Investor Presentation August 2020

60% 40%

A global specialty materials company focused in premium markets

2

Image-oriented

FINE PAPER

& PACKAGING

Performance-based

TECHNICAL

PRODUCTS

3

Addressing COVID

Actions taken to protect employees and preserve liquidity

• Implemented appropriate policies to protect employees and keep them safe

• Strict spending controls across all facets of the business

• Capital spending prioritized and reduced to approximately $15 million

• Aggressive management of supply chain; reducing inventories, rationalizing skus, optimizing footprint and operating schedules

• Significant impact to demand in Q2, however sequentially improving demand through the quarter

Expect >$50 mm of cash improvement vs. base plan

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

✓ US filtration capacity ramping up (though cost inefficiencies remain due to underutilization)

✓ Innovative new product launches

✓ Improved operational efficiencies

Strategy execution delivering pre-COVID

$110

$115

$122

$131

11%12%

13%

14%

9%

11%

13%

15%

17%

19%

LTM Q219 LTM Q319 LTM Q419 LTM Q120

95

100

105

110

115

120

125

130

135EBITDA

Margin

Playing a key role in the value chain

We take various inputs and employ multiple proprietary technologies to

impart customer-desired performance characteristics or quality requirements

Our products are critical to end-use performance, but represent a small

portion of end-product cost

Typically sold to customers for final processing

ManufacturingFinal

Converting & Packaging

End ProductRaw

MaterialsValue-add Processing

4

Proven strategies to create long-term value

Drive organic growth in core businesses where we have defensible, leading market positions and focus investments, including 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 systemic cost initiatives, pricing discipline and relentless focus on capital-efficient growth

5

Our Growth Platforms

FiltrationSeparation and purification of air and liquids for critical applications

Custom Engineered MaterialsSpecialty media for demanding end-use markets

Packaging & DesignEnriching the customer

experience through color, texture, and design

Digital & Specialty CoatingEnhancing substrates through chemical and polymer science

Example Growth Markets• Transportation• Water Purification • Air (HVAC/HEPA/Industrial)• Food/Beverage

Example Growth Markets• Composites• Acoustical/thermal insulation• Glass mat• Medical packaging

Example Growth Markets• Premium packaging• Stored value cards• Consumer• Retail solutions

Example Growth Markets• Digital transfer paper• Labels • Wide format• Silicone release liner

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Performance Materials (~55%)

Filtration (~45%)

> $500MM Net Sales

TECHNICAL PRODUCTS

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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

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

heavy duty equipment. >80% recurring sales

Consolidated market; 3 global players

Market moving to high performing filters

US investment to provide >$70 mm EOC sales

Neenah Transportation Filtration Net Sales €

Organic CAGR 7%

Market Size & Share by Region

#1

Filtration Media

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Transportation

Global Market$1.3 Bn

GDP+ growth

Water filtration

Demand growing GDP+

Currently only US manufacturer for

component of reverse osmosis filters

Air/industrial filtration

Demand growing almost 2x GDP

Addressable market sized at $2 bn

Recent entry in face masks and expansion

into other industrial end markets

Beverage filtration

GDP+ growth market

Manufacture media for coffee capsules

Other End Markets

▪ Focused on performance niches where we

add value downstream applications

(saturation and coating)

▪ Products include backings used in

specialty tapes and abrasives, and other

markets including 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

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FINE PAPER & PACKAGING

Premium Packaging (~20%)

Graphic Imaging (~80%)

~ $400MM Net Sales

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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

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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

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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

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✓ Generate consistent profitable growth

✓ Capital efficient decisions, guided by ROIC

✓ Maintain a prudent balance sheet

✓ Provide shareholder returns, including an attractive dividend

Financial Principles

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✓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

Consolidated P&L Data

$626

$738 $782$840 $888

$942$980$1,035

$940$840

14% 14% 15% 15% 16% 17%14%

12% 13% 13%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

0

200

400

600

800

1000

1200

2011 2012 2013 2014 2015 2016 2017 2018 2019 LTM

Q220

Net Sales

Adj. EBITDA %

$1.84

$2.63$2.87$3.21

$3.70

$4.54$4.32

$3.50 $3.47

$2.86

2011 2012 2013 2014 2015 2016 2017 2018 2019 LTM

Q220

Adjusted

E.P.S.

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

✓ Earnings in 2017-19 include impact during early years of US filtration capacity ramp-up and timing of input cost recovery

CAGR> 3%/yr

CAGR> 5%/yr

2011-2013 excludes divested Lahnstein

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▪ Top line growth reflects GDP+ growing markets, organic volume and share gains, and M&A

▪ Opportunity to expand margins through:

Continued US filtration ramp up (start up costs began in 2017)

Operational efficiencies and scale

Share/mix gains with innovative new products

$336 $353

$404 $429

$466 $502

$583 $542

$503

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

2012 2013 2014 2015 2016 2017 2018 2019 LTM

Q220

Net Sales

Adj. EBITDA % $402$428 $436 $443 $452 $455

$446

$397

$337

16% 16% 16%18% 18%

17%14%

17% 17%

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

2012 2013 2014 2015 2016 2017 2018 2019 LTM

Q220

Net SalesAdj. EBITDA %

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Segment P&L Data

CAGR4%/yr

CAGR-2%/yr

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

▪ Neenah sales growth through 2018 reflect acquisitions, share gains, packaging growth and pricing. Business divestiture and distributor transition in 2019, COVID impacts in 2020

▪ Consistent attractive margins and cash flow

Technical Products Fine Paper & Packaging

9%

5%4%

4% 4%3%

✓ Disciplined investments and history of value-adding acquisitions

✓ Continual focus on asset efficiency and returns

✓ Willingness to divest non-returning assets or businesses

✓ Expected continued improvement as US filtration capacity continues to ramp up

✓Outperforming many peers

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ROIC/Capital Efficiency

12%13%

10%9% 9%

8%

2015 2016 2017 2018 2019 LTMQ220

Neenah ROIC Trends

2019 ROIC versus selected peers

175 175 175 175206

4680 64

26

1.4x

1.8x 1.9x

1.6x 1.6x

0

1

2

3

4

5

0

50

100

150

200

250

300

350

400

Dec-16 Dec-17 Dec-18 Dec-19 Jun-20

Bonds/TLBS-T Debt

$221

$255

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

✓Ample liquidity and significant borrowing capacity on existing credit facilities

✓Credit facilities with reasonable terms and covenant light

✓Recent $200 mm Term Loan B used to redeem $175 mm of 2021 Senior Notes

Debt($ millions)

Debt/EBITDA

20

$239

$201

Strong balance sheet

Cash & Equivalents

$3 $5 $10 $9 $26

$206*

* June 2020 reported debt and cash balances each have been reduced $175 million to reflect the July 16

redemption of Senior Notes

*

20%

11% 11% 11%

0

0.05

0.1

0.15

0.2

0.25

10-Yr TSR Avg

vs. Market

Cash Deployment/Shareholder Returns

$63

$47$57 $55

$76 $80

7%5% 6% 5%

8%9%

0%

5%

10%

15%

20%

25%

2015 2016 2017 2018 2019 LTM Q220

0

10

20

30

40

50

60

70

80

90

100Free Cash FlowFCF FCF % NS

$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

▪ Capital deployment prioritizes highest returns (organic, value-adding M&A, debt reduction)

▪ Strong cash generation due to:

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

▪ Low cash tax rate helped by R&D tax credits

▪ Impressive track record of growing dividend

▪ $25MM/yr buyback plan used to offset dilution (~$5mm/yr) and opportunistically

▪ Total shareholder returns 2x the market

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▪ Strong foundational businesses, with leading positions in defensible and profitable core categories and historically attractive margins

▪ Catalysts in place to drive growth without significant capital required

▪ US filtration ramp up and share gains

▪ Expanded presence in digital transfer

▪ Premium packaging

▪ Neenah Operating System

▪ Financial strength

▪ Management team with long-term 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

23

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

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Forward Looking Statements

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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 Q220

Net Income (Loss) $ 51.1 $ 73.0 $ 80.3 $ 36.4 $ 55.4 ($3.7)

Loss from discontinued operations 9.4 0.4 - 0.8 - -

Income from Continuing Operations (Loss) 60.5 73.4 80.3 37.2 55.4 (3.7)

Plus: Provision for income taxes 29.4 29.6 11.4 3.9 11.1 (1.6)

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 6.2

Plus: Asset Restructuring Impairment costs - - - 31.1 4.7 58.0

Plus: Other restructuring and non-routine costs 6.5 7.0 1.3 2.1 1.5 2.7

Plus: Loss on debt extinguishment - - - - - 1.9

Plus: COVID-19 costs - - - - - 1.5

Plus: Pension, insurance settlement and other costs - 0.8 (2.6) (2.5) (1.4) (0.3)

Adjusted EBIT 107.9 121.9 103.0 84.8 83.1 70.0

Plus: Net depreciation and amortization 27.5 30.1 32.1 35.0 33.8 33.2

Plus: Stock-based compensation 6.5 5.8 6.4 4.0 5.6 5.1

Adjusted EBITDA $ 141.9 $ 157.8 $ 141.5 $ 123.8 $ 122.5 $108.3

Diluted Earnings (Loss) per Share $ 3.53 $ 4.26 $ 4.68 $2.17 $3.26 (0.24)

Plus: Asset Restructuring Impairment costs - - - 1.37 0.21 2.62

Plus: Other restructuring and non-routine costs 0.24 0.25 0.06 (0.11) 0.06 0.11

Plus: Loss on debt extinguishment - - - - - 0.08

Plus: COVID-19 costs - - - - - 0.07

Plus: Pension, insurance settlement and other costs - 0.03 (0.10) 0.06 (0.06) (0.02)

Plus: Tax adjustments (0.07) - (0.32) 0.01 - 0.24Diluted Adjusted Earnings per Share $ 3.70 $ 4.54 $ 4.32 $3.50 $3.47 2.86

GAAP Adjusted EBITDA segment reconciliation

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

LTM Q220

Technical Products

GAAP Operating Income (Loss) $ 33.9 37.7 $ 38.9 $ 46.0 $ 54.1 $ 65.6 $ 55.3 $ 50.9 $ 44.6 ($10.3)

Plus: Asset restructuring and impairment costs - - - - - - - - - 51.6

Plus: Other Restructuring and non-routine costs - - - 1.6 1.8 1.4 - (1.8) 0.3 0.3

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

Plus: Loss of debt extinguishment - - - - - - - - - 0.1

Plus: COVID-19 costs - - - - - - - - - 0.7

Adjusted EBIT $ 33.9 $ 37.7 $ 38.9 $ 47.6 $ 55.9 $ 67.0 $ 55.3 $ 49.5 $ 43.4 $40.9

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 $65.0

Net Sales $ 352 $ 336 $ 353 $ 404 $ 429 $ 466 $ 519 $ 583* $ 542 $503

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

Fine Paper and Packaging

GAAP Operating Income $ 32.7 $ 50.0 $ 59.9 $ 60.8 $ 67.3 $ 70.7 $ 69.5 $ 29.4 $ 53.2 $39.1

Plus: Asset restructuring and impairment costs - - - - - - - - - 3.7

Plus: Other Restructuring and non-routine costs - 5.8 0.4 - 1.5 1.8 (2.9) 23.9 5.7 4.4

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

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

Adjusted EBIT $ 32.7 $ 55.8 $ 60.3 $ 60.8 $ 68.8 $ 72.5 $ 66.6 $ 53.7 $ 58.9 $47.8

Plus: Net depreciation and amortization 16.5 9.4 9.3 8.6 9.9 10.9 11.0 9.9 9.1 8.8

Adjusted EBITDA $ 49.2 $ 65.2 $ 69.6 $ 69.4 $ 78.7 $ 83.4 $ 77.6 $ 63.6 $ 68.0 $56.6

Net Sales $ 275 $ 402 $ 428 $ 436 $ 443 $ 452 $ 455 $ 446 $ 397 $337

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

27Technical Products 2018 NS * includes ~$16 mm for products previously in “Other” segment 2011-2015 excludes Lahnstein