ENPRO INDUSTRIES INVESTOR PRESENTATION Q2 2020 FORWARD-LOOKING - - PowerPoint PPT Presentation

INVESTOR PRESENTATION

Q2 2020

ENPRO INDUSTRIES

FORWARD-LOOKING STATEMENTS

Statements made in the course of this presentation that express a belief, expectation or intention, as well as those that are not historical fact, are forward-looking statements under the Private Securities Litigation Reform Act of 1995. They involve a number of risks and uncertainties that may cause actual events and results to differ materially from such forward-looking statements. These risks and uncertainties include, but are not limited to: impacts from the COVID-19 pandemic and governmental responses to limit the further spread of COVID-19, including impacts on the company’s operations, and the operations and businesses of its customers and vendors, including whether the company’s operations and those of its customers and vendors will continue to be treated as “essential” operations under government orders restricting business activities or, even if so treat ed, whether site-specific health and safety concerns might otherwise require certain of the company’s operations to be halted for some period of time; uncertainty with respect to the duration and severity of these impacts from the COVID-19 pandemic, including impacts on the general economy; other economic conditions in the markets served by EnPro’s businesses, some of which are cyclical and experience periodic downturns; prices and availability of its raw materials; the impact of fluctuations in relevant foreign currency exchange rates; unanticipated delays or problems in introducing new products; announcements by competitors of new products, services or technological innovations; changes in pricing policies or the pricing policies of competitors; the impact of the acquisition of LeanTeq on its existing customer relationships; and the amount of any payments required to satisfy contingent liabilities related to discontinued operations of its predecessors, including liabilities for certain products, environmental matters, employee benefit obligations and other

• matters. EnPro’s filings with the Securities and Exchange Commission, including its most recent Form 10-K, describe these and other risks and

uncertainties in more detail. EnPro does not undertake to update any forward-looking statements made in the course of this presentation to reflect any change in management's expectations or any change in the assumptions or circumstances on which such statements are based. We own a number of direct and indirect subsidiaries and, from time to time, we may refer collectively to EnPro and one or more of our subsidiaries as “we” or to the businesses, assets, debts or affairs of EnPro or a subsidiary as “ours.” These and similar references are for convenience only and should not be construed to change the fact that EnPro and each subsidiary is an independent entity with separate management, operations, obligations and affairs. This presentation also contains certain non-GAAP financial measures (*) as defined by the Securities and Exchange Commission. A reconciliation of non-GAAP measures to the most directly comparable GAAP equivalents is included as an appendix to this presentation.

2

BUSINESS OVERVIEW

WHO IS ENPRO?

4

As a leading provider of highly-engineered solutions for mission critical applications… …we apply our deep expertise in applications engineering and materials science to develop solutions for our customers' most complex challenges

ATTRACTIVE PORTFOLIO OF BUSINESSES

Leading Provider of Highly-Engineered Solutions for Mission Critical Applications with #1-3 Market Positions COMPANY OVERVIEW (NYSE: NPO)

Headquarters Charlotte, NC Manufacturing Facilities 27 primary Global Employees 5,000+ Customers 50,000+

FINANCIAL OVERVIEW

Market-Cap1 $1.1B LTM Revenue2 $1.2B LTM Adj. EBITDA (Margin)2,3 $176M (14.8%) 2019 Aftermarket Rev. 58% Dividend Yield1 1.9%

1 As of 6/8/20; 2 LTM as of 3/31/20; 3 Refer to appendix for Non-GAAP reconciliation; Note: Excludes Fairbanks Morse, w hich is now reported as a discontinued operation

5

SALES BY SEGMENT SALES BY GEOGRAPHY SALES BY CHANNEL 75% 25%

SEALING PRODUCTS ENGINEERED PRODUCTS

62% 25% 10%3%

NORTH AMERICA EUROPE ASIA ROW

58% 42%

AFTERMARKET OE

2019 REVENUE CONTRIBUTION

6

LTM 3/31/20 REVENUE $903M LTM 3/31/20 ADJ. EBITDA MARGIN 19%

SEALING PRODUCTS

KEY PRODUCT OFFERINGS:

• Semiconductor Cleaning and Restoration

Services

• Pharmaceutical Hygienic Components
• Hydrodynamic Seals
• High-Performance Metal Seals
• Brush Seals
• Felt Metal & Acoustic Material
• Edge-Welded Bellows
• Wheel End Seals
• Gaskets & Packing

ENGINEERED PRODUCTS

LTM 3/31/20 REVENUE $287M LTM 3/31/20 ADJ. EBITDA MARGIN 15%

• Metallic Plain Bearings
• Composite Plain Bearings
• Reciprocating Compressor Products:
• Monitoring Systems
• Sealing Components
• Valves
• Lubrication Systems

KEY PRODUCT OFFERINGS:

REVENUE COMPOSITION (2019) REVENUE COMPOSITION (2019) 38% STEMCO 33% GARLOCK 29% TECHNETICS 65% GGB 35% CPI

ENPRO’S SEGMENTS

Leadership in high-value niche markets with established, premium brands Supporting mission-critical applications in highly demanding and extreme operating environments Low-cost relative to applications served; value-based pricing leverage Applying manufacturing know-how and trade secrets; significant application and technical expertise Embedded with our customers; substantial switching costs and barriers to entry

SEALING PRODUCTS

• Semiconductor fab systems
• Aircraft engine seals & landing gear

bearings

• Petroleum/chemical refinery process

sealing

• Class 8 truck wheel ends
• Isolation seals for pipelines
• Nuclear reactor pressure vessel seals

ENGINEERED PRODUCTS

• Polymer-metal plain bearings for

automotive applications

• Composite plain bearings for fluid power

applications

• Wear parts for large reciprocating

compressors

• Compressor lubrication systems
• Emission reduction products

STRENGTHS PRODUCTS

LEVERAGING OUR STRENGTHS FOR MISSION CRITICAL PRODUCTS

7

Market SEMICONDUCTOR PHARMACEUTICAL Macroeconomic Growth Drivers

• Increased demand for semiconductor logic

and memory:

• Artificial Intelligence
• Automation and robotics
• Autonomous vehicles
• 5G
• Increased pharmaceutical demand due to

greater life expectancy

• Emerging middle-class demand for safer

foods and medicines

• Product safety regulations

EnPro’s Focus

• Advanced cleaning and restoration services
• Services increase process yield and reduce

maintenance cost

• As node sizes continue to get smaller,

process becomes more critical as process yields are impacted more severely by foreign particles

• Sanitary components, including gaskets,

tubing and single-use products

• Critical to ensuring the safety of products
• Demand continues to increase due to

greater regulation and overall demand growth for pharmaceuticals

8

HIGHLY-ENGINEERED SOLUTIONS FOR OUR CUSTOMERS' MOST COMPLEX CHALLENGES

STRONG AFTERMARKET MIX ENABLED BY LONG-STANDING RELATIONSHIPS WITH DIVERSIFIED BLUE-CHIP CUSTOMER BASE

9

58% Aftermarket / 42% OEM

2019 Sales

WE ARE A PURPOSE-DRIVEN COMPANY WITH STRONG VALUES, A FORWARD-THINKING OPERATING PHILOSOPHY, AND A WAY OF WORKING THAT DRIVES BEST-IN- CLASS VALUE CREATION OVER THE LONG TERM.

HIGHLY ENGINEERED PRODUCTS AND SERVICES THAT PROVIDE DIFFERENTIATED PERFORMANCE DERIVED FROM MATERIALS SCIENCE EXPERTISE, MANUFACTURING KNOW- HOW, AND TRADE SECRETS DUAL-BOTTOM LINE CULTURE ENABLING HUMAN DEVELOPMENT THROUGH THE WAY WE WORK COMMITMENT TO SOCIALLY AND ENVIRONMENTALLY RESPONSIBLE PRACTICES

ENPRO MISSION AND VISION

10

UPDATE ON CURRENT BUSINESS ENVIRONMENT

EARLY ACTIONS TAKEN TO PROTECT OUR PEOPLE, BUSINESS, AND COMMUNITY

We Have Taken Numerous Actions to Maintain our Business Operations and Ensure the Safety of Our Employees

12

Protecting Our People Protecting our Business Protecting our Community

• Suspended all non-essential travel
• Implemented flexible work options,

where feasible

• Expanded IT infrastructure to enable

working remotely and virtual meetings

• Restricted visitors to EnPro facilities
• Trained employees in enhanced

cleaning and disinfecting protocols

• Provided supplemental PPE at

facilities

• Implemented safe operating

procedures such as temperature scanning, use of masks, and social distancing

• Created a dedicated internal website

for updates on the actions we are taking, status of all of facilities, and FAQ’s

• Aggressive cost management

initiatives​

• Discretionary spending​ reductions
• Capital expenditure​ reductions
• Headcount reduction plans, as needed​
• Working capital management to

ensure efficient accounts receivable processing with our customers

• Temporarily suspended buybacks
• Distributed thousands medical grade

(N95) masks to doctors and hospitals in the United States and Europe

• Connected institutions with EnPro

suppliers to source difficult to find materials like infrared thermometers and masks

• Enabled employees to access urgent

medical supplies for themselves and their families’ immediate need within COVID-19 afflicted areas

FOUR-PHASE RESPONSE TO NAVIGATE THE COVID-19 PANDEMIC

13

Our cross-functional COVID-19 Response & Support Team, made up of our global executive leadership team, is working around the clock to manage our business continuity plans and coordinated response

THE HEALTH AND SAFETY OF OUR EMPLOYEES, COMMUNITIES, CUSTOMERS, AND SUPPLIERS IS OUR NUMBER ONE PRIORITY

Phase 1 Health and Safety Phase 2 Business Stability and Progression Phase 3 Process Improvement Phase 4 Post-pandemic Period

• Mobilized COVID-19 Response &

Support Team

• Developed ‘global safe work

playbook’, a standardized approach for COVID-19 pandemic preparedness and response

• Enacted preventative measures in

line with recommendations from global and local authorities

• Implemented flexible and remote

work options

• Enacted safe operating procedures,

including temperature screenings, additional PPE, physical plexiglass workspace barriers, and enhanced visual management to support social distancing

• Planning for several contingency

scenarios

• Planning for running business in

adverse conditions, resetting business to new demand levels, managing liquidity, and being responsive to customers

• Taking decisive, informed actions to

prevent the spread of COVID-19

• Developed playbooks to respond to

changing demand levels

• Supply chain focused on stability,

progression, and risk mitigation

• Monitoring and improving:

− Processes − Procedures − New ways of working

• Finding solutions to allow employees

to thrive in new environment

• Enhanced customer experience
• Adapting to the new normal
• Refocusing on our core strategy
• Digital transformation of workplace

and work routines

• Supply chain reconfiguration

Taking the Necessary Actions to Protect our People and Organization

BALANCE SHEET STRENGTH

Strong and Flexible Balance Sheet Positions Company to Confidently Weather Downturn and Capitalize on Further Opportunities

14

COMMENTARY

• Completed divestiture of Fairbanks Morse in Q1 2020
• Repurchased $5.3M of shares YTD 2020; repurchases paused; $30M remains under

current authorization

• Paid $5.5M in dividends, or $0.26 per share in Q1 2020; remain committed to dividend
• Excluding environmental payments in both periods and Fairbanks Morse related

receivables this year, free cash flow was $13.8 million in Q1 2020 compared to negative $4.5 million in Q1 2019

• Expect 2020 capital spending to be at, or below, 2019 levels
• Credit facility and senior notes mature in 2024 and 2026, respectively, subject to

applicable reinvestment requirements related to the Fairbanks Morse divestiture

DEBT MATURITY SCHEDULE NET LEVERAGE

$150M $350M Undrawn $400M

2020 2021 2022 2023 2024 2025 2026

Term Loan A Senior Unsecured Notes Revolver

Reported March 31, 2020 ($M) Credit Facility $0 Senior Notes(1) $345 Term Loan $149 Capital Lease Obligations $1 A Debt Components $495 B Cash and Equivalents $391 C = (A – B) Net Debt $104 D LTM March 31, 2020 Adjusted EBITDA* $176 E = (C / D) Leverage Ratio 0.6x

(1) Includes impact from unamortized debt issue costs * Non-GAAP measure; refer to appendix for reconciliation to GAAP Note: LTM March 31, 2020 Adjusted EBITDA includes three quarters of contribution from The Aseptic Group acquisition and tw o quarters contribution from LeanTeq acquisition

COVID-19 SCENARIO ANALYSIS

Well Prepared for the Near-T erm Challenges and Will Move Quickly to Address Additional Risks as they Present Themselves

15

SCENARIO ANALYSIS INSIGHTS:

• Very limited visibility into the balance of the year
• Planned for a variety of COVID-19 scenarios for 2020:
• Anticipate that Q2 will be hardest hit quarter followed by continued softness in Q3, and the beginning of a recovery in Q4
• Have modeled a variety of different scenarios for the year based on revenue, in the aggregate, falling from 15% to 25% compar ed to 2019
• If 2020 revenues decline in this range, then adjusted EBITDA margins may range between 11-13%, depending on the market mix of the decline
• Takes into account the benefits of our recent acquisitions and cost actions identified for various levels of demand decline
• Businesses have already taken actions to mitigate impacts of decreased demand due to COVID-19; further contingency plans are ready, if

needed, to adjust businesses to meet new demand levels and recover from economic slowdown

Q1 MARKET EXPOSURE:

TOTAL ENPRO SEALING PRODUCTS ENGINEERED PRODUCTS

32% 21% 17% 7% 6% 5% 5% 3% 3% 1%

MD/HD Truck General Industrial Semiconductors Oil & Gas Aerospace Food & Pharma Power Generation Petrochemical Metals & Mining Other

30% 29% 15% 14% 6% 3% 1% 1%

Automotive General Industrial Oil & Gas Petrochemical Power Generation Aerospace Food & Pharma Metals & Mining

24% 23% 13% 9% 7% 5% 5% 5% 4%3%1%

MD/HD Truck General Industrial Semiconductors Oil & Gas Automotive Aerospace Petrochemical Power Generation Food & Pharma Metals & Mining Other

STRATEGY AND VALUE CREATION OVERVIEW

17

Reshape our portfolio towards businesses with compelling margins, leading technology, and high cash flow return on investment in markets with favorable secular tailwinds Maintaina balanced approach to capital allocation Increase aftermarket exposure and recurring revenue opportunities Leverage the EnPro Operating System for continuous improvement to increase margins and cash flow return on investment

1 2 3

ENPRO STRATEGIC PRIORITIES

4

18

Increasing Profits

• Increasing stability and predictability of our cash flows by increasing our aftermarket and

recurring revenue mix

• Increasing exposure to markets that are growing more than 5% annually through organic and

inorganic investments Driving Inorganic Growth

• Acquiring companies that add to the breadth of our expertise and allow us to expand our

existing high-growth markets Improving Capital Efficiency

• Leveraging the EnPro Operating System to increase returns on invested capital by improving

margins and cash flow return on investment

• Allocating capital through disciplined and balanced approach to maximize long-term

shareholder returns Maintaining Market Leadership

• Maintaining market leading positions enabled by proprietary intellectual property and trade

secrets Driving Dual Bottom Line Culture

• Cultivating our culture of Safety, Excellence, and Respect
• Empowering our employees through a culture of authenticity and self-awareness that fosters

superior decision-making

VALUE CREATION AT ENPRO

SUCCESSFUL INTEGRATION OF RECENT ACQUISITIONS

LeanTeq Co., Ltd. (joined Technetics Group) The Aseptic Group (joined Garlock)

• Announced and closed on July 2, 2019
• Distributes, designs and manufactures sterile fluid transfer products

for the pharmaceutical and biopharmaceutical industries

• Recognized supplier of single-use high purity fluid path

components that has been serving some of the world’s largest pharma companies for over 20 years

• Headquartered in Limonest, France (one facility)
• Announced on July 22, 2019; closed on September 25, 2019
• Provides cleaning and other refurbishment services for critical

components and assemblies used in state-of-the-art semiconductor equipment

• This equipment is used to produce the latest and most

technologically advanced microchips for smartphones, autonomous vehicles, high-speed wireless connectivity (5G), artificial intelligence, and other leading-edge applications

• Headquartered in Taoyuan City, Taiwan (3 facilities: 2 Taiwan, 1 US)

The Integration of These Businesses is Progressing According to Plan with Results In Line with Expectations

19

Acquisition increases aftermarket presence in the growing pharmaceutical and biopharmaceutical markets Acquisition increases aftermarket presence in the growing semiconductor wafer production market

SUCCESSFUL EXECUTION OF PORTFOLIO SHAPING ACTIONS

Brake Shoe Business Divestiture

(Closed Q3 2019)

• Manufactures brake shoes and

brake kits for heavy-duty and medium-duty trucks

• Divestiture exits a product line

with weak differentiation, dilutive margins, and poor cash flow returns on capital

• Reduces exposure and supports

reshaping of heavy-duty truck business to focus on higher margin product lines

TrailerTail Exit

(Q4 2019)

• TrailerTail manufactured rear

facing aerodynamic devices for improve fuel economy

• Closure exits underperforming,

non-core product line

• Reduces exposure and supports

reshaping of heavy-duty truck business to focus on higher margin product lines

Aeris and AirBatRF Divestitures

(Closed Q1 2020)

• Aeris manufactured automatic tire

inflation systems

• AirBatRF manufactured tire

pressure monitoring systems

• Discontinued product lines in Q4

2019

• Divestiture exits a non-core

product line

• Reduces exposure and supports

reshaping of heavy-duty truck business to focus on higher margin product lines

Fairbanks Morse Divestiture

(Closed Q1 2020)

• Produces large medium-speed

diesel engines, primarily for the U.S. Navy

• Divestiture exits a capital-

intensive business with lumpy cash flows and customer concentration

• Focuses EnPro on businesses

that offer highly engineered products and services to niche markets that are based on a core competency of materials science

20

DISCIPLINED CAPITAL ALLOCATION STRATEGY

REINVEST IN THE BUSINESS

• $22 million in FY19 capital expenditures; $5.2 million in

Q1 2020

• Approximately 57% in FY19 maintenance-related and

balance focused on growth

STRATEGIC ACQUISITIONS

• High technical know-how, IP-rich offering
• Experienced management with proven track record
• Primarily aftermarket focus

RETURN CASH TO SHAREHOLDERS

• Current dividend yield of 1.9%(1)
• Approximate 4% increase in quarterly dividend on

February 19; $0.26 dividend declared on April 29

• FY19 repurchases of $15 million under $50 million

program; additional $5 million repurchased during Q120

2019 CAPITAL ALLOCATION ($M)

(1) Div idend y ield as of 6/8/20

21

$311M $21M $15M $13M $9M

84% ACQUISITIONS 6% SHAREHOLDER DIVIDENDS 4% SHARE REPURCHASES 3% MAINTENANCE CAPEX 3% GROWTH CAPEX

M&A FILTERS AND GROWTH OBJECTIVES

Disciplined Approach to Delivering Shareholder Value

STRATEGIC FIT

✔High addressable market growth, driven by key technology trends ✔Market segment with a high degree of aftermarket exposure ✔High barriers to entry which protect profit margins ✔Fragmented competitive base, providing potential for follow-on acquisitions

FINANCIAL PROFILE

✔Attractive EBITDA margins ✔High cash flow, asset light characteristics ✔EPS accretive

Semiconductor Hygienic and Medical

ENPRO’S M&A CRITERIA ENPRO GROWTH OBJECTIVES

Sustainable Long-Term Growth Drivers Mission-critical Applications High Aftermarket Content Significant Barriers to Entry and Strong Competitive Position

FOCUS AREAS:

22

ENPRO OPERATING SYSTEM

Combines capabilities that improve productivity, efficiency and innovation in all business units World class standard is always maintained Learning mentality and ownership-based leadership Everyone must play for EnPro Learn from others, contribute to others, ensure commitment and accountability Shared purpose Full release of human possibility Committed to shareholder value creation

23

The EnPro Operating System Enables Margin Expansion and Cash Flow Return on Investment Improvement

24

FINANCIAL PERFORMANCE

* Non-GAAP measure; refer to appendix for reconciliation to GAAP

ADJUSTED EBITDA MARGIN* REVENUE GROSS PROFIT MARGIN $1,274 $1,206 $1,185 2018 2019 LTM 3/31/20

($ IN MILLIONS)

14.0% 14.0% 14.8% 2018 2019 LTM 3/31/20 Portfolio Reshaping and Operational Improvements Have Driven Increased Margins 32.8% 33.5% 33.7% 2018 2019 LTM 3/31/20

25

FINANCIAL PERFORMANCE

NET DEBT TO EBITDA MULTIPLE FREE CASH FLOW(1) $99 $109 $110 174% 196% 185% 2018 2019 LTM 3/31/20

FREE CASH FLOW AS A % OF ADJUSTED NET INCOME

1.9x 3.0x 0.6x 2018 2019 LTM 3/31/20

(1) Free Cash Flow = Cash Flow from Operations less Capital Expenditures (2) Excludes $78M of tax refund benefit

($ IN MILLIONS)

(2)

2019 Acquisitions of LeanTeq and The Aseptic Group Increased Leverage Ratio 2020 Fairbanks Morse Divestiture De-Levered Business Considerably

INVESTMENT THESIS

27

Portfolio of businesses hold market leading positions as niche providers of precision components, solutions, and services with well-diversified customer bases EnPro Operating System continues to drive margin expansion Shareholder value maximized through a disciplined capital allocation strategy Growth objectives that include sustainable long-term drivers, mission-critical applications, high aftermarket performance, and strong competitive positioning that includes significant barriers to entry

ENPRO INVESTMENT THESIS 1 3 4 2

INVESTOR PRESENTATION

Q2 2020

ENPRO INDUSTRIES

APPENDIX

SEALING PRODUCTS SNAPSHOT

REVENUE COMPOSITION (2019)

SALES BY GEOGRAPHY SALES BY CHANNEL SALES BY MARKET

HISTORICAL FINANCIALS ($M) PROFILE

• #1 - #3 in principal markets served; Garlock 125 year operating history
• High degree of technical and application expertise; extensive trade secrets
• Deep customer engagement to create innovative solutions complemented by value-added

systems integration

30 $894 $954 $912 35% 31% 32% 19% 17% 18%

Pro Forma 2017 Consolidated 2018 Consolidated 2019 SALES GROSS MARGIN EBITDA MARGIN 71% NORTH AMERICA 17% EUROPE 9% ASIA 3% ROW 38% HD/MD TRUCK 19% GENERAL INDUSTRIAL 13% SEMICONDUCTOR 12% OIL, GAS & PETROCHEM 6% AEROSPACE 5% POWERGEN 7% OTHER 67% AFTERMARKET 33% OEM

SEALING PRODUCTS: PRODUCTS, SERVICES AND END MARKET OVERVIEW

SELECT MARKETS

SOFT GASKETS

SELECT PRODUCTS & SERVICES

ISOLATION GASKETS BEARING ISOLATORS SANITARY HOSES SANITARY GASKETS OIL, GAS, & PETROCHEM HEAVY DUTY TRUCKING WHEEL-END PRODUCTS NUCLEAR FOOD & PHARMA SEMICONDUCTOR AEROSPACE METAL SEALS ELECTROSTATIC PEDESTALS CLEANING AND REFURBISHMENT SERVICES

31

ENGINEERED PRODUCTS SNAPSHOT

REVENUE COMPOSITION (2019) HISTORICAL FINANCIALS ($M) PROFILE

• Leading brands
• Technology and market leadership in plain bearings
• High degree of tribological and applications expertise in bearings
• Strong aftermarket presence in oil & gas and petrochemical

32 $302 $324 $298 39% 38% 36% 16% 17% 16%

Pro Forma 2017 Consolidated 2018 Consolidated 2019 SALES GROSS MARGIN EBITDA MARGIN 34% NORTH AMERICA 49% EUROPE 12% ASIA 5% ROW 32% GENERAL INDUSTRIAL 31% OIL, GAS & PETROCHEM 27% AUTOMOTIVE 4% AEROSPACE 6% OTHER 67% OEM 33% AFTERMARKET

SALES BY GEOGRAPHY SALES BY CHANNEL SALES BY MARKET

ENGINEERED PRODUCTS: PRODUCTS AND END MARKET OVERVIEW

METAL POLYMER BEARING DRY BEARING FILAMENT WOUND BEARING AEROSPACE GENERAL INDUSTRIAL AUTOMOTIVE

SELECT MARKETS SELECT PRODUCTS

NATURAL GAS PET BOTTLE MANUFACTURING PETROCHEM PACKING CASES PISTON & RIDER RINGS HIGH-FLOW VALVES MONITORING DEVICES TRIBOLOGICAL SOLUTIONS

33

SOLID POLYMER BEARING

RECONCILIATION OF LTM RESULTS

EnPro ($ in millions) Revenue ($) Adjusted EBITDA ($) Adjusted EBITDA Margin % Plus: Three Months Ended March 31, 2020 283 41 14.4% Year Ended December 31, 2019 1,206 169 14.0% Less: Three Months Ended March 31, 2019 303 34 11.2% LTM Ended March 31, 2020 1,185 176 14.8% 34 Engineered Products ($ in millions) Revenue ($) Adjusted EBITDA ($) Adjusted EBITDA Margin % Plus: Three Months Ended March 31, 2020 68 8 11.5% Year Ended December 31, 2019 298 47 15.7% Less: Three Months Ended March 31, 2019 80 10 13.1% LTM Ended March 31, 2020 287 44 15.5% Sealing Products ($ in millions) Revenue ($) Adjusted EBITDA ($) Adjusted EBITDA Margin % Plus: Three Months Ended March 31, 2020 216 41 19.1% Year Ended December 31, 2019 912 162 17.7% Less: Three Months Ended March 31, 2019 225 34 15.0% LTM Ended March 31, 2020 903 169 18.7%

35

CONSOLIDATED ADJUSTED EBITDA

Reconciliation of Net Income (Loss) to Adjusted EBITDA (Unaudited)

For the Years Ended December 31, 2019 and 2018 (Stated in Millions of Dollars) 2019 2018 Net income (loss) 38.3 $ 19.6 $ Adjustments to arrive at earnings before interest, income taxes, depreciation and amortization (EBITDA): Income from discontinued operations, net of taxes (30.5) (24.3) Interest expense, net 18.2 27.3 Income tax benefit (expense) (3.5) 19.8 Depreciation and amortization expense 68.0 66.1 EBITDA 90.5 108.5 Adjustments to arrive at earnings before interest, income taxes, depreciation, amortization and other selected items (Adjusted EBITDA): Restructuring and impairment costs 35.1 22.1 14.5 13.4 Loss on sale of business 16.3

• Loss on extinguishment of debt
• 18.1

Acquisition and divestiture expenses 8.9 2.0 Pension expense (income) (non-service cost) 3.3 11.9 Non-controlling interest compensation allocation** 0.5

• Other

0.3 2.1 Adjusted EBITDA 169.4 $ 178.1 $ Environmental reserve adjustments and other costs associated with previously disposed businesses Years Ended December 31,

* Adjusted EBITDA as presented also represents the amount defined as "EBITDA" under the indenture governing the Company's 5.75%Senior Notes due 2026. **Non-controlling interest compensation allocation represents compensation expense associated with a portion of the rollover equity from the acquisition of LeanTeq being subject to reduction for certain types of employment terminations of the LeanTeq sellers. This expense is recordedin selling, general, and administration expenses on our Consolidated Statement of Operations and is directly related to the terms of the acquistion ofLeanTeq. This expense will continue to be recognized as compensation expense over the term of the put and call options associated with the acquisition unless certain employment terminations have occured. Supplemental disclosure: For the year ended December 31, 2019, approximately 60% of the adjusted EBITDA as presented above was attributable to EnPro's subsidiaries that do not guarantee the Company's 5.75% Senior Notes due 2026

36

CONSOLIDATED ADJUSTED EBITDA

Reconciliation of Net Income Attributable to EnPro Industries, Inc. to Adjusted EBITDA (Unaudited)

For the Three Months Ended March 31, 2020 and 2019 (Stated in Millions of Dollars) 2020 2019 Net income attributable to EnPro Industries, Inc. 218.7 $ 13.1 $ Adjustments to arrive at earnings before interest, income taxes, depreciation and amortization (EBITDA): Income from discontinued operations, net of taxes (208.6) (5.3) Income from redeemable non-controlling interest, net of taxes 0.1

• Interest expense, net

4.0 4.5 Income tax expense 7.7 2.8 Depreciation and amortization expense 17.2 15.6 EBITDA 39.1 30.7 Adjustments to arrive at earnings before interest, income taxes, depreciation, amortization and other selected items (Adjusted EBITDA): Restructuring and impairment costs 1.4 1.3 0.4 0.9 Net gain on sale of businesses (1.1)

• Acquisition and divestiture expenses

0.9 0.5 Pension expense (income) (non-service cost) (0.7) 0.6 Non-controlling interest compensation allocation** 0.5

• Other

0.1

• Adjusted EBITDA

40.6 $ 34.0 $ Environmental reserve adjustments and other costs associated with previously disposed businesses

* Adjusted EBITDA as presented also represents the amount defined as "EBITDA" under the indenture governing the Company's 5.75% Senior Notes due 2026. **Non-controlling interest compensation allocation represents compensation expense associated with a portion of the rollover equity from the acquisition of LeanTeq being subject to reduction for certain types of employment terminations of the LeanTeq sellers. This expense is recorded in selling, general, and administration expenses on our Consolidated Statement of Operations and is directly related to the terms of the acquisition of

• LeanTeq. This expense will continue to be recognized as compensation expense over the term of the put and call options associated with the acquisition

unless certain employment terminations have occurred. Supplemental disclosure: For the three months ended March 31, 2020, approximately 64% of the adjusted EBITDA as presented above was attributable to EnPro's subsidiaries that do not guarantee the Company's 5.75% Senior Notes due 2026

37

SEGMENT ADJUSTED EBITDA

Year Ended December 31, 2019 Sealing Engineered Total Products Products Segments Segment profit 93.8 $ 29.3 $ 123.1 $ Acquisition and divestiture expenses 7.7 0.7 8.4 Non-controlling interest compensation allocation* 0.5

• 0.5

Restructuring and impairment costs 6.6 2.1 8.7 Depreciation and amortization expense 53.1 14.8 67.9 Adjusted segment EBITDA 161.7 $ 46.9 $ 208.6 $ Adjusted segment EBITDA margin 17.7% 15.7% 17.3%

Reconciliation of Segment Profit to Adjusted Segment EBITDA (Unaudited)

For the Quarters ended March 31, 2020 and 2019 and Year Ended December 31, 2019 (Stated in Millions of Dollars)

Three Months Ended March 31, 2020 Sealing Engineered Total Products Products Segments Segment profit 25.7 $ 3.4 $ 29.1 $ Acquisition and divestiture expenses 0.9

• 0.9

Non-controlling interest compensation allocation* 0.5

• 0.5

Restructuring and impairment costs 0.2 1.2 1.4 Depreciation and amortization expense 14.0 3.2 17.2 Earnings before interest, income taxes, depreciation, amortization, and other selected items (adjusted segment EBITDA) 41.3 $ 7.8 $ 49.1 $ Adjusted segment EBITDA margin 19.1% 11.5% 17.4% Three Months Ended March 31, 2019 Sealing Engineered Total Products Products Segments Segment profit 20.8 $ 6.2 $ 27.0 $ Acquisition expenses 0.2 0.3 0.5 Restructuring costs 0.7 0.3 1.0 Depreciation and amortization expense 12.0 3.6 15.6 Adjusted segment EBITDA 33.7 $ 10.4 $ 44.1 $ Adjusted segment EBITDA margin 15.0% 13.1% 14.6%

38

CONSOLIDATED ADJUSTED NET INCOME

For the Three Months Ended March 31, 2020 and 2019 (Stated in Millions of Dollars, Except Per Share Data) $ Average common shares outstanding, diluted (millions) Per share $ Average common shares outstanding, diluted (millions) Per share Income from continuing operations attributable to EnPro Industries, Inc. 10.1 $ 20.6 0.49 $ 7.8 $ 20.9 0.37 $ Income from redeemable non-controlling interest, net of taxes (0.1)

• Income tax expense

(7.7) (2.8) Income from continuing operations before income taxes 17.9 10.6 Adjustments: Restructuring and impairment costs 1.4 1.3 Environmental reserve adjustments and other costs associated with previously disposed businesses 0.4 0.9 Net gain on sale of businesses (1.1)

• Acquisition and divestiture expenses

0.9 0.5 Pension expense (income) (non-service cost) (0.7) 0.6 Non-controlling interest compensation allocation*** 0.5

• Other

0.1

• Adjusted income from continuing operations before income taxes

19.4 13.9 Adjusted income tax expense (6.4) (4.6) Income from redeemable non-controlling interest, net of taxes (0.1)

• Adjusted income from continuing operations attributable to EnPro Industries, Inc.

12.9 $ 20.6 0.62 $ 9.3 $ 20.9 0.45 $ 2020 2019

Reconciliation of Income from Continuing Operations Attributable to EnPro Industries, Inc. to Adjusted Income from Continuing Operations Attributable to EnPro Industries, Inc. and Adjusted Diluted Earnings Per Share (Unaudited)

Management of the Company believes that it would be helpful to the readers of the financial statements to understand the impact of certain selected items on the Company's reported income

** **

39

CONSOLIDATED ADJUSTED NET INCOME

Earnings Per Share (Unaudited)

(Stated in Millions of Dollars, Except Per Share Data) Years Ended December 31, $ Average common shares outstanding, diluted (millions) Per share $ Average common shares outstanding, diluted (millions) Per share Net income (loss) 38.3 $ 20.8 1.85 $ 19.6 $ 20.9 0.94 $ Income from discontinued operations, net of taxes 30.5 24.3 Income tax expense 3.5 (19.8) Income from continuing operations before income taxes 4.3 15.1 Adjustments: Restructuring and impairment costs 35.1 22.1 Environmental reserve adjustments and other costs associated with previously disposed businesses 14.5 13.4 Loss on sale of business 16.3

• Loss on extinguishment of debt
• 18.1

Acquisition and divestiture expenses 8.9 2.0 Pension expense (non-service cost) 3.3 11.9 Non-controlling interest compensation allocation*** 0.5

• Other

0.3 2.1 Adjusted income from operations before income taxes 83.2 84.7 Adjusted income tax expense (27.5) (28.0) Adjusted net income from continuing operations 55.7 $ 20.8 2.68 $ 56.7 $ 21.1 2.69 $ 2019 2018

Reconciliation of Net Income (Loss) to Adjusted Net Income from Continuing Operations and Adjusted Diluted

** **

40

FREE CASH FLOW

($ in Millions)

LTM 3/31/20 (=A-B+C) Q12020 (A) Q12019 (B) FY2019 (C) FY2018 Net Cash Provided by (Used in) Operating Activities of Continuing Operations 132.4 0.3 (1.3) 130.8 212.8 Purchases of Property, Plant and Equipment (22.7) (5.2) (4.1) (21.6) (36.1) Free Cash Flow 109.7 (4.9) (5.4) 109.2 176.7 Excluding: 2018 Tax Refund Benefit

• (78.0)

Free Cash Flow Excluding 2018 Tax Refund Benefit 109.7 (4.9) (5.4) 109.2 98.7 March 31, 2020 ($M) Q12020 Q12019 Net Cash Provided by (Used in) Operating Activities of Continuing Operations 0.3 (1.3) Purchases of Property, Plant and Equipment (5.2) (4.1) Free Cash Flow (4.9) (5.4) Excluding: Environmental Payments 15.5 0.9 Excluding: Fairbanks Morse Related Receivables 3.2

• Free Cash Flow Excluding Environmental Payments

13.8 (4.5)

41

2018 NET DEBT TO ADJUSTED EBITDA

$ millions December 31, 2018

Credit Facility $117 Senior Notes $345 Capital Lease Obligations $1 A Debt Components $463 B Cash and Equivalents $130 C = (A – B) Net Debt $333 D FY December 31, 2018 Adjusted EBITDA* $178 E = (C / D) Leverage Ratio 1.9x

* Non-GAAP measure; refer to appendix for reconciliation to GAAP

42

2019 NET DEBT TO ADJUSTED EBITDA

Reported December 31, 2019 ($M) Credit Facility $134 Senior Notes(1) $345 Term Loan $149 Capital Lease Obligations $1 A Debt Components $629 B Cash and Equivalents $121 C = (A – B) Net Debt $508 D December 31, 2019 Adjusted EBITDA* $169 E = (C / D) Leverage Ratio 3.0x

(1) Includes impact from unamortized debt issue costs * Non-GAAP measure; refer to appendix for reconciliation to GAAP Note: FY2019 Adjusted EBITDA includes tw o quarters of contribution from The Aseptic Group acquisition and one quarter contribution from LeanTeq acquisition