Investor PresentationMay 2020

60% 40%

A global specialty materials company focused in high value niche markets

2

Image-oriented

FINE PAPER

& PACKAGING

Performance-based

TECHNICAL

PRODUCTS

Proven strategies to create long-term value

Drive organic growth in core businesses where we have defensible, leading market positions and supplement efforts with value-adding M&A in targeted growth platforms

Deliver meaningful cash flow with balanced capital deployment to maintain a strong balance sheet and provide an attractive dividend

Protect or enhance margins and ROIC through cost and pricing initiatives and relentless focus on optimizing operational efficiencies

4

Filtration

Digital Print Media

Pkg & Design

✓ Margins recover as pricing/cost actions overcome unprecedented run-up in input costs

✓ Added US filtration capacity ramping up (though cost inefficiencies remain due to underutilization in initial years)

✓ COVID-19 impacting demand near term; actions taken to reduce costs, optimize cash flow and preserve strong liquidity position

Emerging from recent challenges (prior to COVID)

Long-term growth catalysts in place

Targeted markets provide growth opportunities w/out requiring significant capital

✓ US transportation filtration capacity addition to provide profitable ~$70-80 mm EOC sales

✓ Leading position in a fast growing digital transfer media, recent breakthrough technology doubling addressable market size

✓ Premium packaging products capitalizing on demand for plastic alternatives

✓ Industrial filtration markets in air/water offer opportunities to expand existing technology base

TargetMarket

Size ($3bn)

$116

$110

$115

$122

$128

11% 11%12%

13%14%

9%

11%

13%

15%

17%

19%

21%

LTM Q119 LTM Q219 LTM Q319 LTM Q419 LTM Q120

100

105

110

115

120

125

130

EBITDA

Margin

5

Performance Materials (~55%)

Filtration (~45%)

> $500MM Net Sales

TECHNICAL PRODUCTS

7

Tape, abrasives, digital transfer media, labels, security

and other niche products

High-performance filtration media for transportation,

water and other markets

Strong customer relationships with long qualification

periods

Leading Positions in Defensible Niche

Markets

Broad Range of Technical Abilities

▪ Innovative offerings from a global footprint

▪ Long-term joint development relationships

▪ Strong technical support and service

▪ High value, growing specialty markets

▪ Long customer qualifications - strong barrier

▪ Our media is a key performance driver, but a small part of product cost

▪ Multiple technologies and chemistries

▪ Proprietary formulations & strong “dark” IP

▪ Leading performance and innovation

Technical Products Why we are successful

8

Europe NAFTA Asia RoW

OtherNeenahH&VAhlstrom

35

55

75

95

115

135

155

175

03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19

Transportation filtration media

Media for air, fuel, oil and cabin air in cars and heavy

duty equipment. > 80% of sales recurring (after-market)

Market growing ~3+% /yr, with tight capacity and only 3

global players. Neenah a leader in Europe, with recent

US expansion providing an added growth opportunity

Trend towards more demanding engines and higher

performing filters. Electrification growing, but studies

show limited impact on demand in next 10-15 years

Other filtration markets

Present in fast-growing markets including water,

industrial and beverage filter media

Planned small capital investment in 2020 to increase

capacity for fast-growing water filtration media

Neenah Transportation Filtration Net Sales €

Organic CAGR 7%

Global Transportation Filtration Market/Shares~ US $1.3 billion

Runway for growth

US plant provides ~$70-80 million EOC sales at

attractive margins with best in class capabilities

lead to meaningful profit growth (from losses

during start up)

#1

FILTRATION: An attractive growth platform

9

▪ Focused on performance niches where we

add value downstream applications

(saturation and coating)

▪ Backings the most sizeable global category

with our media primarily used in specialty

performance tapes and abrasives

▪ Other specialty markets include digital

transfer media, labels, security and others

▪ Innovation pipeline and R&D enabling

faster growth in digital printing, labeling

and other categories

Abrasive Backings

Tape Backings

Digital Transfer Media

Medical Packaging

Performance Labels

Security Covers

PERFORMANCE MATERIALS:A collection of growing niche businesses

10

$352 $336

$353

$404 $429

$466 $502

$583

$542 $544

14%15% 15% 15%

16%18%

15%13% 12% 13%

-3%

2%

7%

12%

17%

22%

27%

32%

37%

42%

$-

$100

$200

$300

$400

$500

$600

$700

2011 2012 2013 2014 2015 2016 2017 2018 2019 LTM

Q120

Net Sales

Adj. EBITDA %

*

Technical Products Financial trends

CAGR5%/yr

Growing markets; recent margins reflect US filtration asset start-up

▪ Markets growing GDP+

▪ Organic investments supplemented with M&A lead to volume and share gains through performance, innovation and geographic expansion

▪ 2019 top line pressured by lower sales to China and currency

▪ Opportunity to expand margins through:

Mix enhancement, led by profitable and faster growing filtration products

Leveraging cost efficiencies and scale

Managing pricing and costs to offset inputs

R&D-driven new or improved products

92011-2013 excludes Lahnstein

includes US filtration plant start-up losses

* includes ~$16 mm for products previously in “Other” segment

FINE PAPER & PACKAGING

Premium Packaging (~20%)

Graphic Imaging (~80%)

~ $400MM Net Sales

10

Premium textured and colored papers used for high-

end commercial printing and other end uses. Sold

through distribution channels and retail

Specialty secondary packaging using unique colors,

coating, and finished textures to focus on consumer

brand enhancement

Fine Paper & Packaging Why we are successful

LeadingBrands

Go To MarketInnovation

Best in Class Manufacturing

Capabilities

▪ Leading brand equity pulls demand

▪ Pricing ability to recoup input costs

▪ Selective distribution

▪ Specialty colors, textures and coatings allow creation of unique and customized product portfolio

▪ Unique purpose-built assets provide fast, flexible and low cost offerings at highest quality

▪ Design and rapid prototyping, provides customers a more holistic solution and create barriers for competitors

▪ Able to replicate short lead times with outstanding service

11

Neenah60%

Mohawk Fine Papers

20%

Others20%

▪ Neenah is the clear market leader in both commercial and consumer channels with our well-known brands

▪ Consolidated niche market of unique papers used for high-end commercial printing and consumer applications

▪ Market faces secular pressures from electronic substitution. Opportunistic volume opportunities in lower value premium opaque and other grades

GRAPHIC IMAGING

Premium market $575 MM & shares

12

Opportunistic volume adjacencies

PREMIUM PACKAGING

▪ Targeting “high value items in small packages”

▪ Market growing 3-4%/yr. Neenah target/historical performance = 2x market

▪ Categories include labels for spirits, wine and craft beers, premium folding board and box wrap for retail and beauty products, and plastic-substitute gift cards and advertising signage

▪ Efficiently uses fine paper assets and texture & color capabilities

Beauty

49%

Alcohol

29%

Retail/

Other

22%

Addressable market by end use~$ 450MM

13

$275

$402

$428 $436 $443$452 $455

$446

$397$389

18%16% 16% 16%

18% 18%17%

14%

17%19%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

20.0%

22.0%

24.0%

26.0%

28.0%

30.0%

32.0%

34.0%

36.0%

38.0%

40.0%

-44

1220283644526068768492

100108116124132140148156164172180188196204212220228236244252260268276284292300308316324332340348356364372380388396404412420428436444452460468476484492500

2011 2012 2013 2014 2015 2016 2017 2018 2019 LTM

Q120

Net Sales

Adj. EBITDA %

Fine Paper & Packaging Financial trends

CAGR> 4%/yr

Consistent mid to upper-teen EBITDA margins generate important cash

flows for redeployment

▪ Commercial print facing continued secular market pressures of 3 to 5%

▪ Neenah battling secular pressure through consolidating acquisitions, growth in premium packaging, and other initiatives

▪ Leading brand power and diligent cost management help support margins

▪ Well-capitalized asset base with limited capital needs generating high return on capital

14

✓ Generate consistent profitable growth

✓ Capital efficient decisions, guided by ROIC

✓ Maintain a strong balance sheet

✓ Provide shareholder returns, including an attractive dividend

Financial principles

15

✓Mid-single digit top line growth

✓ Attractive Return on Capital

✓ Strong balance sheet and cash flows

✓ Total shareholder returns of almost 2x the R2000 index

Return to

Shareholders

$177 MM

Value-Adding

Organic Capital

$150 MM

Acquisitions

$169 MM

Substantial cash flows and balanced capital deployment has resulted in:

Five-year cash deployment

16

Value-adding capital deployment

✓ Top-line growth driven by share gains, new products, price/mix improvement and acquisitions

✓Recent earnings reflecting costs of filtration asset ramp-up and timing of input cost recovery

17

Consistent profitable growth…

$888$942

$980

$1,035

$939 $932

12% 13%11%

8% 9% 10%

-3.0%

2.0%

7.0%

12.0%

17.0%

22.0%

27.0%

32.0%

510.0

610.0

710.0

810.0

910.0

1010.0

1110.0

2015 2016 2017 2018 2019 LTM

Q120

Net Sales

Adjusted EBIT %

$3.70

$4.54 $4.32

$3.50 $3.47$3.90

2015 2016 2017 2018 2019 LTM

Q120

Adjusted

E.P.S.

✓ Continual focus on asset efficiency and returns

✓ Disciplined organic investments and history of value-adding acquisitions

✓Willingness to divest non-returning assets or businesses

✓ Continued improvements expected as US filtration capacity continues to ramp up

18

…while maintaining an attractive ROIC

12%13%

10%

9% 9% 10%

2015 2016 2017 2018 2019 LTM

Q120

% ROIC

175 175 175 175 175 175

54 4680 64

26

97

1.6x1.4x

1.8x 1.9x

1.6x

2.1x

0

0.5

1

1.5

2

2.5

3

3.5

4

0

50

100

150

200

250

300

Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 LTM

Q120

Bonds S-T Debt

$229 $221

$255

✓Cash generation and prudent spending has kept debt to EBITDA ratio below 2 times

✓Ample liquidity and borrowing capacity on existing credit facilities

✓Currently evaluating refinancing alternatives for Senior Note

$175 million Note due May 2021; 5.25% coupon Ba3/BB rating

Global asset based revolver (~$200+ mm)

Debt($ millions)

Debt/EBITDA

19

$239

$201

….and a strong balance sheet

$272

Cash & Cash Equivalents

$4.2 $3.1 $4.5 $9.9 $9.0 $77.5

Net Debt/EBITDA

1.6x 1.4x 1.8x 1.9x 1.6x 1.5x

Cash Uses

▪ Prioritize highest returns (organic,

value-adding M&A, debt reduction)

▪ Track record of growing dividend with attractive yield

▪ $25MM opportunistic buyback plan

Cash Generation

▪ Sizeable cash generation

▪ Efficient asset base; capital spend 2-4% of sales (maintenance ~ $15MM)

▪ Low cash tax rate supported by prior period R&D tax credits

$1.32

$1.48

$1.64

$1.80$1.88

0.75

0.95

1.15

1.35

1.55

1.75

1.95

2016 2017 2018 2019 2020

Dividends

per share

20

Disciplined capital deployment

$63

$47$57 $55

$76

$87

7%5% 6% 5%

8%9%

0%

5%

10%

15%

20%

25%

2015 2016 2017 2018 2019 LTM

Q120

0

10

20

30

40

50

60

70

80

90

100Free Cash Flow

FCF FCF % NS

Compensation philosophy

▪ Performance-based pay important for both salary and hourly personnel

▪ Bulk of executive team pay is performance-based (CEO = 70%)

▪ Management also required to hold a multiple of base salary in stock (4-6 times)

Return on Capital

Shareholder Return

(vs. Russell 2000)

Revenue Growth

Performance Share Metrics

Free Cash Flow

Efficiency

Performance-based and aligned with shareholders

21

▪ Active and disciplined process with dedicated resources and ideas from a robust network of sources

▪ Focused on growing, profitable and defensible niche markets, strong bias to technical products categories

▪ Most targets $50 - $250MM of sales

▪ Look for strategic fit and touch points to unlock synergies

Strategic Touch Points

Geographies

TechnologiesProducts/

End Markets

Customers

2014Crane(TP)

2015FiberMark(TP/FPP)

2017Hazen(FPP)

2017Coldenhove

(TP)

2013Southworth

(FPP)

22

Track record of value-adding M&A to accelerate ongoing growth rate

2014Crane(TP)

2015FiberMark(TP/FPP)

2013Southworth

(FPP)

✓ Long tenures with blue-chip customers

✓ Substantial cash flows with strong liquidity and low leverage

Why we have been successful

23

✓ Leading positions in end markets with portfolio of highly recognized brands

✓ Defensible niche / hard to replicate products with clear barriers to entry

✓ Variety of best in class manufacturing capabilities with well-capitalized assets

✓ Experienced management team

24

▪ Strong core business, with leading positions in defensible and profitable core categories with mid-teen EBIT margins

▪ Catalysts in place to drive organic growth without significant capital required

▪ US filtration ramp up and share gains

▪ Expanded presence in digital transfer

▪ Premium packaging

▪ Sizeable cash flow and a strong balance sheet

▪ Experienced management with track record of value-adding capital deployment

Fine Paper &

PackagingTechnical

Products

Neenah Today

Packaging

& Fine

Paper

Technical

Products

Neenah Future

Take-Aways

For more information

Visit Our Website: www.neenah.com

Email: investors@neenah.com

Investor RelationsBill McCarthyVice President- Investor Relations

3460 Preston Ridge Road

Suite 600

Alpharetta, GA 30005

Phone: (678) 518-3278

Email: bill.mccarthy@neenah.com

25

Contact Us

Appendix

Statements in this presentation which are not statements of historical fact are “forward-looking statements” within the “safe harbor”' provision of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the information available to, and the expectations and assumptions deemed reasonable by, Neenah, Inc. at the time this presentation was made. Although Neenah believes that the assumptions underlying such statements are reasonable, it can give no assurance that they will be attained. Factors that could cause actual results to differ materially from expectations include the risks detailed in the section “Risk Factors” in the Company’s most recent Form 10-K and SEC filings.

In addition, the company may use certain figures in this presentation that include non-GAAP financial measures as defined by SEC regulations. As required by those regulations, a reconciliation of these measures to what management believes are the most directly comparable GAAP measures would be included as an appendix to this presentation and posted on the company’s web site at www.neenah.com

27

Forward Looking Statements

28

GAAP Reconciliation

Results for the year ended December 31, 2015, include integration and restructuring costs of $6.5MM. Results for the year ended December 31, 2016, include integration and restructuring costs of $7.0MM and a pension plan settlement charge of $0.8MM. Results for the year ended December 31, 2017, include integration and restructuring costs of $1.3MM, a pension plan settlement charge and insurance settlement of ($2.6MM). Results for the year ended December 31, 2018, include an impairment loss of $31.1MM, restructuring, integration and other costs of $2.1MM and a pension plan settlement charge and insurance settlement of ($2.5MM). Results for the year ended December 31, 2019, include restructuring, integration, and other costs $6.2MM and pension plan settlement charge ($1.4MM).

Continuing Operations

$ millions 2015 2016 2017 2018 2019 LTM Q120

Net income $ 51.1 $ 73.0 $ 80.3 $ 36.4 $ 55.4 $60.0

Loss from discontinued operations 9.4 0.4 - 0.8 - -

Income from continuing operations 60.5 73.4 80.3 37.2 55.4 60.0

Plus: Provision for income taxes 29.4 29.6 11.4 3.9 11.1 13.0

Plus: Interest expense, net 11.5 11.1 12.6 13.0 11.8 11.5

EBIT (Operating Income) 101.4 114.1 104.3 54.1 78.3 84.5

Plus: Impairment loss - - - 31.1 - -

Plus: Restructuring, integration and other costs 6.5 7.0 1.3 2.1 6.2 8.6

Plus: COVID-19 costs - - - - - 1.1

Plus: Pension, insurance settlement and other costs - 0.8 (2.6) (2.5) (1.4) (1.4)

Adjusted EBIT 107.9 121.9 103.0 84.8 83.1 92.8

Plus: Net depreciation and amortization 27.5 30.1 32.1 35.0 33.8 33.5

Plus: Stock-based compensation 6.5 5.8 6.4 4.0 5.6 5.2

Adjusted EBITDA $ 141.9 $ 157.8 $ 141.5 $ 123.8 $ 122.5 $131.5

Diluted Earnings per Share $ 3.53 $ 4.26 $ 4.68 $2.17 $3.26 $3.54

Plus: Impairment loss - - - 1.37 - -

Plus: Restructuring, integration and other costs 0.24 0.25 0.06 0.1 0.27 0.37

Plus: COVID-19 costs - - - - - 0.05

Plus: Tax adjustments (0.07) - (0.32) 0.01 - -

Plus: Pension, insurance settlement and other costs - 0.03 (0.10) (0.15) (0.06) (0.06)Diluted Adjusted Earnings per Share $ 3.70 $ 4.54 $ 4.32 $3.50 $3.47 $3.90

GAAP Adjusted EBITDA segment reconciliation

Continuing Operations$ millions 2011 2012 2013 2014 2015 2016 2017 2018 2019

LTM Q120

Technical Products GAAP Operating Income

$ 33.9 $ 37.7 $ 38.9 $ 46.0 $ 54.1 $ 65.6 $ 55.3 $ 50.9 $ 44.6 $ 49.5

Plus: Restructuring, integration and other costs

- - - 1.6 1.8 1.4 - (1.8) 0.3 0.5

Plus: Pension & SERP related costs - - - - - - - 0.4 (1.5) (1.5)

Plus: COVID-19 costs - - - - - - - - - 0.6

Adjusted EBIT $ 33.9 $ 37.7 $ 38.9 $ 47.6 $ 55.9 $ 67.0 $ 55.3 $ 49.5 $ 43.4 $ 49.1

Plus: Net depreciation and amortization 13.8 12.6 13.1 11.3 13.9 17.7 19.6 24.5 24.2 24.1

Adjusted EBITDA $ 47.7 $ 50.3 $ 52.0 $ 58.9 $ 69.8 $ 84.7 $ 74.9 $ 74.0 $ 67.6 $ 73.0

Net Sales $ 352 $ 336 $ 353 $ 404 $ 429 $ 466 $ 519 $ 583* $ 542 $ 544

Adj. EBITDA Margin of NS (%) 14% 15% 15% 15% 16% 18% 15% 13% 12% 13%

Fine Paper and PackagingGAAP Operating Income

$ 32.7 $ 50.0 $ 59.9 $ 60.8 $ 67.3 $ 70.7 $ 69.5 $ 29.4 $ 53.2 $ 56.1

Plus: Restructuring, integration and other costs

- 5.8 0.4 0.0 1.5 1.8 (2.9) 23.9 5.0 5.5

Plus: Pension & SERP related costs - - - - - - - 0.4 - -

Plus: COVID-19 costs - - - - - - - - - 0.5

Plus: Indirect tax costs - - - - - - - - 0.7 1.1

Adjusted EBIT $ 32.7 $ 55.8 $ 60.3 $ 60.8 $ 68.8 $ 72.5 $ 66.6 $ 53.7 $ 58.9 $ 63.2

Plus: Net depreciation and amortization 16.5 9.4 9.3 8.6 9.9 10.9 11.0 9.9 9.1 8.9

Adjusted EBITDA $ 49.2 $ 65.2 $ 69.6 $ 69.4 $ 78.7 $ 83.4 $ 77.6 $ 63.6 $ 68.0 $ 72.1

Net Sales $ 275 $ 402 $ 428 $ 436 $ 443 $ 452 $ 455 $ 446 $ 397 $ 389

Adj. EBITDA Margin of NS (%) 18% 16% 16% 16% 18% 18% 17% 14% 17% 19%

29Technical Products 2018 NS * includes ~$16 mm for products previously in “Other” segment 2011-2015 excludes Lahnstein