Two primary business segments: • Performance-based TECHNICAL PRODUCTS Technical Fine Paper Products & Pkg • Image-oriented FINE PAPER & PACKAGING ~$1 billion sales Sales in more than 80 countries Global manufacturing base: U.S. (12 sites) , Germany (2 sites) , U.K. and India (small JV) 2
Enhance leading positions in high value, core categories Increasing our Expanding our geographic presence in transportation filtration sustainable Building our global base in performance backings growth rate in a Leveraging our strong position in premium fine papers capital efficient manner as we Invest in growing and defensible niche markets diversify portfolio Focus on filtration, premium packaging and performance materials away from paper Prioritize organic growth; supplement with value-adding M&A Employ multiple technologies with nonwovens, glass and coatings 400.00 Stock Performance + 217% 350.00 2010 – 2015 Deliver consistent, attractive returns 300.00 250.00 Disciplined capital deployment and double-digit Return on Capital 200.00 + 33% 150.00 Strong financial position with catalysts to continue growing 100.00 + 31% 50.00 NP 0.00 Return to shareholders including an attractive dividend R2000 Avg Peers 3
Performance Materials Filtration Backings High-performance Performance Saturated and coated Filtration filtration media for backings for specialty Materials 45% transportation, abrasives and tapes 55% water and other Specialties markets Includes label security papers, decorative coverings, and others ~ $500 million net sales 4
A platform in markets where media carries a high value due Positioning in to performance differentiation and significant cost of failure Growing Niche Limited competitive alternatives, long qualification, high cost of Markets entry/switching Our ability to combine multiple technologies to meet ever Technical more demanding filter media performance needs Abilities Wet laid natural, glass & synthetic fibers, resin/polymer toolbox, solvent saturation, meltblown, lamination, cutting, calendaring Preferred service, strong technical support and development Customer relationships with lead customers, many of whom are global Relationships & Innovation partner for new products, flexibility to meet capacity Support needs and exceed competitive service offerings 5
Transportation Media (75%) Other Filtration Media (25%) Global market growing ~4%/year with Neenah filtration sales in markets sales split: 20% OEMs/ 80% aftermarket including water, industrial and beverage Filter needs continuing to become more Attractively growing markets to support demanding (fuel, oil, engine & cabin air) organic initiatives and potential M&A Neenah growing twice the market with Products employ multiple technologies, share gains due to superior performance, including cellulose and synthetic wet laid innovation and increased mix of higher nonwovens, glass and melt blown value products Est. Market Growth 2014-2019 Net Sales 10.3% Organic 8.0% 7.1% 5.9% CAGR 8% 4.7% Source: BCC Research '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 Neenah markets 6
Global Transportation Filtration Market After building leading position in Europe, Sizes and Shares international expansion provides an Global Market ~ US $1 billion attractive growth path Current operations based in Germany; Other existing capacity consumed in 2016 Neenah US first priority. Historical entry constraint H&V expired; capital-efficient repurposing of Ahlstrom Fine Paper asset to start up in Q1 2017 In US, customers desire choice and support our entry as common competitors currently hold 95% share Disciplined expansion providing attractive Asia NAFTA Europe RoW returns. Projected to consume capacity in 4-5 years Source: company estimates 7
Know-how and ability to combine multiple “ingredients” Product Design & to create proprietary formulations that deliver the best Performance durability, conformability, printability Flexibility and wide breadth of capabilities to support Mfg. Capabilities customers and help efficiently utilize capacity utilization and Utilization & realize economies of scale Service and Leading market positions, with flexibility to support Customer customer needs with tailored products on short notice Relationships using our global footprint 8
Backings (55%) Specialties (45%) Sizeable global category primarily Many smaller, specialized markets comprised of media used in including labels, security, medical production of tapes and abrasives packaging, décor, and others Similarly utilize saturating and coating Focused on performance niches to impart unique characteristics requiring downstream applications Markets generally growing with Markets generally growing at GDP+ global GDP 9
$514 Net Sales $465 Top-line reflects growing Adjusted EBIT % $429 markets and share gains , both $464 $404 due to organic initiatives and 17% $414 acquisitions $353 $336 $364 Margin expansion through 14% 13% 13% higher value mix, volume-driven $314 growth, and cost efficiencies 12% $264 11% 10% Filtration a key driver, with 9% $214 fastest growth and above average margins $164 $114 5% 2012 2013 2014 2015 LTM 2016 10
Premium Packaging Image-enhancing Graphic Imaging colors and textures of folded cartons, Predominantly Graphic curved box wrap, Imaging branded papers bags & labels for 78% Premium known for unique premium products Packaging colors, textures and 15% finishes and used for Filing/Office Filing/Office high-end commercial 7% printing and High quality boards used consumer needs for record management, classification, binder ~ $500 million covers, and other net sales professional applications 11
Leading brands drives demand in high-end markets Strong, leading where image matters and supports pricing to offset brands in high input cost inflation end markets Purpose-built assets to produce variety of colors Manufacturing and textures for specialized small orders provides Capabilities leading cost position and strong barrier to entry Rapid prototyping with experienced teams and Supply Chain state-of-the-art facilities provides customers with Innovation holistic solutions. Ability to meet quick turnaround and delivery times also a differentiator 12
NA Printing & Writing Graphic Imaging $20+ bn Niche market focused on high Uncoated quality, textured and colored Free sheet papers $10 bn End uses include premium Premium printing, marketing collateral Fine Paper and advertising, and specialty ~ $650 mm retail products Despite growth-challenged market; we have grown both organically and through highly accretive consolidating M&A #1 #1 Clear leadership position in both Neenah Mohawk Neenah Others 65% Fine Papers commercial and retail channels 55% 45% 25% Primarily US operations and sales Others 10% Market Share Market Share Retail Channel Commercial Channel ~$150 million ~$500 million 13
Premium Packaging Global Pkg Mkt Global market, growing 3-5% annually $42 bn Fragmented category with no clear market leader Premium Market Leverages strength of our high end color and texture capabilities $2 bn (5%) Initial targeted market of $450 million focused in beauty (cosmetics, fragrances), alcohol Target $450 (labels, packages) and retail mm (<1%) $450 million target market composition provides opportunity to grow share from ~15% today 14
39.0% 494 37.0% 486 478 35.0% 470 33.0% Net Sales $457 462 31.0% Consistent, attractive mid-teen EBIT Adjusted EBIT % 454 29.0% $443 margins , with brand equity that 446 $436 27.0% supports pricing to offset input costs 438 $428 25.0% 430 23.0% 422 Capital efficient, generating strong 21.0% 414 cash flows and high return on $402 19.0% 406 capital 17.0% 398 15.0% 390 15% 15% Market pressures countered by 14% 13.0% 382 14% 14% 11.0% growth via premium packaging, 374 9.0% 366 acquisitions, share gains and new 358 7.0% revenue streams 350 5.0% 2012 2013 2014 2015 LTM 2016 15
Consistent and profitable growth High Return on Capital/Return on Equity Flexible and prudent capital structure Attractive shareholder returns 16
Our businesses generate …which we have deployed to substantial cash flows… deliver: Return to Shareholders $75mm Double digit earnings growth High Return on Capital Increased cash returns to shareholders Value- Acquisitions Adding Low debt and a strong balance sheet $225mm Organic Capital Market-beating shareholder returns $100mm Five-year cash generation ~$450 million 17
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