CLEARWATER PAPER CORPORATIONSECOND QUARTER 2018SUPPLEMENTAL INFORMATION  08/01/18 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 the costs, timing and benefits associated with strategic capital investments and operational improvements; financial models; estimated Q3 2018 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 Q3 2018 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 regards to, or a reduction in orders from, a significant customer;changes in customer product preferences and competitors' product offerings;our ability to successfully implement our operational efficiencies and cost savings strategies, including related capital projects and achieve the expected operational or financial results of those projects, including from the continuous digester at our Lewiston facility;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 

   SECOND QUARTERFINANCIAL HIGHLIGHTS  $432 MILLION NET SALES, DOWN 1% VS. Q1'18 $18 MILLION GAAP OPERATING INCOME$43 MILLION ADJUSTED EBITDA1, AT HIGH END OF OUTLOOK RANGE OF $35 TO $45 MILLION DILUTED GAAP EPS OF $0.42 AND ADJUSTED DILUTED EPS OF $0.431AN INCREMENTAL $4 MILLION CONTRIBUTION TO COST SAVINGS FROM THE CONTINUOUS PULP DIGESTER IN Q2' 18 COMPARED TO Q1' 18RECORD PAPERBOARD PRODUCTION AND SHIPMENTS  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)  Q1'17    Q2'17    Q3'17    Q4'17    Q1'18    Q2'18                              Net sales  $437,525    $429,663    $426,504    $436,716    $436,952    $432,099    Gross Profit  $50,465    $48,602    $39,742    $61,258    $44,519    $44,945    Selling, general and administrative expenses  ($29,955  )  ($29,454  )  ($34,582  )  ($34,891  )  ($32,980  )  ($26,564  )  Operating income (loss)1  $20,510    $19,148    $5,160    $26,367    $11,539    $18,381    Consumer Products1  $6,204    $10,698    $4,525    $7,546    $1,629    ($3,604  )  Pulp and Paperboard1  $27,200    $21,071    $14,735    $34,354    $26,154    $34,192    Corporate1  ($12,894  )  ($12,621  )  ($14,100  )  ($15,533  )  ($16,244  )  ($12,207  )  Operating margin  4.7  %  4.5  %  1.2  %  6.0  %  2.6  %  4.3  %  Interest expense, net  ($8,043  )  ($7,673  )  ($7,683  )  ($7,975  )  ($8,020  )  ($7,723  )  Non-operating pension and other postretirement benefit costs1  $48    $517    $291    $287    ($1,279  )  ($1,187  )  Income tax (provision) benefit2  ($5,000  )  ($3,955  )  $3,095    $62,245    $360    ($2,510  )  Net earnings  $7,515    $8,037    $863    $80,924    $2,600    $6,961    Net earnings per diluted common share  $0.45    $0.48    $0.05    $4.88    $0.16    $0.42    4  1 In the first quarter of 2018, we adopted a new accounting standard that resulted in a change in the presentation of pension and postretirement benefit costs other than service costs on a line outside of operating income. 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 Debt leverage ratio is calculated as the net debt to rolling four quarter total adjusted EBITDA plus franchise taxes.   (Dollars in thousands - except per-share amounts)  Q1'17    Q2'17    Q3'17    Q4'17    Q1'18    Q2'18    Q3'18 Outlook7                              Net sales  $437,525    $429,663    $426,504    $436,716    $436,952    $432,099    0% - 1% Higher  Adjusted gross profit1  $56,668    $49,820    $41,048    $61,675    $44,712    $45,768      Adjusted gross profit margin1,2  13.0  %  11.7  %  9.7  %  14.2  %  10.2  %  10.6  %    Adjusted selling, general and administrative expenses1  ($31,290  )  ($30,832  )  ($29,158  )  ($29,941  )  ($28,778  )  ($27,171  )    Adjusted operating income (loss)1,3  $25,378    $18,988    $11,890    $31,734    $15,934    $18,597      Consumer Products3  $12,407    $11,916    $10,312    $11,513    $3,072    ($2,596  )    Pulp and Paperboard3  $27,200    $21,071    $14,735    $34,486    $26,445    $34,284      Corporate3  ($14,229  )  ($13,999  )  ($13,157  )  ($14,265  )  ($13,583  )  ($13,091  )    Adjusted operating margin1,4  5.8  %  4.4  %  2.8  %  7.3  %  3.6  %  4.3  %  3% - 5%  Interest expense, net  ($8,043  )  ($7,673  )  ($7,683  )  ($7,975  )  ($8,020  )  ($7,723  )    Non-operating pension and other postretirement benefit costs3  $48    $517    $291    $287    ($1,279  )  ($1,187  )    Adjusted income tax (provision) benefit1,5  ($6,655  )  ($3,902  )  $807    ($9,597  )  ($1,415  )  ($2,566  )    Adjusted net earnings1  $10,728    $7,930    $5,305    $14,449    $5,220    $7,121      Depreciation and amortization expense  $27,557    $26,055    $25,856    $25,522    $25,167    $25,177      Adjusted EBITDA1  $49,320    $45,023    $37,621    $57,543    $39,822    $42,587    $40,000 - $46,000  Consumer Products3  $26,986    $27,671    $25,969    $25,913    $17,369    $11,624      Pulp and Paperboard3  $35,305    $29,427    $23,063    $44,171    $35,874    $43,645      Corporate3  ($12,971  )  ($12,075  )  ($11,411  )  ($12,541  )  ($13,421  )  ($12,682  )    Adjusted EBITDA margin1,6  11.3  %  10.5  %  8.8  %  13.2  %  9.1  %  9.9  %    Adjusted net earnings per diluted common share1  $0.64    $0.48    $0.32    $0.87    $0.31    $0.43      Debt Leverage Ratio1,8  3.37    3.71    3.69    3.86    4.15    3.95      Cash flow from operations  $45,538    $58,061    $48,577    $25,494    $30,853    $80,023      Capital Expenditures  $41,804    $47,750    $49,269    $59,862    $49,747    $117,712      5 

 Q2’18 VS. Q1’18CONSOLIDATED ADJUSTED EBITDA1 BRIDGE  1 Non-GAAP measure – See Appendix for the definition and reconciliation to the most comparable GAAP measure.  PRICE/MIX    Unfavorable mix shift from converted cases to parent rolls, offset by higher paperboard pricing  VOLUME    Record paperboard shipments, partially offset by lower tissue converted case shipments as we work to recover converted case business  PULP/WOOD FIBER    Higher pulp and wood fiber prices, partially offset by pulp cost mitigation efforts  TRANSPORTATION    Higher freight costs due to higher line haul rates, partially offset by network optimization initiatives  SG&A    SG&A cost reduction initiative  ADJ, EBITDA1(MILLIONS)  1  1  6 

 Q2’18 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    Lower pricing and product mix in tissue, partially offset by paperboard price increases  VOLUME    Record paperboard shipments, partially offset by lower tissue converted case shipments  PULP/WOOD FIBER    Higher pulp and wood fiber prices due to continued strong demand for market pulp and corrugate  TRANSPORTATION    Higher freight costs due to line haul rates and diesel prices coupled with higher service costs in tissue  MAINTENANCE    Absence of planned major outage  SG&A    SG&A cost reduction initiative  ADJ, EBITDA1(MILLIONS)  1  1  7 

 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 sales.  KEY SEGMENT RESULTS -CONSUMER PRODUCTS(UNAUDITED)    Q1'17    Q2'17    Q3'17    Q4'17    Q1'18    Q2'18    CONSUMER PRODUCTS CROSS-CYCLE FINANCIAL MODEL                              Shipments                            Retail (short tons)  78,686    77,714    77,544    75,123    80,971    73,070      Non-Retail (short tons)1  16,678    13,736    12,958    12,190    11,236    17,316      Total Tissue Tons  95,364    91,450    90,502    87,313    92,207    90,386      Converted Products (cases in thousands)2  13,123    12,709    12,727    12,662    13,262    12,027      Sales Price                            Retail ($/short ton)  $2,772    $2,723    $2,754    $2,855    $2,715    $2,707      Non-Retail ($/short ton)1  $1,439    $1,454    $1,468    $1,480    $1,509    $1,372      Total Tissue ($/short ton)  $2,539    $2,533    $2,574    $2,663    $2,568    $2,451      Segment net sales ($ in thousands)  $242,423    $231,912    $232,916    $234,656    $238,842    $221,585      Segment GAAP operating income3 ($ in thousands)  $6,204    $10,698    $4,525    $7,546    $1,629    ($3,604  )    Segment GAAP operating margin  2.6%    4.6%    1.9%    3.2%    0.7%    (1.6)%      Segment Adjusted EBITDA3,4 ($ in thousands)  $26,986    $27,671    $25,969    $25,913    $17,369    $11,624      Segment Adjusted EBITDA margin5  11.1%     11.9%     11.1%     11.0%     7.3%     5.2%     17.0%   8   

   CLEARWATER PAPERTISSUE SHIPMENTSAND U.S. RETAIL TISSUE MARKET  U.S. Retail Tissue Market Q2'18 ($) (MultiOutlet)1                  CATEGORY  PRIVATELABEL      BRANDS      TOTAL                      Total RetailTissue Share ($)  30  %    70  %    100  %  % ChangeQ2’18 vs. Q1’18  1.4  %    (1.4  )%    —  %   1 Data Source: IRI Worldwide data through July 1, 2018.  CLW Q2'18 by Market Segment(% of Tons)  CLW Q1'18 by Market Segment(% of Tons)  Other  Parent Rolls  Parent Rolls  AFH  AFH  Retail  Retail  9 

 PRICE/MIX    Weaker mix of converted case versus parent roll shipments as we work to recover converted case business  VOLUME    Lower converted case shipments  PULP    Price increases offset by pulp cost mitigation efforts  TRANSPORTATION    Network optimization initiatives, largely offset by higher freight costs due to line haul rates and diesel prices  SG&A    SG&A cost reduction initiative  Q2'18 VS. Q1'18CONSUMER 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  10 

 KEY SEGMENT RESULTS – PULP AND PAPERBOARD(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 Non-GAAP measure – See Appendix for the definition and reconciliation to the most comparable GAAP measure.3 Non-GAAP measure – Segment Adjusted EBITDA margin is defined as Segment Adjusted EBITDA divided by Segment net sales.    Q1'17    Q2'17    Q3'17    Q4'17    Q1'18    Q2'18    PULP ANDPAPERBOARDCROSS-CYCLEFINANCIAL MODEL                              Shipments                            Paperboard (short tons)  210,382    207,152    200,569    210,098    206,309    216,582      Sales Price                            Paperboard ($/short ton)  $927    $955    $965    $962    $960    $972      Segment net sales ($ in thousands)  $195,102    $197,751    $193,588    $202,060    $198,110    $210,514      Segment GAAP operating income1 ($ in thousands)  $27,200    $21,071    $14,735    $34,354    $26,154    $34,192      Segment GAAP operating margin  13.9%    10.7%    7.6%    17.0%    13.2%    16.2%      Segment Adjusted EBITDA1,2 ($ in thousands)  $35,305    $29,427    $23,063    $44,171    $35,874    $43,645      Segment Adjusted EBITDA margin3  18.1%    14.9%    11.9%    21.9%    18.1%    20.7%    19.0%  11 

   CLEARWATER PAPERPAPERBOARD SHIPMENTS ANDU.S. PAPERBOARD MARKET  U.S. Paperboard Production Q2'183               CATEGORY  CLEARWATER PAPER      OTHER                    Total Domestic SBS1 Market Share  14  %    86  %    Folding  19  %    81  %    Food Service2  23  %    77  %    Liquid Packaging  3  %    97  %    1 Solid Bleached Sulfate.2 Food Service includes cup, plate, dish and tray products.3 Data Source: American Forest and Paper Association Solid Bleached Domestic Production – June YTD 2018.  CLW Q2'18 by Market Segment(% of Tons)  CLW Q1'18 by Market Segment(% of Tons)  Folding  Folding  Liquid Pkg  Liquid Pkg  Food Service  Food Service  12 

 PRICE/MIX    Realization of announced price increase  VOLUME    Record paperboard shipments due to record production and strong demand  PULP/WOOD FIBER    Higher fiber costs at our Idaho facility due to strong demand for market pulp and corrugate  TRANSPORTATION    Higher freight costs due to line haul rates and diesel prices  Q2’18 vs. Q1'18 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  13 

 CLEARWATER PAPER CROSS-CYCLE FINANCIAL MODEL  1 Non-GAAP measure – See Appendix for the definition and reconciliation to the most comparable GAAP measure.                                CLEARWATER PAPER CROSS-CYCLE FINANCIAL MODEL    (Dollars in thousands)  Q1'17    Q2'17    Q3'17    Q4'17    Q1'18    Q2'18                                          Net sales  100  %  100  %  100  %  100  %  100  %  100  %    100  %  Adjusted gross profit margin1  13.0  %  11.7  %  9.7  %  14.2  %  10.2  %  10.6  %    17.0  %  Adjusted SG&A expenses1 as % of net sales  (7.2  %)  (7.2  %)  (6.8  %)  (6.9  %)  (6.6  %)  (6.3  %)    (6.0  %)  Adjusted operating margin1  5.8  %  4.5  %  2.9  %  7.3  %  3.6  %  4.3  %    11.0  %  Adjusted net earnings1 as % of net sales  2.5  %  1.8  %  1.2  %  2.5  %  1.2  %  1.6  %    5.0  %  Adjusted EBITDA margin1  11.3  %  10.5  %  8.8  %  13.2  %  9.1  %  9.9  %    15.0  %  14 

 Q3’18 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 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 ENDINGSEPTEMBER 30, 2018          RANGE OF ESTIMATE        (Dollars in thousands)  FROM    TO              Earnings before interest, income taxes, and depreciation & amortization (EBITDA)2:          GAAP net earnings  $5,100    $7,900    Interest expense, net  6,500    7,600    Income tax provision  1,800    2,800    Depreciation and amortization expense  24,700    25,800    EBITDA2  $38,100    $44,100    Directors' equity-based compensation expense  300    300    Reorganization expenses associated with SG&A cost control measures  1,200    1,200    Consumer Products reorganization related expenses  200    200    Other  200    200    Adjusted EBITDA3  $40,000    $46,000    15 

 Q3’18 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 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 affected at a 26% annual rate.4 GAAP net earnings per diluted common share and Adjusted net earnings per diluted common share are calculated utilizing second quarter 2018 diluted average common shares outstanding of 16,555 (in thousands).     OUTLOOK          THREE MONTHS ENDINGSEPTEMBER 30, 2018          RANGE OF ESTIMATE        (Dollars in thousands)  FROM    TO              GAAP Operating Income  $9,000    $25,500    Directors' equity-based compensation expense  300    300    Reorganization expenses associated with SG&A cost control measures  1,200    1,200    Consumer Products reorganization related expenses  200    200    Other  200    200    Adjusted operating income2  $10,900    $27,400                        (Dollars in thousands)  FROM    TO              GAAP net earnings  $5,100    $7,900    Adjustments, after tax3:          Directors' equity-based compensation expense  225    225    Reorganization expenses associated with SG&A cost control measures  900    900    Consumer Products reorganization related expenses  150    150    Other  150    150    Adjusted net earnings2  $6,525    $9,325                FROM    TO              GAAP net earnings per diluted common share4  $0.31    $0.48    Adjusted net earnings per diluted common share2,4  $0.39    $0.56    16 

   Q3'18 OUTLOOK1    0% - 1% Higher    3% - 5%    $40M - $46M    $0.39 - $0.56  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 second quarter 2018 diluted average common shares outstanding of 16,555 (in thousands).  17 

 APPENDIX    18 

 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.                            (Dollars in thousands)  Q1'17    Q2'17    Q3'17    Q4'17    Q1'18    Q2'18                              Gross profit1,2  $50,465    $48,602    $39,742    $61,258    $44,519    $44,945    Costs associated with Long Island facility closure  466    661    610    298    —    —    Costs associated with Oklahoma City facility closure  5,737    275    576    119    —    —    Write-off of assets as a result of Warehouse Automation project  —    41    —    —    —    —    Accelerated depreciation of assets as a result of Warehouse Automation project  —    241    120    —    —    —    Reorganization expenses associated with SG&A cost control measures  —    —    —    —    193    31    Consumer Products reorganization related expenses  —    —    —    —    —    792    Adjusted gross profit3  $56,668    $49,820    $41,048    $61,675    $44,712    $45,768    Selling, general and administrative expenses (SG&A)2  ($29,955  )  ($29,454  )  ($34,582  )  ($34,891  )  ($32,980  )  ($26,564  )  Directors' equity-based compensation (benefit) expense  (1,450  )  (1,483  )  463    (363  )  (709  )  (1,990  )  Costs associated with Oklahoma City facility closure  —    —    4,481    3,530    —    —    Manchester Industries acquisition related expenses  115    105    —    —    —    —    Reorganization expenses associated with SG&A cost control measures  —    —    480    1,783    4,911    1,045    Other  —    —    —    —    —    338    Adjusted selling, general and administrative expenses2  ($31,290  )  ($30,832  )  ($29,158  )  ($29,941  )  ($28,778  )  ($27,171  )  19 

 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.                            (Dollars in thousands)  Q1'17    Q2'17    Q3'17    Q4'17    Q1'18    Q2'18                              Consumer Products                          Operating income1  $6,204    $10,698    $4,525    $7,546    $1,629    ($3,604  )  Costs associated with Long Island facility closure  466    661    610    298    —    —    Costs associated with Oklahoma City facility closure  5,737    275    5,057    3,649    —    —    Write-off of assets as a result of Warehouse Automation project  —    41    —    —    —    —    Accelerated depreciation of assets as a result of Warehouse Automation project  —    241    120    —    —    —    Reorganization expenses associated with SG&A cost control measures  —    —    —    20    1,443    216    Consumer Products reorganization related expenses  —    —    —    —    —    792    Adjusted Consumer Products operating income2  $12,407    $11,916    $10,312    $11,513    $3,072    ($2,596  )  Pulp and Paperboard                          Operating Income1  $27,200    $21,071    $14,735    $34,354    $26,154    $34,192    Reorganization expenses associated with SG&A cost control measures  —    —    —    132    291    92    Adjusted Pulp and Paperboard operating income2  $27,200    $21,071    $14,735    $34,486    $26,445    $34,284    Corporate                          Operating loss1  ($12,894  )  ($12,621  )  ($14,100  )  ($15,533  )  ($16,244  )  ($12,207  )  Directors' equity-based compensation (benefit) expense  (1,450  )  (1,483  )  463    (363  )  (709  )  (1,990  )  Manchester Industries acquisition related expenses  115    105    —    —    —    —    Reorganization expenses associated with SG&A cost control measures  —    —    480    1,631    3,370    768    Other  —    —    —    —    —    338    Adjusted Corporate operating loss2  ($14,229  )  ($13,999  )  ($13,157  )  ($14,265  )  ($13,583  )  ($13,091  )  20 

 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%.                            (Dollars in thousands - except per-share amounts)  Q1'17    Q2'17    Q3'17    Q4'17    Q1'18    Q2'18                              GAAP net earnings  $7,515    $8,037    $863    $80,924    $2,600    $6,961    Adjustments, after tax1:                          Directors' equity-based compensation (benefit) expense  (957  )  (988  )  306    (242  )  (532  )  (1,472  )  Costs associated with Long Island facility closure  308    440    402    199    —    —    Costs associated with Oklahoma City facility closure  3,786    183    3,338    2,434    —    —    Manchester Industries acquisition related expenses  76    70    —    —    —    —    Write-off of assets as a result of Warehouse Automation project  —    27    —    —    —    —    Accelerated depreciation of assets as a result of Warehouse Automation project  —    161    79    —    —    —    Reorganization expenses associated with SG&A cost control measures  —    —    317    1,189    3,828    796    Federal tax rate change3  —    —    —    (70,055  )  —    —    Impact of state tax rate changes  —    —    —    —    (676  )  —    Consumer Products reorganization related expenses  —    —    —    —    —    586    Other  —    —    —    —    —    250    Adjusted net earnings2  $10,728    $7,930    $5,305    $14,449    $5,220    $7,121    Net earnings per diluted common share  $0.45    $0.48    $0.05    $4.88    $0.16    $0.42    Adjustments, after tax1:                          Directors' equity-based compensation (benefit) expense  (0.06  )  (0.06  )  0.02    (0.01  )  (0.03  )  (0.09  )  Costs associated with Long Island facility closure  0.02    0.03    0.02    0.01    —    —    Costs associated with Oklahoma City facility closure  0.23    0.01    0.20    0.15    —    —    Manchester Industries acquisition related expenses  —    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    —    —    —    Reorganization expenses associated with SG&A cost control measures  —    —    0.02    0.07    0.22    0.04    Federal tax rate change3  —    —    —    (4.23  )  —    —    Impact of state tax rate changes  —    —    —    —    (0.04  )  —    Consumer Products reorganization related expenses  —    —    —    —    —    0.04    Other  —    —    —    —    —    0.02    Adjusted net earnings per diluted common share2  $0.64    $0.48    $0.32    $0.87    $0.31    $0.43    21 

 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 Q4'17 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%.                            (Dollars in thousands)  Q1'17    Q2'17    Q3'17    Q4'17    Q1'18    Q2'18                              GAAP income tax (provision) benefit  ($5,000  )  ($3,955  )  $3,095    $62,245    $360    ($2,510  )  Adjustments, tax impact:                          Directors' equity-based compensation benefit (expense)  493    495    (157  )  121    177    518    Costs associated with Long Island facility closure  (158  )  (221  )  (208  )  (99  )  —    —    Costs associated with Oklahoma City facility closure  (1,951  )  (92  )  (1,719  )  (1,215  )  —    —    Manchester Industries acquisition related expenses  (39  )  (35  )  —    —    —    —    Write-off of assets as a result of Warehouse Automation project  —    (14  )  —    —    —    —    Accelerated depreciation of assets as a result of Warehouse Automation project  —    (80  )  (41  )  —    —    —    Reorganization expenses associated with SG&A cost control measures  —    —    (163  )  (594  )  (1,276  )  (280  )  Federal tax rate change2  —    —    —    (70,055  )  —    —    Impact of state tax rate changes  —    —    —    —    (676  )  —    Consumer Products reorganization related expenses  —    —    —    —    —    (206  )  Other  —    —    —    —    —    (88  )  Adjusted income tax (provision) benefit1  ($6,655  )  ($3,902  )  $807    ($9,597  )  ($1,415  )  ($2,566  )  22 

 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.                             (Dollars in thousands)  Q1'17    Q2'17    Q3'17    Q4'17    Q1'18    Q2'18                              Earnings before interest, income taxes, and depreciation & amortization (EBITDA)1                          GAAP net earnings  $7,515    $8,037    $863    $80,924    $2,600    $6,961    Interest expense, net  8,043    7,673    7,683    7,975    8,020    7,723    Income tax provision (benefit)  5,000    3,955    (3,095  )  (62,245  )  (360  )  2,510    Depreciation and amortization expense  27,557    26,055    25,856    25,522    25,167    25,177    EBITDA1  $48,115    $45,720    $31,307    $52,176    $35,427    $42,371    Directors' equity-based compensation (benefit) expense  (1,450  )  (1,483  )  463    (363  )  (709  )  (1,990  )  Costs associated with Long Island facility closure  466    365    314    298    —    —    Costs associated with Oklahoma City facility closure  2,074    275    5,057    3,649    —    —    Manchester Industries acquisition related expenses  115    105    —    —    —    —    Write-off of assets as a result of Warehouse Automation project  —    41    —    —    —    —    Reorganization expenses associated with SG&A cost control measures  —    —    480    1,783    5,104    1,076    Consumer Products reorganization related expenses  —    —    —    —    —    792    Other  —    —    —    —    —    338     Adjusted EBITDA2  $49,320    $45,023    $37,621    $57,543    $39,822    $42,587    23 

 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.                             (Dollars in thousands)  Q1'17    Q2'17    Q3'17    Q4'17    Q1'18    Q2'18                              Consumer Products                          Operating income1  $6,204    $10,698    $4,525    $7,546    $1,629    ($3,604  )  Depreciation and amortization expense  18,242    16,292    16,073    14,400    14,297    14,220    Segment EBITDA2  $24,446    $26,990    $20,598    $21,946    $15,926    $10,616    Costs associated with Long Island facility closure  466    365    314    298    —    —    Costs associated with Oklahoma City facility closure  2,074    275    5,057    3,649    —    —    Write-off of assets as a result of Warehouse Automation project  —    41    —    —    —    —    Reorganization expenses associated with SG&A cost control measures  —    —    —    20    1,443    216    Consumer Products reorganization related expenses  —    —    —    —    —    792    Segment Adjusted EBITDA3  $26,986    $27,671    $25,969    $25,913    $17,369    $11,624    Pulp and Paperboard                          Operating income1  $27,200    $21,071    $14,735    $34,354    $26,154    $34,192    Depreciation and amortization expense  8,105    8,356    8,328    9,685    9,429    9,361    Segment EBITDA2  $35,305    $29,427    $23,063    $44,039    $35,583    $43,553    Reorganization expenses associated with SG&A cost control measures  —    —    —    132    291    92    Segment Adjusted EBITDA3  $35,305    $29,427    $23,063    $44,171    $35,874    $43,645    Corporate                          Operating loss1  ($12,894  )  ($12,621  )  ($14,100  )  ($15,533  )  ($16,244  )  ($12,207  )  Depreciation and amortization expense  1,210    1,407    1,455    1,437    1,441    1,596    Non-operating pension and other postretirement benefit costs1  48    517    291    287    (1,279  )  (1,187  )  Corporate EBITDA2  ($11,636  )  ($10,697  )  ($12,354  )  ($13,809  )  ($16,082  )  ($11,798  )  Directors' equity-based compensation (benefit) expense  (1,450  )  (1,483  )  463    (363  )  (709  )  (1,990  )  Manchester Industries acquisition related expenses  115    105    —    —    —    —    Reorganization expenses associated with SG&A cost control measures  —    —    480    1,631    3,370    768    Other  —    —    —    —    —    338    Corporate Adjusted EBITDA3  ($12,971  )  ($12,075  )  ($11,411  )  ($12,541  )  ($13,421  )  ($12,682  )  24 

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