v

60% 40%

2

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

3

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

7% 6% 7%9%

220.0

225.0

230.0

235.0

240.0

245.0

250.0

255.0

260.0

Q318 Q418 Q119 Q219

1.0%

6.0%

11.0%

16.0%

21.0%

26.0%

Net Sales Fx/Divest

Adj. EBIT %

Margins recovering from unprecedented run-up in input costs in 2018, price increases implemented and now overcoming headwinds

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

Weaker global economies having commensurate impact on market demand; biggest impacts in backings products, particularly in Asia

• Targeted markets with opportunities to expand w/out significant capital

Added US transportation filtration capacity to provide ~$80 mm end of curve sales and supports continued high single digit CAGR

Air/liquid industrial filtration markets offer additional opportunities to expand market presence and utilize current know-how

Acquired European digital transfer media company complementary to US-based business and providing leading global position in a fast growing market

Premium packaging/design markets helping to mitigate secular pressures in fine paper while efficiently utilizing their asset base

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

• Strong financial position to support value-adding M&A

Addressable Market Size

($3bn)

Target Market Growth Rates

4

Growing and profitable performance-based markets

5

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

6

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

Other

Neenah

H&V

Ahlstrom

Global market growing ~3-4% per year, with tight capacity and only 3 global players

> 80% of sales replacement (after-market)

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

Present in fast-growing markets including water, industrial, and beverage filter media

Net Sales

Organic CAGR 7%

Initial US asset started up in 2017 after consuming available capacity in Europe

Global customers support our expansion and desire added choice in No. America

New asset to provide best in class capabilities and costs

~$80 million EOC sales at attractive margins provide meaningful profit turnaround

Global Transportation

Filtration Market/Shares

~ US $1.3 billion

7

Sizeable global category with media primarily used in tapes and abrasives

Markets generally grow with GDP

Focused on performance niches requiring downstream applications

Markets include digital transfer media, labels, security, décor, 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

8

$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 %

*

CAGR7%/yr

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

$140

$132

$139

$146

6%5%

8%9%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

123

128

133

138

143

148

Q318 Q418 Q119 Q219

Net Sales Fx Adjusted EBIT %

Selling prices beginning to overcome rapid run up of input costs in 2017-18

Greater filtration utilization helping to drive improved efficiencies, though still pressured by backing volumes

Markets growing GDP+ Organic investments supplemented with M&A Volume and share gains through performance,

innovation and geographic expansion Margin recovery through:

Enhanced US filtration asset efficiencies Cost efficiencies and scale Mix enhancement, led by profitable and faster

growing filtration products R&D-driven new or improved products

9

High returns and cash flows while repositioning for growth

10

LeadingBrands

Go To MarketInnovation

Best in Class Manufacturing

Capabilities

Creating image and 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

Neenah

60%

Mohawk

Fine Papers

19%

Others

21%

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

Premium market $575 MM & shares

12

Targeted addressable market of $450 MM, 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

Historical strength in labels; largest opportunities in high-end beauty packaging (cosmetics, fragrances, etc…)

Beauty

49%

Alcohol

29%

Retail/

Other

22%

30.0

40.0

50.0

60.0

70.0

80.0

90.0

2014 2015 2016 2017 2018

Neenah Sales

TargetedMarkets

13

$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 Sales Adjusted EBIT %

CAGR> 6%/yr

$107

$100 $100

$107

12%10%

12%

15%

7.0%

9.0%

11.0%

13.0%

15.0%

17.0%

19.0%

21.0%

23.0%

25.0%

88.0

93.0

98.0

103.0

108.0

113.0

118.0

Q318 Q418 Q119 Q219

Net Sales Divested

Business

Adj. EBIT %

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

14

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

15

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:

17%

11%8%

0.0%

5.0%

10.0%

15.0%

20.0%

NP S&P500 R2000 Value

Annual Shareholder Return (2010-18)

16

$3.21$3.70

$4.54 $4.32$3.50

2014 2015 2016 2017 2018

Adjusted

E.P.S.

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 Sales

Adjusted EBIT %

17

13%12%

13%

10%9%

2014 2015 2016 2017 2018

% ROIC

WACC

~ 8%

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

18

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)

Debt/EBITDA

19

175 175 175 175 175

54 4680 64 49

1.6x1.4x

1.8x 1.9x 2.0x

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 Jun-19

Bonds S-T Debt

$229 $221

$255$239

$224

Prioritize highest return investments (organic, value-adding M&A, debt reduction)

Dividend growth now generating attractive yield at targeted payout

Authorized $25MM share buyback plan used opportunistically

Sizeable base cash flows compounded with acquisitions

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

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

2

2015 2016 2017 2018 2019

Dividends

per share

$67 $63

$47$57 $55

7% 7%5% 6% 5%

0%

5%

10%

15%

20%

25%

2014 2015 2016 2017 2018

0

10

20

30

40

50

60

70

80

90

100Free Cash Flow

FCF FCF % NS

20

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

21

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, Other)

2017Hazen

(Packaging)

2017Coldenhove

(Perf. Materials)

2013Southworth

(Fine Paper)

22

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

Premium

Packaging &

Fine PaperTechnical

Products

23

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

25

Continuing Operations

$ millions 2014 2015 2016 2017 2018

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

Impairment loss 31.1

Pension/Insurance Settlement/Other 3.7 0.8 (2.6) 1.4

Restructuring, Integration and Other Costs 2.3 6.5 7.0 1.3 (1.8)

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

Depreciation & Amortization 25.0 27.5 30.1 32.1 35.0

Amort. Equity-Based Compensation 6.0 6.5 5.8 6.4 4.0

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

Earnings (Loss) per Share $ 3.99 $ 3.53 $ 4.26 $ 4.68 $2.17

Impairment loss 1.37

Pension/Insurance Settlement/Other 0.14 0.03 (0.10) 0.06

Restructuring, Integration and Other Costs 0.08 0.24 0.25 0.06 (0.11)

Prior Period R&D Tax Credits (1.00) (0.07)

Tax Adjustments (0.32) 0.01

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

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)

26

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

Visit Our Website: www.neenah.com

Email: investors@neenah.com

Bill McCarthyVice President- Investor Relations

3460 Preston Ridge Road

Suite 600

Alpharetta, GA 30005

Phone: (678) 518-3278

Email: bill.mccarthy@neenah.com

28