Neenah is well-positioned for future profitable growth as a global specialty materials company. We expect to create value by growing in specialized niche markets that value performance or image and where we have competitive advantages.

Strategies to deliver value include:

Leading in profitable, specialty niche markets — we will increase our participation in niche markets that can provide us with leading positions and value our core competencies in performance-based fiber and non-woven media production, coating and saturating. Key markets include transportation filtration media, specialty backings, and premium fine paper and packaging.

Increasing our size, growth rate and portfolio diversification — we will invest and focus resources in higher growth technical/specialty markets to grow with customers in new geographies, and to enter into adjacent markets that are growing and profitable. We will do this both through organic initiatives that build on our technologies and capabilities, and through acquisitions that fit with our competencies and provide attractive financial returns.

Delivering consistent, attractive returns to our shareholders — we will continue to use Return on Invested Capital as a key metric to evaluate investment decisions and measure our performance, while maintaining a prudent capital structure and deploying cash flows in ways that provide value, including returning a portion of cash directly to shareholders through a meaningful dividend.

Leading in profitable, specialty niche markets

We will increase our participation in niche markets that can provide us with leading positions and value our core competencies in performance-based fiber and non-woven media production, coating and saturating. Key markets include transportation filtration media, specialty backings, and premium fine paper and packaging.

Increasing our size, growth rate and portfolio diversification

We will invest and focus resources in higher growth technical/specialty markets to grow with customers in new geographies, and to enter into adjacent markets that are growing and profitable. We will do this both through organic initiatives that build on our technologies and capabilities, and through acquisitions that fit with our competencies and provide attractive financial returns.

Delivering consistent, attractive returns to our

We will continue to use Return on Invested Capital as a key metric to evaluate investment decisions and measure our performance, while maintaining a prudent capital structure and deploying cash flows in ways that provide value, including returning a portion of cash directly to shareholders through a meaningful dividend.