Exhibit 99.2

 CLEARWATER PAPER CORPORATIONTHIRD QUARTER 2017SUPPLEMENTAL INFORMATION  10/19/17 LINDA MASSMANPRESIDENT, CHIEF EXECUTIVE OFFICER AND DIRECTORJOHN HERTZSENIOR VICE PRESIDENT FINANCE AND CHIEF FINANCIAL OFFICER

FORWARD-LOOKING STATEMENTS  This presentation of supplemental information contains, in addition to historical information, certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding outlook for Q4; the costs, timing and benefits associated with strategic capital investments and operational improvements; financial models; estimated Q4 net earnings, EBITDA, and adjusted EBITDA; and estimated Q4 2017 operating income, adjusted operating income, adjusted net earnings, net earnings per diluted common share, adjusted net earnings per diluted common share, net sales and adjusted operating margin, product volumes shipped, product pricing and sales mix, cost and timing of major maintenance and repairs, pulp costs, energy costs, and productivity gains. These forward-looking statements are based on management’s current expectations, estimates, assumptions and projections that are subject to change. Our actual results of operations may differ materially from those expressed or implied by the forward-looking statements contained in this presentation. Important factors that could cause or contribute to such differences include the risks and uncertainties described from time to time in the company's public filings with the Securities and Exchange Commission, as well as the following: our ability to execute on our growth and expansion strategies; manufacturing or operating disruptions, including IT system and IT system implementation failures, equipment malfunction and damage to our manufacturing facilities; competitive pricing pressures for our products, including as a result of increased capacity as additional manufacturing facilities are operated by our competitors;the loss of or changes in prices in regards to a significant customer; changes in the U.S. and international economies and in general economic conditions in the regions and industries in which we operate; our ability to realize the expected benefits of our Manchester Industries acquisition;changes in customer product preferences and competitors' product offerings;changes in transportation costs and disruptions in transportation services; changes in the cost and availability of wood fiber and wood pulp; changes in costs for and availability of packaging supplies, chemicals, energy and maintenance and repairs; cyber-security risks;reliance on a limited number of third-party suppliers for raw materials; labor disruptions; unanticipated construction delays involving our planned new tissue manufacturing operations in Shelby, NC; environmental liabilities or expenditures; cyclical industry conditions; changes in expenses and required contributions associated with our pension plans; our inability to service our debt obligations;restrictions on our business from debt covenants and terms; andchanges in laws, regulations or industry standards affecting our business.Forward-looking statements contained in this presentation present management’s views only as of the date of this presentation. We undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise.   2

THIRD QUARTERFINANCIAL HIGHLIGHTS  $427 MILLION NET SALES, DOWN 1% VS. Q2'17 $5 MILLION GAAP OPERATING INCOME$38 MILLION ADJUSTED EBITDA1, BELOW OUR ORIGINAL OUTLOOK RANGE OF $40 TO $46 MILLION GAAP EPS OF $0.05 AND ADJUSTED EPS OF $0.321COMPLETED MAJOR MAINTENANCE OUTAGE AT OUR IDAHO PAPERBOARD MILL AT A COST OF $21 MILLIONAN INCREMENTAL $11 MILLION CONTRIBUTION TO OPERATING INCOME AND A $12 MILLION CONTRIBUTION TO ADJUSTED EBITDA1 FROM STRATEGIC CAPITAL AND OPERATIONAL EFFICIENCY INITIATIVES IN Q3’17 VS. Q3’16  1 Non-GAAP measure – See Appendix for the definition and reconciliation to the most comparable GAAP measure.  3

FINANCIAL SUMMARY (GAAP BASIS)(UNAUDITED)  (Dollars in thousands - except per-share amounts)  Q1'16    Q2'16    Q3'16    Q4'16    Q1'17    Q2'17    Q3'17                                  Net sales  $437,204    $436,671    $435,320    $425,568    $437,525    $429,663    $426,504    Gross Profit  $68,557    $74,820    $38,715    $57,044    $50,495    $48,930    $39,923    Selling, general and administrative expenses  ($30,795  )  ($34,655  )  ($31,190  )  ($32,934  )  ($29,937  )  ($29,265  )  ($34,472  )  Gain on divested assets  $—    $—    $1,755    $—    $—    $—    $—    Operating income (loss)  $37,762    $40,165    $9,280    $24,110    $20,558    $19,665    $5,451    Consumer Products  18,390    18,544    17,201    13,781    6,189    10,534    4,436    Pulp and Paperboard  35,163    40,032    9,956    27,581    27,248    21,595    15,023    Corporate  (15,791  )  (18,411  )  (17,877  )  (17,252  )  (12,879  )  (12,464  )  (14,008  )  Operating margin  8.6  %  9.2  %  2.1  %  5.7  %  4.7  %  4.6  %  1.3  %  Interest expense, net  ($7,643  )  ($7,396  )  ($7,520  )  ($7,741  )  ($8,043  )  ($7,673  )  ($7,683  )  Debt retirement costs  $—    $—    $—    ($351  )  $—    $—    $—    Income tax (provision) benefit  ($11,673  )  ($11,905  )  ($859  )  ($6,675  )  ($5,000  )  ($3,955  )  $3,095    Net earnings  $18,446    $20,864    $901    $9,343    $7,515    $8,037    $863    Net earnings per diluted common share  $1.05    $1.21    $0.05    $0.56    $0.45    $0.48    $0.05    4

FINANCIAL SUMMARY (ADJUSTED BASIS)(UNAUDITED)  1 Non-GAAP measure – See Appendix for the definition and reconciliation to the most comparable GAAP measure.2 Adjusted gross profit margin is defined as Adjusted gross profit divided by Net sales.3 Adjusted operating margin is defined as Adjusted operating income divided by Net sales.4 Adjusted EBITDA margin is defined as Adjusted EBITDA divided by Net sales.5 This information is based upon management’s current expectations and estimates, which are in part based on market and industry data. Many factors are outside the control of management, including particularly input costs for commodity products, and actual results may differ materially from the information set forth above. See “Forward-Looking Statements” on page 1.6 Non-GAAP measure – See page 15 for the reconciliation to the most comparable GAAP measure...  (Dollars in thousands - except per-share amounts)  Q1'16    Q2'16    Q3'16    Q4'16    Q1'17    Q2'17    Q3'17    Q4'17 Outlook5                                  Net sales  $437,204    $436,671    $435,320    $425,568    $437,525    $429,663    $426,504    1% - 3%  Adjusted gross profit1  $68,989    $75,353    $41,051    $60,215    $56,698    $50,148    $41,229      Adjusted gross profit margin1,2  15.8  %  17.3  %  9.4  %  14.1  %  13.0  %  11.7  %  9.7  %    Adjusted selling, general and administrative expenses1  ($30,069  )  ($31,045  )  ($29,489  )  ($29,915  )  ($31,272  )  ($30,643  )  ($29,048  )    Adjusted operating income (loss)1  $38,920    $44,308    $11,562    $30,300    $25,426    $19,505    $12,181      Consumer Products  18,822    19,077    15,912    16,952    12,392    11,752    10,223      Pulp and Paperboard  35,163    40,032    9,956    27,581    27,248    21,595    15,023      Corporate  (15,065  )  (14,801  )  (14,306  )  (14,233  )  (14,214  )  (13,842  )  (13,065  )    Adjusted operating margin1,3  8.9  %  10.1  %  2.7  %  7.1  %  5.8  %  4.5  %  2.9  %  6% - 7.5%  Interest expense, net  ($7,643  )  ($7,396  )  ($7,520  )  ($7,741  )  ($8,043  )  ($7,673  )  ($7,683  )    Debt retirement costs  $—    $—    $—    ($351  )  $—    $—    $—      Adjusted income tax (provision) benefit1  ($12,089  )  ($13,368  )  ($1,673  )  ($8,388  )  ($6,655  )  ($3,902  )  $807      Adjusted net earnings1  $19,188    $23,544    $2,369    $13,820    $10,728    $7,930    $5,305      Depreciation and amortization expense  $21,150    $22,024    $22,747    $25,169    $27,557    $26,055    $25,856      Adjusted EBITDA1  $60,070    $66,332    $34,309    $54,125    $49,320    $45,023    $37,621    $50,000-$60,0006  Consumer Products  32,581    33,280    30,934    31,999    26,971    27,507    25,880      Pulp and Paperboard  41,530    46,481    16,486    34,976    35,353    29,951    23,351      Corporate  (14,041  )  (13,429  )  (13,111  )  (12,850  )  (13,004  )  (12,435  )  (11,610  )    Adjusted EBITDA margin1,4  13.7  %  15.2  %  7.9  %  12.7  %  11.3  %  10.5  %  8.8  %    Adjusted net earnings per diluted common share1  $1.09    $1.37    $0.14    $0.82    $0.64    $0.48    $0.32      Gross debt to rolling four quarter total Adjusted EBITDA1  2.5    2.3    2.7    3.3    3.5    3.7    3.7      Capital Expenditures  $25,732    $28,822    $54,794    $46,329    $41,804    $47,750    $49,269      5

Q3’17 VS. Q2’17CONSOLIDATED ADJUSTED EBITDA1 BRIDGE  1 Non-GAAP measure – See Appendix for the definition and reconciliation to the most comparable GAAP measure.  PRICE/MIX    Stronger mix of ultra quality tissue sales, improved paperboard mix  VOLUME    Lower shipments of commodity grade paperboard due to inventory build ahead of continuous digester startup, lower non-retail tissue sales  RAW MATERIALS    Higher external pulp pricing, lower internal pulp usage due to Idaho major maintenance outage  TRANSPORTATION    Higher freight rates due to weather related events  ENERGY    Higher Las Vegas summer electrical rates  MAINTENANCE    Planned Idaho major maintenance outage in excess of Q2 outage in Arkansas  ADJ, EBITDA1(MILLIONS)  1  1  6

Q3’17 VS. Q3’16CONSOLIDATED ADJUSTED EBITDA1 BRIDGE  1 Non-GAAP measure – See Appendix for the definition and reconciliation to the most comparable GAAP measure.  PRICE/MIX    Stronger mix of retail tissue sales, higher paperboard pricing  VOLUME    Lower non-retail sales due to shutdown of two tissue machines at the Neenah facility, partly offset by higher paperboard shipment volume due to Manchester Industries acquisition  RAW MATERIALS    Higher external pulp pricing  TRANSPORTATION    Higher rates in connection with weather related events, increased internal inventory shipments due to Oklahoma City facility closure, more than offset by reductions in wages and benefits  MAINTENANCE    Lower non-major maintenance outage costs  WAGES & BENEFTIS    Lower due to warehouse automation, shutdown of two tissue machines at the Neenah facility, and Oklahoma City facility closure, all partly offset by annual wage increases  ADJ, EBITDA1(MILLIONS)  1  1  Net productivity improvement vs. Q3'16 of $12 million1  7

1 Non-GAAP measure – See Appendix for the definition and reconciliation to the most comparable GAAP measure.2 Based on Q1’15 prices, input costs, and market and industry data. Many factors are outside the control of management, including particularly input costs for commodity products, and actual results may differ materially from the information set forth above. See “Forward-Looking Statements” on page 1.3 The Continuous Digester is expected to be completed in Q4’17. 2015 - 2016 and YTD Q3'17 Adjusted EBITDA contributions were $0.3M and $0.9M, respectively..  STRATEGIC INVESTMENT AND OPERATIONAL IMPROVEMENT SCORECARD AS OF Q3'17   Strategic plan announced in Q1’15, expected capex of $229-$241 million Expected to yield a $98-$128 million operating income increase by 20182 Expected to yield a $115-$145 million Adjusted EBITDA1 increase by 20182     Continuous Digester3  Warehouse Automation  Other Projects  Operational Improvements  TOTAL STRATEGIC CAPEX  $148-$158  $32-$34  $49   $0  FULL RUN-RATE EXPECTED IMPACT (MILLIONS $)2                  OPERATING INCOME  $23-$28    $15-$16    $16-$19    $44-$65    ADJUSTED EBITDA2  $30-$35    $20-$21    $21-$24    $44-$65    2015-2016 ADJUSTED EBITDA1 ACHIEVED  YTD Q3'17 ADJUSTED EBITDA1 ACHIEVED  8

1 Includes away-from-home (AFH), contract and parent roll tissue products. 2 Includes retail, AFH, and contract tissue case products. 3 Non-GAAP measure – See Appendix for the definition and reconciliation to the most comparable GAAP measure. 4 Non-GAAP measure – Segment Adjusted EBITDA margin is defined as Segment Adjusted EBITDA divided by Segment net sales.  KEY SEGMENT RESULTS -CONSUMER PRODUCTS(UNAUDITED)    Q1'16    Q2'16    Q3'16    Q4'16    Q1'17    Q2'17    Q3'17    CONSUMER PRODUCTS CROSS-CYCLE FINANCIAL MODEL                                  Shipments                                Non-Retail (short tons)1  24,358    20,028    18,384    19,182    16,678    13,736    12,958      Retail (short tons)  75,027    79,095    82,216    77,704    78,686    77,714    77,544      Total Tissue Tons  99,385    99,123    100,600    96,886    95,364    91,450    90,502      Converted Products (cases in thousands)2  12,990    13,229    13,770    12,886    13,123    12,709    12,727      Sales Price                                Non-Retail ($/short ton)1  $1,477    $1,496    $1,506    $1,442    $1,439    $1,454    $1,468      Retail ($/short ton)  $2,784    $2,747    $2,742    $2,757    $2,772    $2,723    $2,754      Total Tissue ($/short ton)  $2,464    $2,494    $2,516    $2,496    $2,539    $2,533    $2,574      Segment net sales ($ in thousands)  $245,018    $247,912    $253,319    $242,131    $242,423    $231,912    $232,916      Segment GAAP operating income ($ in thousands)  $18,390    $18,544    $17,201    $13,781    $6,189    $10,534    $4,436      Segment GAAP operating margin  7.5%    7.5%    6.8%    5.7%    2.6%    4.5%    1.9%      Segment Adjusted EBITDA3 ($ in thousands)  $32,581    $33,280    $30,934    $31,999    $26,971    $27,507    $25,880      Segment Adjusted EBITDA margin4  13.3%     13.4%     12.2%     13.2%     11.1%     11.9%     11.1%     17.0%   9

CLEARWATER PAPERTISSUE SHIPMENTSAND U.S. RETAIL TISSUE MARKET  U.S. Retail Tissue Market ($) (MultiOutlet)1                  CATEGORY  PRIVATELABEL      BRANDS      TOTAL                      Total RetailTissue Share ($)  26  %    74  %    100  %  % ChangeQ3’17 vs. Q2’17  0.4  %    (0.4  )%    —  %   1 Data Source: IRI Worldwide data through September 10, 2017  CLW Q3'17 by Market Segment(% of Tons)  CLW Q2'17 by Market Segment(% of Tons)  Other  Other  Parent Rolls  Parent Rolls  AFH  AFH  Retail  Retail  10

PRICE/MIX    Stronger mix of ultra quality tissue sales  VOLUME    Lower non-retail tissue sales  RAW MATERIALS    Higher external pulp pricing, lower internal pulp usage due to Idaho major maintenance outage  TRANSPORTATION    Higher customer freight rates due to weather related events  ENERGY    Higher Las Vegas summer electrical rates  Q3'17 VS. Q2'17CONSUMER PRODUCTS ADJUSTED EBITDA1 BRIDGE  1 Non-GAAP measure – See Appendix for the definition and reconciliation to the most comparable GAAP measure.  SEGMENT ADJ. EBITDA1(MILLIONS)  1  1  11

KEY SEGMENT RESULTS – PULP AND PAPERBOARD(UNAUDITED)  1 Non-GAAP measure – See Appendix for the definition and reconciliation to the most comparable GAAP measure.2 Non-GAAP measure – Segment Adjusted EBITDA margin is defined as Segment Adjusted EBITDA divided by Segment net sales.3 Results include the full impact of Manchester Industries, which was acquired at the end of Q4’16.     Q1'16    Q2'16    Q3'16    Q4'16    Q1'173    Q2'173    Q3'173    PULP ANDPAPERBOARDCROSS-CYCLEFINANCIAL MODEL                                  Shipments                                Paperboard (short tons)  201,340    199,132    196,271    199,415    210,382    207,152    200,569      Sales Price                                Paperboard ($/short ton)  $952    $948    $927    $920    $927    $955    $965      Segment net sales ($ in thousands)  $192,186    $188,759    $182,001    $183,437    $195,102    $197,751    $193,588      Segment GAAP operating income ($ in thousands)  $35,163    $40,032    $9,956    $27,581    $27,248    $21,595    $15,023      Segment GAAP operating margin  18.3%    21.2%    5.5%    15.0%    14.0%    10.9%    7.8%      Segment Adjusted EBITDA1 ($ in thousands)  $41,530    $46,481    $16,486    $34,976    $35,353    $29,951    $23,351      Segment Adjusted EBITDA margin2  21.6%    24.6%    9.1%    19.1%    18.1%    15.1%    12.1%    19.0%  12

CLEARWATER PAPERPAPERBOARD SHIPMENTS ANDU.S. PAPERBOARD MARKET  U.S. Paperboard Production3               CATEGORY  CLEARWATER PAPER      OTHER                    Total Domestic SBS1 Market Share  14  %    86  %    Folding  19  %    81  %    Food Service2  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 – September YTD 2017.  CLW Q3'17 by Market Segment(% of Tons)  CLW Q2'17 by Market Segment(% of Tons)  Folding  Folding  Liquid Pkg  Liquid Pkg  Food Service  Food Service  13

PRICE/MIX    Improved mix of paperboard sales  VOLUME    Lower shipments of commodity grade paperboard due to inventory build ahead of continuous digester startup  ENERGY    Lower natural gas prices  MAINTENANCE    Planned Idaho major maintenance outage in excess of Q2 outage in Arkansas  Q3’17 vs. Q2'17 PULP AND PAPERBOARD ADJUSTED EBITDA1 BRIDGE  1 Non-GAAP measure – See Appendix for the definition and reconciliation to the most comparable GAAP measure.  SEGMENT ADJ. EBITDA1(MILLIONS)  1  1  14

CLEARWATER PAPER CROSS-CYCLE FINANCIAL MODEL  1 Non-GAAP measure – See Appendix for the definition and reconciliation to the most comparable GAAP measure.    (Dollars in thousands)  Q1'16    Q2'16    Q3'16    Q4'16    Q1'17    Q2'17    Q3'17      CLEARWATER PAPER CROSS-CYCLE FINANCIAL MODEL                                        Net sales  100  %  100  %  100  %  100  %  100  %  100  %  100  %    100  %  Adjusted gross profit margin1  15.8  %  17.3  %  9.4  %  14.1  %  13.0  %  11.7  %  9.7  %    17.0  %  Adjusted SG&A expenses1 as % of net sales  (6.9  %)  (7.1  %)  (6.8  %)  (7.0  %)  (7.1  %)  (7.1  %)  (6.8  %)    (6.0  %)  Adjusted operating margin1  8.9  %  10.1  %  2.7  %  7.1  %  5.8  %  4.5  %  2.9  %    11.0  %  Adjusted net earnings1 as % of net sales  4.4  %  5.4  %  0.5  %  3.2  %  2.5  %  1.8  %  1.2  %    5.0  %  Adjusted EBITDA margin1  13.7  %  15.2  %  7.9  %  12.7  %  11.3  %  10.5  %  8.8  %    15.0  %  15

Q4’17 OUTLOOK1RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED)  1 This information is based upon management’s current expectations and estimates, which are in part based on market and industry data. Many factors are outside the control of management, including particularly input costs for commodity products, and actual results may differ materially from the information set forth above. See “Forward-Looking Statements” on page 1.2 EBITDA is a non-GAAP measure that management uses as a supplemental performance measure. The most directly comparable GAAP measure is net earnings (loss). EBITDA is net earnings adjusted for net interest expense (including debt retirement costs), income taxes, and depreciation and amortization. It should not be considered as an alternative to net earnings computed under GAAP.3 Adjusted EBITDA excludes the impact of the items listed that we do not believe are indicative of our core operating performance.     OUTLOOK          THREE MONTHS ENDINGDECEMBER 31, 2017          RANGE OF ESTIMATE        (Dollars in thousands)  FROM    TO              Earnings before interest, income taxes, and depreciation & amortization (EBITDA)2:          GAAP net earnings  $8,500    $14,000    Interest expense, net  7,300    8,200    Income tax provision  4,400    7,200    Depreciation and amortization expense  24,900    25,700    EBITDA2  $45,100    $55,100    Directors' equity-based compensation expense  300    300    Costs associated with Long Island facility closure  200    200    Costs associated with Oklahoma City facility closure  3,500    3,500    Reorganization related expenses  900    900    Adjusted EBITDA3  $50,000    $60,000    16

Q4’17 OUTLOOK1RECONCILIATION OF NON-GAAPFINANCIAL MEASURES (UNAUDITED)  1 This information is based upon management’s current expectations and estimates, which are in part based on market and industry data. Many factors are outside the control of management, including particularly input costs for commodity products, and actual results may differ materially from the information set forth above. See “Forward-Looking Statements” on page 1.2 Adjusted operating income, Adjusted net earnings and Adjusted net earnings per diluted common share exclude the impact of the items listed that we do not believe are indicative of our core operating performance.3 All non-tax items are tax effected at a 34.0% annual rate.4 GAAP net earnings per diluted common share and Adjusted net earnings per diluted common share are calculated utilizing third quarter 2017 diluted average common shares outstanding of 16,567 (in thousands).     OUTLOOK          THREE MONTHS ENDINGDECEMBER 31, 2017          RANGE OF ESTIMATE        (Dollars in thousands)  FROM    TO              GAAP Operating Income  $22,500    $27,500    Directors' equity-based compensation expense  300    300    Costs associated with Long Island facility closure  200    200    Costs associated with Oklahoma City facility closure  3,500    3,500    Reorganization related expenses  900    900    Adjusted operating income2  $27,400    $32,400                        (Dollars in thousands)  FROM    TO              GAAP net earnings  $8,500    $14,000    Adjustments, after tax3:          Directors' equity-based compensation expense  200    200    Costs associated with Long Island facility closure  130    130    Costs associated with Oklahoma City facility closure  2,300    2,300    Reorganization related expenses  600    600    Adjusted net earnings2  $11,730    $17,230                FROM    TO              GAAP net earnings per diluted common share4  $0.51    $0.85    Adjusted net earnings per diluted common share2,4  $0.71    $1.04    17

Q4’17 OUTLOOK1    1% - 3%    6% - 7.5%    $50M - $60M    $0.71 - $1.04  NET SALES  ADJUSTED OPERATING MARGIN2,3  ADJUSTED EBITDA2  ADJUSTED NET EARNINGS PER DILUTED COMMON SHARE2,4    1 This information is based upon management’s current expectations and estimates, which are in part based on market and industry data. Many factors are outside the control of management, including particularly input costs for commodity products, and actual results may differ materially from the information set forth above. See “Forward-Looking Statements” on page 1.2 Non-GAAP measure – See prior slides for the reconciliation to the most comparable GAAP measure.3 Adjusted operating margin is defined as net sales divided by adjusted operating income.4 Adjusted net earnings per diluted common share is calculated utilizing third quarter 2017 diluted average common shares outstanding of 16,567 (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 Adjusted gross profit and Adjusted selling, general and administrative expenses exclude the impact of the items listed that we do not believe are indicative of our core operating performance.  (Dollars in thousands)  Q1'16    Q2'16    Q3'16    Q4'16    Q1'17    Q2'17    Q3'17                                  Gross profit1  $68,557    $74,820    $38,715    $57,044    $50,495    $48,930    $39,923    Costs associated with Long Island facility closure  432    533    466    460    466    661    610    Pension settlement expense  —    —    1,870    —    —    —    —    Costs associated with Oklahoma City facility closure  —    —    —    1,662    5,737    275    576    Costs associated with Neenah paper machines shutdown  —    —    —    1,049    —    —    —    Write-off of assets in association with Warehouse Automation project  —    —    —    —    —    41    —    Accelerated depreciation of assets associated with Warehouse Automation project  —    —    —    —    —    241    120    Adjusted gross profit2  $68,989    $75,353    $41,051    $60,215    $56,698    $50,148    $41,229    Selling, general and administrative expenses (SG&A)  ($30,795  )  ($34,655  )  ($31,190  )  ($32,934  )  ($29,937  )  ($29,265  )  ($34,472  )  Directors' equity-based compensation expense (benefit)  726    3,610    89    354    (1,450  )  (1,483  )  463    Costs associated with Oklahoma City facility closure  —    —    —    —    —    —    4,481    Pension settlement expense  —    —    1,612    —    —    —    —    Manchester Industries acquisition related expenses  —    —    —    2,665    115    105    —    Reorganization related expenses  —    —    —    —    —    —    480    Adjusted selling, general and administrative expenses2  ($30,069  )  ($31,045  )  ($29,489  )  ($29,915  )  ($31,272  )  ($30,643  )  ($29,048  )  20

SEGMENT ADJUSTED OPERATING INCOME (LOSS)RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED)  1 Adjusted operating income (loss) excludes the impact of the items listed that we do not believe are indicative of our core operating performance.  (Dollars in thousands)  Q1'16    Q2'16    Q3'16    Q4'16    Q1'17    Q2'17    Q3'17                                  Consumer Products                              Operating income  $18,390    $18,544    $17,201    $13,781    $6,189    $10,534    $4,436    Costs associated with Long Island facility closure  432    533    466    460    466    661    610    Gain associated with the sale of the specialty mills, net  —    —    (1,755  )  —    —    —    —    Costs associated with Oklahoma City facility closure  —    —    —    1,662    5,737    275    5,057    Costs associated with Neenah paper machines shutdown  —    —    —    1,049    —    —    —    Write-off of assets in association with Warehouse Automation project  —    —    —    —    —    41    —    Accelerated depreciation of assets associated with Warehouse Automation project  —    —    —    —    —    241    120    Adjusted Consumer Products operating income1  $18,822    $19,077    $15,912    $16,952    $12,392    $11,752    $10,223    Pulp and Paperboard                              Operating Income  $35,163    $40,032    $9,956    $27,581    $27,248    $21,595    $15,023    Adjusted Pulp and Paperboard operating income1  $35,163    $40,032    $9,956    $27,581    $27,248    $21,595    $15,023    Corporate                              Operating loss  ($15,791  )  ($18,411  )  ($17,877  )  ($17,252  )  ($12,879  )  ($12,464  )  ($14,008  )  Directors' equity-based compensation expense (benefit)  726    3,610    89    354    (1,450  )  (1,483  )  463    Pension settlement expense  —    —    3,482    —    —    —    —    Manchester Industries acquisition related expenses  —    —    —    2,665    115    105    —    Reorganization related expenses  —    —    —    —    —    —    480    Adjusted Corporate operating loss1  ($15,065  )  ($14,801  )  ($14,306  )  ($14,233  )  ($14,214  )  ($13,842  )  ($13,065  )  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.  (Dollars in thousands - except per-share amounts)  Q1'16    Q2'16    Q3'16    Q4'16    Q1'17    Q2'17    Q3'17                                  GAAP net earnings  $18,446    $20,864    $901    $9,343    $7,515    $8,037    $863    Adjustments, after tax1:                              Directors' equity-based compensation expense (benefit)  465    2,335    57    229    (957  )  (988  )  306    Costs associated with Long Island facility closure  277    345    300    297    308    440    402    Gain associated with the sale of the specialty mills, net  —    —    (1,129  )  —    —    —    —    Pension settlement expense  —    —    2,240    —    —    —    —    Costs associated with Oklahoma City facility closure  —    —    —    1,073    3,786    183    3,338    Costs associated with Neenah paper machines shutdown  —    —    —    678    —    —    —    Manchester Industries acquisition related expenses  —    —    —    2,200    76    70    —    Write-off of assets in association with Warehouse Automation project  —    —    —    —    —    27    —    Accelerated depreciation of assets associated with Warehouse Automation project  —    —    —    —    —    161    79    Reorganization related expenses  —    —    —    —    —    —    317    Adjusted net earnings2  $19,188    $23,544    $2,369    $13,820    $10,728    $7,930    $5,305    Net earnings per diluted common share  $1.05    $1.21    $0.05    $0.56    $0.45    $0.48    $0.05    Adjustments, after tax:1                              Directors' equity-based compensation expense (benefit)  0.03    0.14    —    0.01    (0.06  )  (0.06  )  0.02    Costs associated with Long Island facility closure  0.02    0.02    0.02    0.02    0.02    0.03    0.02    Gain associated with the sale of the specialty mills, net  —    —    (0.07  )  —    —    —    —    Pension settlement expense  —    —    0.13    —    —    —    —    Costs associated with Oklahoma City facility closure  —    —    —    0.06    0.23    0.01    0.20    Costs associated with Neenah paper machines shutdown  —    —    —    0.04    —    —    —    Manchester Industries acquisition related expenses  —    —    —    0.13    —    0.01    —    Write-off of assets in association with Warehouse Automation project  —    —    —    —    —    —    —    Accelerated depreciation of assets associated with Warehouse Automation project  —    —    —    —    —    0.01    0.01    Reorganization related expenses  —    —    —    —    —    —    0.02    Adjusted net earnings per diluted common share2  $1.09    $1.37    $0.14    $0.82    $0.64    $0.48    $0.32    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.  (Dollars in thousands)  Q1'16    Q2'16    Q3'16    Q4'16    Q1'17    Q2'17    Q3'17                                  GAAP income tax provision  ($11,673  )  ($11,905  )  ($859  )  ($6,675  )  ($5,000  )  ($3,955  )  $3,095    Adjustments, tax impact:                              Directors' equity-based compensation (expense) benefit  (261  )  (1,275  )  (32  )  (125  )  493    495    (157  )  Costs associated with Long Island facility closure  (155  )  (188  )  (166  )  (163  )  (158  )  (221  )  (208  )  Gain associated with the sale of the specialty mills, net  —    —    626    —    —    —    —    Pension settlement expense  —    —    (1,242  )  —    —    —    —    Costs associated with Oklahoma City facility closure  —    —    —    (589  )  (1,951  )  (92  )  (1,719  )  Costs associated with Neenah paper machines shutdown  —    —    —    (371  )  —    —    —    Manchester Industries acquisition related expenses  —    —    —    (465  )  (39  )  (35  )  —    Write-off of assets in association with Warehouse Automation project  —    —    —    —    —    (14  )  —    Accelerated depreciation of assets associated with Warehouse Automation project  —    —    —    —    —    (80  )  (41  )  Reorganization related expenses  —    —    —    —    —    —    (163  )  Adjusted income tax (provision) benefit1  ($12,089  )  ($13,368  )  ($1,673  )  ($8,388  )  ($6,655  )  ($3,902  )  $807    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 (loss). EBITDA is net earnings (loss) adjusted for net interest expense (including debt retirement costs), income taxes, and depreciation and amortization. It should not be considered as an alternative to net earnings (loss) computed under GAAP.2 Interest expense, net for the fourth quarter of 2016 includes debt retirement costs of $0.4 million.3 Adjusted EBITDA excludes the impact of the items listed that we do not believe are indicative of our core operating performance.   (Dollars in thousands)  Q1'16    Q2'16    Q3'16    Q4'16    Q1'17    Q2'17    Q3'17                                  Earnings before interest, income taxes, and depreciation & amortization (EBITDA)1                              GAAP net earnings  $18,446    $20,864    $901    $9,343    $7,515    $8,037    $863    Interest expense, net2  7,643    7,396    7,520    8,092    8,043    7,673    7,683    Income tax (provision) benefit  11,673    11,905    859    6,675    5,000    3,955    (3,095  )  Depreciation and amortization expense  21,150    22,024    22,747    25,169    27,557    26,055    25,856    EBITDA1  $58,912    $62,189    $32,027    $49,279    $48,115    $45,720    $31,307    Directors' equity-based compensation expense (benefit)  726    3,610    89    354    (1,450  )  (1,483  )  463    Costs associated with Long Island facility closure  432    533    466    460    466    365    314    Gain associated with the sale of the specialty mills, net  —    —    (1,755  )  —    —    —    —    Pension settlement expense  —    —    3,482    —    —    —    —    Costs associated with Oklahoma City facility closure  —    —    —    318    2,074    275    5,057    Costs associated with Neenah paper machines shutdown  —    —    —    1,049    —    —    —    Manchester Industries acquisition related expenses  —    —    —    2,665    115    105    —    Write-off of assets in association with Warehouse Automation project  —    —    —    —    —    41    —    Reorganization related expenses  —    —    —    —    —    —    480     Adjusted EBITDA3  $60,070    $66,332    $34,309    $54,125    $49,320    $45,023    $37,621    24

SEGMENT EBITDA & ADJUSTED EBITDA RECONCILIATION OF NON-GAAPFINANCIAL MEASURES (UNAUDITED)  1 Segment EBITDA is a non-GAAP measure that management uses as a supplemental performance measure. The most directly comparable GAAP measure is segment operating income (loss). Segment EBITDA is segment operating income (loss) adjusted for depreciation and amortization. It should not be considered as an alternative to segment operating income (loss) computed under GAAP. 2 Segment Adjusted EBITDA excludes the impact of the items listed that we do not believe are indicative of our core operating performance.  (Dollars in thousands)  Q1'16    Q2'16    Q3'16    Q4'16    Q1'17    Q2'17    Q3'17                                  Consumer Products                              Operating income  $18,390    $18,544    $17,201    $13,781    $6,189    $10,534    $4,436    Depreciation and amortization expense  13,759    14,203    15,022    16,391    18,242    16,292    16,073    Segment EBITDA1  $32,149    $32,747    $32,223    $30,172    $24,431    $26,826    $20,509    Costs associated with Long Island facility closure  432    533    466    460    466    365    314    Gain associated with the sale of the specialty mills, net  —    —    (1,755  )  —    —    —    —    Costs associated with Oklahoma City facility closure  —    —    —    318    2,074    275    5,057    Costs associated with Neenah paper machines shutdown  —    —    —    1,049    —    —    —    Write-off of assets in association with Warehouse Automation project  —    —    —    —    —    41    —    Segment Adjusted EBITDA2  $32,581    $33,280    $30,934    $31,999    $26,971    $27,507    $25,880    Pulp and Paperboard                              Operating income  $35,163    $40,032    $9,956    $27,581    $27,248    $21,595    $15,023    Depreciation and amortization expense  6,367    6,449    6,530    7,395    8,105    8,356    8,328    Segment EBITDA1  $41,530    $46,481    $16,486    $34,976    $35,353    $29,951    $23,351    Segment Adjusted EBITDA2  $41,530    $46,481    $16,486    $34,976    $35,353    $29,951    $23,351    Corporate                              Operating loss  ($15,791  )  ($18,411  )  ($17,877  )  ($17,252  )  ($12,879  )  ($12,464  )  ($14,008  )  Depreciation and amortization expense  1,024    1,372    1,195    1,383    1,210    1,407    1,455    Corporate EBITDA1  ($14,767  )  ($17,039  )  ($16,682  )  ($15,869  )  ($11,669  )  ($11,057  )  ($12,553  )  Directors' equity-based compensation expense (benefit)  726    3,610    89    354    (1,450  )  (1,483  )  463    Pension settlement expense  —    —    3,482    —    —    —    —    Manchester Industries acquisition related expenses  —    —    —    2,665    115    105    —    Reorganization related expenses  —    —    —    —    —    —    480    Corporate Adjusted EBITDA2  ($14,041  )  ($13,429  )  ($13,111  )  ($12,850  )  ($13,004  )  ($12,435  )  ($11,610  )  25

RECONCILIATION OF GAAP TO NON-GAAP: STRATEGIC INVESTMENTS1 (UNAUDITED)  1 Based on Q1’15 prices, input costs, and market and industry data. Many factors are outside the control of management, including particularly input costs for commodity products, and actual results may differ materially from the information set forth above. See “Forward-Looking Statements” on page 1.2 Non-GAAP measure – See Appendix for the definition.   FULL RUN-RATE EXPECTED ADJUSTED EBITDA2 IMPACT                                                      OTHER PROJECTS          OPERATIONAL IMPROVEMENTS            (Dollars in millions)    CONTINUOUSDIGESTER      WAREHOUSEAUTOMATION      PAPER MACHINEUPGRADES    CONVERTINGLINE      OPERATIONALEFFICIENCY    SALES & MARKETINGEFFICIENCY    STRANDEDOVERHEAD                                          Expected Operating income    $22.5 - $27.5      $15.3 - $16.3      $7.1 - $8.1    $8.6 - $10.9      $27 - $43    $10 - $15    $7    Expected depreciation    $7.5      $4.7      $3.9    $1.4      $—    $—    $—    Expected EBITDA2    $30 - $35      $20 - $21      $11 - $12    $10 - $12      $27 - $43    $10 - $15    $7    Expected Adjusted EBITDA2    $30 - $35      $20 - $21      $11 - $12    $10 - $12      $27 - $43    $10 - $15    $7    2015 THROUGH Q3'17 ADJUSTED EBITDA2 IMPACT                          (Dollars in millions)    CONTINUOUSDIGESTER      WAREHOUSEAUTOMATION      OTHER PROJECTS      OPERATIONALIMPROVEMENTS                              Operating income    $0.1      $10.4      $11.2      $54.1    Depreciation    $1.1      $1.8      $3.5      $—    EBITDA2    $1.2      $12.2      $14.7      $54.1    Adjusted EBITDA2    $1.2      $12.2      $14.7      $54.1    26

RECONCILIATION OF GAAP TO NON-GAAP: STRATEGIC INVESTMENT1 (UNAUDITED)  1 Based on Q1’15 prices, input costs, and market and industry data. Many factors are outside the control of management, including particularly input costs for commodity products, and actual results may differ materially from the information set forth above. See “Forward-Looking Statements” on page 1.2 Non-GAAP measure – See Appendix for the definition.   Q3'17 ADJUSTED EBITDA2 IMPACT                          (Dollars in millions)    CONTINUOUSDIGESTER      WAREHOUSEAUTOMATION      OTHER PROJECTS      OPERATIONALIMPROVEMENTS                              Operating income    $0.1      $1.7      $5.5      $3.5    Depreciation    $0.3      $0.6      $0.6      $—    EBITDA2    $0.4      $2.3      $6.1      $3.5    Adjusted EBITDA2    $0.4      $2.3      $6.1      $3.5    2015-2016 ADJUSTED EBITDA2 IMPACT                          (Dollars in millions)    CONTINUOUSDIGESTER      WAREHOUSEAUTOMATION      OTHER PROJECTS      OPERATIONALIMPROVEMENTS                              Operating income    ($0.1  )    $5.0      $1.4      $44.3    Depreciation    $0.4      $0.4      $1.8      $—    EBITDA2    $0.3      $5.4      $3.2      $44.3    Adjusted EBITDA2    $0.3      $5.4      $3.2      $44.3    27

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