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Jul 08, 2023 •269 likes •577 views

v Commerci rcial l Filtra tratio tion and Consu sumer r Fine Papers rs Premium ium Packa ckagin ing Digita ital l Transfe sfer Media ia Pap aper Gift t Cards rds & Packa ckagin ing Backin ckings s (Tape &

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  2. Commerci rcial l Filtra tratio tion and Consu sumer r Fine Papers rs Premium ium Packa ckagin ing Digita ital l Transfe sfer Media ia Pap aper Gift t Cards rds & Packa ckagin ing Backin ckings s (Tape & Abra rasive sives) s) Other r Perfo rform rmance ce Mate teri rials ls (Labels, ls, Coate ted Cove vers, s, etc …) High End Spir irits its Labels ls 2

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  4. Accelerate company Enhance leading Maintain a strong growth rate through positions in high financial position and capital efficient value core provide shareholders investments in growing categories with attractive returns and defensible niche markets  Expand our geographic presence  Focused on filtration,  Disciplined capital and share in transportation premium packaging and deployment to maintain filtration performance materials double-digit ROIC  Build off our global base in  Prioritize organic growth  An attractive dividend as performance backings and supplement with part of a meaningful value-adding acquisitions return to shareholders  Leverage our strong market position in premium fine papers Five-Yr shareholder return of 29%/year > 2 times the Russell 2000 4

  5.  No. American transportation  Escalated pulp prices being filtration capacity to provide end of countered by selling price actions curve sales of $80 million  U.S. regulatory change driving 10-  Continued double digit premium 20% increase in freight. Actions packaging growth supported by underway to address added laminating capabilities  Appleton capacity underutilized  Digital transfer media acquisition during ramp up; expected to turn providing a leading position in this profitable in early 2019 growing global market 5

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  7.  High value, growing specialty markets Leading Positions in  Long customer qualifications - strong barrier Defensible Niche  Our media is a key performance driver, Markets but a small part of product cost  Broad Range of Multiple technologies and chemistries Technical  Proprietary formulations & strong “dark” IP Abilities  Leading performance and innovation Strong customer  Innovative offerings from a global footprint relationships with  Long-term joint development relationships long qualification  Strong technical support and service periods 7

  8.  Consolidated global market growing ~4%, with tight global capacity  Growth consumed European capacity;  Products include air, fuel, oil and cabin air world class US asset started up in 2017 filters for cars and trucks, with >80% of  Common global customers and competitors sales to after-market  More demanding engines requiring higher  Five-year ramp up to $80 mm EOC sales performing filters supports historic growth rate 135 Net Sales 115  Asia an exciting future opportunity Organic 95 CAGR 7% 75 Global Transp . Filtration Market/Shares 55 ~ US $1 billion 35 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 16 17 Other Neenah H&V Ahlstrom  Present in fast-growing markets including water, industrial, and beverage filters Europe NAFTA Asia RoW 8

  9.  Sizeable global category with media  Smaller, specialty markets include digital primarily used in tapes and abrasives transfer, labels, security, décor, and others  Markets generally grow with GDP  Markets generally growing at GDP+  Focused on performance niches requiring  Saturating and coating know-how used to downstream applications, opportunity to impart unique characteristics gain share overseas 9

  10.   Based in the Netherlands, Coldenhove is a leading Immediately accretive, with added sales of producer of dye sublimation media used for digital $45 mm and EBITDA of $6 mm  image transfer for clothing, sportswear, and other Purchase price of $45 million equivalent to materials pre-synergy EBITDA multiple of 7.5x  Synergies (purchasing, sales, manufacturing,  Complementary technologies and geographies new products) to further grow returns that expand our digital transfer platform and customer base  Combined with our existing business, provides Neenah leadership in fast-growing ~$200 million digital transfer market Digital Transfer Market Neenah Others ~$200 million 28% 72% 10

  11. 5 Yr CAGR  present in growth markets $529 > 8%/yr $502 20%  gaining share through performance, $514 $466 innovation and geographic expansion 18% $464 $429 $404  investing organically and through M&A 16% $414 14% 14% $364 14% 14% $314 13% 12% 12% 11% $264  mix enhancement, led by profitable and 11% 10% faster growing filtration products $214  cost efficiencies and scale 8% $164  R&D investments driving new or improved $114 6% 2014 2015 2016 2017 LTM products valued by customers Q118 Net Sales  2017 reflects temporary impact of US Adjusted EBIT % Excluding U.S. Filtration start-up filtration start-up 11

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  13.  Creating image and leading brand equity pulls demand Leading  Demonstrated pricing ability to recoup input costs over time Brands  Unique purpose-built assets able to provide fast, flexible and Best in Class low cost offerings at highest quality Manufacturing  Capabilities Specialty coating, saturation, colors and textures allow creation of a unique and customized breadth of portfolio  Design and rapid prototyping, provides customers a more Go To Market holistic solution and create barriers for competitors Innovation  Able to replicate short lead times with outstanding service 13

  14.  Consolidated $650 million niche market of premium textured and colored papers Mohawk  Neenah is the clear market leader in both Neenah Fine commercial and consumer channels Papers 63% 19%  Uses include high-end commercial print Others 18% applications, marketing collateral and well-known brands at retail Market Size  Market is pressured by electronic substitution ~$650 million 14

  15.  Premium niche market growing 3-5% annually, Neenah growing at double-digit pace Alcohol Products include spirit & wine labels, premium 29%  Beauty folding board, luxury box wrap, and others 49% Targeting beauty, alcohol and retail categories;  Retail/ largest opportunity in beauty products Other 22%  Paper (gift) cards growing as “green” alternative to plastic. Recent investment to accelerate growth. $ 450 million addressable market  Shares Fine Paper asset base and high quality texture/color capabilities that provide customers preferred products unique to their brands  Neenah Design Center helping customers visualize final products more quickly and accelerate time to commercialization 15

  16. 40.0% 494 38.0% 36.0% 486 5 Yr CAGR 34.0% 478 32.0% > 1%/yr 30.0% 470 28.0%  strong growth in fragmented packaging market and 462 $455 $452 $452 26.0% in digital and wide format categories with recent 454 24.0% $443 22.0% investments in capabilities 446 $436 20.0% 438  potential for small, consolidating acquisitions 18.0% 16% 430 16.0% 16% 15%  Recently announced sale of office products mill and 14.0% 14% 422 13% 12.0% portfolio optimization 414 10.0% 8.0% 406 6.0% 398 4.0% 390 2.0% 2014 2015 2016 2017 LTM  mid-teen EBIT margins with brand equity that Q118 supports pricing through input cost cycles Net Sales Adjusted EBIT %  efficient cost position and high ROIC  substantial cash generation 16

  17.  Consistent, profitable growth  Return on Capital Focused  Flexible and prudent capital structure  Attractive shareholder returns 17

  18. Our businesses provide substantial cash flows that we’ve deployed in a balanced manner to result in:  Double digit earnings growth Return to Shareholders $140mm  High Return on Capital  Increasing cash returns to shareholders Acquisitions $250mm  Strong balance sheet Value-Adding Organic Capital  Market-beating shareholder returns $150mm Five-year cash deployment 18

  19. Net Sales % Annual 1100 19.0% Adjusted EBIT % Growth 12.0% 10% $1,004 $980 2012- 2017 1000 17.0% $942 10.0% $888 900 $840 15.0% 8.0% 6% 6% 800 13.0% 6.0% 13% 12% 700 11.0% 4.0% 11% 11% 10% 600 9.0% 2.0% 500 7.0% 0.0% 2014 2015 2016 2017 LTM Q118 Sales Adj. EBIT Adj. E.P.S *U.S. Filtration start-up Adjusted  Five-year growth driven by share E.P.S. $4.32 $4.54 $4.34 gains, new products, price/mix $3.70 $3.21 improvement and acquisitions  2017-18 results reflect impact of U.S. filtration start-up 2014 2015 2016 2017 LTM Q118 19

  20. 13% 13%  Profitable growth 12% 11% 10%  Continual focus on asset efficiency WACC ~ 7-9% and footprint optimization  Disciplined organic capital spending  Value-adding acquisitions (and divestitures) 2014 2015 2016 2017* LTM  Component of compensation metrics Q118 *2017 U.S. filtration start-up 20

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