#1#2#3FOURTH QUARTER 2019 BUSINESS HIGHLIGHTS FINANCIAL PERFORMANCE MARKETS & OPERATIONS CAPITAL ALLOCATION CLEARWATER PAPERⓇ $436 million net sales, down (2%) vs. Q3'19 and up 2% from Q4'18 $18 million operating income and 4% margin Diluted net earnings per share of $0.12 1 $52 million adjusted EBITDA,¹ above the original outlook Completed maintenance outage at our Arkansas mill Final component of pulp optimization project at Idaho mill commissioned in Q4 Continued growth in retail tissue shipments enabled by Shelby expansion, with overall volume up 15% year over year $14 million of capital invested in Q4'19 Reduced net leverage ratio² 50 basis points from the end of Q3 to the end of Q4 as cash from operations was used to pay down debt Non-GAAP measure - See Appendix for the definition and reconciliation to the most comparable GAAP measure. Total leverage ratio is calculated as the total net debt to rolling four quarter total adjusted EBITDA plus franchise taxes and other reoccurring non-cash items. 3#4#5#6#7#8#9#10#11#12#13#14#15#16#17#18#19#20#21#22