Investor Presentation

March 2021 Investor Presentation June 2020 FORWARD LOOKING STATEMENTS

Cautionary Statement Regarding 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 tissue and paperboard products; strategic positioning and market assessment; strategy; capital structure and allocation; liquidity; sustainability; private brands and tissue markets; operational and financial benefits from the Shelby expansion; paperboard markets; value proposition; major maintenance schedule; and input costs. 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 impact of the COVID-19 pandemic on our operations, our suppliers' operations and our customer demand; competitive pricing pressures for our products, including as a result of increased capacity as additional manufacturing facilities are operated by our competitors and the impact of foreign currency fluctuations on the pricing of products globally; the loss of, changes in prices in regard to, or reduction in, orders from a significant customer; changes in the cost and availability of wood fiber and wood pulp; changes in transportation costs and disruptions in transportation services; changes in customer product preferences and competitors' product offerings; larger competitors having operational, financial and other advantages; 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; consolidation and vertical integration of converting operations in the paperboard industry; our ability to successfully implement our operational efficiencies and cost savings strategies, along with related capital projects; changes in the U.S. and international economies and in general economic conditions in the regions and industries in which we operate; manufacturing or operating disruptions, including IT system and IT system implementation failures, equipment malfunctions and damage to our manufacturing facilities; cyber-security risks; changes in costs for and availability of packaging supplies, chemicals, energy and maintenance and repairs; labor disruptions; cyclical industry conditions; changes in expenses, required contributions and potential withdrawal costs associated with our pension plans; environmental liabilities or expenditures; reliance on a limited number of third-party suppliers for raw materials; our ability to attract, motivate, train and retain qualified and key personnel; our substantial indebtedness and ability to service our debt obligations and restrictions on our business from debt covenants and terms; negative changes in our credit agency ratings; 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, to retract future revisions of management's views based on events or circumstances occurring after the date of this presentation. Non-GAAP Financial Measures This presentation include certain financial measures that are not calculated in accordance with GAAP, including Adjusted EBITDA, Adjusted Income, Net debt and Free Cash Flow. The Company’s management believes that the presentation of these financial measures provides useful information to investors because these measures are regularly used by management in assessing the Company’s performance. These financial measures should be considered in addition to results prepared in accordance with GAAP but should not be considered substitutes for or superior to GAAP results. In addition, these non-GAAP financial measures may not be comparable to similarly-titled measures utilized by other companies, since such other companies may not calculate such measure in the same manner as we do. A reconciliation of these measures (Adjusted EBITDA, Adjusted Income, Net debt and Free Cash flow) to the most relevant GAAP measure is available in the appendix of this presentation except for forward-looking non- GAAP measures contained in our Outlook, which the company cannot reconcile to forward-looking GAAP results without unreasonable effort.

Page 2 © Clearwater Paper Corporation 2021 CLEARWATER PAPER – AT A GLANCE

TRUSTED PRODUCTS THAT ARE ESSENTIAL IN EVERYDAY LIFE

Key Highlights Two Well-Positioned Businesses

$1,869MM $283MM YE 2020 NET SALES YE 2020 ADJUSTED EBITDA

45% 1 Adjusted 48% Sales 52% $1,033MM CPD $178MM 55% EBITDA1 YE 2020 NET SALES YE 2020 LTM ADJUSTED EBITDA $836MM PPD $163MM YE 2020 NET SALES YE 2020 LTM ADJUSTED EBITDA

National Footprint Supporting Strong Customer Service Consumer Products (CPD)

2 WA ND Tissue manufacturing facilities – 435,000 tons capacity MT MN MI Tissue converting facilities – 425,300 tons capacity2 ME ID SD WI OR VT MI NH WY NY Paperboard (PPD) MA IA NE CT RI PA Pulp mills – 904,000 tons capacity2 OH IL IN NJ NV UT 2 CO WV MDDE Bleached paperboard mills – 840,000 tons capacity KS MO KY VA CA Sheeted paperboard facilities OK TN NC AR AZ NM SC Corporate MS AL GA TX LA Corporate

1 Based upon Clearwater Paper Financial Information for the twelve months ended December 31, 2020, excluding corporate expenses including impact of COVID-19 in results Page 3 2 Capacities listed are as reported in Clearwater Paper Form 10-K for the year ended December 31, 2020 © Clearwater Paper Corporation 2021 CLEARWATER PAPER VALUE PROPOSITION

WELL POSITIONED ACROSS TWO ATTRACTIVE BUSINESSES

Consumer Products: . Leading private brand provider with national scale & superior supply chain performance . Shift to private-branded over branded product continues with long runway . Tissue is need-based and economically resilient

Paperboard: . Diversified range of end-market, well-invested national footprint . Focused on non-integrated customers with strong service and quality commitment . Well positioned for trends towards sustainable packaging and food service products

Near-term Strategy is to Prioritize Free Cash Flow, Reduce Debt: . Deliver benefits from Shelby expansion including incremental converting, sales and supply chain . Operational improvements . Manage working capital . Prudent capital allocation

Page 4 © Clearwater Paper Corporation 2021 CAPITAL STRUCTURE ALLOCATION

Capital Structure: Supportive and Stable Liquidity Profile ($ in millions)1 . Capital structure provides ample liquidity ABL Availability $227.1 . No material near-term debt maturities Less Utilization (3.6) . Corporate/Issuer ratings: Ba2/BB- Plus Unrestricted Cash 35.9 Liquidity $259.4 Capital Allocation Objectives . Utilize free cash flow to reduce debt . Target net debt to adjusted EBITDA ratio of 2.5x Scheduled Debt Maturity Profile ($ in millions)2 . Targeted business improvements and maintenance $300.0 capital $275.0 • Normalized $60 million / year

$129.3

$0.0 $0.0 $0.0 $0.0 $0.0

2021 2022 2023 2024 2025 2026 2027 2028

1 Note: ABL availability based on borrowing base calculations and consolidated balance sheet as of December 31, 2020, and utilization includes ABL borrowing of $0 million and outstanding letters of credit of $3.6 million. 2 Note: This chart excludes finance leases as of December 31, 2020 and assumes that the 2025 notes are repaid or refinanced at least 91 days prior to their respective maturities. Current debt maturities include $300 million of 5.375% notes due 2025; Term Loan due 2026; and $275 million of 4.75% notes due 2028

Page 5 © Clearwater Paper Corporation 2021 SUSTAINABILITY

People, Planet and Products Our approach utilizes Environmental, Social and Governance framework.

We are committed to the health and safety of our employees and building a more diverse and inclusive workforce.

We understand our role in conserving and protecting the planet’s air, water and land, and in managing climate change risk by careful utilization of our limited natural resources.

Our products, which include brands that focus on containing post consumer recycled fibers, provide more sustainable alternatives to products made from non-renewable resources. Responsibly sourced wood, the primary raw material used in our products is 100 percent renewable and a Please see our Sustainability Report at www.clearwaterpaper.com/sustainabilitycommonly recycled resource.

Page 6 © Clearwater Paper Corporation 2021 Consumer Products Division

Page 7 © Clearwater Paper Corporation 2020 CLW: CONSUMER PRODUCTS OVERVIEW

. Manufactures and sells a complete line of at-home tissue products . Small position in away-from-home (“AFH”) . Leader in growing North American private brand tissue segment

Business . 1

Description Approximately 1/3 of overall tissue market is private brand . National footprint allowing for appropriate scale and partnership with major retailers

$1,033MM 5 4 Consumer YE 2020 NET SALES TISSUE CONVERTING TISSUE

1 FACILITIES MANUFACTURING Products FACILITIES business

Metrics 17% 425K 17% produces YE 2020 ADJ. EBITDA TONS OF ANNUAL PRIVATE BRAND TONS Key Operational Operational Key MARGIN TISSUE PAPER MARKET SHARE1 CAPACITY superior tissue products that Products match the quality of the leading Parent Rolls Other 1% AFH 0% national brands across a wide

Market Market 3% variety of categories and CLEARWATER TISSUE Retail retail channels Overview SHIPMENTS 93% - End LTM’20

Page 8 1 Based upon retail production capacity, excluding P&G, Kimberly Clark and Georgia-Pacific © Clearwater Paper Corporation 2021 CONSUMER PRODUCTS INDUSTRY OVERVIEW

Industry Overview Napkins Facial Tissue 7% AFH 7% . U.S. tissue market is comprised of at-home and the 28% AFH segments Paper Towels U.S. At-Home . At-home segment: bath, paper towels, facial and napkin U.S. 35% Tissue Industry 1 product categories, purchased by consumers in grocery, Tissue Market1 Product Mix dollar, mass merchandisers and club stores At-Home . AFH segment: tissue for use in commercial locations such as 72% Bath Tissue restaurants, hotels and office buildings 51%

Private Brand versus Branded Product Offering

First Quality . The consumer tissue market is characterized 20% Others by two types of offerings: brand name Private Brand 36% products and cost-effective private brand 32% Clearwater products U.S. Retail U.S. Retail Tissue 17% Tissue Capacity1 Excluding . Medium sized and smaller players focus on Market2 the “Big 3” private brand offerings and offer equivalent products without brand name costs . Brands RISI anticipates the private brand share to Kruger 68% 5% grow to 36% of the U.S. retail market by 2026 Cascades Sofidel APP 10% . North American market has room for private 7% 5% brand growth when compared to some European countries, where private brand share is over 50%

1 2 Page 9 Based upon RISI Outlook for World Tissue Business January 2021 IRI Panel, Total US All Outlets, Latest 52 Weeks Ending 9-30-20 © Clearwater Paper Corporation 2021 CONSUMER PRODUCTS: FAVORABLE END-MARKET CHARACTERISTICS AND TRENDS

The tissue industry is characterized by stable growth and minimal cyclical variation relative to the broader paper industry and the macroeconomy North American Tissue Demand and U.S. Population Growth North American Tissue Demand (Thousands of Tons)1 U.S. Population (mm)2 North American Change in Capacity (Thousands of Tons)3

2007 – 2020E CAGR: 1.6% 2007 – 2020E CAGR: 0.8% 10,380 9,479 9,643 9,087 9,264 8,515 8,628 8,804 8,173 8,185 8,280 8,400 8,015 8,015 333 323 326 328 330 313 315 316 319 321 301 304 307 309

197 171 213 150 39 70 57 87 68 (14) 90 124 233

(114)

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Private Label Market Share Penetration1

50% Financial crisis impact Quality-driven impact 45% 40% 35% 30% 25% 20%

Home Home Volume Tissue 15% - 10% 5% % of % of At 0% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 4 2020 4

1 2 Page 10 RISI estimates as of January 2021 based upon parent roll production and excluding exports; U.S. Population per U.S. Census December 2010 © Clearwater Paper Corporation 2021 and latest U.S. Census estimates; 3 RISI US Tissue Monthly Data as of October 2020; 4 Based on IRI Panel Total US MULO December 2020 SHELBY EXPANSION: AT-A-GLANCE

Investment Overview

. Installation of tissue machine and corresponding converting equipment and warehousing . Located in Shelby, NC, adjacent to existing tissue plant . Completed investment of $420mm

Investment Benefit Summary Investment Highlights  More effectively meet customers' growth forecasts and execute ultra-quality consumer tissue growth plan APRIL 2019 2021  Helps to geographically overlap various quality EXPECTED FULL SHIPMENT PRODUCTION STARTUP categories with customers' needs RUN-RATE  Paper machine was selected for its technology to facilitate production of ultra-quality products and conventional premium products in the East 70 – 75K ~50%  Fortify East Coast presence and reduce TONS / YEAR EXPECTED ADDITIONAL INCREMENTAL CAPACITY GROWTH CAPACITY transportation costs of conventional parent rolls from the West  Paper machine ramped to targeted production in Q2’20 with converting operations ramping in 2021

Page 11 © Clearwater Paper Corporation 2020 Paperboard Products Division

Page 12 © Clearwater Paper Corporation 2020 CLW: PAPERBOARD SEGMENT OVERVIEW

. Manufactures and markets premium white Solid Bleach Sulfate (SBS) paperboard; offers services including custom sheeting and slitting, as well as converting solutions consulting . Focused on diverse North American SBS high-end packaging segments Business Business Description . Top 5 SBS manufacturer in North America . Valued by customers for our independent status

Other $836MM 5 2 1% YE 2020 NET SALES PAPERBOARD PULP AND Cup and Plate SHEETING FACILITIES PAPERBOARD MILLS 31% Clearwater Folding Carton Paperboard market market 61% Shipments Metrics 19% 840K 15% Overview Liquid YE 2020 ADJ. EBITDA TONS OF ANNUAL SBS NORTH AMERICAN End - Packaging

MARGIN PAPER CAPACITY MARKET SHARE1 2020 December 7% Key Operational Operational Key

 NuVo: Award winning innovative brand of multi- layer cupstock, designed to meet customer demand for sustainability and high definition graphics with up to 35% post consumer recycled fiber  ReMagine: Launched in July 2020 to address Paperboard

sustainability desires for folding carton Applications customers with up to 30% post consumer recycled fiber Product Innovation  Forest Stewardship Council® (FSC) Chain of Custody certification

1 Page 13 2020 RISI reported SBS capacity adjusted with CLW actual SBS capacity. © Clearwater Paper Corporation 2020 SBS industry closures and curtailments are factored into the market share estimate for 2020 PAPERBOARD INDUSTRY OVERVIEW

Industry Overview Other 4% • Clearwater Paper operates within the SBS or premium Cup and white paperboard segment of the broader paperboard Plate SBS Liquid Packaging 26% industry Unbleached 55% Kraft 25% 26% North American • SBS is a high-performance paperboard grade U.S. Bleached traditionally manufactured using virgin fiber Boxboard 5.6mm Tons Industry1 Paperboard combined with the kraft bleaching process, Production by Type1 resulting in superior cleanliness, print surface, Recycled Folding 19% brightness and converting performance Carton • End uses for SBS are well-established and the most 45% diverse of all boxboard markets

Diversified Applications for SBS Paperboard Liquid Packaging & Folding Carton Cup and Plate Specialty • Largest portion of the SBS category • Clay coated cupstock is converted into • Liquid packaging segment for rigid within the U.S. paperboard industry and round food containers for packaging containers including juice, milk, wine includes some commercial print premium ice cream sold in the and sake sold in supermarket retail applications supermarket retail channels channels • Encompasses varying qualities of SBS • Drink cupstock is converted into hot and • Bleached bristols (premium printing paperboard. High-end segment cold cups used in the Quick Serve heavyweight paper grades serviced with generally requires a premium print channels quick turn in small volumes) for use in surface to package pharmaceuticals, • Traditionally commodity focused, plate postcards, signage and promotional cosmetics and other premium retail segment is the highest growth and literature goods diversifying into value-added niches • Carded packaging consisting of blister • Applications also include frozen foods, board alternatives typically hung on retail beverages and baked goods store racks (i.e. batteries and lipstick)

1 Page 14 RISI NA Capacity Report as of September 2020 with CLW adjustments based on RISI announced closures and curtailments. © Clearwater Paper Corporation 2020 PAPERBOARD: FAVORABLE END-MARKET CHARACTERISTICS AND TRENDS

Key Industry Trends

 Pricing and supply for SBS market are stable

 Continued shift in consumer preference away from both foam and plastic to paper food service and premium retail products supports demand for paperboard

 Approximately 2/3 of end market segments are recession resilient

U.S. Bleached Paperboard Total Production and Price

U.S. Bleached Paperboard Total Production (Millions of Tons)1 U.S. Bleached Paperboard Price ($/Short Ton)2

5.8 5.8 5.6 5.5 5.5 5.5 5.3 5.4 5.4 5.3 5.4 5.4 5.2 5.1

$1,062 $1,062 $1,007 $1,037 $1,031 $1,015 $1,025 $1,032 $954 $976 $979 $912 $853 $769

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020E

1 Page 15 Actual and estimated production obtained from RISI as of January 2021; Total tons bleached paperboard produced in the U.S.; © Clearwater Paper Corporation 2021 2 Actual and estimated pricing obtained from RISI as of January 2021; 16 pt. folding carton C1S Summary

Investor Presentation June 2020 CLEARWATER PAPER VALUE PROPOSITION

. Well positioned across two attractive businesses . Economically resilient market segments . Completed major capital expenditures . Focusing on cash generation to reduce debt by: . Delivering benefits from Shelby investment . Continued operational improvements . Aggressively managing working capital . Prudently allocating capital . Taking decisive actions to adjust operations to changing market conditions

($ in millions)

$30 $25 - $30

$24 $19 - $23 $22

$18 $20 $7 $7

$18 $17 $15 Idaho $10 None None

2015 2016 2017 2018 2019 2020 2021e1 2022e1 Q1 Q2 Q3 Q4 Total

1 This information is based upon management’s current expectations and estimates, as well as historical averages. Many factors are outside the control of management, and actual results may differ materially from the information set forth above. See “Forward-Looking Statements” on page 2.

Unit of Approximate Annual Volume1 COGS Input Measure (in millions) Purchased Pulp Ton 0.3 Fiber Bone Dry Ton 1.7 Diesel Gallon 10 Electric MWh 1.0 Natural Gas MMBTU 10 Polyethylene Pound 30 Caustic Pound 90 Chlorate Pound 30

1 Approximated annual volume and expense amounts are based on historical average consumption and management's current expectations and estimates with respect to future volumes, and these amounts may be significantly influenced by general market conditions and other factors outside of our control. Actual results may differ materially from the information set forth above. See "Forward-Looking Statements" on page 2.