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Investor PresentationFebruary 2020

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Neenah is a global specialty materials company focused on high value niche markets

2

Image-oriented

FINE PAPER

& PACKAGING

Performance-based

TECHNICAL

PRODUCTS

Net Sales ~$1 bn

Neenah’s position in value chain

▪ Focused in the intermediate stage of the value chain, taking various raw materials

and manufacturing, coating/saturating to develop customized, higher-value

products typically sold to customers for final processing

▪ Multiple technologies to combine and/or align fibers with polymers and resins to

impart performance characteristics or quality requirements

▪ Products are critical to end-use performance, but a small portion of end-product

cost

Manufacturing Final Converting

End ProductRaw

MaterialsValue-add Processing

3

Proven strategies to create long-term value

Drive organic growth in core businesses where we have defensible, leading market positions, supplemented by value-adding M&A

Deliver meaningful cash flow with balanced capital deployment to maintain a high ROIC, strong balance sheet, and attractive dividend

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

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Filtration

Digital Print Media

Pkg & Design

0

0.01

0.02

0.03

0.04

0.05

0.06

0.07

Filtration DigitalMedia

Pkg &Design

3-5%

5-7%

3-4%

✓ Margins now recovering as pricing and cost actions overcome unprecedented run-up in input costs

✓ Weaker global economies impacting demand near term; addressing through cost management, asset optimization and focus on cash flow generation

✓ Added US filtration capacity ramping up (though cost inefficiencies remain due to smaller run sizes and underutilization during initial years)

Emerging from recent challenges

…with growth catalysts in place

Targeted markets provide growth opportunities w/out significant capital

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

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

✓ Premium packaging products capitalizing on demand for plastic alternatives

✓ Industrial filtration markets in air/water offer additional opportunities to expand

Geographic expansion (80+% of TP sales currently in No. America/Europe)

Strong financial position to support value-adding investments

TargetMarket

Size ($3bn)

Market Growth

Rates

5

$124

$116$110

$115

$122

12% 11% 11% 12%

13%

7%

9%

11%

13%

15%

17%

19%

21%

23%

25%

LTMQ418

LTMQ119

LTMQ219

LTMQ319

LTMQ419

100

105

110

115

120

125

EBITDA Margin

✓ Long tenures with blue-chip customers

✓ Sustainable cash flows/low leverage and established track record of performance through cycle

Why we have been successful

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✓ 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

Performance Materials (~55%)

Filtration (~45%)

~ $600MM Net Sales

TECHNICAL PRODUCTS

7

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

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

Europe NAFTA Asia RoW

OtherNeenahH&VAhlstrom

Transportation filtration media

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

global players

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

trucks/heavy duty equipment, with > 80% of sales

recurring (after-market)

Leaders in Europe, with recent entry into US

Trend towards more demanding engines that require higher

performing filters. Electrification growing, but studies show

limited impact on demand during 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 Transp. Filtration Net Sales

Organic CAGR 7%

Global Transportation Filtration Market/Shares~ US $1.3 billion

Runway for growth

Investment in first US plant completed in 2016

and provides capacity to maintain historic 7% annual

growth rate with best in class capabilities and costs

~$70-80 million EOC sales at attractive margins lead to

meaningful profit growth (from losses during start up)

#1

FILTRATION:A key growth platform

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▪ Focused on performance niches with value

added through downstream applications

(saturation and coating)

▪ Backings the most sizeable global category

with media primarily used in specialty

performance tapes and abrasives

▪ Markets generally grow with GDP

▪ Other specialty markets include digital

transfer media, labels, security and others

▪ Markets generally grow at GDP+

▪ 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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$324 $352

$336 $353

$404 $429

$466

$502

$583

$542

9% 9%10% 11%

12%13% 14%

11%

8% 8%

-3%

2%

7%

12%

17%

22%

27%

32%

$-

$100

$200

$300

$400

$500

$600

$700

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Net Sales

Adjusted EBIT %

*

Technical Products: Financial Trends

CAGR6%/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

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

includes US filtration start up costs

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

▪ Targeted addressable market of $450 MM of high value items in small packages.

▪ Growing 3-5%/yr. Neenah growth target =2x market

▪ Products include spirit & wine labels, premium folding board, luxury box wrap, and plastic-substitute gift cards and others

▪ Efficiently uses fine paper assets and texture & color capabilities

Beauty

49%

Alcohol

29%

Retail/

Other

22%

TargetedEnd Markets

15

$273 $275

$402

$428$436 $443

$452 $455 $446

$397

15% 14% 14% 14% 14%

16% 16%15%

12%

15%

-1.0%

1.0%

3.0%

5.0%

7.0%

9.0%

11.0%

13.0%

15.0%

17.0%

19.0%

21.0%

23.0%

25.0%

27.0%

29.0%

31.0%

33.0%

35.0%

-44

1220283644526068768492

100108116124132140148156164172180188196204212220228236244252260268276284292300308316324332340348356364372380388396404412420428436444452460468476484492500

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Net Sales

Adj. EBIT %

Fine Paper & Packaging: Financial Trends

CAGR> 4%/yr

Stable mid-teen EBIT margins provide strong cash flows for redeployment ▪ Commercial print secular market pressures

partly mitigated through growth in premium packaging, digital and wide format, M&A, and other actions

▪ Mid-teen EBIT margins supported by pricing with strong brands and careful management of costs

▪ High return on capital

▪ Substantial cash generation

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✓ Consistent profitable growth

✓ Capital Efficiency/ROIC

✓ Strong balance sheet

✓ Shareholder returns, including an attractive dividend

Financial Principles

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Value-adding capital deployment

✓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

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$3.70

$4.54 $4.32

$3.50 $3.47

2015 2016 2017 2018 2019

Adjusted

E.P.S.

Consistent profitable growth…

✓ 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

$888$942

$980

$1,035

$939

12% 13%11% 8%

9%

-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

Net Sales

Adjusted EBIT %

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12%13%

10%9% 9%

2015 2016 2017 2018 2019

% ROIC

…while generating attractive ROIC

✓ Continual focus on asset efficiency and returns

✓ Disciplined organic investments and history of value-adding acquisitions, as well as divestitures of non-returning assets

✓ Return to double-digits expected as US filtration capacity continues to ramp up

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175 175 175 175 175

54 4680 64

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1.6x1.4x

1.8x 1.9x

1.6x

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

Bonds S-T Debt

$229 $221

$255

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

✓Ample borrowing capacity and flexibility to act on future opportunities

▪ $175 million bond due 2021; 5.25% Ba3/BB

▪ Short-term debt through ABL revolver (sized $200 MM)

Debt($ millions)

….and a strong balance sheet

Debt/EBITDA

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$239

$201

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 flow generation

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

▪ 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

Disciplined capital deployment

$63

$47$57 $55

$76

7%5% 6% 5%

8%

0%

5%

10%

15%

20%

25%

2015 2016 2017 2018 2019

0

10

20

30

40

50

60

70

80

90

100

Free Cash Flow

FCF FCF % NS

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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

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▪ 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 - $250 MM 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)

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

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Take-Aways

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

▪ Overcome recent challenges and with 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 base cash flow and a strong balance sheet

▪ Track record of value-adding capital deployment and prudent management

Fine Paper &

PackagingTechnical

Products

Neenah Today

Packaging

& Fine

Paper

Technical

Products

Neenah Future

Contact Us

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

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Appendix

Forward Looking Statements

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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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 of $0.6MM and Insurance Settlement of ($3.2MM) Results for the year ended December 31, 2018, include an impairment loss of $31.1MM, acquisition-related adjustments, integration and restructuring costs of ($1.8MM) a pension plan settlement charge of $1.8MM and Insurance Settlement of ($0.4MM). Results for the year ended December 31, 2019, include Idled costs $4.7M, tax audits $0.7MM, restructuring costs $0.8MM and pension plan settlement charge ($1.4MM).

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Continuing Operations

$ millions 2015 2016 2017 2018 2019GAAP Operating Income $ 101.4 $ 114.1 $ 104.3 $54.1 $78.3

Impairment loss 31.1Idled paper machine costs 4.72012-15 indirect tax audit costs 0.7Restructuring, Integration and Other Costs 6.5 7.0 1.3 (1.8) 0.8Pension/Insurance Settlement/Other 0.8 (2.6) 1.4 (1.4)

Adjusted Operating Income $ 107.9 $ 121.9 $ 103.0 $ 84.8 $83.1

Depreciation & Amortization 27.5 30.1 32.1 35.0 33.7Amort. Equity-Based Compensation 6.5 5.8 6.4 4.0 5.6

Adjusted EBITDA $ 141.9 $ 157.8 $ 141.5 $123.8 $122.4

Earnings (Loss) per Share $ 3.53 $ 4.26 $ 4.68 $2.17 $3.26Impairment loss 1.37Idled paper machine costs 0.212012-15 indirect tax audit costs 0.03Restructuring, Integration and Other Costs 0.24 0.25 0.06 (0.11) 0.03Pension/Insurance Settlement/Other 0.03 (0.10) 0.06 (0.6)Tax Adjustments (0.07) (0.32) 0.01

Adjusted Earnings per Share $ 3.70 $ 4.54 $ 4.32 $3.50 $3.47