8-K

UNITED STATESSECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

_________________

FORM 8-K
_________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 22, 2015
_________________

CLEARWATER PAPER CORPORATION
(Exact name of registrant as specified in its charter)

_________________

Delaware	001-34146	20-3594554
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

601 West Riverside Ave., Suite 1100
Spokane, WA 99201
(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code:  (509) 344-5900
_________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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Item 2.02.         Results of Operations and Financial Condition.

On April 22, 2015, Clearwater Paper Corporation announced its results of operations and financial condition for the first quarter results ending March 31, 2015.  A copy of the press release containing this announcement is furnished as Exhibit 99.1 hereto.  In addition, a copy of the Company’s First Quarter 2015 Supplemental Information is furnished as Exhibit 99.2 hereto.

The information in this Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.  

Item 9.01.        Financial Statements and Exhibits

(d)	Exhibits.
	99.1	Press release issued by Clearwater Paper Corporation, dated April 22, 2015: CLEARWATER PAPER REPORTS FIRST QUARTER 2015 RESULTS
	99.2	Clearwater Paper Corporation First Quarter 2015 Supplemental Information, dated April 22, 2015

2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:	April 22, 2015
			CLEARWATER PAPER CORPORATION
		By:		/s/ Michael S. Gadd
				Michael S. Gadd, Corporate Secretary

EXHIBIT INDEX

Exhibit	Description
99.1	Press release issued by Clearwater Paper Corporation, dated April 22, 2015:  CLEARWATER PAPER REPORTS FIRST QUARTER 2015 RESULTS
99.2	Clearwater Paper Corporation First Quarter 2015 Supplemental Information, dated April 22, 2015

EX-99.1

Exhibit 99.1

Clearwater Paper Reports First Quarter 2015 Results

SPOKANE, Wash.--(BUSINESS WIRE)--April 22, 2015--Clearwater Paper Corporation (NYSE:CLW) today reported financial results for the first quarter of 2015.

The company reported net sales of $434.0 million for the first quarter of 2015, down 10.5% compared to net sales of $484.9 million for the first quarter of 2014 primarily due to the sale of the company’s specialty mills in December 2014. Net earnings determined in accordance with generally accepted accounting principles, or GAAP, for the first quarter of 2015 were $5.8 million, or $0.30 per diluted share, compared to $6.2 million, or $0.29 per diluted share, for the first quarter of 2014. The 2015 first quarter GAAP net earnings included $0.3 million of after-tax benefit associated with the mark-to-market impact of directors' equity-based compensation, $0.4 million of after-tax expense associated with the closure of the company's Long Island, New York, converting and distribution facility, and $1.2 million of after tax non-recurring costs associated with a new labor agreement. Excluding special items, first quarter 2015 adjusted net earnings were $6.9 million, or $0.36 per diluted share, compared to first quarter 2014 adjusted net earnings of $13.9 million, or $0.66 per diluted share.

Earnings before interest, taxes, depreciation and amortization, or EBITDA, was $36.2 million for the first quarter of 2015. Adjusted EBITDA for the quarter was $37.9 million, down 30.7% compared to first quarter 2014 Adjusted EBITDA of $54.7 million. The decrease in EBITDA and Adjusted EBITDA was due primarily to scheduled major maintenance at the company’s Lewiston, Idaho, pulp and paperboard facility, lower paperboard shipment volume due to the labor slowdowns at the West Coast shipping ports, and the sale of the company’s specialty mills, which were partially offset by improved pricing for paperboard and higher sales of through-air-dried, or TAD products.

"Clearwater Paper delivered solid results that were in line with the updated outlook for the first quarter of 2015," said president and chief executive officer Linda Massman. "We saw an increase in paperboard volumes off of seasonal levels and improvement to the cost structure of our Consumer Products business as a result of the supply chain optimization work that we started in 2014. Overall, we are starting to see positive results in our businesses with the increased focus on bringing efficiencies to every part of our operation."

Under the $100 million stock repurchase program, authorized in December 2014, the company repurchased 599,495 shares of common stock at an average price of $61.97 per share during the first quarter of 2015.

FIRST QUARTER 2015 SEGMENT PERFORMANCE

Consumer Products

Net sales in the Consumer Products segment were $235.2 million for the first quarter of 2015, down 17.9% from first quarter 2014 net sales of $286.5 million. This decrease was due to the sale of the specialty mills.

On a GAAP basis, the segment had operating income of $12.4 million, compared to an operating loss of $0.5 million in the prior year period. Adjusted operating income of $13.6 million for the first quarter of 2015, was up $4.9 million from $8.7 million for the same period in 2014, after adjusting for $0.6 million and $9.2 million of costs related to the facility closures in the first quarters of 2015 and 2014, respectively. In the first quarter of 2015 we also recognized $0.8 million in non-recurring costs associated with a new labor agreement. The higher results were driven primarily by increased sales of TAD products, reduced energy costs, lower pricing for external pulp, and reduced operating supplies and expenses, partially offset by the absence of operating income from the company’s former specialty mills.

• Total tissue sales volumes of 92,209 tons in the first quarter of 2015 were down 27.8% and converted product cases shipped were 13.0 million, down 3.1%, each compared to the first quarter of 2014, largely due to the sale of the specialty mills.
• Average tissue net selling prices increased 13.7% to $2,546 per ton in the first quarter of 2015, compared to the first quarter of 2014, due to improved product mix after the sale of the specialty mills and higher sales of TAD products.

Pulp and Paperboard

Net sales in the Pulp and Paperboard segment were $198.9 million for the first quarter of 2015, up slightly compared to first quarter 2014 net sales of $198.4 million. The slight increase was due to an increase in prices that mostly offset lower shipment volumes. Adjusted operating income for the quarter decreased $19.7 million to $17.1 million, after adjusting for non-recurring costs of $0.9 million associated with a new labor agreement, compared to $36.8 million for the first quarter of 2014, primarily due to approximately $15 million of scheduled major maintenance at the Lewiston, Idaho, pulp and paperboard facility, higher fiber costs due to wet weather in the Southeast and reduced operating schedules at northwest lumber mills, partially offset by lower energy costs due to less severe winter weather in both Idaho and Arkansas.

• Paperboard sales volumes decreased 4.5% to 191,635 tons in the first quarter of 2015, compared to 200,665 tons in the first quarter of 2014 partially due to labor slowdowns at West Coast shipping ports.
• Paperboard net selling prices increased 4.4% to $1,031 per ton compared to the first quarter of 2014 as a result of price increases implemented during the year and improved mix.

Taxes

The company's GAAP tax rate for the first quarter of 2015 was a provision of 22.8% compared to 36.4% in the first quarter of 2014. The fluctuation in the tax rate for the first quarter of 2015 was a result of the release of uncertain tax positions of approximately $1 million relating to statute of limitation expirations on certain federal tax credits. On an adjusted basis, the first quarter 2015 tax rate was 24.3%. The company expects its annual GAAP and adjusted tax rates to be approximately 36% for 2015.

Note Regarding Use of Non-GAAP Financial Measures

In this press release, the company presents certain non-GAAP financial information for the first quarters of 2015 and 2014, including EBITDA, Adjusted EBITDA, adjusted net earnings, adjusted net earnings per diluted share, and adjusted operating income. Because these amounts are not in accordance with GAAP, reconciliations to net earnings (loss) and net earnings (loss) per diluted share as determined in accordance with GAAP are included at the end of this press release. The company presents these non-GAAP amounts because management believes they assist investors and analysts in comparing the company's performance across reporting periods on a consistent basis by excluding items that the company does not believe are indicative of its core operating performance.

WEBCAST INFORMATION

Clearwater Paper Corporation will discuss these results during an earnings conference call that begins at 2 p.m. Pacific Time (PT) today. A live webcast and accompanying supplemental information will be available on the company's website at http://ir.clearwaterpaper.com. A replay of today's conference call will be available on the website at http://ir.clearwaterpaper.com/results.cfm beginning at 5 p.m. PT today.

ABOUT CLEARWATER PAPER

Clearwater Paper manufactures quality consumer tissue, away-from-home tissue, parent roll tissue, bleached paperboard and pulp at manufacturing facilities across the nation. The company is a premier supplier of private label tissue to major retailers and wholesale distributors, including grocery, drug, mass merchants and discount stores. In addition, the company produces bleached paperboard used by quality-conscious printers and packaging converters. Clearwater Paper's employees build shareholder value by developing strong customer partnerships through quality and service.

FORWARD-LOOKING STATEMENTS

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as amended, including the company's supply chain optimization, operational efficiencies and expected tax rate for 2015. These forward-looking statements are based on current expectations, estimates, assumptions and projections that are subject to change, and actual results may differ materially from the forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, 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 transportation costs and disruptions in transportation services; manufacturing or operating disruptions, including IT system failures, equipment malfunction and damage to the company’s manufacturing facilities; changes in the U.S. and international economies and in general economic conditions in the regions and industries in which the company operates; changes in the cost and availability of wood fiber and wood pulp; labor disruptions; changes in costs for and availability of packaging supplies, chemicals, energy and maintenance and repairs; changes in customer product preferences and competitors’ product offerings; increased supply and pricing pressures resulting from increasing Asian paper production capabilities; cyclical industry conditions; changes in expenses and required contributions associated with our pension plans; reliance on a limited number of third-party suppliers for raw materials; cyclical industry conditions; inability to successfully implement our operational efficiencies and expansion strategies; and other risks and uncertainties described from time to time in the company's public filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2014. The forward-looking statements are made as of the date of this press release and the company does not undertake to update any forward-looking statements based on new developments or changes in the company's expectations.

Clearwater Paper Corporation
Consolidated Statements of Operations
Unaudited (Dollars in thousands - except per-share amounts)
	Three Months Ended
	March 31,
	2015					2014
Net sales	$	434,026		100	%	$	484,920		100	%
Costs and expenses:
Cost of sales		(389,832	)	90	%		(426,629	)	88	%
Selling, general and administrative expenses		(28,957	)	7	%		(33,514	)	7	%
Impairment of assets		-		-			(4,259	)	1	%
Total operating costs and expenses		(418,789	)	96	%		(464,402	)	96	%
Income from operations		15,237		4	%		20,518		4	%
Interest expense, net		(7,782	)	2	%		(10,734	)	2	%
Earnings before income taxes		7,455		2	%		9,784		2	%
Income tax provision		(1,698	)	-			(3,558	)	1	%
Net earnings	$	5,757		1	%	$	6,226		1	%
Net earnings per common share:
Basic	$	0.30				$	0.30
Diluted		0.30					0.29
Average shares outstanding (in thousands):
Basic		19,335					20,984
Diluted		19,465					21,219

Clearwater Paper Corporation
Condensed Consolidated Balance Sheets
Unaudited (Dollars in thousands)
	March 31,			December 31,
	2015			2014
ASSETS
Current assets:
Cash	$	29,796		$	27,331
Restricted cash		1,500			1,500
Short-term investments		11,000			50,000
Receivables, net		133,949			133,914
Taxes receivable		-			1,255
Inventories		270,670			286,626
Deferred tax assets		21,682			21,760
Prepaid expenses		10,736			4,191
Total current assets		479,333			526,577
Property, plant and equipment, net		812,770			810,987
Goodwill		209,087			209,087
Intangible assets, net		23,715			24,956
Pension assets		6,333			4,738
Other assets, net		9,883			9,583
TOTAL ASSETS	$	1,541,121		$	1,585,928
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	206,465		$	215,826
Current liability for pensions and other postretirement employee benefits		7,915			7,915
Total current liabilities		214,380			223,741
Long-term debt		575,000			575,000
Liability for pensions and other postretirement employee benefits		116,719			118,464
Other long-term obligations		55,452			56,856
Accrued taxes		1,706			2,696
Deferred tax liabilities		111,226			111,634
Stockholders' equity, excluding accumulated other comprehensive loss, net of tax		535,944			568,400
Accumulated other comprehensive loss, net of tax		(69,306	)		(70,863	)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	1,541,121		$	1,585,928

Clearwater Paper Corporation
Consolidated Statements of Cash Flows
Unaudited (Dollars in thousands)
	Three Months Ended
	March 31,
	2015			2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings	$	5,757		$	6,226
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization		21,008			22,231
Equity-based compensation expense		1,169			4,479
Impairment of assets		-			4,259
Deferred tax (benefit) provision		(1,330	)		1,173
Employee benefit plans		809			888
Deferred issuance costs and discounts on long-term debt		178			475
Disposal of plant and equipment, net		(30	)		429
Non-cash adjustments to unrecognized taxes		(990	)		-
Changes in working capital, net		3,457			(5,656	)
Changes in taxes receivable, net		1,255			5,523
Excess tax benefits from equity-based payment arrangements		(343	)		-
Funding of qualified pension plans		(1,561	)		(4,314	)
Other, net		(1,327	)		(443	)
Net cash flows from operating activities		28,052			35,270
CASH FLOWS FROM INVESTING ACTIVITIES
Changes in short-term investments, net		39,000			11,000
Additions to plant and equipment		(25,240	)		(16,239	)
Proceeds from sale of assets		506			460
Net cash flows from investing activities		14,266			(4,779	)
CASH FLOWS FROM FINANCING ACTIVITIES
Purchase of treasury stock		(37,148	)		(29,332	)
Payment of tax withholdings on equity-based payment arrangements		(3,048	)		(792	)
Excess tax benefits from equity-based payment arrangements		343			-
Net cash flows from financing activities		(39,853	)		(30,124	)
Increase in cash		2,465			367
Cash at beginning of period		27,331			23,675
Cash at end of period	$	29,796		$	24,042

Clearwater Paper Corporation
Segment Information
Unaudited (Dollars in thousands)
	Three Months Ended
	March 31,
	2015					2014
Segment net sales:
Consumer Products	$	235,176		54	%	$	286,508		59	%
Pulp and Paperboard		198,850		46	%		198,412		41	%
Total segment net sales	$	434,026		100	%	$	484,920		100	%
Operating income (loss):
Consumer Products	$	12,395		81	%	$	(523	)	3	%
Pulp and Paperboard		16,194		106	%		36,776		179	%
		28,589					36,253
Corporate		(13,352	)	88	%		(15,735	)	77	%
Income from operations	$	15,237		100	%	$	20,518		100	%

Clearwater Paper Corporation
Reconciliation of Consolidated Net Earnings to EBITDA and Adjusted EBITDA
Unaudited (Dollars in thousands)
	Three Months Ended
	March 31,
	2015	2014
Net earnings	$ 5,757	$ 6,226
Add back:
Interest expense, net	7,782	10,734
Income tax provision	1,698	3,558
Depreciation and amortization expense	21,008	22,231
EBITDA1	$ 36,245	$ 42,749
Directors' equity-based compensation (benefit) expense	$ (470)	$ 2,817
Costs associated with Thomaston facility closure	-	750
Costs associated with Long Island facility closure	554	8,432
Adjustments associated with sale of the specialty mills	(131)	-
Non-recurring costs associated with labor agreement	1,730	-
Adjusted EBITDA2	$ 37,928	$ 54,748

1	EBITDA is a non-GAAP measure that management uses to evaluate the cash generating capacity of the company. 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.

Clearwater Paper Corporation
Reconciliation of Non-GAAP Financial Measures
Unaudited (Dollars in thousands, except per-share amounts)
	Three Months Ended
	March 31,
	2015			2014
GAAP net earnings	$	5,757		$	6,226
Special items, after-tax1:
Directors' equity-based compensation (benefit) expense		(325	)		1,802
Costs associated with Thomaston facility closure		-			480
Costs associated with Long Island facility closure		383			5,394
Adjustments associated with sale of the specialty mills		(91	)		-
Non-recurring costs associated with labor agreement		1,197			-
Adjusted net earnings2	$	6,921		$	13,902
GAAP net earnings per diluted share	$	0.30		$	0.29
Special items, after-tax1:
Directors' equity-based compensation (benefit) expense		(0.02	)		0.08
Costs associated with Thomaston facility closure		-			0.02
Costs associated with Long Island facility closure		0.02			0.25
Adjustments associated with sale of the specialty mills		-			-
Non-recurring costs associated with labor agreement		0.06			-
Adjusted net earnings per diluted share2	$	0.36		$	0.66

1	Tax effect was calculated using the estimated annual effective tax rate for the period presented.
2	Adjusted net earnings and Adjusted net earnings per diluted share exclude the impact of the items listed that we do not believe are indicative of our core operating performance.

CONTACT:
Clearwater Paper Corporation
News media:
Matt Van Vleet, 509-344-5912
or
Investors:
Robin Yim, 509-344-5906

EX-99.2

Exhibit 99.2

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

FORWARD-LOOKING STATEMENTS This supplemental information contains, in addition to historical information, certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding, segment, corporate and consolidated outlook for Q2 2015 and fiscal year 2015; production; product volumes shipped; product pricing and sales mix; pulp and wood fiber costs and supply; chemical costs; operational and packaging supply costs; transportation costs; energy costs; cost and timing of major maintenance and repairs; cost of wages and benefits; selling, general, and administrative expenses; corporate expenses; consolidated sales and operating margins; EBITDA sensitivities; and estimated Q2 2015 adjusted EBITDA. These forward-looking statements are based on management’s current expectations, estimates, assumptions and projections that are subject to change. Our actual results of operations may differ materially from those expressed or implied by the forward-looking statements contained in this presentation. Important factors that could cause or contribute to such differences include the risks and uncertainties described from time to time in the company's public filings with the Securities and Exchange Commission, as well as the following: • competitive pricing pressures for our products, including as a result of increased capacity as additional manufacturing facilities are operated by our competitors; • the loss of or changes in prices in regards to a significant customer; • changes in transportation costs and disruptions in transportation services; • manufacturing or operating disruptions, including equipment malfunction and damage to our manufacturing facilities caused by fire or weather-related events and IT system failures; • changes in the cost and availability of wood fiber and wood pulp; • labor disruptions; • changes in costs for and availability of packaging supplies, chemicals, energy and maintenance and repairs; • environmental liabilities or expenditures; • changes in the U.S. and international economies and in general economic conditions in the regions and industries in which we operate; changes in customer product preferences and competitors' product offerings; • changes in expenses and required contributions associated with our pension plans; • reliance on a limited number of third-party suppliers for raw materials; • cyclical industry conditions; • inability to successfully implement our operational efficiencies and expansion strategies; • inability to fund our debt obligations; • restrictions on our business from debt covenants and terms; and • changes in laws, regulations or industry standards affecting our business. Forward-looking statements contained in this presentation present management’s views only as of the date of this presentation. We undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise. 1 FIRST QUARTER SUMMARY $434 MILLION NET SALES $38 MILLION ADJUSTED EBITDA1 FIRST FULL QUARTER WITHOUT SPECIALTY MILLS RETURNED $37 MILLION TO SHAREHOLDERS AS PART OF NEW $100 MILLION SHARE BUYBACK PROGRAM AT AVERAGE COST OF $62 PER SHARE COMPLETED MAJOR MAINTENANCE AT OUR IDAHO PAPERBOARD FACILITY, $15 MILLION COST                        

FIRST QUARTER SUMMARY $434 MILLION NET SALES $38 MILLION ADJUSTED EBITDA1 FIRST FULL QUARTER WITHOUT SPECIALTY MILLS RETURNED $37 MILLION TO SHAREHOLDERS AS PART OF NEW $100 MILLION SHARE BUYBACK PROGRAM AT AVERAGE COST OF $62 PER SHARE COMPLETED MAJOR MAINTENANCE AT OUR IDAHO PAPERBOARD FACILITY, $15 MILLION COST 1 Non-GAAP measure – See definition and reconciliation to most comparable GAAP measure. FINANCIAL SUMMARY (UNAUDITED)                                   

1 Non-GAAP measure – See definition and reconciliation to 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. Q1'14Q2'14Q3'14Q4'14Q1'15Q2'15 Outlook5$ 484,920$ 498,759$ 511,142$ 472,318$ 434,0260%-2% higher$ 62,982$ 66,865$ 80,604$ 62,537$ 46,478Adjusted gross profit margin1,213.0%13.4%15.8%13.2%10.7%($30,465)($31,601)($30,936)($31,620)($29,558)$ 32,517$ 35,264$ 49,668$ 30,917$ 16,920Consumer Products8,65914,92217,92313,33913,632Pulp and Paperboard36,77633,63545,60231,23617,110Corporate (12,918)(13,293)(13,857)(13,658)(13,822)6.7%7.1%9.7%6.5%3.9%4.9%-6.1%($10,734)($10,688)($9,570)($8,158)($7,782)($7,881)($9,323)($14,403)($7,782)($2,217)$ 13,902$ 15,253$ 25,695$ 14,977$ 6,921$ 22,231$ 22,015$ 22,293$ 23,606$ 21,008$ 54,748$ 57,279$ 71,961$ 54,523$ 37,928$42,000-$48,000Consumer Products24,14929,99333,40728,79826,609Pulp and Paperboard43,04639,65451,54138,46024,421Corporate(12,447)(12,368)(12,987)(12,735)(13,102)11.3%11.5%14.1%11.5%8.7%$ 0.66$ 0.74$ 1.28$ 0.77$ 0.363.0 2.9 2.5 2.4 2.6 $ 14,751$ 16,949$ 26,161$ 41,739$ 20,809Depreciation and amortization expenseAdjusted EBITDA1Adjusted EBITDA margin1,4Adjusted net earnings per diluted common share1Debt to rolling four quarter total Adjusted EBITDA1Capital ExpendituresAdjusted operating income (loss)1Adjusted operating margin1,3Interest expense, netAdjusted income tax provision1Adjusted net earnings1(Dollars in thousands - except per-share amounts)Net salesAdjusted gross profit1Adjusted selling, general and administrative expenses1 Q1’15 VS. Q4’14 CONSOLIDATED ADJUSTED EBITDA1 BRIDGE                          

1 Non-GAAP measure – See definition and reconciliation to most comparable GAAP measure. $54.5 $4.6 $49.9 $0.1 $3.3 $0.7 $0.7 $0.6 $5.0 $1.0 $15.0 $3.8 $1.6 $37.9 $30 $35 $40 $45 $50 $55 $60 $65 $70 ADJ. EBITDA1 (MILLIONS) SALE OF SPECIALTY MILLS Divested 5 specialty mills at end of Q4‘14 VOLUME Higher paperboard shipments due to improved West Coast port situation and sell-through of consignment inventory PPD WOOD FIBER Higher than expected purchased pulp in PPD CPD EXTERNAL PULP Higher mix of external pulp usage due to major maintenance outage at Lewiston PPD CHEMICALS Lower polyethylene costs driven by increased capacity and lower oil prices TRANSPORTATION Lower transportation costs due to improved inventory levels and network optimization CPD MAINTENANCE Lower planned maintenance MAINTENANCE OUTAGE Planned major maintenance outage at Lewiston PPD WAGES & BENEFITS Seasonally higher overall benefit costs driven by taxes and variable compensation Q1’15 VS. Q1’14 CONSOLIDATED ADJUSTED EBITDA1 BRIDGE              

1 Non-GAAP measure – See definition and reconciliation to most comparable GAAP measure. SALE OF SPECIALTY MILLS Divested 5 specialty mills at end of Q4‘14 PRICE/MIX Higher paperboard pricing and richer tissue mix with shift towards TAD products VOLUME Lower paperboard shipments due to West Coast shipping ports labor slowdown PPD WOOD FIBER Higher fiber costs due to wet weather in the South and reduced operating schedules at Northwest lumber mills CPD EXTERNAL PULP Favorable hardwood pulp pricing partially offset by higher mix of external pulp usage due to major maintenance outage at Lewiston PPD OPERATING & PACKAGING SUPPLIES Lower poly packaging pricing in CPD ENERGY Less severe cold weather related impact than Q1’14 MAINTENANCE Major maintenance outage at Lewiston PPD as well as higher additional scheduled PPD maintenance WAGES & BENEFITS Higher wages and benefit costs partly offset by Long Island closure savings $54.7 $4.6 $50.1 $8.2 $1.8 $2.2 $0.6 $0.5 $1.9 $18.0 $0.8 $0.7 $37.9 $30 $35 $40 $45 $50 $55 $60 $65 $70 ADJ. EBITDA1 (MILLIONS) KEY SEGMENT RESULTS – CONSUMER PRODUCTS (UNAUDITED)                                                        

1 Includes away-from-home (AFH), contract, machine-glazed (MG) and parent roll tissue products. 2 Includes retail, AFH, and contract tissue case products. 3 Non-GAAP measure – See definition and reconciliation to most comparable GAAP measure. 4 Segment Adjusted EBITDA margin is defined as Segment Adjusted EBITDA divided by Segment net sales. CONSUMER PRODUCTS CROSS-CYCLE FINANCIAL MODEL RESULTS INCLUDE SPECIALTY MILLS OPERATIONS WHICH WERE SOLD AT THE END OF Q4’14 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Shipments Non-Retail (short tons)1 56,839 59,832 59,703 57,765 21,107 Retail (short tons) 70,919 75,009 75,363 72,420 71,102 Total Tissue Tons 127,758 134,841 135,066 130,185 92,209 Converted Products (cases in thousands)2 13,437 14,101 14,360 13,603 13,025 Sales Price Non-Retail ($/short ton)1 $1,489 $1,492 $1,531 $1,506 $1,475 Retail ($/short ton) 2,841 2,795 2,836 2,820 2,864 Total Tissue $2,239 $2,217 $2,259 $2,237 $2,546 Segment net sales ($ in thousands) $286,508 $299,130 $306,104 $291,643 $235,176 Segment Adjusted EBITDA3 ($ in thousands) $24,149 $29,993 $33,407 $28,798 $26,609 Segment Adjusted EBITDA margin3,4 8.4% 10.0% 10.9% 9.9% 11.3% 17.0% Retail 77% AFH 7% Parent Rolls 14% Other 2% CLW Q1’15 by Market Segment (% of Tons) CLEARWATER PAPER TISSUE SHIPMENTS AND U.S. RETAIL TISSUE MARKET

Retail 57% MG 17% AFH 6% Parent Rolls 19% Other 1% CLW Q4’14 by Market Segment (% of Tons) U.S. Retail Tissue Market (MultiOutlet) CATEGORY PRIVATE LABEL BRANDS TOTAL Total Retail Tissue Share 28% 72% 100% % Change Q1’15 vs. Q4’14 0.2% (0.2)% -% Data Source: IRI Worldwide - 13 Weeks Ending 3/29/15. PRICE/MIX SHIPMENT VOLUMES EXTERNAL PULP CHEMICAL COSTS OP. & PKG. SUPPLIES TRANSPORTATION COSTS ENERGY COSTS MAINTENANCE SG&A FEBRUARY ‘15 Q1’15 OUTLOOK VERSUS Q4’14 0-1% higher 0-1% higher Cost / shipped ton: stable Cost / shipped ton: stable Cost / shipped ton: lower Cost / shipped ton: lower Cost / shipped ton: stable Stable Stable Q1’15 ACTUAL VERSUS Q4’14 Stable Stable Cost / shipped ton: higher Cost / shipped ton: stable Cost / shipped ton: lower Cost / shipped ton: lower Cost / shipped ton: stable Lower Stable SALE OF SPECIALTY MILLS Divested 5 specialty mills at end of Q4‘14 EXTERNAL PULP Higher mix of external pulp usage due to major maintenance outage at Lewiston PPD TRANSPORTATION Lower transportation costs due to improved inventory levels and network optimization MAINTENANCE Lower planned maintenance WAGES & BENEFITS Seasonally higher overall benefit costs driven by taxes and variable compensation Q1’15 VS. Q4’14 CONSUMER PRODUCTS ADJUSTED EBITDA1 BRIDGE                                        

1 Non-GAAP measure – See definition and reconciliation to most comparable GAAP measure. Segment Actual vs. Previous Outlook $28.8 $4.6 $24.2 $0.1 $0.1 $0.7 $5.0 $1.0 $2.2 $0.7 $26.6 $15 $20 $25 $30 $35 $40 ADJ. EBITDA1 (MILLIONS) KEY SEGMENT RESULTS – PULP AND PAPERBOARD (UNAUDITED)                                   

1 Non-GAAP measure – See definition and reconciliation to most comparable GAAP measure. 2 Segment Adjusted EBITDA margin is defined as Segment Adjusted EBITDA divided by Segment net sales. PULP AND PAPERBOARD CROSS-CYCLE FINANCIAL MODEL Q1'14 Q2'14 Q3'14 Q4'14 Q1’15 Shipments Paperboard (short tons) 200,665 195,924 201,609 176,467 191,635 Sales Price Paperboard ($/short ton) $988 $1,017 $1,016 $1,017 $1,031 Segment net sales ($ in thousands) $198,412 $199,629 $205,038 $180,675 $198,850 Segment Adjusted EBITDA1 ($ in thousands) $43,046 $39,654 $51,541 $38,460 $24,421 Segment Adjusted EBITDA margin1,2 21.7% 19.9% 25.1% 21.3% 12.3% 19.0% CLEARWATER PAPER PAPERBOARD SHIPMENTS AND U.S. PAPERBOARD MARKET                                     

U.S. Paperboard Production CATEGORY CLEARWATER PAPER OTHER Total Domestic SBS1 Market Share 13% 87% Folding 18% 82% Food Service2 14% 86% Liquid Packaging 5% 95% Data Source: American Forest and Paper Association Solid Bleached Domestic Production – Feb YTD 2015. Folding 56% Food Service 32% Liquid Pkg 12% CLW Q1’15 by Market Segment (% of Tons) Folding 57% Food Service 34% Liquid Pkg 9% CLW Q4’14 by Market Segment (% of Tons) 1 Solid Bleached Sulfate. 2 Food Service includes cup, plate, dish and tray products. PRICE/MIX SHIPMENT VOLUMES WOOD FIBER CHEMICAL COSTS OP. & PKG. SUPPLIES TRANSPORTATION COSTS ENERGY COSTS MAINTENANCE SG&A FEBRUARY ‘15 Q1’15 OUTLOOK VERSUS Q4’14 0-1% higher 1-5% higher Cost / shipped ton: stable Cost / shipped ton: lower Cost / shipped ton: stable Cost / shipped ton: stable Cost / shipped ton: stable $13-$15M higher Stable Q1’15 ACTUAL VERSUS Q4’14 1% higher 9% higher Cost / shipped ton: higher Cost / shipped ton: lower Cost / shipped ton: stable Cost / shipped ton: stable Cost / shipped ton: stable $15M higher Stable VOLUME Higher paperboard shipments due to improved West Coast port situation and sell-through of consignment inventory WOOD FIBER Higher than expected purchased pulp usage CHEMICALS Lower polyethylene costs driven by higher capacity and lower oil prices MAINTENANCE Planned major maintenance outage at Lewiston WAGES & BENEFITS Seasonally higher overall benefit costs driven by taxes and variable compensation Q1’15 VS. Q4’14 PULP AND PAPERBOARD ADJUSTED EBITDA1 BRIDGE                                                

1 Non-GAAP measure – See definition and reconciliation to most comparable GAAP measure. Segment Actual vs. Previous Outlook $38.5 $0.1 $3.2 $0.7 $0.6 $15.0 $1.6 $0.6 $24.4 $15 $20 $25 $30 $35 $40 $45 $50 ADJ. EBITDA1 (MILLIONS) CLEARWATER PAPER CROSS-CYCLE FINANCIAL MODEL                                 

1 Non-GAAP measure – See definition and reconciliation to most comparable GAAP measure. (Dollars in thousands)Q1'14Q2'14Q3'14Q4'14Q1'15Net sales100%100%100%100%100%100%Adjusted gross profit margin113.0%13.4%15.8%13.2%10.7%17.0% Adjusted SG&A expenses1 as % of net sales(6.3%)(6.3%)(6.1%)(6.7%)(6.8%)(6.0%)Adjusted operating margin16.7%7.1%9.7%6.5%3.9%11.0% Adjusted net earnings1 as % of net sales2.9%3.1%5.0%3.2%1.6%5.0% Adjusted EBITDA margin111.3%11.5%14.1%11.5%8.7%15.0%CLEARWATER PAPER CROSS-CYCLE FINANCIAL MODEL 12.4% 12.7% 16.7% 4.7% 4.3% 11.1% 12.7% 12.1% 8.3% 7.7% 6.5% 4.5% 3.6% 0% 5% 10% 15% 20% 2011 2012 2013 2014 LTM Ending 3/31/15 ROIC Adjusted ROIC WACC 2 3,4,5 1 5 4 3 RETURN ON INVESTED CAPITAL1,6 (UNAUDITED)                                            

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1 Return on Invested Capital (ROIC) is defined as [Net Earnings + Interest Expense] / [Tangible Stockholders’ Equity6 + Debt – Excess (Deficit) Cash6]. 2 Weighted Average Cost of Capital (WACC) is defined as [(Debt x Cost of Debt x {1-Marginal Tax Rate})/(Debt + Stockholders’ Equity)]+ [(Stockholders’ Equity x Cost of Equity)/(Debt + Stockholders’ Equity)]. 3 2013 Adjusted ROIC Net Earnings was adjusted to remove a benefit of $67.5 million from discrete tax items relating to release of uncertain tax positions. 2013 Adjusted ROIC Interest Expense includes debt retirement costs of $17.1 million. 4 2014 Adjusted ROIC Net Earnings was adjusted to remove costs/loss associated with optimization and sale of the specialty mills totaling $37.0 million after-tax. 2014 Adjusted ROIC Interest Expense includes debt retirement costs of $24.4 million. 5 LTM Ending 3/31/15 Adjusted ROIC Net Earnings was adjusted to remove costs/loss associated with optimization and sale of the specialty mills totaling $36.9 million after-tax. LTM Ending 3/31/15 Adjusted ROIC Interest Expense includes debt retirement costs of $24.4 million. 6 Non-GAAP measure – See definition and reconciliation to most comparable GAAP measure. SECOND QUARTER 2015 OUTLOOK (COMPARED TO Q1’15)                                  

1 CONSUMER PRODUCTS PULP AND PAPERBOARD CORPORATE SHIPMENT VOLUMES • Slightly higher: 0–2% higher • Slightly higher: 0–2% higher PRICE/MIX • Stable • Stable PULP/WOOD FIBER COSTS • Cost/shipped ton: lower • Cost/shipped ton: lower CHEMICAL COSTS • Cost/shipped ton: stable • Cost/shipped ton: stable OP. & PKG. SUPPLIES • Cost/shipped ton: stable • Cost/shipped ton: stable TRANSPORTATION COSTS • Cost/shipped ton: higher • Cost/shipped ton: higher ENERGY COSTS • Cost/shipped ton: stable • Cost/shipped ton: stable MAINTENANCE & REPAIRS • Higher • Lower due to completion of Idaho outage ($15M) • Arkansas outage $6-$8M cost • Lower by net ($7-9M) SG&A • Stable • Stable • Stable Consolidated Outlook: net sales 0-2% higher; adjusted operating margin 4.9-6.1% 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. BRIDGE TO Q2’15 ADJUSTED EBITDA OUTLOOK1,2                              

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 definition and reconciliation to most comparable GAAP measure. $38 $0-$1 $1-$2 $1-$2 $5-$8 $42-$48 $15 $20 $25 $30 $35 $40 $45 $50 $55 Q1'15 Adj. EBITDA Shipment volumes Transportation costs Maintenance & Repairs Wages & Benefits Q2'15 Adj. EBITDA Outlook ADJ. EBITDA2 (MILLIONS) 1,2 2 EBITDA SENSITIVITIES                                  

COGS INPUTUNIT OF MEASUREPurchased PulpTon250,000$25$6.3Chips/SawdustTon2,300,000$3$6.9DieselGallon of Diesel10,000,000$0.50$5.0Linehaul RateMile65,000,000$0.10$6.5ChemicalsPaper Ton Produced1,200,000$5$6.0ElectricityMWh1,200,000$5$6.0Natural GasMBTU10,200,000$0.50$5.1*Excluding specialty mills2014 UNITS(APPROXIMATION)$ CHANGEPER UNIT +/-APPROXIMATE ANNUAL EBITDA IMPACT +/-(DOLLARS IN MILLIONS) ADJUSTED GROSS PROFIT & ADJUSTED SG&A RECONCILIATION OF NON-GAAP FINANCIAL 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)Q1'14Q2'14Q3'14Q4'14Q1'15Gross profit1$ 58,291$ 64,648$ 76,685$ 58,675$ 44,194Costs associated with Thomaston facility closure750 374 42 91 - Costs associated with Long Island facility closure3,941 1,843 3,877 3,771 554 Non-recurring costs associated with labor agreement- - - - 1,730 Adjusted gross profit2$ 62,982$ 66,865$ 80,604$ 62,537$ 46,478Selling, general and administrative expenses (SG&A)($33,514)($31,565)($31,817)($33,206)($28,957)Costs associated with Long Island facility closure232 - - - - Directors' equity-based compensation expense (benefit)2,817 (36) (185) 2,010 (470) Costs/loss associated with optimization and sale of the specialty mills- - 1,066 (424) (131) Adjusted selling, general and administrative expenses2($30,465)($31,601)($30,936)($31,620)($29,558) SEGMENT ADJUSTED OPERATING INCOME (LOSS) RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED)                                   

(Dollars in thousands)Q1'14Q2'14Q3'14Q4'14Q1'15Consumer ProductsOperating (loss) income($523)$ 12,705$ 12,535($30,745)$12,395Costs associated with Thomaston facility closure750 374 42 91 - Costs associated with Long Island facility closure8,432 1,843 4,767 3,771 554 Costs/loss associated with optimization and sale of the specialty mills- - 579 40,222 (131) Non-recurring costs associated with labor agreement- - - - 814 Adjusted Consumer Products operating income1$ 8,659$ 14,922$ 17,923$ 13,339$ 13,632Pulp and PaperboardOperating Income$ 36,776$ 33,635$ 45,602$ 28,158$ 16,194Loss on impairment of Clearwater Fiber intangible asset- - - 3,078 - Non-recurring costs associated with labor agreement- - - - 916 Adjusted Pulp and Paperboard operating income1$ 36,776$ 33,635$ 45,602$ 31,236$ 17,110CorporateOperating loss($15,735)($13,257)($14,159)($15,181)($13,352)Directors' equity-based compensation expense (benefit)2,817 (36) (185) 2,010 (470) Costs/loss associated with optimization and sale of the specialty mills- - 487 (487) - Adjusted Corporate operating loss1($12,918)($13,293)($13,857)($13,658)($13,822) 1 Adjusted operating income (loss) excludes the impact of the items listed that we do not believe are indicative of our core operating performance. 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)Q1'14Q2'14Q3'14Q4'14Q1'15GAAP net earnings (loss)$ 6,226$ 12,453$ 6,253($27,247)$5,757Special items, after tax:1Debt retirement costs- - 15,777 - - Directors' equity-based compensation expense (benefit)1,802 (23) (120) 1,322 (325) Costs associated with Thomaston facility closure480 242 27 60 - Costs associated with Long Island facility closure5,394 1,193 3,069 2,480 383 Costs/loss associated with optimization and sale of the specialty mills- - 689 36,338 (91) Discrete tax item related to state tax rate changes- 1,388 - - - Loss on impairment of Clearwater Fiber intangible asset- - - 2,024 - Non-recurring costs associated with labor agreement- - - - 1,197 Adjusted net earnings2$ 13,902$ 15,253$ 25,695$ 14,977$ 6,921Net earnings (loss) per diluted common share$ 0.29$ 0.61$ 0.31($1.39)$0.30Special items, after tax:1Debt retirement costs- - 0.78 - - Directors' equity-based compensation expense (benefit)0.08 - (0.01) 0.07 (0.02) Costs associated with Thomaston facility closure0.02 0.01 - - - Costs associated with Long Island facility closure0.25 0.06 0.15 0.13 0.02 Costs/loss associated with optimization and sale of the specialty mills- - 0.03 1.86 - Discrete tax item related to state tax rate changes- 0.07 - - - Loss on impairment of Clearwater Fiber intangible asset- - - 0.10 - Non-recurring costs associated with labor agreement- - - - 0.06 Adjusted net earnings per diluted common share2$ 0.66$ 0.74$ 1.28$ 0.77$ 0.36 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)Q1'14Q2'14Q3'14Q4'14Q1'15GAAP income tax provision($3,558)($9,942)($3,735)($1,321)($1,698)Special items, tax impact: Debt retirement costs- - (8,643) - - Directors' equity-based compensation (expense) benefit (1,015) 13 65 (688) 145 Costs associated with Thomaston facility closure(270) (132) (15) (31) - Costs associated with Long Island facility closure(3,038) (650) (1,698) (1,291) (171) Costs/loss associated with optimization and sale of the specialty mills- - (377) (3,397) 40 Discrete tax item related to state tax rate changes- 1,388 - - - Loss on impairment of Clearwater Fiber intangible asset- - - (1,054) - Non-recurring costs associated with labor agreement- - - - (533) Adjusted income tax provision1($7,881)($9,323)($14,403)($7,782)($2,217) 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 third quarter of 2014 includes debt retirement costs of $24.4 million. 3 Adjusted EBITDA excludes the impact of the items listed that we do not believe are indicative of our core operating performance. (Dollars in thousands)Q1'14Q2'14Q3'14Q4'14Q1'15Earnings before interest, income taxes, and depreciation & amortization (EBITDA)1 GAAP net earnings (loss)$ 6,226$ 12,453$ 6,253($27,247)$5,757Interest expense, net210,73410,68833,9908,1587,782Income tax provision3,5589,9423,7351,3211,698Depreciation and amortization expense22,23122,01522,29323,60621,008EBITDA1$ 42,749$ 55,098$ 66,271$ 5,838$ 36,245Directors' equity-based compensation expense (benefit)2,817 (36) (185) 2,010 (470) Costs associated with Thomaston facility closure750 374 42 91 - Costs associated with Long Island facility closure8,432 1,843 4,767 3,771 554 Costs/loss associated with optimization and sale of the specialty mills- - 1,066 39,735 (131) Loss on impairment of Clearwater Fiber intangible asset- - - 3,078 - Non-recurring costs associated with labor agreement- - - - 1,730 Adjusted EBITDA3$ 54,748$ 57,279$ 71,961$ 54,523$ 37,928 SEGMENT EBITDA & ADJUSTED EBITDA RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED)                                            

 (Dollars in thousands)Q1'14Q2'14Q3'14Q4'14Q1'15Consumer ProductsOperating (loss) income($523)$ 12,705$ 12,535(30,745)$ $ 12,395Depreciation and amortization expense15,490 15,071 15,484 15,459 12,977 Segment EBITDA1$ 14,967$ 27,776$ 28,019($15,286)$25,372Costs associated with Thomaston facility closure750 374 42 91 - Costs associated with Long Island facility closure8,432 1,843 4,767 3,771 554 Costs/loss associated with optimization and sale of the specialty mills- - 579 40,222 (131) Non-recurring costs associated with labor agreement- - - - 814 Segment Adjusted EBITDA2$ 24,149$ 29,993$ 33,407$ 28,798$ 26,609Pulp and PaperboardOperating income$ 36,776$ 33,635$ 45,602$ 28,158$ 16,194Depreciation and amortization expense6,270 6,019 5,939 7,224 7,311 Segment EBITDA1$43,046$39,654$51,541$35,382$23,505Loss on impairment of Clearwater Fiber intangible asset- - - 3,078 - Non-recurring costs associated with labor agreement- - - - 916 Segment Adjusted EBITDA2$ 43,046$ 39,654$ 51,541$ 38,460$ 24,421CorporateOperating loss($15,735)($13,257)($14,159)($15,181)($13,352)Depreciation and amortization expense471 925 870 923 720 Segment EBITDA1($15,264)($12,332)($13,289)($14,258)($12,632)Directors' equity-based compensation expense (benefit)2,817 (36) (185) 2,010 (470) Costs/loss associated with optimization and sale of the specialty mills- - 487 (487) - Segment Adjusted EBITDA2($12,447)($12,368)($12,987)($12,735)($13,102) 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. RETURN ON INVESTED CAPITAL, TANGIBLE STOCKHOLDERS’ EQUITY & EXCESS CASH RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED)                                      

1 Non-GAAP measure. 2 Tangible stockholders' equity is defined as stockholders’ equity less Goodwill and Intangible assets, net. 3 Excess cash is defined as the sum of Cash and Short-term investments less Operating cash1. 4 Operating cash is defined as a minimum amount of available cash deemed by management to be sufficient to avoid operating disruptions due to a mismatch of cash inflows and outflows during an accounting period. Note: Balance sheet items are as of the end of each period presented. (Dollars in thousands)2011201220132014Twelve Months Ending March 31, 2015Net earnings (loss)39,674$ 64,131$ 106,955$ ($2,315)($2,784)Interest expense, net44,809 33,796 44,036 39,150 36,198 Net earnings before interest184,483$ 97,927$ 150,991$ 36,835$ 33,414$ Tangible stockholders' equity2205,623$ 263,608$ 334,783$ 263,494$ 233,836$ Debt523,694 523,933 650,000 575,000 575,000 Less excess cash3(48,440) (17,579) (78,675) (62,331) (25,796) Invested capital680,877$ 769,962$ 906,108$ 776,163$ 783,040$ Return on Invested Capital (ROIC)12.4%12.7%16.7%4.7%4.3%Stockholders' equity484,904$ 540,894$ 605,094$ 497,537$ 466,638$ Goodwill(229,533) (229,533) (229,533) (209,087) (209,087) Intangible assets, net(49,748) (47,753) (40,778) (24,956) (23,715) Tangible stockholders' equity2205,623$ 263,608$ 334,783$ 263,494$ 233,836$ Cash8,439$ 12,579$ 23,675$ 27,331$ 29,796$ Short-term investments55,001 20,000 70,000 50,000 11,000 Operating cash4(15,000) (15,000) (15,000) (15,000) (15,000) Excess cash348,440$ 17,579$ 78,675$ 62,331$ 25,796$ CONSUMER PRODUCTS INCLUDING SPECIALTY MILLSSPECIALTY MILLSPRO FORMACONSUMER PRODUCTS EXCLUDING SPECIALTY MILLS(Dollars in millions)TWELVE MONTHS ENDEDDECEMBER 31, 2014TWELVE MONTHS ENDEDNOVEMBER 30, 2014PRO FORMANet sales$1,183.4$217.7$965.7Adjusted operating income1$54.8$8.8$46.0Depreciation and amortization expense$61.5 $9.6 $51.9 Adjusted EBITDA1$116.3 $18.4 $97.9 PRO FORMA IMPACT OF SALE OF SPECIALTY MILLS (UNAUDITED)                                     

1 Non-GAAP measure – See definition and reconciliation to most comparable GAAP measure Q2’15 OUTLOOK1 RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED)                                       

1 This information is based upon management’s current expectations and estimates, which are in part based on market and industry data. Many factors are outside the control of management, including particularly input costs for commodity products, and actual results may differ materially from the information set forth above. See “Forward-Looking Statements” on page 1. 2 EBITDA is a non-GAAP measure that management uses as a supplemental performance measure. The most directly comparable GAAP measure is net earnings (loss). EBITDA is net earnings adjusted for net interest expense (including debt retirement costs), income taxes, and depreciation and amortization. It should not be considered as an alternative to net earnings computed under GAAP. 3 Adjusted EBITDA excludes the impact of the items listed that we do not believe are indicative of our core operating performance. (Dollars in thousands)FROMTOEarnings before interest, income taxes, and depreciation & amortization (EBITDA)2GAAP net earnings$8,000$11,000Interest expense, net$8,000$8,000Income tax provision$4,000$6,000Depreciation and amortization expense$21,000$22,000EBITDA2$41,000$47,000Directors' equity-based compensation expense$700$700Costs associated with Long Island facility closure$300$300 Adjusted EBITDA3$42,000$48,000THREE MONTHS ENDINGJUNE 30, 2015RANGE OF ESTIMATEOUTLOOK FOR MORE INFORMATION: WWW.CLEARWATERPAPER.COM