Slide 1: Fourth Quarter and Full Year 2013 Supplemental Information
Den ae. = = pel Clearwater Paper Corporation Fourth Quarter and Full Year 2013 Supplemental Information Linda Massman President, Chief Executive Officer and Director John Hertz Senior Vice President, Finance and Chief Financial Officer
Slide 2: Forward-Looking Statements
Den Forward-Looking Statements information contains, Act of 1995, Qt 2014, foal yoo prodscton procul volume shpped proved ping and sles mi pup col, wood Nor chemical costs, ‘energy cos and reve, sling, gored and edrinitratve expenses, and our ITDA run rate. ‘current expectations, estimate assumption
Slide 3: 2013 Highlights
Den 2013 Highlights + Annual Adjusted EBITDA’ of $200 million — 10.6% of net sales — Fourth quarter Adjusted EBITDA’ of $65 million (2 highest in our history) and 13.9% Adjusted EBITDA margin? * Diluted adjusted net earnings per common share’ of $1.96 + Completed $100 million share buyback + Refinan
Slide 4: Financial Summary
y CLEARWATER Financial Summary PAPER (Unaudited) Net sales $473 Sa7as72$ 400233 $ 462701 $ 460824 $ 471,002 $ 470459 1980930 [adjusted gross prot S 64722 $7600 70411 66273 46700 5 57.8 sas Tito s 24040 s 224436 ‘Aajused gross post margin ® 120% 161% «147% 143022 99% 153% 125% s194] [adjusted seting,
Slide 5: 2013 vs. 2012 Consolidated Adjusted EBITDA Bridge
2013 vs. 2012 yy bo Consolidated Adjusted EBITDA’ Bridge PricelMix | Higher paperboard pricing Higher paperboard shipments partially offset by lower non-retail and conventional retail tissue shipments Volume $270,000 EBITDA contribution from TAD TAD Expansion | Eo toon ‘Wood Fiber | Lower wood prici
Slide 6: Q4'13 vs. Q3'13 Consolidated Adjusted EBITDA Bridge
Q4'13 vs. Q3'13 4 FApER ATER Consolidated Adjusted EBITDA’ Bridge ‘$80,000 rican | Pena elon rane Becue pricing a 75, veune ‘Seasonally lower paperboard and 00 tissue shipments 5 Ieee EBITOR coniion | ‘700° oe ° TAD Expansion |! 2 > mm TAD Expansion ae $65,000 a, ‘Wood Fiber | Slightly lower wood pr
Slide 7: Q4'13 vs. Q4'12 Consolidated Adjusted EBITDA Bridge
Q4'13 vs. Q4’'12 Consolidated Adjusted EBITDA’ Bridge Price/Mix. Increased paperboard pricing Volume Tower paperboard, conventional retail and non-retail tissue shipment tons. TAD Expansion EBITDA contribution from TAD Expansion ‘Wood Fiber Lower wood pricing External Pulp Higher pulp pricing for ha
Slide 8: Key Segment Results — Consumer Products
y CLEARWATER Key Segment Results — Consumer Products ale (Unaudited) Twelve Months Ended 1, 2012 2013 Shipments ‘Non-Retail (shor tons)” ssa foamy sayan—sisoosizas store staan TUR] zarass 231.263 Retail (short tons) 7497 74417 __71.693__77.361___-75045 72.427 __70.696__—293.872__—295.529 Tissue Tons
Slide 9: Clearwater Paper Tissue Shipments and U.S. Retail Tissue Market
: . y CLEARWATER Clearwater Paper Tissue Shipments PAPER and U.S. Retail Tissue Market CLW Q4'13 By Segment (% of Tons) Parent Other Rolls 4 23% Total Ret Tissue Share 27% 73% 100% CLW Q3’13 By Segment Equaien Conse) (4 of Tons) a 8.7% 28% 43% Parent Other -" Rolls 4% ata Sores: II Worenide US Mowe
Slide 10: Q4'13 vs. Q3'13 Consumer Products Adjusted EBITDA Bridge
Q4'13 vs. Q3'13 yy ChEARWATER Consumer Products Adjusted EBITDA’ Bridge $45,000 Briar de over noel Pricer peimanly Volume | Dereased a $40,000 and non-retail shipment tons TaD expancon | oma EBTDA ctbton cs > Seana Pap | er ppg, man | = 850% fs P| hardwood 8 PD | Improved converting and paper |& Tra
Slide 11: Key Segment Results — Pulp and Paperboard
Key Segment Results — Pulp and Paperboard (Unaudited) aA oe ‘Twelve Months Ended 2012 2013 Shipments Paperboard (short tons) 182,198 Sales Price Paperboard (Sishor ton) $ 968 'Seament net sales (S in thousands) $ 179.968 Segment Adjusted EBITDA'(Sinthousands) $17,669 ‘Segment Adjusted EBITOAMargin'?
Slide 12: Clearwater Paper Paperboard Shipments and U.S. Paperboard Market
a ale Clearwater Paper Paperboard Shipments and U.S. Paperboard Market CLW Q4’13 By Segment (% of Tons) Food Service? ; Liquid Pkg 37% Paperboard Production 11% Cal y al Other Total Dome: SBS' Market Share 56% CLW Q3'13 By (% of Tons) Folding 19% 81% Food Service? 14% 86% Liquid Packaging 6% 94% out
Slide 13: Q4'13 vs. Q3'13 Pulp and Paperboard Adjusted EBITDA Bridge
Q4'13 vs. Q3’'13 Pulp and Paperboard Adjusted EBITDA' Bridge Price/Mix: Full realization of prior quarter's price increases Volume Seasonally lower shipment tons Wood Fiber Lower wood pricing Maintenance: Outage Idaho outage in Q3-none in Q4 Chemicals Lower pricing for chemicals, slightly offset by
Slide 14: Clearwater Paper Cross Cycle Financial Model
AY. SLEARWATER ; ; PAPER Clearwater Paper Cross Cycle Financial Model [Net sales 100%| [Gross profit % of net sales 17.0%| [sGaa' % of net sales 6.0%| [Operating profit % of net sales 11.0%| [Net income % of net sales 5.0%| [EBITDA % of net sales 15.0%| "Includes Corporate SGBA percentage of net sal
Slide 15: 2014 Outlook (Compared to 2013)
2014 Outlook (Compared to 2013)! a al Consumer Products Paperboard Corporate Production Paper and converting ' a volumes production up Production up throom — 5 Price/Mix tissue mix nh paraly oftst yA ‘Slightly higher with A tional m PulpWood Fiber costs Lower external pulp costs aNY Stable > Chemica
Slide 16: First Quarter 2014 Outlook (Compared to Q4'13)
First Quarter 2014 Outlook (Compared to a4’13)! [ Consumer Products a ale Paperboard Corporate Production volumes Shipment volumes Price/Mix (1-3% higher tons) TAD bathroom tissue mix increase (0-1% higher) Pulp/Wood Paper production down (1-2%) land converting production up (13%) Higher retail case
Slide 17: Path To $300M+ Adj. EBITDA
Path To $300M+ Adj. 4 ale EBITDA’ 2013 Status (@2011 Price & Cost Structure) 2011 Ad 2013 Adj $300 | esrb’ EBITDA’ $280 si7 $16 “se S14 | | siz = $240 $40 $240 $40 fal = fi] ‘= 8220 3 = Savings Programs sae $200 $197 to ‘Chipping Aequlstion $200 “pubes Chip Screening Eneroy Projet $180 $160 5 %, wo
Slide 18: Bridge to Pro Forma $75 Million Quarterly Run Rate
4: ae Bridge to Pro Forma $75 Million Quarterly Run Rate’ $75-$78 *Thomaston closure $2-$3M *Paper machine projects $1-S2M *Arkansas recovery upgrade sim +Extended maintenance cadence savings $1-$2M (straight line basis) 04°13 Adj. EBITDA” TAD Expansion Shipments {incremental to Q4'13 baseline TAD T
Slide 19: Adjusted Gross Profit & Adjusted SG&A
. . . y CLEARWATER Adjusted Gross Profit & Adjusted SG&A PAPER Reconciliation of Non-GAAP Financial Measures (unaudited) Twelve Months Ended [cross prot $5472 $75026 $ 70411 $65273 $ 45615 $ 55481 $ 46608 $ 65,755 $ 225443 $ 265492 § 218.459 Lewiston, idaho sawmill sal related adjustments Costs asso
Slide 20: Segment Adjusted Operating Income (Loss)
. F AY. SLEARWATER Segment Adjusted Operating Income (Loss) PAPER Reconciliation of Non-GAAP Financial Measures (unaudited) |consumer Products Operating income Costs associated wih Thomaston faciiy closure Loss on sale off ‘Adjusted Consumer Products operating income’ Pulp and Paperboard Operating I
Slide 21: Adjusted Net Earnings & Diluted Adjusted EPS
Adjusted Net Earnings & MBP CLEARWATER Diluted Adjusted Earnings per common share PAPER Reconciliation of Non-GAAP Financial Measures (unaudited) Twelve Months $3726 $ 21489 $ 19084 $ 19852 ($882) SI1E58 $13317 $ 82852 $3067 $ 64131 $ 106955 1 adjustments : : : : = 1612 es8 : : 6 Exponses associated
Slide 22: Adjusted Income Tax Provision
. a AY. SLEARWATER Adjusted Income Tax Provision PAPER Reconciliation of Non-GAAP Financial Measure (unaudited) Twelve Months Ended December 31, (alas in housa aris ais atts 20112012203 ‘GAAP income tax (provision) benefit ($12,194) ($19861) ($12,798) $8607) S14675 9.962) $5.189 $5582 (591.246) ($47
Slide 23: EBITDA & Adjusted EBITDA
EBITDA & Adjusted EBITDA y oe Reconciliation of Non-GAAP Financial Measures (Unaudited) (Dotiars in thousands) “Twelve Months Ended rings before interest, income taxes, and Paeceinn esoemsease cara! GAAP netoamnings (os) Interest expanse, nat” Income taxprovision (benef) Depreciation and amortizatio
Slide 24: Segment EBITDA & Adjusted EBITDA
, AY. SLEARWATER Segment EBITDA & Adjusted EBITDA PAPER Reconciliation of Non-GAAP Financial Measures (unaudited) “Twelve Months Ended ber 34, (Dollars in th ass 20120122013, lconsumer Products ‘Operating income $26271 $ 25696 $ 18453 $ 22927 $10,124 $ 14815 $ 13445 $ 14415 $42,808 $9347 § 52,790 ‘o
Slide 25: Slide (cover)Clearwater Paper Corporation Fourth Quarter and Full Year 2013 Supplemental Information Linda Massman
Slide 1 (cover)Clearwater Paper Corporation Fourth Quarter and Full Year 2013 Supplemental Information Linda Massman President, Chief Executive Officer and Director John Hertz Senior Vice President, Finance and Chief Financial OfficerSlide 2 (Forward Looking Statement)This supplemental information c