 2019  1 Non-GAAP measure – See Appendix for the definition and reconciliation to the most comparable GAAP measure.  3 

   FOURTH QUARTERFINANCIAL HIGHLIGHTS  $429 MILLION NET SALES, FLAT VS. Q3'18 ($175) MILLION GAAP OPERATING LOSS$45 MILLION ADJUSTED EBITDA1, AT HIGH END OF THE OUTLOOK RANGE OF $40 TO $46 MILLION DILUTED GAAP EPS OF ($11.39) AND ADJUSTED DILUTED EPS OF $0.451CPD REVERSED OPERATING LOSS TO INCOME$195 MILLION NON CASH GOODWILL IMPAIRMENT CHARGE RELATED TO CONSUMER PRODUCTS  1 Non-GAAP measure – See Appendix for the definition and reconciliation to the most comparable GAAP measure.  4 

 FINANCIAL SUMMARY (GAAP BASIS)(UNAUDITED)                                      Twelve Months Ended December 31,         (Dollars in thousands - except per-share amounts)  Q1'17    Q2'17    Q3'17    Q4'17    Q1'18    Q2'18    Q3'18    Q4'18      2017    2018                                                Net sales  $437,525    $429,663    $426,504    $436,716    $436,952    $432,099    $426,460    $428,707      $1,730,408    $1,724,218    Gross Profit1  $50,465    $48,602    $39,742    $61,258    $44,519    $44,945    $50,239    $46,503      $200,067    $186,206    Selling, general and administrative expenses1  ($29,955  )  ($29,454  )  ($34,582  )  ($34,891  )  ($32,980  )  ($26,564  )  ($26,283  )  ($27,161  )    ($128,882  )  ($112,988  )  Operating income (loss)1  $20,510    $19,148    $5,160    $26,367    $11,539    $18,381    $46,900    ($174,729  )    $71,185    ($97,909  )  Consumer Products1  $6,204    $10,698    $4,525    $7,546    $1,629    ($3,604  )  ($1,269  )  $513      $28,973    ($2,731  )  Gain on divested assets  $—    $—    $—    $—    $—    $—    $22,944    $1,008      $—    $23,952    Goodwill impairment  $—    $—    $—    $—    $—    $—    $—    ($195,079  )    $—    ($195,079  )  Pulp and Paperboard1  $27,200    $21,071    $14,735    $34,354    $26,154    $34,192    $38,280    $31,800      $97,360    $130,426    Corporate1  ($12,894  )  ($12,621  )  ($14,100  )  ($15,533  )  ($16,244  )  ($12,207  )  ($13,055  )  ($12,971  )    ($55,148  )  ($54,477  )  Operating margin1  4.7  %  4.5  %  1.2  %  6.0  %  2.6  %  4.3  %  11.0  %  (40.8  )%    4.1  %  (5.7  )%  Interest expense, net  ($8,043  )  ($7,673  )  ($7,683  )  ($7,975  )  ($8,020  )  ($7,723  )  ($7,547  )  ($7,330  )    ($31,374  )  ($30,620  )  Non-operating pension and other postretirement benefit income (costs)1  $48    $517    $291    $287    ($1,279  )  ($1,187  )  ($1,234  )  ($1,233  )    $1,143    ($4,933  )  Income tax (provision) benefit2  ($5,000  )  ($3,955  )  $3,095    $62,245    $360    ($2,510  )  ($3,675  )  ($4,480  )    $56,385    ($10,305  )  Net earnings (loss)  $7,515    $8,037    $863    $80,924    $2,600    $6,961    $34,444    ($187,772  )    $97,339    ($143,767  )  Net earnings (loss) per diluted common share  $0.45    $0.48    $0.05    $4.88    $0.16    $0.42    $2.08    ($11.39  )    $5.88    ($8.72  )  5  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. 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, 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. 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 2. 8 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.  (Dollars in thousands - except per-share amounts)  Q1'17    Q2'17    Q3'17    Q4'17    Q1'18    Q2'18    Q3'18    Q4'18    Q1'19 Outlook7    2017    2018                                                  Net sales  $437,525    $429,663    $426,504    $436,716    $436,952    $432,099    $426,460    $428,707    1% - 2% Lower    $1,730,408    $1,724,218    Adjusted gross profit1,3  $56,668    $49,820    $41,048    $61,675    $44,712    $45,768    $50,399    $46,601        $209,211    $187,480    Adjusted gross profit margin1,2,3  13.0  %  11.7  %  9.7  %  14.2  %  10.2  %  10.6  %  11.8  %  10.9  %      12.1  %  10.9  %  Adjusted selling, general and administrative expenses1,3  ($31,290  )  ($30,832  )  ($29,158  )  ($29,941  )  ($28,778  )  ($27,171  )  ($25,644  )  ($26,182  )      ($121,221  )  ($107,775  )  Adjusted operating income (loss)1,3  $25,378    $18,988    $11,890    $31,734    $15,934    $18,597    $24,755    $20,419        $87,990    $79,705    Consumer Products3  $12,407    $11,916    $10,312    $11,513    $3,072    ($2,596  )  ($1,024  )  $852        $46,148    $304    Pulp and Paperboard3  $27,200    $21,071    $14,735    $34,486    $26,445    $34,284    $38,351    $31,806        $97,492    $130,886    Corporate3  ($14,229  )  ($13,999  )  ($13,157  )  ($14,265  )  ($13,583  )  ($13,091  )  ($12,572  )  ($12,239  )      ($55,650  )  ($51,485  )  Adjusted operating margin1,3,4  5.8  %  4.4  %  2.8  %  7.3  %  3.6  %  4.3  %  5.8  %  4.8  %  3.0% - 4.5%    5.1  %  4.6  %  Interest expense, net  ($8,043  )  ($7,673  )  ($7,683  )  ($7,975  )  ($8,020  )  ($7,723  )  ($7,547  )  ($7,330  )      ($31,374  )  ($30,620  )  Non-operating pension and other postretirement benefit income (costs)3  $48    $517    $291    $287    ($1,279  )  ($1,187  )  ($1,234  )  ($1,233  )      $1,143    ($4,933  )  Adjusted income tax (provision) benefit1,5  ($6,655  )  ($3,902  )  $807    ($9,597  )  ($1,415  )  ($2,566  )  $6,315    ($4,494  )      ($19,347  )  ($2,160  )  Adjusted net earnings1  $10,728    $7,930    $5,305    $14,449    $5,220    $7,121    $22,289    $7,362        $38,412    $41,992    Depreciation and amortization expense  $27,557    $26,055    $25,856    $25,522    $25,167    $25,177    $25,342    $26,267        $104,990    $101,953    Adjusted EBITDA1  $49,320    $45,023    $37,621    $57,543    $39,822    $42,587    $48,863    $45,453    $37,000 - $43,000    $189,507    $176,725    Consumer Products3  $26,986    $27,671    $25,969    $25,913    $17,369    $11,624    $13,423    $15,672        $106,539    $58,088    Pulp and Paperboard3  $35,305    $29,427    $23,063    $44,171    $35,874    $43,645    $47,667    $41,498        $131,966    $168,684    Corporate3  ($12,971  )  ($12,075  )  ($11,411  )  ($12,541  )  ($13,421  )  ($12,682  )  ($12,227  )  ($11,717  )      ($48,998  )  ($50,047  )  Adjusted EBITDA margin1,6  11.3  %  10.5  %  8.8  %  13.2  %  9.1  %  9.9  %  11.5  %  10.6  %      11.0  %  10.2  %  Adjusted net earnings per diluted common share1  $0.64    $0.48    $0.32    $0.87    $0.31    $0.43    $1.35    $0.45        $2.32    $2.55    Consolidated Secured Leverage Ratio1,8  3.37    3.71    3.69    3.86    4.15    3.95    3.97    0.99        3.86    0.99    Cash flow from operations  $45,538    $58,061    $48,577    $26,494    $30,853    $80,023    $10,223    $47,800        $178,670    $168,899    Capital Expenditures  $41,804    $47,750    $49,269    $59,862    $49,747    $117,712    $85,040    $85,451        $198,685    $337,950    6 

 2018 VS. 2017CONSOLIDATED ADJUSTED EBITDA1 BRIDGE  1 Non-GAAP measure – See Appendix for the definition and reconciliation to the most comparable GAAP measure.  PRICE/MIX    Lower tissue pricing and weaker mix partially offset by paperboard price increases  VOLUME    Lower tissue shipments primarily due to the sale of our Ladysmith mill in August, offset by record paperboard production and shipments  PULP    Higher purchased pulp pricing due to tight pulp market  WOOD FIBER    Higher wood fiber pricing  TRANSPORTATION    Higher freight costs due to line haul rate increases partly offset by reduction in miles due to operating model improvements  MAINTENANCE    Absence of planned major maintenance at paperboard facilities  SG&A    SG&A cost reduction initiative and lower profit dependent accruals  PENSION & OPEB    Lower OPEB Income due to smaller actuarial gain amortization  ADJ. EBITDA1(MILLIONS)  1  1  7 

 Q4’18 VS. Q3’18CONSOLIDATED ADJUSTED EBITDA1 BRIDGE  1 Non-GAAP measure – See Appendix for the definition and reconciliation to the most comparable GAAP measure.  PRICE/MIX    Higher paperboard and tissue pricing from previously announced price increases partially offset by weaker paperboard mix  VOLUME    Lower tissue shipments due to the sale of our Ladysmith mill and seasonally lower tissue demand  TRANSPORTATION    CPD operating model improvements from reduced freight and external warehousing costs  ENERGY    Higher natural gas prices due to a pipeline disruption impacting the Idaho mill partially offset by lower electrical rates at the Las Vegas mill  MAINTENANCE    Recovery boiler maintenance at the Idaho and Arkansas mills  IDAHO PULP DISRUPTION    Higher purchased pulp due to Idaho mill pulp production disruption, net of insurance recovery  ADJ. EBITDA1(MILLIONS)  1  1  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, 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. 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 sales6 Operating income (loss) for Q3'18 and Q4'18 includes $22.9 million and $1.0 million, respectively, for the gain on divested assets, net.  KEY SEGMENT RESULTS -CONSUMER PRODUCTS(UNAUDITED)    Q1'17    Q2'17    Q3'17    Q4'17    Q1'18    Q2'18    Q3'18    Q4'18    CONSUMER PRODUCTS CROSS-CYCLE FINANCIAL MODEL                                      Shipments                                    Retail (short tons)  78,686    77,714    77,544    75,123    80,971    73,070    70,335    69,480      Non-Retail (short tons)1  16,678    13,736    12,958    12,190    11,236    17,316    18,525    11,500      Total Tissue Tons  95,364    91,450    90,502    87,313    92,207    90,386    88,860    80,980      Converted Products (cases in thousands)2  13,123    12,709    12,727    12,662    13,262    12,027    11,789    11,621      Sales Price                                    Retail ($/short ton)  $2,772    $2,723    $2,754    $2,855    $2,715    $2,707    $2,615    $2,776      Non-Retail ($/short ton)1  $1,439    $1,454    $1,468    $1,480    $1,509    $1,372    $1,491    $1,727      Total Tissue ($/short ton)  $2,539    $2,533    $2,574    $2,663    $2,568    $2,451    $2,381    $2,627      Segment net sales ($ in thousands)  $242,423    $231,912    $232,916    $234,656    $238,842    $221,585    $211,642    $212,743      Segment GAAP operating income (loss)3,6 ($ in thousands)  $6,204    $10,698    $4,525    $7,546    $1,629    ($3,604  )  $21,675    ($193,558  )    Segment GAAP operating margin  2.6%    4.6%    1.9%    3.2%    0.7%    (1.6)%    10.2%    (91.0)%      Segment Adjusted EBITDA3,4 ($ in thousands)  $26,986    $27,671    $25,969    $25,913    $17,369    $11,624    $13,423    $15,672      Segment Adjusted EBITDA margin5  11.1%     11.9%     11.1%     11.0%     7.3%     5.2%     6.3%     7.4%     17.0%   9   

   CLEARWATER PAPERTISSUE SHIPMENTSAND U.S. RETAIL TISSUE MARKET  U.S. Retail Tissue Market Q4'18 ($) (MultiOutlet)1                  CATEGORY  PRIVATELABEL      BRANDS      TOTAL                      Total RetailTissue Share ($)  31  %    69  %    100  %  % ChangeQ4’18 vs. Q3’18  0.8  %    (0.8  )%    —  %   1 Data Source: IRI Worldwide data through December 31, 2018.  CLW Q4'18 by Market Segment(% of Tons)  CLW Q3'18 by Market Segment(% of Tons)  Other  Parent Rolls  Parent Rolls  AFH  AFH  Retail  Retail  10  Other  1%   1%  

 PRICE/MIX    Higher pricing due to previously announced price increases and higher mix of cases and lower parent roll shipments due to Ladysmith divestiture  VOLUME    Lower shipments due to the sale of our Ladysmith mill and seasonally lower demand  TRANSPORTATION    Operating model improvements from reduced freight and external warehousing costs  ENERGY    Seasonally lower electrical rates at Las Vegas mill  IDAHO PULP DISRUPTION    Higher purchased pulp due to Idaho mill pulp production disruption, net of insurance recovery  Q4'18 VS. Q3'18CONSUMER 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 Shipments and Sales Price exclude Scrap Sales in the fourth quarter of 20182 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. The corresponding prior period amounts have been reclassified to conform with the current period presentation.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.    Q1'17    Q2'17    Q3'17    Q4'17    Q1'18    Q2'18    Q3'18    Q4'18    PULP ANDPAPERBOARDCROSS-CYCLEFINANCIAL MODEL                                      Shipments1                                    Paperboard (short tons)  210,382    207,152    200,569    210,098    206,309    216,582    218,135    218,322      Sales Price1                                    Paperboard ($/short ton)  $927    $955    $965    $962    $960    $972    $985    $982      Segment net sales ($ in thousands)  $195,102    $197,751    $193,588    $202,060    $198,110    $210,514    $214,818    $215,964      Segment GAAP operating income2 ($ in thousands)  $27,200    $21,071    $14,735    $34,354    $26,154    $34,192    $38,280    $31,800      Segment GAAP operating margin  13.9%    10.7%    7.6%    17.0%    13.2%    16.2%    17.8%    14.7%      Segment Adjusted EBITDA2,3 ($ in thousands)  $35,305    $29,427    $23,063    $44,171    $35,874    $43,645    $47,667    $41,498      Segment Adjusted EBITDA margin4  18.1%    14.9%    11.9%    21.9%    18.1%    20.7%    22.2%    19.2%    19.0%  12 

   CLEARWATER PAPERPAPERBOARD SHIPMENTS ANDU.S. PAPERBOARD MARKET  U.S. Paperboard Production Q4'183               CATEGORY  CLEARWATER PAPER      OTHER                    Total Domestic SBS1 Market Share  14  %    86  %    Folding  19  %    81  %    Food Service2  14  %    86  %    Liquid Packaging  5  %    95  %    1 Solid Bleached Sulfate.2 Food Service includes cup, plate, dish and tray products.3 Data Source: American Forest and Paper Association Solid Bleached Domestic Production – December 31, 2018.  CLW Q4'18 by Market Segment(% of Tons)  CLW Q3'18 by Market Segment(% of Tons)  Folding  Folding  Liquid Pkg  Liquid Pkg  Food Service  Food Service  13 

 PRICE/MIX    Weaker mix largely offset by higher prices due to previously announced price increase  VOLUME    Flat  ENERGY    Higher natural gas prices due to a pipeline disruption impacting the Idaho mill  MAINTENANCE    Recovery boiler maintenance at the Idaho and Arkansas mills  IDAHO PULP DISRUPTION    Higher purchased pulp due to Idaho mill pulp production disruption, net of insurance recovery  Q4’18 vs. Q3'18 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.                                        Twelve Months Ended December 31,          CLEARWATER PAPER CROSS-CYCLE FINANCIAL MODEL    (Dollars in thousands)  Q1'17    Q2'17    Q3'17    Q4'17    Q1'18    Q2'18    Q3'18    Q4'18      2017    2018                                                            Net sales  100  %  100  %  100  %  100  %  100  %  100  %  100  %  100  %    100  %  100  %    100  %  Adjusted gross profit margin1  13.0  %  11.7  %  9.7  %  14.2  %  10.2  %  10.6  %  11.8  %  10.9  %    12.1  %  10.9  %    17.0  %  Adjusted SG&A expenses1 as % of net sales  (7.2  %)  (7.2  %)  (6.8  %)  (6.9  %)  (6.6  %)  (6.3  %)  (6.0  %)  (6.1  %)    (7.0  %)  (6.3  %)    (6.0  %)  Adjusted operating margin1  5.8  %  4.4  %  2.8  %  7.3  %  3.6  %  4.3  %  5.8  %  4.8  %    5.1  %  4.6  %    11.0  %  Adjusted net earnings1 as % of net sales  2.5  %  1.8  %  1.2  %  2.5  %  1.2  %  1.6  %  5.2  %  1.7  %    2.2  %  2.4  %    5.0  %  Adjusted EBITDA margin1  11.3  %  10.5  %  8.8  %  13.2  %  9.1  %  9.9  %  11.5  %  10.6  %    11.0  %  10.2  %    15.0  %  15   

 Q1’19 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 Adjusted EBITDA excludes the impact of the items listed that we do not believe are indicative of our core operating performance.     OUTLOOK          THREE MONTHS ENDINGMARCH 31, 2019          RANGE OF ESTIMATE        (Dollars in thousands)  FROM    TO              Earnings before interest, income taxes, and depreciation & amortization (EBITDA)2:          GAAP net earnings  $1,500    $5,500    Interest expense, net  7,900    8,100    Income tax provision  600    1,900    Depreciation and amortization expense  25,500    26,000    EBITDA2  $35,500    $41,500    Directors' equity-based compensation expense  500    500    Reorganization expenses associated with SG&A cost control measures  100    100    Other  900    900    Adjusted EBITDA3  $37,000    $43,000    16 

 Q1’19 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 26% annual rate.4 GAAP net earnings per diluted common share and Adjusted net earnings per diluted common share are calculated utilizing fourth quarter 2018 diluted average common shares outstanding of 16,491 (in thousands).     OUTLOOK          THREE MONTHS ENDINGMARCH 31, 2019          RANGE OF ESTIMATE        (Dollars in thousands)  FROM    TO              GAAP Operating Income  $11,000    $17,000    Directors' equity-based compensation expense  500    500    Reorganization expenses associated with SG&A cost control measures  100    100    Other  900    900    Adjusted operating income2  $12,500    $18,500                        (Dollars in thousands)  FROM    TO              GAAP net earnings  $1,500    $5,500    Adjustments, after tax3:          Directors' equity-based compensation expense  370    370    Reorganization expenses associated with SG&A cost control measures  70    70    Other  670    670    Adjusted net earnings2  $2,610    $6,610                FROM    TO              GAAP net earnings per diluted common share4  $0.09    $0.33    Adjusted net earnings per diluted common share2,4  $0.16    $0.40    17 

   Q1'19 OUTLOOK1    1% - 2% Lower    3.0% - 4.5%    $37M - $43M    $0.16 - $0.40  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 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 fourth quarter 2018 diluted average common shares outstanding of 16,491 (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, 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. 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.                                      Twelve Months Ended December 31,         (Dollars in thousands)  Q1'17    Q2'17    Q3'17    Q4'17    Q1'18    Q2'18    Q3'18    Q4'18      2017    2018                                                Gross profit1,2  $50,465    $48,602    $39,742    $61,258    $44,519    $44,945    $50,239    $46,503      $200,067    $186,206    Costs associated with Long Island facility closure  466    661    610    298    —    —    —    —      2,035    —    Costs associated with Oklahoma City facility closure  5,737    275    576    119    —    —    —    —      6,707    —    Write-off of assets as a result of Warehouse Automation project  —    41    —    —    —    —    —    —      41    —    Accelerated depreciation of assets as a result of Warehouse Automation project  —    241    120    —    —    —    —    —      361    —    Reorganization expenses associated with SG&A cost control measures  —    —    —    —    193    31    2    —      —    226    Consumer Products reorganization related expenses  —    —    —    —    —    792    158    98      —    1,048    Adjusted gross profit3  $56,668    $49,820    $41,048    $61,675    $44,712    $45,768    $50,399    $46,601      $209,211    $187,480    Selling, general and administrative expenses (SG&A)2  ($29,955  )  ($29,454  )  ($34,582  )  ($34,891  )  ($32,980  )  ($26,564  )  ($26,283  )  ($27,161  )    ($128,882  )  ($112,988  )  Directors' equity-based compensation (benefit) expense  (1,450  )  (1,483  )  463    (363  )  (709  )  (1,990  )  769    (410  )    (2,833  )  (2,340  )  Costs associated with Oklahoma City facility closure  —    —    4,481    3,530    —    —    —    —      8,011    —    Manchester Industries acquisition related expenses  115    105    —    —    —    —    —    —      220    —    Reorganization expenses associated with SG&A cost control measures  —    —    480    1,783    4,911    1,045    208    545      2,263    6,709    Other   —    —    —    —    —    338    (338  )  844      —    844    Adjusted selling, general and administrative expenses2  ($31,290  )  ($30,832  )  ($29,158  )  ($29,941  )  ($28,778  )  ($27,171  )  ($25,644  )  ($26,182  )    ($121,221  )  ($107,775  )  20 

 SEGMENT ADJUSTED OPERATING INCOME (LOSS)RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED)  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. 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.3 Operating income for Q3'18 and Q4'18 includes $22.9 million $1.0 million, respectively, for the gain on divested assets, net.                                      Twelve Months Ended December 31,         (Dollars in thousands)  Q1'17    Q2'17    Q3'17    Q4'17    Q1'18    Q2'18    Q3'18    Q4'18      2017    2018                                                Consumer Products                                            Operating income (loss)1,3  $6,204    $10,698    $4,525    $7,546    $1,629    ($3,604  )  $21,675    ($193,558  )    $28,973    ($173,858  )  Costs associated with Long Island facility closure  466    661    610    298    —    —    —    —      2,035    —    Costs associated with Oklahoma City facility closure  5,737    275    5,057    3,649    —    —    —    —      14,718    —    Write-off of assets as a result of Warehouse Automation project  —    41    —    —    —    —    —    —      41    —    Accelerated depreciation of assets as a result of Warehouse Automation project  —    241    120    —    —    —    —    —      361    —    Reorganization expenses associated with SG&A cost control measures  —    —    —    20    1,443    216    87    241      20    1,987    Consumer Products reorganization related expenses  —    —    —    —    —    792    158    98      —    1,048    Gain on divested assets, net  —    —    —    —    —        (22,944  )  (1,008  )    —    (23,952  )  Goodwill impairment                  —    —    —    195,079      —    195,079    Adjusted Consumer Products operating income (loss)2  $12,407    $11,916    $10,312    $11,513    $3,072    ($2,596  )  ($1,024  )  $852      $46,148    $304    Pulp and Paperboard                                            Operating Income1  $27,200    $21,071    $14,735    $34,354    $26,154    $34,192    $38,280    $31,800      $97,360    $130,426    Reorganization expenses associated with SG&A cost control measures  —    —    —    132    291    92    71    6      132    460    Adjusted Pulp and Paperboard operating income2  $27,200    $21,071    $14,735    $34,486    $26,445    $34,284    $38,351    $31,806      $97,492    $130,886    Corporate                                            Operating loss1  ($12,894  )  ($12,621  )  ($14,100  )  ($15,533  )  ($16,244  )  ($12,207  )  ($13,055  )  ($12,971  )    ($55,148  )  ($54,477  )  Directors' equity-based compensation (benefit) expense  (1,450  )  (1,483  )  463    (363  )  (709  )  (1,990  )  769    (410  )    (2,833  )  (2,340  )  Manchester Industries acquisition related expenses  115    105    —    —    —    —    —    —      220    —    Reorganization expenses associated with SG&A cost control measures  —    —    480    1,631    3,370    768    52    298      2,111    4,488    Other   —    —    —    —    —    338    (338  )  844      —    844    Adjusted Corporate operating loss2  ($14,229  )  ($13,999  )  ($13,157  )  ($14,265  )  ($13,583  )  ($13,091  )  ($12,572  )  ($12,239  )    ($55,650  )  ($51,485  )  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%.                                      Twelve Months Ended December 31,        (Dollars in thousands - except per-share amounts)  Q1'17    Q2'17    Q3'17    Q4'17    Q1'18    Q2'18    Q3'18    Q4'18      2017    2018                                                GAAP net earnings (loss)  $7,515    $8,037    $863    $80,924    $2,600    $6,961    $34,444    ($187,772  )    $97,339    ($143,767  )  Adjustments, after tax1:                                            Directors' equity-based compensation (benefit) expense  (957  )  (988  )  306    (242  )  (532  )  (1,472  )  524    (337  )    (1,881  )  (1,817  )  Costs associated with Long Island facility closure  308    440    402    199    —    —    —    —      1,349    —    Costs associated with Oklahoma City facility closure  3,786    183    3,338    2,434    —    —    —    —      9,741    —    Manchester Industries acquisition related expenses  76    70    —    —    —    —    —    —      146    —    Write-off of assets as a result of Warehouse Automation project  —    27    —    —    —    —    —    —      27    —    Accelerated depreciation of assets as a result of Warehouse Automation project  —    161    79    —    —    —    —    —      240    —    Reorganization expenses associated with SG&A cost control measures  —    —    317    1,189    3,828    796    143    447      1,506    5,214    Federal tax rate change3  —    —    —    (70,055  )  —    —    —    —      (70,055  )  —    Impact of state tax rate changes  —    —    —    —    (676  )  —    —    —      —    (676  )  Consumer Products reorganization related expenses  —    —    —    —    —    586    108    80      —    774    Other   —    —    —    —    —    250    (250  )  693      —    693    Gain on divested assets, net  —    —    —    —    —    —    (12,680  )  (828  )    —    (13,508  )  Goodwill impairment  —    —    —    —    —    —    —    195,079      —    195,079    Adjusted net earnings2  $10,728    $7,930    $5,305    $14,449    $5,220    $7,121    $22,289    $7,362      $38,412    $41,992    Net earnings (loss) per diluted common share  $0.45    $0.48    $0.05    $4.88    $0.16    $0.42    $2.08    ($11.39  )    $5.88    ($8.72  )  Adjustments, after tax1:                                            Directors' equity-based compensation (benefit) expense  (0.06  )  (0.06  )  0.02    (0.01  )  (0.03  )  (0.09  )  0.03    (0.02  )    (0.11  )  (0.11  )  Costs associated with Long Island facility closure  0.02    0.03    0.02    0.01    —    —    —    —      0.08    —    Costs associated with Oklahoma City facility closure  0.23    0.01    0.20    0.15    —    —    —    —      0.59    —    Manchester Industries acquisition related expenses  —    0.01    —    —    —    —    —    —      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    —    —    —    —    —      0.01    —    Reorganization expenses associated with SG&A cost control measures  —    —    0.02    0.07    0.22    0.04    0.01    0.03      0.09    0.32    Federal tax rate change3  —    —    —    (4.23  )  —    —    —    —      (4.23  )  —    Impact of state tax rate changes  —    —    —    —    (0.04  )  —    —    —      —    (0.04  )  Consumer Products reorganization related expenses  —    —    —    —    —    0.04    0.01    0.01      —    0.05    Other   —    —    —    —    —    0.02    (0.02  )  0.04      —    0.04    Gain on divested assets, net  —    —    —    —    —    —    (0.76  )  (0.05  )    —    (0.82  )  Goodwill impairment  —    —    —    —    —    —    —    11.83      —    11.83    Adjusted net earnings per diluted common share2  $0.64    $0.48    $0.32    $0.87    $0.31    $0.43    $1.35    $0.45      $2.32    $2.55    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.2 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%.                                      Twelve Months Ended December 31,         (Dollars in thousands)  Q1'17    Q2'17    Q3'17    Q4'17    Q1'18    Q2'18    Q3'18    Q4'18      2017    2018                                                GAAP income tax (provision) benefit  ($5,000  )  ($3,955  )  $3,095    $62,245    $360    ($2,510  )  ($3,675  )  ($4,480  )    $56,385    ($10,305  )  Adjustments, tax impact:                                            Directors' equity-based compensation benefit (expense)  493    495    (157  )  121    177    518    (245  )  73      952    523    Costs associated with Long Island facility closure  (158  )  (221  )  (208  )  (99  )  —    —    —    —      (686  )  —    Costs associated with Oklahoma City facility closure  (1,951  )  (92  )  (1,719  )  (1,215  )  —    —    —    —      (4,977  )  —    Manchester Industries acquisition related expenses  (39  )  (35  )  —    —    —    —    —    —      (74  )  —    Write-off of assets as a result of Warehouse Automation project  —    (14  )  —    —    —    —    —    —      (14  )  —    Accelerated depreciation of assets as a result of Warehouse Automation project  —    (80  )  (41  )  —    —    —    —    —      (121  )  —    Reorganization expenses associated with SG&A cost control measures  —    —    (163  )  (594  )  (1,276  )  (280  )  (67  )  (98  )    (757  )  (1,721  )  Federal tax rate change2  —    —    —    (70,055  )  —    —    —    —      (70,055  )  —    Impact of state tax rate changes  —    —    —    —    (676  )  —    —    —      —    (676  )  Consumer Products reorganization related expenses  —    —    —    —    —    (206  )  (50  )  (18  )    —    (274  )  Other   —    —    —    —    —    (88  )  88    (151  )    —    (151  )  Gain on divested assets, net  —    —    —    —    —    —    10,264    180      —    10,444    Goodwill impairment  —    —    —    —    —    —    —    —      —    —    Adjusted income tax (provision) benefit1  ($6,655  )  ($3,902  )  $807    ($9,597  )  ($1,415  )  ($2,566  )  $6,315    ($4,494  )    ($19,347  )  ($2,160  )  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.                                       Twelve Months Ended December 31,         (Dollars in thousands)  Q1'17    Q2'17    Q3'17    Q4'17    Q1'18    Q2'18    Q3'18    Q4'18      2017    2018                                                Earnings before interest, income taxes, and depreciation & amortization (EBITDA)1                                            GAAP net earnings (loss)  $7,515    $8,037    $863    $80,924    $2,600    $6,961    $34,444    ($187,772  )    $97,339    ($143,767  )  Interest expense, net  8,043    7,673    7,683    7,975    8,020    7,723    7,547    7,330      31,374    30,620    Income tax provision (benefit)  5,000    3,955    (3,095  )  (62,245  )  (360  )  2,510    3,675    4,480      (56,385  )  10,305    Depreciation and amortization expense  27,557    26,055    25,856    25,522    25,167    25,177    25,342    26,267      104,990    101,953    EBITDA1  $48,115    $45,720    $31,307    $52,176    $35,427    $42,371    $71,008    ($149,695  )    $177,318    ($889  )  Directors' equity-based compensation (benefit) expense  (1,450  )  (1,483  )  463    (363  )  (709  )  (1,990  )  769    (410  )    (2,833  )  (2,340  )  Costs associated with Long Island facility closure  466    365    314    298    —    —    —    —      1,443    —    Costs associated with Oklahoma City facility closure  2,074    275    5,057    3,649    —    —    —    —      11,055    —    Manchester Industries acquisition related expenses  115    105    —    —    —    —    —    —      220    —    Write-off of assets as a result of Warehouse Automation project  —    41    —    —    —    —    —    —      41    —    Reorganization expenses associated with SG&A cost control measures  —    —    480    1,783    5,104    1,076    210    545      2,263    6,935    Consumer Products reorganization related expenses  —    —    —    —    —    792    158    98      —    1,048    Other   —    —    —    —    —    338    (338  )  844      —    844    Gain on divested assets, net  —    —    —    —    —    —    (22,944  )  (1,008  )    —    (23,952  )  Goodwill impairment  —    —    —    —    —    —    —    195,079      —    195,079     Adjusted EBITDA2  $49,320    $45,023    $37,621    $57,543    $39,822    $42,587    $48,863    $45,453      $189,507    $176,725    24 

 SEGMENT EBITDA & ADJUSTED EBITDA RECONCILIATION OF NON-GAAPFINANCIAL MEASURES (UNAUDITED)  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. 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.4 Operating income for Q3'18 and Q4'18 includes $22.9 million $1.0 million, respectively, for the gain on divested assets, net.                                      Twelve Months Ended December 31,         (Dollars in thousands)  Q1'17    Q2'17    Q3'17    Q4'17    Q1'18    Q2'18    Q3'18    Q4'18      2017    2018                                                Consumer Products                                            Operating income (loss)1,4  $6,204    $10,698    $4,525    $7,546    $1,629    ($3,604  )  $21,675    ($193,558  )    $28,973    ($173,858  )  Depreciation and amortization expense  18,242    16,292    16,073    14,400    14,297    14,220    14,447    14,820      65,007    57,784    Segment EBITDA2  $24,446    $26,990    $20,598    $21,946    $15,926    $10,616    $36,122    ($178,738  )    $93,980    ($116,074  )  Costs associated with Long Island facility closure  466    365    314    298    —    —    —    —      1,443    —    Costs associated with Oklahoma City facility closure  2,074    275    5,057    3,649    —    —    —    —      11,055    —    Write-off of assets as a result of Warehouse Automation project  —    41    —    —    —    —    —    —      41    —    Reorganization expenses associated with SG&A cost control measures  —    —    —    20    1,443    216    87    241      20    1,987    Consumer Products reorganization related expenses  —    —    —    —    —    792    158    98      —    1,048    Gain on divested assets, net  —    —    —    —    —        (22,944  )  (1,008  )    —    (23,952  )  Goodwill impairment  —    —    —    —    —    —    —    195,079      —    195,079    Segment Adjusted EBITDA3  $26,986    $27,671    $25,969    $25,913    $17,369    $11,624    $13,423    $15,672      $106,539    $58,088    Pulp and Paperboard                                            Operating income1  $27,200    $21,071    $14,735    $34,354    $26,154    $34,192    $38,280    $31,800      $97,360    $130,426    Depreciation and amortization expense  8,105    8,356    8,328    9,685    9,429    9,361    9,316    9,692      34,474    37,798    Segment EBITDA2  $35,305    $29,427    $23,063    $44,039    $35,583    $43,553    $47,596    $41,492      $131,834    $168,224    Reorganization expenses associated with SG&A cost control measures  —    —    —    132    291    92    71    6      132    460    Segment Adjusted EBITDA3  $35,305    $29,427    $23,063    $44,171    $35,874    $43,645    $47,667    $41,498      $131,966    $168,684    Corporate                                            Operating loss1  ($12,894  )  ($12,621  )  ($14,100  )  ($15,533  )  ($16,244  )  ($12,207  )  ($13,055  )  ($12,971  )    ($55,148  )  ($54,477  )  Depreciation and amortization expense  1,210    1,407    1,455    1,437    1,441    1,596    1,579    1,755      5,509    6,371    Non-operating pension and other postretirement benefit costs1  48    517    291    287    (1,279  )  (1,187  )  (1,234  )  (1,233  )    1,143    (4,933  )  Corporate EBITDA2  ($11,636  )  ($10,697  )  ($12,354  )  ($13,809  )  ($16,082  )  ($11,798  )  ($12,710  )  ($12,449  )    ($48,496  )  ($53,039  )  Directors' equity-based compensation (benefit) expense  (1,450  )  (1,483  )  463    (363  )  (709  )  (1,990  )  769    (410  )    (2,833  )  (2,340  )  Manchester Industries acquisition related expenses  115    105    —    —    —    —    —    —      220    —    Reorganization expenses associated with SG&A cost control measures  —    —    480    1,631    3,370    768    52    298      2,111    4,488    Other   —    —    —    —    —    338    (338  )  844      —    844    Corporate Adjusted EBITDA3  ($12,971  )  ($12,075  )  ($11,411  )  ($12,541  )  ($13,421  )  ($12,682  )  ($12,227  )  ($11,717  )    ($48,998  )  ($50,047  )  25   

 FOR MORE INFORMATION:WWW.CLEARWATERPAPER.COM    26