Clearwater Paper Corporation - Investors

Who is Clearwater Paper’s transfer agent and what is their contact information? Does Clearwater Paper have a Dividend Re-Investment Program (DRIP) or a Direct Stock Purchase Plan? Where are the headquarters for Clearwater Paper located? When does Clearwater Paper’s fiscal year end? Who are the board members and executives of Clearwater Paper? Who are Clearwater Paper’s independent auditors? How do I get added to Clearwater Paper’s email distribution list? Where can I access Clearwater Paper’s SEC filings? How do I contact Clearwater Paper’s Investor Relations department with a question or request? What is the stock symbol for Clearwater Paper and on what exchange are the shares listed? How will the split be documented? What is a stock split in the form of a stock dividend? Does the 2-for-1 stock split in the form of a 100 percent stock dividend dilute the value of my Clearwater Paper stock by increasing the number of shares? Is this stock split a taxable transaction for me? What will the tax basis in my split shares be? When will the shares trade ex-dividend? What is the effective date of the split? How will I be contacted? What if I own stock through the Company's 401(k)? What are the procedures for allocation of Tax Basis for Potlatch Corporation’s stockholders who received Clearwater Paper Corporation stock in the 2008 spin-off?

Who is Clearwater Paper’s transfer agent and what is their contact information?

Clearwater Paper's transfer agent is Computershare

You may contact Computershare at the following:

Stockholder correspondence should be mailed to:
Computershare
P.O. BOX 505000
Louisville, KY 40233

Overnight correspondence should be sent to:
Computershare
462 South 4^th Street Suite 1600
Louisville, KY 40202

Stockholder website
www.computershare.com/investor

Stockholder online inquiries
https://www-us.computershare.com/investor/Contact

Toll Free Number
866.205.6799

Through Computershare's Investor Centre website, registered stockholders^* may also obtain their account information or make changes online at:
https://www-us.computershare.com/investor.

Registered stockholders may make the following transactions online at Computershare’s Investor Centre:

Change of address
Transfer ownership of shares
Request account statement
Online enrollment for direct stock purchase program
Certify taxpayer ID
Buy and sell shares

^* Please note this service is available for registered shareholders only. If you have your holdings in a brokerage account, please contact your broker or investment advisor.

Does Clearwater Paper have a Dividend Re-Investment Program (DRIP) or a Direct Stock Purchase Plan?

Yes, information about Clearwater Paper’s DRIP and Direct Stock Purchase can be found here.

Where are the headquarters for Clearwater Paper located?

601 West Riverside, Suite 1100
Spokane, Washington 99201
509.344.5900

When does Clearwater Paper’s fiscal year end?

Clearwater Paper’s fiscal year ends on December 31.

Who are the board members and executives of Clearwater Paper?

Information about Clearwater Paper’s management team can be found here and the board can be found here.

Who are Clearwater Paper’s independent auditors?

KPMG LLP has served as Clearwater Paper’s independent auditor since 2007.

How do I get added to Clearwater Paper’s email distribution list?

Please go to the email alerts section of our website or click here.

Where can I access Clearwater Paper’s SEC filings?

SEC filings can be accessed here or directly from the SEC at www.sec.gov.

How do I contact Clearwater Paper’s Investor Relations department with a question or request?

You may contact Clearwater Paper’s Investor Relations via email at investorinfo@clearwaterpaper.com or by calling 509.344-5906.

What is the stock symbol for Clearwater Paper and on what exchange are the shares listed?

Clearwater Paper trades on the New York Stock Exchange (NYSE) under the ticker symbol CLW.

How will the split be documented?

Our stock transfer agent, Computershare, will mail written statements to registered stockholders indicating their split-adjusted shares. If your stock is currently held in a brokerage account, the information will be sent directly to your broker.

What is a stock split in the form of a stock dividend?

Clearwater Paper's 2-for-1 stock split will be effected by a 100% stock dividend. Each Clearwater Paper stockholder will receive one additional share of stock for each share they owned as of the Record Date (August 12, 2011). For example: as of the Record Date if an investor owns 100 shares of Clearwater Paper stock and the market price is $75 per share, that investor's total investment in Clearwater Paper stock is worth $7,500. After the split the investor will have 200 shares of Clearwater Paper stock, but the market price will be approximately $37.50 per share. The value of the investor's total investment in Clearwater Paper remains the same at $7,500 until the stock price moves up or down.

Does the 2-for-1 stock split in the form of a 100 percent stock dividend dilute the value of my Clearwater Paper stock by increasing the number of shares?

This stock split will not change the proportionate interest a stockholder maintains in Clearwater Paper.

Is this stock split a taxable transaction for me?

Individual stockholders should consult with their own tax adviser regarding their own specific tax circumstances. From a U.S. Federal tax standpoint, this is not a taxable event.

What will the tax basis in my split shares be?

Your tax basis or cost will be equally divided among the new shares. For example, if prior to the 2-for-1 stock split an investor had purchased 100 shares of Clearwater Paper stock at $50 per share, following the distribution of the stock dividend, that investor's holdings would become 200 shares with a basis of $25 per share.

When will the shares trade ex-dividend?

For the stock dividend, the Ex-Dividend Date--the day the stock begins trading at the split price--is August 29, 2011.

What is the effective date of the split?

There are several key dates.

The Record Date – August 12, 2011 – determines which stockholders are entitled to receive additional shares due to the split.

The Payable (distribution) Date – August 26, 2011 – is the date when the stock dividend is payable.

The Ex-Date or Ex-Split Date – August 29, 2011 – is the date Clearwater Paper common stock will begin trading on the New York Stock Exchange at the new split-adjusted price.

How will I be contacted?

If you currently hold stock in your name, you will be notified at the address Computershare has on file. To verify your address you can call Computershare directly at (866)-205-6799. Please be prepared to provide your investor ID number which was provided on the statement of ownership you received from Computershare as evidence of your ownership position in Clearwater Paper. If your stock is currently held in a brokerage account, the information will be sent directly to your broker.

What if I own stock through the Company's 401(k)?

If you have an account under either the Clearwater Paper Salaried 401(k) Plan or the Clearwater Paper Hourly 401(k) Plan (each, the "Plan") with any assets invested in Clearwater Paper Corporation stock, the number of shares in your account under the Plan will be adjusted accordingly. No action on your part is required. Should you, however, have further questions regarding any impact to your account under the Plan, please contact Fidelity at 800.343.3548.

What are the procedures for allocation of Tax Basis for Potlatch Corporation’s stockholders who received Clearwater Paper Corporation stock in the 2008 spin-off?

Information about the procedures for allocation can be found here.

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