CLEARWATER PAPER CORP

Ticker: CLW CUSIP: 18538R103 Class: Common Stock

SANDLER CAPITAL MANAGEMENT's Holding History (CIK: 0001000742)

Note: Option positions (PUT/CALL) are excluded.

Q1 2014

Shares 25,000 Value ($000) $1,567 Avg Close $59.56 Range $49.88 - $68.30

Q4 2013

Shares 40,000 Value ($000) $2,100 Avg Close $51.19 Range $47.15 - $53.91

Q3 2013

Shares 65,000 Value ($000) $3,105 Avg Close $48.49 Range $45.13 - $50.40

Q2 2013

Shares 65,000 Value ($000) $3,059 Avg Close $48.03 Range $44.64 - $52.47

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2014	25,000	$1,567	$59.56	$49.88 - $68.30
Q4 2013	40,000	$2,100	$51.19	$47.15 - $53.91
Q3 2013	65,000	$3,105	$48.49	$45.13 - $50.40
Q2 2013	65,000	$3,059	$48.03	$44.64 - $52.47