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NYSE: NP

Q4 2019 Investor Presentation

60% 40%

We are a global specialty materials company focused on high value NICHE markets

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Image-oriented

FINE PAPER & PACKAGING

Performance-based

TECHNICAL PRODUCTS

Net Sales $1 bn

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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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%

FiltrationDigital Print Media

Pkg & Design

$247

$233$239

$253

$232

7% 6% 7%9% 9%

200.0

210.0

220.0

230.0

240.0

250.0

260.0

Q318 Q418 Q119 Q219 Q3191.0%

6.0%

11.0%

16.0%

21.0%

26.0%

31.0%

Net Sales Fx/DivestAdj. EBIT %

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

Margins now recovering from an 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

Emerging From recent challenging period

WITH KEY growth CATALYSTS IN PLACE Targeted growth markets with opportunities to expand w/out significant capital US transportation filtration capacity to provide profitable ~$80 mm EOC sales

Air/liquid industrial filtration markets offer additional opportunities to expand

Leading global position in a fast growing digital transfer media market

Premium packaging/design mitigating secular pressures in fine paper

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

• Strong financial position to weather storms/support value-adding investments

Target Market Size ($3bn)

Target Market Growth Rates

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Performance Materials (~55%)

Filtration (~45%)

Growing and profitable performance-based markets

~ $600MM 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

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35

55

75

95

115

135

155

175

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

Europe NAFTA Asia RoW

OtherNeenahH&VAhlstrom

Filtration

Transportation Global market growing ~3+% per year, with

tight capacity and only 3 global players Filter media used for air, fuel, oil and cabin

air in cars and trucks/heavy duty equipment Trend towards more demanding engines that

require higher performing filters > 80% of sales recurring (after-market)

Other Markets Present in fast-growing markets including

water, industrial, and beverage filter media

Net SalesOrganic CAGR 7%

Global Transportation Filtration Market/Shares~ US $1.3 billion

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Runway for growth First US asset started up in 2017 after

consuming available capacity in Europe Global customers support our expansion

and desire added choice in No. America Asset provides best in class capabilities and

cost position ~$80 million EOC sales at attractive margins

to lead to meaningful profit turnaround

Performance Materials

Backings Sizeable global category with media

primarily used in tapes and abrasives Markets generally grow with GDP though

currently under pressure Focused on performance niches requiring

downstream applications

specialties Markets include digital transfer media,

labels, security, and others Markets generally growing at GDP+ Saturating and coating know-how used

to impart unique characteristics

Abrasive backings

Tape backings

Digital transfer media

Medical packaging

Performance labels

Security covers

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$263

$324 $352 $336 $353

$404 $429

$466 $502

$583

5%

9% 9%10% 11%

12%13% 14%

11%

8%

-3%

2%

7%

12%

17%

22%

27%

32%

$-

$100

$200

$300

$400

$500

$600

$700

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Net Sales

Adjusted EBIT %

*

Technical Products Financial Trends

CAGR6%/yr

EMERGING FROM CHALLENGING PERIOD Selling prices and cost management beginning

to overcome rapid run up of input costs Global volumes remain pressured, addressing

through cost management and R&D efforts

FAST-GROWING TOP LINE; 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

Historical margin expansion 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

Fine Paper & Packaging

Premium Packaging (~20%)

Commercial print (~60%)

Retail (~20%)

High returns and cash flows while repositioning for growth

~ $425MM 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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Consolidated niche market of unique papers used for high-end commercial printing and consumer applications

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

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

Commercial print/RETAIL

Premium market $575 MM & shares

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Opportunistic volume adjacencies

Neenah60%

Mohawk Fine Papers

20%

Others20%

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

Beauty49%

Alcohol29%

Retail/ Other22%

30.0

40.0

50.0

60.0

70.0

80.0

90.0

2014 2015 2016 2017 2018

Neenah Sales

TargetedMarkets

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$256$273 $275

$402$428 $436 $443 $452 $455 $446

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

15%

12%

-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

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Net SalesAdj. EBIT %

FP&P Financial Trends

CAGR> 5%/yr

STABLE MID-TEEN EBIT MARGINS providing 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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EMERGING FROM CHALLENGING PERIOD Selling prices and other actions helping to

restore margins and overcome rapid rise in input costs and freight in 2017-18

Divestiture of non-strategic mill in Dec. 2018 improving utilization and operating efficiencies

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

Sound Return on Capital Strong balance sheet Increasing cash returns to shareholders Market-beating shareholder returns

Return to Shareholders

$160 MM

Value-Adding Organic Capital

$150 MM

Acquisitions $245 MM

Substantial cash flows and balanced capital deployment has resulted in:

Five-year cash deployment

17%11%

8%

0.0%2.0%4.0%6.0%8.0%

10.0%12.0%14.0%16.0%18.0%

NP S&P500 R2000 Value

Annual Shareholder Return (2010-18)

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$3.21 $3.70$4.54 $4.32

$3.50

2014 2015 2016 2017 2018

AdjustedE.P.S.

Consistent profitable growth…

Five-year top-line growth driven by share gains, new products, price/mix improvement and acquisitions

2017-18 profitability reflecting impacts of filtration capacity ramp-up and temporarily unrecovered input costs following a period of rapid increases

$840$888

$942$980

$1,035

11% 12% 13% 11% 8%

-3.0%

2.0%

7.0%

12.0%

17.0%

22.0%

27.0%

32.0%

510

610

710

810

910

1010

1110

2014 2015 2016 2017 2018

Net SalesAdjusted EBIT %

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13% 12%13%

10%9%

2014 2015 2016 2017 2018

% ROIC

WACC~ 8%

…while maintaining solid roic

Disciplined organic capital investments, with majority of spending delivering attractive financial returns

Improvement expected as new US filtration capacity ramps up and continual focus on asset efficiency and footprint optimization

History of value-adding acquisitions as well as divestitures of non-returning assets

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175 175 175 175 175

54 4680 64

30

1.6x 1.4x1.8x 1.9x 1.8x

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 Sep-19

Bonds S-T Debt

$229 $221$255

Strong cash generation has kept Debt to EBITDA ratio below 2 times despite significant organic investments and M&A

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)

All debt pre-payable without fees or penalties

Debt($ millions)

….and A strong balance sheet

Debt/EBITDA

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$239

$205

USES OF Cash Prioritize highest return investments

(organic, value-adding M&A, debt reduction)

Track record of dividend growth; providing attractive yield Authorized $25MM share buyback

plan used opportunistically

Cash Generation Sizeable cash flow generation

Efficient assets; capital spend 3-5% of sales (maintenance spend ~ $15 MM)

Low cash tax rate (mid-teen) supported by prior period R&D tax credits

$1.20$1.32

$1.48$1.64

$1.80

0.75

0.95

1.15

1.35

1.55

1.75

1.95

2015 2016 2017 2018 2019

Dividendsper share

Capital deployment

$67 $63$47

$57 $55

7% 7%5% 6% 5%

0%

5%

10%

15%

20%

25%

2014 2015 2016 2017 20180

10

20

30

40

50

60

70

80

90

100Free 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

Earnings per Share

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, with a strong bias to technical products categories

Most targets $50 - $250 MM of sales

Require strategic fit to unlock synergies

Part of how we will add value and increase company growth rate

Strategic Touch Points

Geographies

TechnologiesProducts/End Markets

Customers

2014Crane

(Filtration)

2015FiberMark

(Packaging, Perf. Materials)

2017Hazen

(Packaging)

2017Coldenhove

(Perf. Materials)

2013Southworth(Fine Paper)

track record of value-adding M&A

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Well-positioned for FUTURE

Leading positions in defensible and profitable core categories Catalysts to increase organic growth US filtration ramp up and share gains Expanded presence in digital transfer market Premium packaging growth

Sizeable base cash flow and a strong balance sheet

Record of value-adding capital deployment

Fine Paper & Packaging

Technical Products

Neenah Today

Premium Packaging &

Fine PaperTechnical Products

Neenah Future

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Appendix

About NEENAH

Sales of over US$ 1 billion in more than 80 countries

Global manufacturing footprint:

U.S. (9 sites, plus Atlanta HQ)

Europe & U.K. (4 sites)

>2,600 employees worldwide

Diverse capabilities with purpose-built assets

Fine Paper and Packaging

Technical Products

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GAAP ReconciliationContinuing Operations

$ millions 2014 2015 2016 2017 2018YTD

2019GAAP Operating Income $ 86.6 $ 101.4 $ 114.1 $ 104.3 $54.1 $56.2

Impairment loss 31.1Pension/Insurance Settlement/Other 3.7 0.8 (2.6) 1.4 5.2Restructuring, Integration and Other Costs 2.3 6.5 7.0 1.3 (1.8) 0.8

Adjusted Operating Income $ 92.6 $ 107.9 $ 121.9 $ 103.0 $ 84.8 $62.2

Depreciation & Amortization 25.0 27.5 30.1 32.1 35.0 25.5Amort. Equity-Based Compensation 6.0 6.5 5.8 6.4 4.0 4.8

Adjusted EBITDA $ 123.6 $ 141.9 $ 157.8 $ 141.5 $123.8 $92.5

Earnings (Loss) per Share $ 3.99 $ 3.53 $ 4.26 $ 4.68 $2.17 $2.33Impairment loss 1.37Pension/Insurance Settlement/Other 0.14 0.03 (0.10) 0.06 0.24Restructuring, Integration and Other Costs 0.08 0.24 0.25 0.06 (0.11) 0.03Tax Adjustments (1.00) (0.07) (0.32) 0.01

Adjusted Earnings per Share $ 3.21 $ 3.70 $ 4.54 $ 4.32 $3.50 $2.60

Results for year ended December 31, 2014, include integration and restructuring costs of $2.3 million, a pension plan settlement charge of $3.5 million and costs related to the early extinguishment of debt of $0.2 million. Results for the year ended December 31, 2015, include integration and restructuring costs of $6.5 million. Results for the year ended December 31, 2016, include integration and restructuring costs of $7.0 million and a pension plan settlement charge of $0.8 million. Results for the year ended December 31, 2017, include integration and restructuring costs of $1.3 million, a pension plan settlement charge of $0.6 million and Insurance Settlement of ($3.2). Results for the year ended December 31, 2018, include an impairment loss of $31.1 million, acquisition-related adjustments, integration and restructuring costs of ($1.8) million, a pension plan settlement charge of $1.8 million and Insurance Settlement of ($0.4)

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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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Contact Us

For more informationVisit Our Website: www.neenah.comEmail: investors@neenah.com

Investor RelationsBill McCarthyVice President- Investor Relations3460 Preston Ridge RoadSuite 600Alpharetta, GA 30005Phone: (678) 518-3278Email: bill.mccarthy@neenah.com

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