DEBTWIRE BROADCAST: VERSO PLANS TO SHRED DEBT LOAD, KEEP NEWPAGE IN THE FOLD

DEBTWIRE BROADCAST: VERSO PLANS TO SHRED DEBT LOAD, KEEP NEWPAGE IN THE FOLD Debtwire s team of journalists and analysts will recap the first-day hearing and explore a variety of topics, including plan and valuation issues, a shared services litigation standstill, and a trio of DIP loans. 28 January 2016

AGENDA 1. Opening Remarks: Andrew Ragsly, Managing Editor Andrew.Ragsly@Debtwire.com 2. Case Overview: Paunie Samreth, Associate Editor Paunie.Samreth@Debtwire.com 3. First Day Action: Maria Chutchian, Court Reporter Maria.Chutchian@Debtwire.com 4. Legal Hurdles: Richard Goldman, Legal Analyst Richard.Goldman@Debtwire.com 5. DIP Facilities: Jody Henry, Covenant Analyst Joseph.Henry@Debtwire.com 6. RSA and Valuation Discussion: Seth Crystall, Senior Credit Analyst Seth.Crystall@Debtwire.com 7. Q & A 8. Appendix 2

CASE OVERVIEW NewPage files for bankruptcy in 2011, the long engagement Verso/NP merger drags, pro forma leverage jumps from 6.5x at the time the merger was announced to 9.5x in January 2015, when the deal closed. Pro forma combined EBITDA declines from 398m in 2013 to 271.5m in 2014 Verso CFO resigns in June, alarming investors NewPage lenders organize against shared service agreement Verso hires O Melveny to examine restructuring 3

FIRST DAY ACTION Interim DIP approved, final DIP will be considered on Feb. 24. Other administrative motions approved as well to keep the company operating during Chapter 11. Interim protocol for shared services agreement approved, will fend off litigation between Verso and NewPage over disputed amounts NewPage may owe Verso. Advisors touted creditor support for RSA: 55% of Verso first lien holders, 70% of its junior creditors including 1.5 lien, second lien and unsecured noteholders and 68% of NewPage term loan lenders. Unsecured trade claims could be paid in full. 4

LEGAL HURDLES: SHARED SERVICES INTERIM PROTOCOL The SSA Prepetition issues Chapter 11 filing issues The interim protocol True-up mechanism 5

DIP FACILITIES Three DIP facilities a USD 100m revolver at Verso and a USD 325m revolver & USD 350m term loan at NewPage. Verso Prepetition Revolver USD 100m L+2.5% Verso DIP Revolver Exit Facility. NP Prepetition Revolver USD 325m L+2.5% NewPage DIP Revolver Exit Facility. New Money & Partial Rollup of NP Prepetition Term Loan USD 350m L+9.5% NewPage DIP Term Loan Partially equitized, partially cashed out. Milestones vary led by the RSA, then the NP DIP Term Loan. 6

VALUATION INSIGHTS: ADJUSTED CAPITAL STRUCTURE FINANCIAL ANALYSIS: ADJUSTED CAPITAL STRUCTURE Coupon Maturity Face Amount Outstanding Price Market Amount Adj. Pro Forma Face Amount Verso USD 150m ABL L+2.25% 4-May-17 66-66 (66) 0 Verso USD 100m ABL DIP 1 L+2.5 0 0 100 100 NewPage USD 350m ABL Credit Facility 2.75% 11-Feb-19 239 32 76 (239) 0 NewPage USD 750m Senior Secured Term Loan L+8.25% 11-Feb-21 734 27 201 (734) 0 NewPage USD 60m Revolving Credit Facility L+4.75% 6-Jan-18 0-0 0 NewPage USD 325m DIP ABL Revolver 2 L+2.5 325 325 NewPage USD 350m DIP Term Loan 3 L+9.5 350 0 Verso USD 50m Cash Flow Facility L+4.75% 4-May-17 50-50 (50) 0 Verso 2012 First Lien Senior Secured Notes 11.75% 15-Jan-19 418 14 56 (418) 0 Verso 2015 First Lien Senior Secured Notes 11.75% 15-Jan-19 645 11 69 (645) 0 Verso 1.5 Lien Secured Notes 11.75% 15-Jan-19 272 2 5 (272) 0 2016PF Face Leverage First Lien Debt 2,425 524 425 1.7x Verso 2nd Lien Snr Secured Notes (13% PIK Notes) 10.00% 1-Aug-20 181 2 3 (181) 0 Second Lien Debt 2,605 527 425 1.7x Verso Old Second Lien Second Priority Notes 8.75% 1-Feb-19 97 3 3 (97) 0 Verso Senior Subordinated Notes (16% PIK Notes) 11.00% 1-Aug-20 65 1 0 (65) 0 Verso Senior Subordinated Notes 11.375% 1-Aug-16 41 2 1 (41) 0 Consolidated Debt 2,808 531 425 1.7x Cash 4-10 - 10 (10) 0 Net Debt 2,798 521 425 1.7x Equity Capitalization 5 1 0.01 Per Share 1 1,040 1,040 Enterprise Value 2,799 522 1,465 5.8x 2016E PF Adjusted EBITDA 253 2016E Revenue 2,901 1) The Verso USD 100m ABL DIP is assumed to be fully drawn; has an interest rate of L+2.5%; and matures in July 2017. 2) The NewPage USD 325m ABL is assumed to be fully drawn; has an interest rate of L+2.5%; and matures in July 2017. 3) The NewPage USD 350m Term Loan has two components: USD 175m of new money and a USD 175m roll-up that will be equitized; the interest rate is L+9.5% and maturity is July 2017. 4) We assume that there is no cash. 5) Equity Value of USD 1.04bn is based on the Plan Term Sheet in the Restructuring Support Agreement. Sources: Company bankrutpcy filings, Debtwire, MarketAxess and Markit. 7

VALUATION INSIGHTS: VERSO CONSOLIDATED FINANCIALS HISTORICAL AND PROJECTIONS USDm FINANCIAL ANALYSIS: VERSO CONSOLIDATED FINANCIALS - HISTORICAL AND PROJECTIONS 2014PF 9M YTD 2014 9M YTD 2015 LTM 1Q16E 2Q16E 3Q16E 4Q16E FY16E 1Q17E 2Q17E 1H17E Net Revenue 3,363 2,510 2,366 3,219 714 695 745 747 2,901 708 689 1,398 Cost of Sales (2,921) (2,170) (2,063) (2,814) (637) (581) (628) (622) (2,468) (626) (582) (1,207) Gross Profit 442 340 303 405 77 114 118 124 433 83 108 191 Gross Margin 13.1% 13.5% 12.8% 12.6% 10.8% 16.4% 15.8% 16.6% 14.9% 11.7% 15.6% 13.6% Corporate Costs (263) (192) (134) (205) (45) (45) (45) (45) (180) (45) (45) (90) Operational Restructuring (11) (6) (26) 0 (43) EBITDA 179 147 169 200 21 63 47 79 210 38 63 101 Adjustments 110 64 39 86 11 6 26 0 43 0 0 0 Adjusted EBITDA 289 211 208 286 32 69 73 79 253 38 63 101 Adjusted EBITDA Margin 8.6% 8.4% 8.8% 8.9% 4.5% 9.9% 9.8% 10.6% 8.7% 5.3% 9.1% 7.2% Estimated Net Debt Outstanding 2,798 425 425 425 425 425 Total Leverage 9.7x 1.7x Additional Info YOY Revenue Growth -5.7% -11.4% -10.7% -4.7% -2.5% -7.4% -0.8% -0.8% -0.8% Capital Expenditures (12) (23) (30) (35) (100) (12) (23) (35) Change in A/R, Inventory & A/P (5) (14) (22) 33 (8) 11 (29) (18) Pension/OPEB (10) (11) (13) (10) (45) (15) (15) (30) Interest Expense (253) (197) (201) (257) Sources: Company SEC filings and presentations. 8

VALUATION INSIGHTS: NEWPAGE FINANCIALS HISTORICAL AND PROJECTIONS FINANCIAL ANALYSIS: NEWPAGE FINANCIALS - HISTORICAL AND PROJECTIONS USDm 2014PF 9M YTD 9M YTD 2014 2015 LTM 2015E 1Q16E 2Q16E 3Q16E 4Q16E FY16E 1Q17E 2Q17E 1H17E 2017E 2018E 2019E 2020E Net Revenue 2,347 1,757 1,639 2,229 2,200 516 503 538 539 2,096 511 498 1,009 2,077 2,062 2,107 2,126 Cost of Sales (2,054) (1,535) (1,433) (1,952) (1,929) (461) (428) (474) (462) (1,825) (452) (429) (881) (1,793) (1,771) (1,794) (1,814) Gross Profit 293 222 206 277 271 55 74 64 77 270 60 69 129 284 291 313 312 Gross Margin 12.5% 12.6% 12.6% 12.4% 12.3% 10.7% 14.8% 11.9% 14.3% 12.9% 11.7% 13.9% 12.8% 13.7% 14.1% 14.9% 14.7% Corporate Costs (150) (102) (58) (106) (80) (24) (24) (24) (24) (96) (24) (24) (49) (97) (97) (97) (97) EBITDA excluding Synergy & SSA 143 120 148 171 191 31 50 40 53 174 35 45 80 187 194 216 215 Synergy Transfers to Verso (48) (18) (18) (18) (18) (72) (18) (18) (36) (72) (72) (72) (72) SSA Transfers from NewPage (62) (18) (18) (18) (18) (72) (18) (18) (36) (72) (72) (72) (72) Operational Restructuring (17) (8) (2) (26) 0 (36) 0 0 0 0 0 0 0 Adjustments 44 15 14 43 0 8 2 26 0 36 0 0 0 0 0 0 0 Adjusted EBITDA 187 135 162 214 64 (5) 14 4 17 30 (1) 9 8 43 50 72 71 Adjusted EBITDA Margin 8.0% 7.7% 9.9% 9.6% 2.9% -1.0% 2.8% 0.7% 3.2% 1.4% -0.2% 1.8% 0.8% 2.1% 2.4% 3.4% 3.3% Synergies & Shared Services 0 (72) (72) 0 Adjusted EBITDA after Synergies & SSA 187 135 90 142 64 (5) 14 4 17 30 (1) 9 8 43 50 72 71 Adj. EBITDA post Adjustments Margin 8.0% 7.7% 5.5% 6.4% 2.9% -1.0% 2.8% 0.7% 3.2% 1.4% -0.2% 1.8% 0.8% 2.1% 2.4% 3.4% 3.3% Estimated Debt Outstanding 973 325 Total Leverage 5.6x 1.9x Additional Info YOY Revenue Growth -6.7% -6.7% -8.7% 0.4% -1.7% -4.2% -0.9% -0.9% -0.9% -0.9% -0.7% 2.2% 0.9% Depreciation 136 161 161 161 161 161 Capital Expenditures (46) (8) (14) (19) (22) (63) (8) (14) (22) (63) (63) (63) (63) Change in A/R, Inventory & A/P (4) (3) (16) 24 0 0 (14) (14) Pension/OPEB (33) (10) (10) (12) (9) (41) (14) (14) (28) (44) (45) (51) (52) Interest Expense (111) (91) (59) (79) Cash Flow Adjusted EBITDA before SSA 31 50 40 53 174 35 45 80 187 194 216 215 Chap 11 EBITDA Contingency 0 0 (5) (5) (10) (5) (5) (10) Pension/OPEB (10) (10) (12) (9) (41) (14) (14) (28) (44) (45) (51) (52) Change in A/R, Inventory & Other WC (25) 6 (24) 35 (8) 2 (18) (16) na na na na Change in pre- and post-petition AP (22) 9 0 0 (14) 1 0 1 na na na na Capex (8) (14) (19) (22) (63) (8) (14) (22) (63) (63) (63) (63) Cash Flow Before Restructuring (34) 41 (20) 52 40 12 (5) 7 80 86 102 100 Restructuring Expenses 1 (14) (23) (17) (17) (71) (19) (17) (36) 0 0 0 0 Cash Flow before Financing (48) 18 (37) 35 (31) (7) (22) (29) 80 86 102 100 Source: Company SEC filings. 1) Includes DIP fees, DIP interest and professional fees. Assumes DIP facility of USD 500m at NewPage. Assumes USD 4m per month in professional fees. 9

VALUATION INSIGHTS: VERSO STANDALONE FINANCIALS HISTORICAL AND PROJECTIONS USDm 2014PF FINANCIAL ANALYSIS: VERSO STANDALONE FINANCIALS - HISTORICAL AND PROJECTIONS 9M YTD 2014 9M YTD 2015 LTM 2015E 1Q16E 2Q16E 3Q16E 4Q16E FY16E 2017E 2018E 2019E 2020E Net Revenue 1,016 752 727 990 940 198 192 207 207 805 801 797 818 829 Cost of Sales (867) (635) (630) (863) (809) (176) (153) (154) (161) (643) (631) (625) (646) (665) Gross Profit 148 118 97 128 131 22 39 53 47 162 171 172 173 165 Gross Margin 14.6% 15.6% 13.3% 12.9% 13.9% 11.2% 20.5% 25.7% 22.6% 20.1% 21.3% 21.6% 21.1% 19.9% Corporate Costs (112) (90) (75) (97) (96) (21) (21) (21) (21) (83) (83) (83) (83) (83) Synergy Transfers from NewPage 36 36 48 18 18 18 18 72 72 72 72 72 Shared Services Transfers from NewPage 36 36 62 18 18 18 18 72 72 72 72 72 Operational Restructuring 0 0 (69) (69) (88) (3) (3) 0 0 (6) 0 0 0 0 EBITDA 36 28 24 33 57 34 52 68 62 217 232 233 234 226 Adjustments 66 49 94 111 88 3 3 0 0 6 0 0 0 0 Adjusted EBITDA 102 76 118 144 145 37 55 68 62 223 232 233 234 226 Adjusted EBITDA Margin 10.0% 10.1% 16.3% 14.5% 15.4% 18.8% 28.6% 33.1% 29.9% 27.7% 28.9% 29.2% 28.6% 27.2% Estimated Debt Outstanding 1,835 100 Total Leverage 12.7x 0.4x Additional Info YOY Revenue Growth -3.4% -21.8% -15.6% -15.9% -2.8% -14.4% 0.0% -0.5% 2.7% 1.3% Depreciation 45 62 62 62 62 62 Capital Expenditures (20) (4) (9) (11) (13) (37) (37) (37) (37) (37) Change in A/R, Inventory & A/P (7) (11) (5) 9 (14) 0 0 0 0 Pension/OPEB (2) (1) (1) (2) (1) (5) (5) (6) (6) (6) Interest Expense Source: Company SEC filings. 10

VALUATION INSIGHTS: NEWPAGE FINANCIALS WEEKLY CASH BUDGET FINANCIAL ANALYSIS: NEWPAGE WEEKLY CASH FORECAST Pre-Petition DIP Closing Post-Petition TOTAL USDm 22-Jan Adjustments 29-Jan 5-Feb 12-Feb 19-Feb 26-Feb 4-Mar 11-Mar 18-Mar 25-Mar 1-Apr 8-Apr 15-Apr 13-Weeks RECEIPTS: Total Receipts 24.9 0.0 37.0 39.2 37.6 37.5 38.5 37.9 38.5 37.5 38.5 37.9 39.0 40.5 484.7 CASH DISBURSEMENTS: Chemicals (7.7) 0.0 (9.7) (5.3) (9.1) (4.9) (3.9) (5.9) (2.5) (3.5) (7.7) (4.9) (8.3) (4.9) (78.3) Wood & Pulp (10.4) 0.0 (10.9) (4.9) (5.2) (9.6) (11.9) (12.1) (12.3) (10.4) (8.3) (7.0) (8.0) (8.0) (118.9) Energy (5.5) 0.0 (0.8) (1.0) (7.2) (1.5) (1.1) (1.1) (1.9) (6.4) (1.6) (1.1) (1.8) (4.8) (35.8) Production Related (23.6) 0.0 (21.3) (11.2) (21.4) (16.1) (17.0) (19.1) (16.7) (20.2) (17.6) (13.0) (18.2) (17.7) (233.0) Employee Costs (2.3) 0.0 (15.7) (2.8) (7.8) (2.3) (17.7) (2.8) (7.8) (2.3) (7.8) (10.7) (2.5) (13.3) (95.8) Freight and Warehouse (3.4) 0.0 (3.9) (4.0) (2.0) (2.0) (1.9) (1.9) (3.9) (3.9) (3.9) (3.9) (3.8) (3.8) (42.1) Taxes and Insurance (1.9) 0.0 (0.7) (0.2) (0.1) (1.9) (0.3) (0.1) (0.0) (0.4) (0.0) (0.1) (0.1) (0.1) (5.9) Customer Rebates (0.0) 0.0 (0.0) (4.2) (3.7) (3.6) (0.5) (0.5) (0.5) (0.5) (0.5) (0.5) (0.4) (0.4) (15.2) Corporate Items (5.3) 0.0 (4.7) (8.3) (5.7) (7.5) (2.7) (2.5) (4.4) (4.7) (4.4) (4.5) (4.3) (4.3) (63.2) Capex (3.2) 0.0 (1.8) (1.3) (1.1) (0.8) (0.5) (0.6) (0.6) (0.5) (0.9) (0.9) (0.9) (0.9) (14.0) SG&A (0.0) 0.0 (0.1) (0.3) (1.1) (0.7) (0.7) (1.4) (0.7) (0.7) (1.4) (0.7) (1.0) (1.0) (9.8) Overhead and Maintenance (4.0) 0.0 (4.5) (5.2) (4.7) (4.6) (4.5) (3.8) (4.4) (4.4) (3.9) (4.5) (4.0) (4.0) (56.3) Other 1.0 0.0 (10.1) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 (9.1) Other Disbursements (6.2) 0.0 (16.4) (6.8) (6.9) (6.1) (5.7) (5.8) (5.7) (5.6) (6.2) (6.1) (5.9) (5.9) (89.2) SSA Payments 0.0 0.0 (3.5) (3.5) 0.0 0.0 0.0 0.0 (3.5) 0.0 0.0 0.0 (3.5) 0.0 (14.0) Approved Bankruptcy Payments 0.0 0.0 (5.8) (10.8) (5.8) (5.8) (3.3) (3.3) (3.3) (3.3) (0.5) (0.5) (0.5) (0.5) (43.2) Professional Fees 0.0 0.0 0.0 0.0 0.0 0.0 0.0 (1.0) 0.0 (2.3) 0.0 (1.0) 0.0 (2.3) (6.5) Restructuring Payments 0.0 0.0 (9.3) (14.3) (5.8) (5.8) (3.3) (4.2) (6.8) (5.5) (0.5) (1.5) (4.0) (2.8) (63.7) Interest and Fees 0.0 (12.8) 0.0 0.0 0.0 (0.5) 0.0 0.0 0.0 (0.5) 0.0 0.0 0.0 (4.9) (18.7) TOTAL DISBURSEMENTS (37.3) (12.8) (67.4) (43.3) (47.6) (38.3) (46.4) (34.4) (41.3) (38.9) (36.4) (35.8) (34.9) (48.9) (563.6) Net Weekly Cash Flows (12.4) (12.8) (30.4) (4.1) (9.9) (0.8) (7.9) 3.6 (2.8) (1.4) 2.1 2.2 4.1 (8.4) (78.9) Beginning Cash 0.0 0.0 0.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 Net Weekly Cash Flows (17.5) (12.8) (30.4) (4.1) (9.9) (0.8) (7.9) 3.6 (2.8) (1.4) 2.1 2.2 4.1 (8.4) Net Revolver Draws / (Payments) 17.5 12.8 30.4 4.1 9.9 0.8 7.9 (3.6) 2.8 1.4 (2.1) (2.2) (4.1) 8.4 84.0 Ending Cash 0.0 0.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 LIQUIDITY DIP Term Loan Balance (USD 125m Interim) 0.0 125.0 125.0 125.0 125.0 125.0 125.0 125.0 175.0 175.0 175.0 175.0 175.0 175.0 ABL Commitment 350.0 (25.0) 325.0 325.0 325.0 325.0 325.0 325.0 325.0 325.0 325.0 325.0 325.0 325.0 Borrowing Base Shortfall (100.6) 0.0 (75.6) (75.6) (61.8) (61.8) (59.4) (59.4) (59.0) (59.0) (62.8) (62.8) (73.3) (73.3) Net Commitment 249.4 (25.0) 249.4 249.4 263.2 263.2 265.6 265.6 266.0 266.0 262.2 262.2 251.7 251.7 Outstanding Borrowings (205.4) 112.3 (124.5) (128.6) (138.6) (139.3) (147.2) (143.6) (146.4) (147.7) (145.6) (143.4) (139.3) (147.7) Letters of Credit (51.0) (51.0) (51.0) (51.0) (51.0) (51.0) (51.0) (51.0) (51.0) (51.0) (51.0) (51.0) (51.0) Total Required Usage (256.4) 162.3 (175.5) (179.6) (189.6) (190.3) (198.2) (194.6) (197.4) (198.7) (196.6) (194.4) (190.3) (198.6) Net Liquidity (7.0) 112.3 74.9 70.8 74.6 73.9 68.4 72.0 119.6 118.3 116.6 118.8 112.4 104.1 Carve-out Reserve (5.0) (5.0) (5.0) (5.0) (5.0) (5.0) (5.0) (5.0) (5.0) (5.0) (5.0) (5.0) Mid-Month Borrowing Base Reserve (2.5) (2.5) (2.5) (2.5) Minimum Excess Availability (15.0) (15.0) (15.0) (15.0) (15.0) (15.0) (15.0) (15.0) (15.0) (15.0) (15.0) (15.0) Liquidity Available to Company 54.9 50.8 54.6 53.9 45.9 49.5 99.6 98.3 94.1 96.2 92.4 84.1 Sources: Company bankruptcy filings and presentations. Amounts may not add due to rounding; footnotes not included. 11

VALUATION INSIGHTS: ESTIMATED RECOVERIES FINANCIAL ANALYSIS: ESTIMATED RECOVERIES REORG EQUITY VALUE ESTIMATED RECOVERIES USDm Amount USDm Principal Value of Recovery Estimated Recovery 2016E EBITDA 253 Verso First Lien Notes 1,113 521 46.8% Implied Multiple 5.8x Verso Senior Debt 550 30 5.4% Reorganized Verso EV (2016) 1,467 Verso Subordinated Debt 106 2 1.5% New Verso ABL 100 NewPage DIP Roll Up Term Loan 175 175 100.0% New NewPage ABL 325 NewPage Prepetition Term Loan 559 315 56.3% Equity Value 1,042 50% of Equity 521 2.85% of Equity 30 0.15% of Equity 2 47% of Equity 490 Sources: SEC filings, Debtwire Analytics. 12

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DIP FACILITIES LIEN PRIORITY SCHEME Verso Current Assets Verso Priority Scheme Verso Non-Current Assets Carve-Out & ABL Permitted Prior Liens Carve-Out & Notes Permitted Prior Liens Verso DIP ABL Revolver Liens ABL Adequate Protection & Prepetition Liens (Contingent Liens) Liens resulting from SSA Agreement, if any First-Priority Adequate Protection & Prepetition First- Priority Liens Liens resulting from SSA Agreement, if any First-Priority Adequate Protection & Prepetition First- Priority Liens Verso DIP ABL Revolver Liens ABL Adequate Protection & Prepetition Liens (Contingent Liens) 1.5L Notes Junior Adequate Protection Liens & Prepetition 1.5L Notes Liens 2L Notes Junior Adequate Protection Liens & Prepetition 2L Notes Liens 15

DIP FACILITIES LIEN PRIORITY SCHEME NewPage Current Assets NewPage Priority Scheme NewPage Non-Current Assets Carve-Out & Permitted Prior Liens Carve-Out & Permitted Prior Liens DIP ABL Revolver Liens ABL Adequate Protection & Prepetition Liens DIP Term Loan Liens New Money DIP Term Loan Liens New Money Liens resulting from SSA Agreement, if any Liens resulting from SSA Agreement, if any DIP Term Loan Liens Roll Up DIP Term Loan Liens Roll Up TL Adequate Protection & Prepetition Liens TL Adequate Protection & Prepetition Liens DIP ABL Revolver Liens ABL Adequate Protection & Prepetition Liens 16

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