2015 Second Quarter Earnings Conference Call. Dante C. Parrini, Chairman & CEO John P. Jacunski, EVP & CFO August 4, 2015 NYSE: GLT

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1 2015 Second Quarter Earnings Conference Call Dante C. Parrini, Chairman & CEO John P. Jacunski, EVP & CFO August 4, 2015 NYSE: GLT

2 Forward-Looking Statements and Use of Non-GAAP Financial Measures Any statements included in this presentation which pertain to future financial and business matters are forward-looking statements within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of The Company uses words such as anticipates, believes, expects, future, intends and similar expressions to identify forward-looking statements. Any such statements are based on management s current expectations and are subject to numerous risks, uncertainties and other unpredictable or uncontrollable factors that could cause future results to differ materially from those expressed in the forward-looking statements including, but not limited to: changes in industry, business, market, political and economic conditions in the U.S. and other countries in which the Company does business, demand for or pricing of its products, changes in tax legislation, governmental laws, regulations and policies, initiatives of regulatory authorities, technological changes and innovations, market growth rates, cost reduction initiatives and our ability to successfully integrate Spezialpapierfabrik Oberschmitten Gmbh (SPO) and achieve the expected results of the acquisition, including, without limitation, the acquisition being accretive. In light of these risks, uncertainties and other factors, the forward-looking matters discussed herein may not occur and readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements speak only as of the date of this presentation and Glatfelter undertakes no obligation, and does not intend, to update these forwardlooking statements to reflect events or circumstances occurring after the date of this press release. More information about these factors is contained in Glatfelter s filings with the U.S. Securities and Exchange Commission, which are available at During the course of this presentation, certain non-u.s. GAAP financial measures will be presented. A reconciliation of these measures to U.S. GAAP financial measures is included in the appendix of this presentation. 2

3 Q Highlights Adjusted EPS (EPS Before Special Items) $0.09 $0.30 $0.04 Q2'14 Q1'15 Q2'15 Q net sales totaled $411 million, a decrease of 7.8% vs. Q In constant currency, net sales down 1.2% Weak shipments in Wall Cover and Hygiene Products Record Food & Beverage shipments, up 9% Specialty Papers shipments up 0.3% and outperformed UFS market Adjusted EPS down $0.05 from Q Expanded annual outage at SPBU reduced EPS by $0.08 Foreign currency translation reduced EPS by $0.03 Tax benefits improved EPS by $0.04 Excluding items noted above, business unit operating profit increased 4% On target to achieve cost savings of $25 million to $30 million in 2015 Achieved savings of $8 million in Q2 15 and $13 million in H1 15 Balance Sheet remains strong 3

4 Adjusted EPS Q vs. Q $0.09 $(0.01) $(0.05) Annual maintenance outages with expanded scope ($0.08) $(0.05) $0.04 $0.04 FX Impact ($0.03) $0.01 $0.01 Q2-14 CFBU AMBU SPBU Corporate Unallocated Net Interest Taxes Q2-15 On a GAAP basis, net income was $2.8 million or $0.06 per diluted share in Q compared to $4.7 million or $0.11 per diluted share in Q Note: See appendix of this presentation for the reconciliation of adjusted EPS to its nearest GAAP measure. 4

5 Composite Fibers Q Highlights Dollars in Thousands Q Q Q Tons shipped 39,448 37,960 39,364 Net sales $156,999 $135,294 $140,407 Operating income $17,285 $14,653 $16,697 Operating margin 11.0% 10.8% 11.9% $ in millions $1.7 $(1.9) $17.3 $(1.7) $0.8 $0.5 $16.7 Net sales up 3.7% on constant currency basis Record shipments in Food & Beverage, up 9% Nonwoven wall cover shipments down 19% Lower selling prices in most market segments negatively impacted operating income by $1.7 million Strong operating performance in Q Operations performed very well in Q2 with higher production output and lower waste Despite market related downtime in wall cover, improved operations drove a $1.7 million benefit to operating profit FX negatively impacted operating profit by $1.9 million (Q2 14 Euro = $1.37, Q2 15 Euro = $1.11) Includes impact of Oberschmitten acquisition Outlook (Q vs. Q2 2015) Expect shipping volumes to be slightly higher Q2-14 Operating Income Selling Price Volume & Mix RM and Energy Costs Operations & Other FX Q2-15 Operating Income Selling prices, raw materials and energy prices are expected to be in line with Q

6 Advanced Airlaid Materials Q Highlights Dollars in Thousands Q Q Q Tons shipped 24,643 24,060 22,606 Net sales $70,478 $62,299 $57,476 Operating income $6,157 $5,262 $3,104 Operating margin 8.7% 8.4% 5.4% Net sales down 8.6% on constant currency Shipping volume down 8.3% versus Q Hygiene products shipments down 15% Specialty wipes shipments up 90% Operating cost variance negative $2.6 million driven by market related downtime $ in millions $6.2 $- $(1.3) $0.8 $(2.6) Market related downtime at German facility negatively impacted results by $2.1 million Winder upgrade at Gatineau facility negatively impacted costs by $1.0 million $- $3.1 Improved production efficiency reduced costs by $0.5 million Outlook (Q vs. Q2 2015) Expect shipping volumes to be 5% higher than Q Selling prices are expected to decline slightly Q2-14 Operating Income Selling Price Volume & Mix RM and Energy Costs Operations & Other FX Q2-15 Operating Income Raw material prices are expected to be in line 6

7 Specialty Papers Q Highlights Dollars in Thousands Q Q Q Tons shipped 190, , ,321 Net sales $217,864 $219,876 $212,920 Energy and related sales, net $790 $2,068 $715 Operating income (loss) ($7,205) $9,462 ($9,953) Operating margin (3.3)% 4.3% (4.7)% $ in millions ($7.2) ($2.6) $0.6 $3.8 $0.7 ($5.2) ($0.1) ($10.0) Net sales decreased 2.3% compared to Q Shipments were up 0.3% year-over-year Outperformed broader UFS market that was down 0.3% Market pricing pressure on commodity products negatively impacted operating income by $2.6 million Operating loss increased $2.7 million Annual maintenance outage costs were $33.4 million in Q versus $28.2 million in Q Raw material and energy prices improved by $3.8 million Ohio pulp production at record levels for June Outlook (Q vs. Q2 2015) Expect shipping volumes to increase approximately 5% Selling prices are expected to decline slightly Input costs are expected to be in line with Q Expect maintenance spending to decrease by $31 million reflecting more normal patterns of maintenance expense Q2-14 Operating Loss Selling Price Volume & Mix RM and Energy Costs Operations & Other Annual Outages Energy- Related Sales Q2-15 Operating Loss 7

8 Corporate Costs and Other Financial Items Details of Other and Unallocated The following sets forth details of Other and Unallocated amounts presented in the Company s Business Unit Financial Information included in the earnings release. (in millions) Q2 14 Q2 15 Gains on dispositions of plant, equipment and timberlands Acquisition and integration expenses $1.5 $0.1 (0.3) Workforce Efficiency (0.6) Net pension expense (1.8) (1.6) Corporate costs* (5.0) (3.9) Total corporate costs & other financial items ($5.6) ($6.0) Excluded from adjusted earnings; ($0.4) million net of taxes in Q Notes: Lower Corporate costs in Q reflects the impact of GLT s cost reduction initiatives partially offset by higher legal fees for the Fox River matter. * Corporate costs are primarily comprised of legal fees, professional services fees and employee costs. The sum of individual amounts set forth above may not agree to the column totals due to rounding. 8

9 Pension Plan Remains Overfunded (in millions) Est. Plan Assets $526.4 $498.2 $545.7 $601.2 $638.0 N/A Plan Liabilities $434.3 $470.2 $528.4 $487.7 $577.6 N/A Funded status $92.1 $28.0 $17.3 $113.5 $60.4 N/A Pension Expense $9.2 $10.4 $11.6 $14.2 $6.7 $9.1 Cash contributions* $0 $0 $0 $0 $0 $0 Discount Rate for Expense 6.10% 5.80% 5.09% 4.28% 5.20% 4.22% Return on Asset Assumption 8.5% 8.5% 8.5% 8.5% 8.0% 8.0% * Qualified plans only No cash contribution required in 2015 or expected for the foreseeable future. Pension expense increase in 2015 primarily driven by lower discount rates. Note: The sum of individual amounts set forth above may not agree to the column totals due to rounding. 9

10 Free Cash Flow (in millions) Q2 14 Q2'15 H1 14 H1'15 Adjusted EBITDA $29.6 $21.8 $71.4 $62.7 Change in Working Capital (33.5) (3.7) (62.5) (30.4) Taxes paid (10.7) (4.9) (16.3) (10.2) Interest Paid (7.8) (7.5) (9.0) (8.3) Other (5.0) 11.7 Cash Flow from Operations (11.2) 23.4 (21.4) 25.5 Less: Capital Expenditures (15.7) (22.8) (30.2) (44.6) Free Cash Flow (26.9) 0.6 (51.5) (19.1) Adjustment for major capital projects Exclude: CBC/AFM Credit 0.0 (1.3) 0.0 (5.3) Adjusted Free Cash Flow ($26.1) $5.7 ($50.3) ($12.7) Cash flow from operations improved by $47 million in H1 15 vs. H1 14 Lower cash utilization for working capital Lower tax payments Capital expenditures in H1 15 were $14.4 million higher than in H1 14 H1 15 includes $11.8 million for boiler environmental compliance projects versus $1.2 million in H capital expenditures are estimated at $105 million to $115 million Includes investment for boiler environmental compliance of approximately $35 million Expect to use approximately $10 million for Fox River remediation in H2 15 Notes: The sum of individual amounts set forth above may not agree to the column totals due to rounding. Working capital is defined as accounts receivable plus inventories less accounts payable. 10

11 Balance Sheet Metrics (in millions) 31-Dec Dec Jun-15 Cash $122.9 $99.8 $65.8 Debt Current portion of long term debt ⅜% Notes, due October % Term Loan, due June % Term loan, due March Revolving credit agreement Total Debt $442.3 $404.6 $390.7 Net Debt $319.4 $304.8 $324.9 Leverage at 1.9x as of June 30, 2015 Total liquidity of $272 million Sufficient financial flexibility and liquidity to meet near term investment needs and execute long term strategy Shareholders Equity $683.7 $649.1 $638.9 TTM Adj. EBITDA (excl. Pension) $177.2 $183.3 $174.6 Leverage* Cash available under bank facility $211.3 $246.6 $205.8 Notes: *The above calculation is not intended to be used for purposes of calculating debt covenant compliance. The sum of individual amounts set forth above may not agree to the column totals due to rounding. 11

12 Appendix 12

13 Outlook Summary Q Versus Q Composite Fibers Expect shipping volumes to be slightly higher than in Q Selling prices, raw materials, and energy prices are expected to be in line with Q Advanced Airlaid Materials Expect shipping volumes to be 5% higher than in Q Selling prices are expected to decline slightly Raw material prices are expected to be in line with Q Specialty Papers Expect shipping volumes to be 5% higher than in Q2 2015, reflecting normal seasonal patterns Selling prices are expected to decline slightly Input costs are expected to be in line with Q Expect maintenance spending to decrease by $31 million reflecting more normal patterns of maintenance expense Other Total capital expenditures are estimated at $105 million to $115 million for 2015 Cash spending on Fox River remediation expected to be approximately $10 million in second half of

14 Financial Highlights Net Sales (in millions) Adj. EBITDA / Margin % (in millions) 10.7% 10.4% 10.3% 10.2% 10.1% 10.2% 11.0% $1,184 $1,455 $1,603 $1,578 $1,723 $1,802 $1,730 $126.2 $150.9 $164.0 $174.2 $177.2 $183.3 $ /30/15 LTM /30/15 LTM Adj. EBITDA Adj. EBITDA % of Net Sales 14

15 Other Financial Highlights Pension expense totaled $1.6 million in Q and $1.8 million in Q Company s qualified plan remains overfunded No cash contributions required in 2015 or expected for the foreseeable future Capital expenditures totaled $44.6 million in first six months of 2015 versus $30.2 million in the same period of 2014 Adjusted free cash flow for the first half of 2015 was $(12.7) million compared with $(50.3) million for same period in 2014 In H1 2015, Company eliminated approximately 2.6% of its workforce in connection with the global workforce efficiency and cost reduction program. Severance and related costs totaled $2.0 million on a pre-tax basis In Q2 2015, the Company recorded an income tax benefit of $3.1 million on a pre-tax loss of $0.3 million primarily reflecting a release of reserves related to completion of tax audits 15

16 Capital Expenditures and Annual Maintenance Outage for Specialty Papers Capital Expenditures Estimate (in millions) 2014A 2015E 2016E Normal Capital Expenditures $59.9 $70 - $75 $70 - $80 Major Projects Boiler Environmental Compliance (SPBU) $6.1 $35 - $40 $35 - $40 Total $66.0 $105 - $115 $105 - $120 Boiler Environmental Compliance Convert/Replace boilers to use natural gas Upgrade associated infrastructure including connecting to gas pipelines Total project cost of $85 million to $90 million Total spend to date of $17.9 million SPBU Annual Maintenance Estimate (in millions) 2014A 2015A 2016E Normal Cost $28 $28 $25 - $30 Superheater Replacement - $5 - Total $28 $33 $25 - $30 Successfully completed the annual maintenance outage for Specialty Papers Replaced 22 year old superheaters on recovery boiler in Spring Grove Extended downtime increased the total cost of outages to $33 million in 2015 Expect outage costs to return to normalized levels in

17 Financial Overview (in millions) Q2 14 Q2 15 Net Sales $445.3 $410.8 Adjusted operating income, excl. Pension $11.2 $5.9 Adjusted EBITDA, excl. Pension $29.6 $21.8 Free Cash Flow $(26.9) $0.6 Adjusted Free Cash Flow $(26.1) $5.7 (in millions) Dec Jun Net Debt $304.8 $324.9 Cash Balance $99.8 $

18 Adjusted EPS (EPS Before Special Items) $0.70 $0.55 $0.43 $0.44 $0.40 $0.45 $0.26 $0.34 $0.32 $0.30 $0.12 $0.12 $0.09 $0.04 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q Note: See appendix of this presentation for the reconciliation of adjusted EPS to its nearest GAAP measure. 18

19 Adjusted EPS excluding Pension (EPS Before Special Items and Net Pension Expenses) $0.73 $0.60 $0.47 $0.48 $0.45 $0.47 $0.30 $0.38 $0.34 $0.34 $0.16 $0.16 $0.11 $0.06 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q Note: See appendix of this presentation for the reconciliation of adjusted EPS to its nearest GAAP measure. 19

20 Composite Fibers Operating Income $16.4 $18.9 $15.5 $19.3 $17.3 $18.1 $13.6 $14.7 $16.7 $10.9 $10.3 $11.6 $7.9 $6.9 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q

21 Advanced Airlaid Materials Operating Income $3.8 $4.6 $4.6 $5.0 Includes full year of electricity grid credit in Falkenhagen totaling $1.7m $4.5 $5.2 $3.9 $7.8 $5.9 $6.2 $7.5 $5.8 $5.3 $3.1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q

22 Specialty Papers Operating Income $27.8 $23.7 $21.4 $17.9 $18.3 $18.1 $15.6 $4.2 $7.3 $9.5 $2.4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 $(3.9) $(7.2) $(10.0)

23 Reconciliation of Non-GAAP Measures Adjusted EPS Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Net income $0.43 $0.31 $0.46 $ 0.16 $0.36 $0.02 $0.77 $ 0.37 $0.33 $0.11 $0.69 $0.45 $0.32 $0.06 Charge for workforce efficiencies Cellulosic bio-fuel and alternative fuel mixture credits - (0.10) (0.22) (0.01) - - (0.02) Gains on Timberland Sales and transaction related costs - (0.08) (0.02) (0.02) (0.01) - - (0.03) (0.01) (0.02) (0.02) (0.01) (0.04) (0.03) Asset impairment charge Acquisition and integration related costs International legal entity restructuring Debt redemption costs Adjusted earnings $0.43 $0.12 $0.44 $ 0.26 $0.40 $0.12 $0.55 $ 0.33 $0.32 $0.09 $0.70 $0.45 $0.30 $0.04 Pension Impact on Adjusted EPS $0.04 $0.04 $0.04 $ 0.04 $0.05 $0.05 $0.05 $ 0.05 $0.02 $0.03 $0.02 $0.02 $0.04 $0.02 Adjusted earnings excl. pension $0.47 $0.16 $0.48 $ 0.30 $0.45 $0.16 $0.60 $ 0.38 $0.34 $0.11 $0.73 $0.47 $0.34 $0.06 Note: The sum of individual amounts set forth above may not agree to the column totals due to rounding. 23

24 Reconciliation of Non-GAAP Measures Adjusted EBITDA, Excluding Pension Adjusted Operating Income, Excluding Pension In millions Q Q H H Net Income $ 4.7 $ 2.8 $ 19.3 $ 16.8 Taxes 1.3 (3.1) Net Pension Expenses Depreciation and Amortization Net Interest Expense EBITDA, excluding pension $ 30.8 $ 21.3 $ 73.4 $ 63.3 Adjustments / exclusions: Gains on Timberland Sales and Transaction Related Costs (1.5) (0.1) (2.3) (2.7) Acquisition and Integration Related Costs Workforce Efficiency Charge Adjusted EBITDA, excluding pension $ 29.6 $ 21.8 $ 71.4 $ 62.7 Less: Depreciation and Amortization (18.3) (15.6) (36.9) (31.6) Less: Other (Income) / Deductions (0.1) (0.3) (0.3) (0.1) Adjusted Operating Income, excluding pension $ 11.2 $ 5.9 $ 34.3 $ 31.1 Note: The sum of individual amounts set forth above may not agree to the column totals due to rounding. 24

25 Reconciliation of Non-GAAP Measures Adjusted EBITDA, Excluding Pension In millions /30/2015 LTM Net Income $ $ 54.4 $ 42.7 $ 59.4 $ 67.2 $ 69.2 $ 66.7 Taxes 19.7 (20.9) Net Pension Expenses Depreciation and Amortization Net Interest Expense EBITDA, excluding Pension $ $ $ $ $ $ $ Adjustments / exclusions: Gains on Timberland Sales and Transaction Related Costs (0.5) (0.4) (3.4) (9.2) (1.4) (4.9) (5.3) Asset impairment charge Debt Redemption Costs Cellulosic Bio-fuel and Alternative Fuel Mixture Credits (105.5) Acquisition and Integration Related Costs Workforce Efficiency Charge International legal entity Restructuring Write-off of Concert Indemnification Receivable Foreign Currency Hedge on Acquisition Price Adjusted EBITDA, excluding pension $ $ $ $ $ $ $ Note: The sum of individual amounts set forth above may not agree to the column totals due to rounding. 25

26 Reconciliation of Non-GAAP Measures Net Debt and Leverage Net debt & Leverage December 31 December 31 June 30 In millions Current Portion of Long-Term Debt $0.0 $5.7 $7.6 Long-Term Debt Total Debt Less: Cash (122.9) (99.8) (65.8) Net Debt $319.4 $304.8 $324.9 Net Debt $319.4 $304.8 $324.9 Divided by: TTM Adjusted EBITDA Leverage* 1.8x 1.7x 1.9x * - The above calculation is not intended to be used for purposes of calculating debt covenant compliance. 26

N E W S R E L E A S E

N E W S R E L E A S E N E W S R E L E A S E Corporate Headquarters 96 South George Street York, Pennsylvania 17401 U.S.A. www.glatfelter.com For Immediate Release Contacts: Investors: Media: John P. Jacunski William T. Yanavitch

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