CLEARWATER PAPER CORPORATIONFOURTH QUARTER AND FULL YEAR 2017SUPPLEMENTAL INFORMATION  02/05/18 LINDA MASSMANPRESIDENT, CHIEF EXECUTIVE OFFICER AND DIRECTORJOHN HERTZSENIOR VICE PRESIDENT FINANCE AND CHIEF FINANCIAL OFFICER 

     FORWARD-LOOKING STATEMENTS  This presentation of supplemental information contains, in addition to historical information, certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding outlook for Q1 2018; the costs, timing and benefits associated with strategic capital investments and operational improvements; our Shelby, N.C. expansion; debt ratios; financial models; estimated Q1 2018 net earnings, EBITDA, and adjusted EBITDA; and estimated Q1 2018 operating income, adjusted operating income, adjusted net earnings, net earnings per diluted common share, adjusted net earnings per diluted common share, net sales and adjusted operating margin; Q1 and full year 2018 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: competitive pricing pressures for our products, including as a result of increased capacity as additional manufacturing facilities are operated by our competitors;the loss of or changes in prices in regards to a significant customer;changes in customer product preferences and competitors' product offerings;our ability to successfully implement our operational efficiencies and cost savings strategies;our ability to execute on our expansion strategies, including on-time completion of our planned new tissue manufacturing operations in Shelby, North Carolina;customer acceptance and timing and quantity of purchases of our tissue products, including the existence of sufficient demand for and the quality of tissue produced by our expanded Shelby, North Carolina operations when they are completed;changes in the U.S. and international economies and in general economic conditions in the regions and industries in which we operate;labor disruptions;changes in transportation costs and disruptions in transportation services;changes in the cost and availability of wood fiber and wood pulp;manufacturing or operating disruptions, including IT system and IT system implementation failures, equipment malfunction and damage to our manufacturing facilities;changes in costs for and availability of packaging supplies, chemicals, energy and maintenance and repairs;cyclical industry conditions; changes in expenses and required contributions associated with our pension plans;environmental liabilities or expenditures;cyber-security risks;reliance on a limited number of third-party suppliers for raw materials;our inability to service our debt obligations;restrictions on our business from debt covenants and terms; andchanges in laws, regulations or industry standards affecting our business.Forward-looking statements contained in this presentation present management’s views only as of the date of this presentation. We undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise.   2 

   2017 FULL YEARHIGHLIGHTS  $1,730 MILLION NET SALES, FLAT VS. 2016 $72 MILLION GAAP OPERATING INCOME$190 MILLION ADJUSTED EBITDA1, AT THE LOW END OF OUR MOST RECENT OUTLOOK RANGE OF $190 TO $210 MILLION DILUTED GAAP EPS OF $5.88 AND ADJUSTED DILUTED EPS OF $2.321 COMPLETED MAJOR MAINTENANCE AT BOTH PAPERBOARD FACILITIESCOMPLETED WAREHOUSE AUTOMATION PROJECTCOMPLETED CLOSURE OF OKLAHOMA CITY CONVERTING FACILITY AND SHUTDOWN OF TWO MACHINES AT THE NEENAH FACILITYCOMMISSIONED CONTINUOUS PULP DIGESTER AT LEWISTON FACILITY  1 Non-GAAP measure – See Appendix for the definition and reconciliation to the most comparable GAAP measure.  3 

   FOURTH QUARTERFINANCIAL HIGHLIGHTS  $437 MILLION NET SALES, UP 2% VS. Q3'17 $27 MILLION GAAP OPERATING INCOME$58 MILLION ADJUSTED EBITDA1, AT HIGH END OF OUTLOOK RANGE OF $50 TO $60 MILLION DILUTED GAAP EPS OF $4.88 AND ADJUSTED DILUTED EPS OF $0.871AN INCREMENTAL $12 MILLION CONTRIBUTION TO COST SAVINGS FROM STRATEGIC CAPITAL AND OPERATIONAL EFFICIENCY INITIATIVES IN Q4’17 COMPARED TO Q4’16  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)  Q1'16    Q2'16    Q3'16    Q4'16    Q1'17    Q2'17    Q3'17    Q4'17      2016    2017                                                Net sales  $437,204    $436,671    $435,320    $425,568    $437,525    $429,663    $426,504    $436,716      $1,734,763    $1,730,408    Gross Profit  $68,557    $74,820    $38,715    $57,044    $50,495    $48,930    $39,923    $61,439      $239,136    $200,787    Selling, general and administrative expenses1  ($30,795  )  ($34,655  )  ($29,435  )  ($32,934  )  ($29,937  )  ($29,265  )  ($34,472  )  ($34,785  )    ($127,819  )  ($128,459  )  Operating income  $37,762    $40,165    $9,280    $24,110    $20,558    $19,665    $5,451    $26,654      $111,317    $72,328    Consumer Products  18,390    18,544    17,201    13,781    6,189    10,534    4,436    7,457      67,916    28,616    Pulp and Paperboard  35,163    40,032    9,956    27,581    27,248    21,595    15,023    34,642      112,732    98,508    Corporate  (15,791  )  (18,411  )  (17,877  )  (17,252  )  (12,879  )  (12,464  )  (14,008  )  (15,445  )    (69,331  )  (54,796  )  Operating margin  8.6  %  9.2  %  2.1  %  5.7  %  4.7  %  4.6  %  1.3  %  6.1  %    6.4  %  4.2  %  Interest expense, net2  ($7,643  )  ($7,396  )  ($7,520  )  ($8,092  )  ($8,043  )  ($7,673  )  ($7,683  )  ($7,975  )    ($30,651  )  ($31,374  )  Income tax (provision) benefit3  ($11,673  )  ($11,905  )  ($859  )  ($6,675  )  ($5,000  )  ($3,955  )  $3,095    $62,245      ($31,112  )  $56,385    Net earnings  $18,446    $20,864    $901    $9,343    $7,515    $8,037    $863    $80,924      $49,554    $97,339    Net earnings per diluted common share  $1.05    $1.21    $0.05    $0.56    $0.45    $0.48    $0.05    $4.88      $2.90    $5.88    5  1 Selling, general and administrative expenses for the third quarter and twelve months ended 2016 includes gain on divested assets of $1.8 million.2 Interest expense, net for the fourth quarter and twelve months ended 2016 includes debt retirement costs of $0.4 million.3 The Income tax benefit in Q4 and Full Year '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 and twelve 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 Selling, general and administrative expenses for the third quarter and twelve months ended 2016 includes gain on divested assets of $1.8 million. 4 Adjusted operating margin is defined as Adjusted operating income divided by Net sales.5 The Income tax benefit in Q4 and Full Year '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 and twelve months ended December 31, 2017. The Act is complex and significantly changes the U.S. corporate income tax system by, among other things, reducing the Federal corporate income tax rate from 35% to 21%.6 Adjusted EBITDA margin is defined as Adjusted EBITDA divided by Net sales.7 This information is based upon management’s current expectations and estimates, which are in part based on market and industry data. Many factors are outside the control of management, including particularly input costs for commodity products, and actual results may differ materially from the information set forth above. See “Forward-Looking Statements” on page 1.8 Non-GAAP measure - See page 19 for the reconciliation to the most comparable GAAP measure.9 Interest expense, net for the fourth quarter and twelve months ended 2016 includes debt retirement costs of $0.4 million.                                        Twelve Months Ended December 31,         (Dollars in thousands - except per-share amounts)  Q1'16    Q2'16    Q3'16    Q4'16    Q1'17    Q2'17    Q3'17    Q4'17    Q1'18 Outlook7    2016    2017                                                  Net sales  $437,204    $436,671    $435,320    $425,568    $437,525    $429,663    $426,504    $436,716    2% - 3% Lower    $1,734,763    $1,730,408    Adjusted gross profit1  $68,989    $75,353    $41,051    $60,215    $56,698    $50,148    $41,229    $61,856        $245,608    $209,931    Adjusted gross profit margin1,2  15.8  %  17.3  %  9.4  %  14.1  %  13.0  %  11.7  %  9.7  %  14.2  %      14.2  %  12.1  %  Adjusted selling, general and administrative expenses1,3  ($30,069  )  ($31,045  )  ($27,734  )  ($29,915  )  ($31,272  )  ($30,643  )  ($29,048  )  ($29,835  )      ($118,763  )  ($120,798  )  Adjusted operating income (loss)1  $38,920    $44,308    $11,562    $30,300    $25,426    $19,505    $12,181    $32,021        $125,090    $89,133    Consumer Products  18,822    19,077    15,912    16,952    12,392    11,752    10,223    11,424        70,763    45,791    Pulp and Paperboard  35,163    40,032    9,956    27,581    27,248    21,595    15,023    34,774        112,732    98,640    Corporate  (15,065  )  (14,801  )  (14,306  )  (14,233  )  (14,214  )  (13,842  )  (13,065  )  (14,177  )      (58,405  )  (55,298  )  Adjusted operating margin1,4  8.9  %  10.1  %  2.7  %  7.1  %  5.8  %  4.5  %  2.9  %  7.3  %  4.5% - 6%    7.2  %  5.2  %  Interest expense, net9  ($7,643  )  ($7,396  )  ($7,520  )  ($8,092  )  ($8,043  )  ($7,673  )  ($7,683  )  ($7,975  )      ($30,651  )  ($31,374  )  Adjusted income tax (provision) benefit1,5  ($12,089  )  ($13,368  )  ($1,673  )  ($8,388  )  ($6,655  )  ($3,902  )  $807    ($9,597  )      ($35,518  )  ($19,347  )  Adjusted net earnings1  $19,188    $23,544    $2,369    $13,820    $10,728    $7,930    $5,305    $14,449        $58,921    $38,412    Depreciation and amortization expense  $21,150    $22,024    $22,747    $25,169    $27,557    $26,055    $25,856    $25,522        $91,090    $104,990    Adjusted EBITDA1  $60,070    $66,332    $34,309    $54,125    $49,320    $45,023    $37,621    $57,543    $42,000-$52,0008    $214,836    $189,507    Consumer Products  32,581    33,280    30,934    31,999    26,971    27,507    25,880    25,824        128,794    106,182    Pulp and Paperboard  41,530    46,481    16,486    34,976    35,353    29,951    23,351    44,459        139,473    133,114    Corporate  (14,041  )  (13,429  )  (13,111  )  (12,850  )  (13,004  )  (12,435  )  (11,610  )  (12,740  )      (53,431  )  (49,789  )  Adjusted EBITDA margin1,6  13.7  %  15.2  %  7.9  %  12.7  %  11.3  %  10.5  %  8.8  %  13.2  %      12.4  %  11.0  %  Adjusted net earnings per diluted common share1  $1.09    $1.37    $0.14    $0.82    $0.64    $0.48    $0.32    $0.87        $3.44    $2.32    Gross debt to rolling four quarter total Adjusted EBITDA1  2.5    2.3    2.7    3.3    3.5    3.7    3.7    3.9        3.3    3.9    Capital Expenditures  $25,732    $28,822    $54,794    $46,329    $41,804    $47,750    $49,269    $59,862        $155,677    $198,685    6 

 2017 VS. 2016CONSOLIDATED 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 tissue, lower parent roll and non-retail sales in CPD  VOLUME    Lower due to away-from-home volume. Lower parent roll volume due to shutdown of two tissue machines at the Neenah facility. Partially offset by higher paperboard shipment volume due to Manchester Industries acquisition  RAW MATERIALS    Higher raw material pricing on pulp, caustic, polyethylene, and packaging supplies  TRANSPORTATION    Higher line haul rates, diesel prices, costs due to weather related events, and costs to service demand  WAGES & BENEFITS    Lower due to warehouse automation and lower medical expenses, all partly offset by annual wage increases  OKC/NEENAH    Savings due to Oklahoma City facility closure and shutdown of two tissue machines at the Neenah facility, including lower wages and maintenance, partly offset by higher freight  OTHER    Lower due to cost saving initiatives, partly offset by professional services  ADJ, EBITDA1(MILLIONS)  1  1  7 

 Q4’17 VS. Q3’17CONSOLIDATED ADJUSTED EBITDA1 BRIDGE  1 Non-GAAP measure – See Appendix for the definition and reconciliation to the most comparable GAAP measure.  PRICE/MIX    Lower promotional spend and stronger mix of ultra quality tissue sales, partially offset by paperboard mix  VOLUME    Lower retail tissue and parent roll sales, partly offset by higher paperboard shipments  TRANSPORTATION    Higher customer freight rates due to weather related events and costs to service Q4 demand  MAINTENANCE    Idaho major maintenance outage completed in Q3and lower planned maintenance at CPD Mills  WAGES & BENEFITS    Higher medical claims  ADJ, EBITDA1(MILLIONS)  1  1  8 

 Q4’17 VS. Q4’16CONSOLIDATED 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 ultra tissue, lower parent roll sales and lower promotional spend at CPD, and higher paperboard pricing due to Q3'17 increase  VOLUME    Lower non-retail tissue sales, partly offset by higher paperboard shipment volume due to Manchester Industries acquisition  PULP/WOOD FIBER    Higher external pulp pricing  TRANSPORTATION    Higher line haul rates, diesel prices, rates in connection with weather related events, costs to service Q4'17 demand  ENERGY    Higher electrical purchases due to turbine outage at Idaho facility  MAINTENANCE    Lower planned maintenance  OKC/NEENAH    Savings due to Oklahoma City facility closure and shutdown of two tissue machines at the Neenah facility, including lower wages and maintenance, partly offset by higher freight  ADJ, EBITDA1(MILLIONS)  1  1  Net productivity improvement vs. Q4'16 of $12 million  9 

   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 The Continuous Digester was placed into service in Q4’17. 2015 - 2016 and 2017 cost savings contributions were $0.3M and $1.7M, respectively..  STRATEGIC INVESTMENT AND OPERATIONAL IMPROVEMENT SCORECARD AS OF Q4'17   Strategic plan announced in Q1’15, expected capex of $229-$241 million Expected to yield a $115-$145 million cost savings by the end of 20181     Continuous Digester2  Warehouse Automation  Other Projects  Operational Improvements  TOTAL STRATEGIC CAPEX  $148-$158  $32-$34  $49   $0  FULL RUN-RATE EXPECTED IMPACT (MILLIONS $)1                   COST SAVINGS1  $30-$35    $20-$21    $21-$24    $44-$65    2015-2016 COST SAVINGS ACHIEVED  2017 COST SAVINGS ACHIEVED  10 

 SHELBY EXPANSION:$340 MILLION    PAPER MACHINE    Install NTT Tissue Machine and Converting Equipment  LOCATION    Shelby, NC adjacent to current Tissue plant  CAPACITY    70,000 Tons  COST    $283 Million  START PRODUCTION    Q1-2019  FULL SHIPMENT RUN-RATE    Late 2020  11  WAREHOUSE CONSOLIDATION    Improve operational efficiency in Eastern Regions. Less reliance on 3PL  LOCATION    Shelby, NC adjacent to current Tissue plant  COST    $57 Million  CONSTRUCTION    Q2-2017 through Q1-2019 

 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    Q4'17    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    12,190      Retail (short tons)  75,027    79,095    82,216    77,704    78,686    77,714    77,544    75,123      Total Tissue Tons  99,385    99,123    100,600    96,886    95,364    91,450    90,502    87,313      Converted Products (cases in thousands)2  12,990    13,229    13,770    12,886    13,123    12,709    12,727    12,662      Sales Price                                    Non-Retail ($/short ton)1  $1,477    $1,496    $1,506    $1,442    $1,439    $1,454    $1,468    $1,394      Retail ($/short ton)  $2,784    $2,747    $2,742    $2,757    $2,772    $2,723    $2,754    $2,855      Total Tissue ($/short ton)  $2,464    $2,494    $2,516    $2,496    $2,539    $2,533    $2,574    $2,651      Segment net sales ($ in thousands)  $245,018    $247,912    $253,319    $242,131    $242,423    $231,912    $232,916    $234,656      Segment GAAP operating income ($ in thousands)  $18,390    $18,544    $17,201    $13,781    $6,189    $10,534    $4,436    $7,457      Segment GAAP operating margin  7.5%    7.5%    6.8%    5.7%    2.6%    4.5%    1.9%    3.2%      Segment Adjusted EBITDA3 ($ in thousands)  $32,581    $33,280    $30,934    $31,999    $26,971    $27,507    $25,880    $25,824      Segment Adjusted EBITDA margin4  13.3%     13.4%     12.2%     13.2%     11.1%     11.9%     11.1%     11.0%     17.0%   12 

   CLEARWATER PAPERTISSUE SHIPMENTSAND U.S. RETAIL TISSUE MARKET  U.S. Retail Tissue Market Q4'17 ($) (MultiOutlet)1                  CATEGORY  PRIVATELABEL      BRANDS      TOTAL                      Total RetailTissue Share ($)  26  %    74  %    100  %  % ChangeQ4’17 vs. Q3’17  —  %    —  %    —  %   1 Data Source: IRI Worldwide data through December 31, 2017.  CLW Q4'17 by Market Segment(% of Tons)  CLW Q3'17 by Market Segment(% of Tons)  Other  Other  Parent Rolls  Parent Rolls  AFH  AFH  Retail  Retail  13 

 PRICE/MIX    Lower promotional spend and stronger mix of ultra quality tissue sales  VOLUME    Lower retail tissue and parent roll sales  TRANSPORTATION    Higher customer freight rates due to weather related events and costs to service Q4 demand  MAINTENANCE    Lower planned maintenance  WAGES & BENEFITS    Higher medical claims  SG&A    Lower due to cost saving initiatives  Q4'17 VS. Q3'17CONSUMER 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  14 

 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 impact of Manchester Industries acquisition, which was acquired at the end of Q4’16.     Q1'16    Q2'16    Q3'16    Q4'16    Q1'173    Q2'173    Q3'173    Q4'173    PULP ANDPAPERBOARDCROSS-CYCLEFINANCIAL MODEL                                      Shipments                                    Paperboard (short tons)  201,340    199,132    196,271    199,415    210,382    207,152    200,569    210,098      Sales Price                                    Paperboard ($/short ton)  $952    $948    $927    $920    $927    $955    $965    $962      Segment net sales ($ in thousands)  $192,186    $188,759    $182,001    $183,437    $195,102    $197,751    $193,588    $202,060      Segment GAAP operating income ($ in thousands)  $35,163    $40,032    $9,956    $27,581    $27,248    $21,595    $15,023    $34,642      Segment GAAP operating margin  18.3%    21.2%    5.5%    15.0%    14.0%    10.9%    7.8%    17.1%      Segment Adjusted EBITDA1 ($ in thousands)  $41,530    $46,481    $16,486    $34,976    $35,353    $29,951    $23,351    $44,459      Segment Adjusted EBITDA margin2  21.6%    24.6%    9.1%    19.1%    18.1%    15.1%    12.1%    22.0%    19.0%  15 

   CLEARWATER PAPERPAPERBOARD SHIPMENTS ANDU.S. PAPERBOARD MARKET  U.S. Paperboard Production3               CATEGORY  CLEARWATER PAPER      OTHER                    Total Domestic SBS1 Market Share  14  %    86  %    Folding  18  %    82  %    Food Service2  15  %    85  %    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 YTD 2017.  CLW Q4'17 by Market Segment(% of Tons)  CLW Q3'17 by Market Segment(% of Tons)  Folding  Folding  Liquid Pkg  Liquid Pkg  Food Service  Food Service  16 

 PRICE/MIX    Relatively stable mix  VOLUME    Higher paperboard shipments  TRANSPORTATION    Higher freight rates primarily due to weather related events  MAINTENANCE    Idaho major maintenance outage completed in Q3  Q4’17 vs. Q3'17 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  17 

 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)  Q1'16    Q2'16    Q3'16    Q4'16    Q1'17    Q2'17    Q3'17    Q4'17      2016    2017                                                            Net sales  100  %  100  %  100  %  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  %  14.2  %    14.2  %  12.1  %    17.0  %  Adjusted SG&A expenses1 as % of net sales  (6.9  %)  (7.1  %)  (6.8  %)  (7.0  %)  (7.1  %)  (7.1  %)  (6.8  %)  (6.8  %)    (6.9  %)  (7.0  %)    (6.0  %)  Adjusted operating margin1  8.9  %  10.1  %  2.7  %  7.1  %  5.8  %  4.5  %  2.9  %  7.3  %    7.2  %  5.2  %    11.0  %  Adjusted net earnings1 as % of net sales  4.4  %  5.4  %  0.5  %  3.2  %  2.5  %  1.8  %  1.2  %  2.5  %    3.4  %  2.2  %    5.0  %  Adjusted EBITDA margin1  13.7  %  15.2  %  7.9  %  12.7  %  11.3  %  10.5  %  8.8  %  13.2  %    12.4  %  11.0  %    15.0  %  18 

 Q1’18 OUTLOOK1RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED)  1 This information is based upon management’s current expectations and estimates, which are in part based on market and industry data. Many factors are outside the control of management, including particularly input costs for commodity products, and actual results may differ materially from the information set forth above. See “Forward-Looking Statements” on page 1.2 EBITDA is a non-GAAP measure that management uses as a supplemental performance measure. The most directly comparable GAAP measure is net earnings (loss). EBITDA is net earnings adjusted for net interest expense (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 ENDINGMARCH 31, 2018          RANGE OF ESTIMATE        (Dollars in thousands)  FROM    TO              Earnings before interest, income taxes, and depreciation & amortization (EBITDA)2:          GAAP net earnings  $4,700    $9,700    Interest expense, net  6,800    8,000    Income tax provision  1,700    3,500    Depreciation and amortization expense  24,200    26,200    EBITDA2  $37,400    $47,400    Directors' equity-based compensation expense  300    300    Reorganization related expenses  4,300    4,300    Adjusted EBITDA3  $42,000    $52,000    19 

 Q1’18 OUTLOOK1RECONCILIATION OF NON-GAAPFINANCIAL MEASURES (UNAUDITED)  1 This information is based upon management’s current expectations and estimates, which are in part based on market and industry data. Many factors are outside the control of management, including particularly input costs for commodity products, and actual results may differ materially from the information set forth above. See “Forward-Looking Statements” on page 1.2 Adjusted operating income, Adjusted net earnings and Adjusted net earnings per diluted common share exclude the impact of the items listed that we do not believe are indicative of our core operating performance.3 All non-tax items are tax effected at a 26.0% annual rate.4 GAAP net earnings per diluted common share and Adjusted net earnings per diluted common share are calculated utilizing fourth quarter 2017 diluted average common shares outstanding of 16,568 (in thousands).     OUTLOOK          THREE MONTHS ENDINGMARCH 31, 2018          RANGE OF ESTIMATE        (Dollars in thousands)  FROM    TO              GAAP Operating Income  $16,000    $21,000    Directors' equity-based compensation expense  300    300    Reorganization related expenses  4,300    4,300    Adjusted operating income2  $20,600    $25,600                        (Dollars in thousands)  FROM    TO              GAAP net earnings  $4,700    $9,700    Adjustments, after tax3:          Directors' equity-based compensation expense  220    220    Reorganization related expenses  3,180    3,180    Adjusted net earnings2  $8,100    $13,100                FROM    TO              GAAP net earnings per diluted common share4  $0.28    $0.59    Adjusted net earnings per diluted common share2,4  $0.49    $0.79    20 

   Q1'18 OUTLOOK1    2% - 3% Lower    4.5% - 6%    $42M - $52M    $0.49 - $0.79  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 fourth quarter 2017 diluted average common shares outstanding of 16,568 (in thousands).  21 

 PRICE/MIX    Expecting continued price pressure due to the changing retail landscape and new tissue entrants.  VOLUME    Tissue converted product under pressure offset by higher parent roll volume. Higher paperboard volume given more uptime on machines due to no scheduled major outages and due to leverage of Manchester acquisition.  PULP/WOOD FIBER    Pulp prices remain high. Market indices are projecting prices will begin to fall but will be flat to up from 2017 on average. Higher wood fiber prices being driven by market pulp and corrugate markets.  MAINTENANCE    No major outage at Arkansas facility. Idaho facility will undergo a minor shutdown in Q3 to inspect the new continuous digester.  OTHER COSTS    Higher line haul rates and diesel prices putting upward pressure on transportation costs. Higher chemical prices driven by global demand and 2017 weather related events.  SG&A    Lower SG&A spend from restructuring and cost initiatives.  OPERATIONAL IMPROVEMENTS    Realize full benefit of strategic projects. Supplying more pulp internally from new continuous digester to offset some of higher external pulp costs. Warehouse automation at full cost savings run rate. Optimizing manufacturing and distribution network with expansion at North Carolina facility. Expecting to continue driving out additional costs through productivity initiatives to partially offset rising raw material costs.  2018 FULL YEAR OUTLOOK1  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 informatiion set forth above. See "Forward-Looking Statements" on page 1.   22 

 APPENDIX    23 

 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.3 Selling, general and administrative expenses for the third quarter and twelve months ended 2016 includes gain on divested assets of $1.8 million.                                      Twelve Months Ended December 31,         (Dollars in thousands)  Q1'16    Q2'16    Q3'16    Q4'16    Q1'17    Q2'17    Q3'17    Q4'17      2016    2017                                                Gross profit1  $68,557    $74,820    $38,715    $57,044    $50,495    $48,930    $39,923    $61,439      $239,136    $200,787    Costs associated with Long Island facility closure  432    533    466    460    466    661    610    298      1,891    2,035    Pension settlement expense  —    —    1,870    —    —    —    —    —      1,870    —    Costs associated with Oklahoma City facility closure  —    —    —    1,662    5,737    275    576    119      1,662    6,707    Costs associated with Neenah paper machines shutdown  —    —    —    1,049    —    —    —    —      1,049    —    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    Adjusted gross profit2  $68,989    $75,353    $41,051    $60,215    $56,698    $50,148    $41,229    $61,856      $245,608    $209,931    Selling, general and administrative expenses (SG&A)3  ($30,795  )  ($34,655  )  ($29,435  )  ($32,934  )  ($29,937  )  ($29,265  )  ($34,472  )  ($34,785  )    ($127,819  )  ($128,459  )  Directors' equity-based compensation expense (benefit)  726    3,610    89    354    (1,450  )  (1,483  )  463    (363  )    4,779    (2,833  )  Costs associated with Oklahoma City facility closure  —    —    —    —    —    —    4,481    3,530      —    8,011    Pension settlement expense  —    —    1,612    —    —    —    —    —      1,612    —    Manchester Industries acquisition related expenses  —    —    —    2,665    115    105    —    —      2,665    220    Reorganization expenses associated with SG&A cost control measures  —    —    —    —    —    —    480    1,783      —    2,263    Adjusted selling, general and administrative expenses2  ($30,069  )  ($31,045  )  ($27,734  )  ($29,915  )  ($31,272  )  ($30,643  )  ($29,048  )  ($29,835  )    ($118,763  )  ($120,798  )  24 

 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.                                      Twelve Months Ended December 31,         (Dollars in thousands)  Q1'16    Q2'16    Q3'16    Q4'16    Q1'17    Q2'17    Q3'17    Q4'17      2016    2017                                                Consumer Products                                            Operating income  $18,390    $18,544    $17,201    $13,781    $6,189    $10,534    $4,436    $7,457      $67,916    $28,616    Costs associated with Long Island facility closure  432    533    466    460    466    661    610    298      1,891    2,035    Gain associated with the sale of the specialty mills, net  —    —    (1,755  )  —    —    —    —    —      (1,755  )  —    Costs associated with Oklahoma City facility closure  —    —    —    1,662    5,737    275    5,057    3,649      1,662    14,718    Costs associated with Neenah paper machines shutdown  —    —    —    1,049    —    —    —    —      1,049    —    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      —    20    Adjusted Consumer Products operating income1  $18,822    $19,077    $15,912    $16,952    $12,392    $11,752    $10,223    $11,424      $70,763    $45,791    Pulp and Paperboard                                            Operating Income  $35,163    $40,032    $9,956    $27,581    $27,248    $21,595    $15,023    $34,642      $112,732    $98,508    Reorganization expenses associated with SG&A cost control measures  —    —    —    —    —    —    —    132      —    132    Adjusted Pulp and Paperboard operating income1  $35,163    $40,032    $9,956    $27,581    $27,248    $21,595    $15,023    $34,774      $112,732    $98,640    Corporate                                            Operating loss  ($15,791  )  ($18,411  )  ($17,877  )  ($17,252  )  ($12,879  )  ($12,464  )  ($14,008  )  ($15,445  )    ($69,331  )  ($54,796  )  Directors' equity-based compensation expense (benefit)  726    3,610    89    354    (1,450  )  (1,483  )  463    (363  )    4,779    (2,833  )  Pension settlement expense  —    —    3,482    —    —    —    —    —      3,482    —    Manchester Industries acquisition related expenses  —    —    —    2,665    115    105    —    —      2,665    220    Reorganization expenses associated with SG&A cost control measures  —    —    —    —    —    —    480    1,631      —    2,111    Adjusted Corporate operating loss1  ($15,065  )  ($14,801  )  ($14,306  )  ($14,233  )  ($14,214  )  ($13,842  )  ($13,065  )  ($14,177  )    ($58,405  )  ($55,298  )  25 

 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 and Full Year '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 and twelve 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)  Q1'16    Q2'16    Q3'16    Q4'16    Q1'17    Q2'17    Q3'17    Q4'17      2016    2017                                                GAAP net earnings  $18,446    $20,864    $901    $9,343    $7,515    $8,037    $863    $80,924      $49,554    $97,339    Adjustments, after tax1:                                            Directors' equity-based compensation expense (benefit)  465    2,335    57    229    (957  )  (988  )  306    (242  )    3,086    (1,881  )  Costs associated with Long Island facility closure  277    345    300    297    308    440    402    199      1,219    1,349    Gain associated with the sale of the specialty mills, net  —    —    (1,129  )  —    —    —    —    —      (1,129  )  —    Pension settlement expense  —    —    2,240    —    —    —    —    —      2,240    —    Costs associated with Oklahoma City facility closure  —    —    —    1,073    3,786    183    3,338    2,434      1,073    9,741    Costs associated with Neenah paper machines shutdown  —    —    —    678    —    —    —    —      678    —    Manchester Industries acquisition related expenses  —    —    —    2,200    76    70    —    —      2,200    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      —    1,506    Federal tax rate change3  —    —    —    —    —    —    —    (70,055  )    —    (70,055  )  Adjusted net earnings2  $19,188    $23,544    $2,369    $13,820    $10,728    $7,930    $5,305    $14,449      $58,921    $38,412    Net earnings per diluted common share  $1.05    $1.21    $0.05    $0.56    $0.45    $0.48    $0.05    $4.88      $2.90    $5.88    Adjustments, after tax:1                                            Directors' equity-based compensation expense (benefit)  0.03    0.14    —    0.01    (0.06  )  (0.06  )  0.02    (0.01  )    0.18    (0.11  )  Costs associated with Long Island facility closure  0.02    0.02    0.02    0.02    0.02    0.03    0.02    0.01      0.07    0.08    Gain associated with the sale of the specialty mills, net  —    —    (0.07  )  —    —    —    —    —      (0.07  )  —    Pension settlement expense  —    —    0.13    —    —    —    —    —      0.13    —    Costs associated with Oklahoma City facility closure  —    —    —    0.06    0.23    0.01    0.20    0.15      0.06    0.59    Costs associated with Neenah paper machines shutdown  —    —    —    0.04    —    —    —    —      0.04    —    Manchester Industries acquisition related expenses  —    —    —    0.13    —    0.01    —    —      0.13    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      —    0.09    Federal tax rate change3  —    —    —    —    —    —    —    (4.23  )    —    (4.23  )  Adjusted net earnings per diluted common share2  $1.09    $1.37    $0.14    $0.82    $0.64    $0.48    $0.32    $0.87      $3.44    $2.32    26 

 ADJUSTED INCOME TAX PROVISION RECONCILIATION OF NON-GAAP FINANCIAL MEASURE (UNAUDITED)  1 Adjusted income tax provision excludes the impact of the items listed that we do not believe are indicative of our core operating performance.2The federal tax rate change in Q4 and Full Year '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 and twelve 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)  Q1'16    Q2'16    Q3'16    Q4'16    Q1'17    Q2'17    Q3'17    Q4'17      2016    2017                                                GAAP income tax provision  ($11,673  )  ($11,905  )  ($859  )  ($6,675  )  ($5,000  )  ($3,955  )  $3,095    $62,245      ($31,112  )  $56,385    Adjustments, tax impact:                                            Directors' equity-based compensation (expense) benefit  (261  )  (1,275  )  (32  )  (125  )  493    495    (157  )  121      (1,693  )  952    Costs associated with Long Island facility closure  (155  )  (188  )  (166  )  (163  )  (158  )  (221  )  (208  )  (99  )    (672  )  (686  )  Gain associated with the sale of the specialty mills, net  —    —    626    —    —    —    —    —      626    —    Pension settlement expense  —    —    (1,242  )  —    —    —    —    —      (1,242  )  —    Costs associated with Oklahoma City facility closure  —    —    —    (589  )  (1,951  )  (92  )  (1,719  )  (1,215  )    (589  )  (4,977  )  Costs associated with Neenah paper machines shutdown  —    —    —    (371  )  —    —    —    —      (371  )  —    Manchester Industries acquisition related expenses  —    —    —    (465  )  (39  )  (35  )  —    —      (465  )  (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  )    —    (757  )  Federal tax rate change2  —    —    —    —    —    —    —    (70,055  )    —    (70,055  )  Adjusted income tax (provision) benefit1  ($12,089  )  ($13,368  )  ($1,673  )  ($8,388  )  ($6,655  )  ($3,902  )  $807    ($9,597  )    ($35,518  )  ($19,347  )  27 

 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 (including debt retirement costs), income taxes, and depreciation and amortization. It should not be considered as an alternative to net earnings computed under GAAP.2 Interest expense, net for the fourth quarter and twelve months ended 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.                                       Twelve Months Ended December 31,         (Dollars in thousands)  Q1'16    Q2'16    Q3'16    Q4'16    Q1'17    Q2'17    Q3'17    Q4'17      2016    2017                                                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    $80,924      $49,554    $97,339    Interest expense, net2  7,643    7,396    7,520    8,092    8,043    7,673    7,683    7,975      30,651    31,374    Income tax provision (benefit)  11,673    11,905    859    6,675    5,000    3,955    (3,095  )  (62,245  )    31,112    (56,385  )  Depreciation and amortization expense  21,150    22,024    22,747    25,169    27,557    26,055    25,856    25,522      91,090    104,990    EBITDA1  $58,912    $62,189    $32,027    $49,279    $48,115    $45,720    $31,307    $52,176      $202,407    $177,318    Directors' equity-based compensation expense (benefit)  726    3,610    89    354    (1,450  )  (1,483  )  463    (363  )    4,779    (2,833  )  Costs associated with Long Island facility closure  432    533    466    460    466    365    314    298      1,891    1,443    Gain associated with the sale of the specialty mills, net  —    —    (1,755  )  —    —    —    —    —      (1,755  )  —    Pension settlement expense  —    —    3,482    —    —    —    —    —      3,482    —    Costs associated with Oklahoma City facility closure  —    —    —    318    2,074    275    5,057    3,649      318    11,055    Costs associated with Neenah paper machines shutdown  —    —    —    1,049    —    —    —    —      1,049    —    Manchester Industries acquisition related expenses  —    —    —    2,665    115    105    —    —      2,665    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      —    2,263     Adjusted EBITDA3  $60,070    $66,332    $34,309    $54,125    $49,320    $45,023    $37,621    $57,543      $214,836    $189,507    28 

 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.                                       Twelve Months Ended December 31,         (Dollars in thousands)  Q1'16    Q2'16    Q3'16    Q4'16    Q1'17    Q2'17    Q3'17    Q4'17      2016    2017                                                Consumer Products                                            Operating income  $18,390    $18,544    $17,201    $13,781    $6,189    $10,534    $4,436    $7,457      $67,916    $28,616    Depreciation and amortization expense  13,759    14,203    15,022    16,391    18,242    16,292    16,073    14,400      59,375    65,007    Segment EBITDA1  $32,149    $32,747    $32,223    $30,172    $24,431    $26,826    $20,509    $21,857      $127,291    $93,623    Costs associated with Long Island facility closure  432    533    466    460    466    365    314    298      1,891    1,443    Gain associated with the sale of the specialty mills, net  —    —    (1,755  )  —    —    —    —    —      (1,755  )  —    Costs associated with Oklahoma City facility closure  —    —    —    318    2,074    275    5,057    3,649      318    11,055    Costs associated with Neenah paper machines shutdown  —    —    —    1,049    —    —    —    —      1,049    —    Write-off of assets as a result of Warehouse Automation project  —    —    —    —    —    41    —    —      —    41    Reorganization expenses associated with SG&A cost control measures  —    —    —    —    —    —    —    20      —    20    Segment Adjusted EBITDA2  $32,581    $33,280    $30,934    $31,999    $26,971    $27,507    $25,880    $25,824      $128,794    $106,182    Pulp and Paperboard                                            Operating income  $35,163    $40,032    $9,956    $27,581    $27,248    $21,595    $15,023    $34,642      $112,732    $98,508    Depreciation and amortization expense  6,367    6,449    6,530    7,395    8,105    8,356    8,328    9,685      26,741    34,474    Segment EBITDA1  $41,530    $46,481    $16,486    $34,976    $35,353    $29,951    $23,351    $44,327      $139,473    $132,982    Reorganization expenses associated with SG&A cost control measures  —    —    —    —    —    —    —    132      —    132    Segment Adjusted EBITDA2  $41,530    $46,481    $16,486    $34,976    $35,353    $29,951    $23,351    $44,459      $139,473    $133,114    Corporate                                            Operating loss  ($15,791  )  ($18,411  )  ($17,877  )  ($17,252  )  ($12,879  )  ($12,464  )  ($14,008  )  ($15,445  )    ($69,331  )  ($54,796  )  Depreciation and amortization expense  1,024    1,372    1,195    1,383    1,210    1,407    1,455    1,437      4,974    5,509    Corporate EBITDA1  ($14,767  )  ($17,039  )  ($16,682  )  ($15,869  )  ($11,669  )  ($11,057  )  ($12,553  )  ($14,008  )    ($64,357  )  ($49,287  )  Directors' equity-based compensation expense (benefit)  726    3,610    89    354    (1,450  )  (1,483  )  463    (363  )    4,779    (2,833  )  Pension settlement expense  —    —    3,482    —    —    —    —    —      3,482    —    Manchester Industries acquisition related expenses  —    —    —    2,665    115    105    —    —      2,665    220    Reorganization expenses associated with SG&A cost control measures  —    —    —    —    —    —    480    1,631      —    2,111    Corporate Adjusted EBITDA2  ($14,041  )  ($13,429  )  ($13,111  )  ($12,850  )  ($13,004  )  ($12,435  )  ($11,610  )  ($12,740  )    ($53,431  )  ($49,789  )  29 

     1 Discretionary free cash flow is defined as net cash provided by operating activities less payments for maintenance capital expenditures. Management uses free cash flow to help assess the cash generation ability of the company and funds available for investing activities, such as acquisitions, investing in the business to drive growth, and financing activities, including debt payments and share repurchases.  Free cash flow does not represent cash available only for discretionary expenditures, since the Company has mandatory debt service requirements and other contractual and non-discretionary expenditures.  In addition, free cash flow may not be the same as similar measures provided by other companies due to potential differences in methods of calculation and items being excluded. 2 Maintenance capital expenditures consists of non-discretionary capital expenditures for purposes of replacing or maintaining current assets or that are essential in nature for health, safety or environmental purposes.    DISCRETIONARY FREE CASH FLOW RECONCILIATION OF NON-GAAP FINANCAIL MEASURE (UNAUDITED)  DISCRETIONARY FREE CASH FLOW1                Twelve Months Ending December 31,        (Dollars in millions)    2016    2017                GAAP net cash provided by operating activities    172,751    $177,670    Payments for maintenance capital expenditures2    (59,400  )  (41,323  )  Discretionary free cash flow1    $113,351    $136,347    30 

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