Investor Presentaiton

Reconciliation Between Adjusted and Reported GAAP Financials Year to date 2020 EBITDA For the Twelve Months Ended December 31, 2020 Segments ($ in 000) Performance Materials Technical Nonwovens Thermal Acoustical Solutions Total Corporate Office Net loss Employee benefit plans settlement expenses Interest expense Income tax benefit Consolidated Lydall $ (73,725) 385 15,979 (6,833) Other expense, net 2,166 Income from equity method investment Operating (loss) income (37) Depreciation and amortization (1) $ (46,044) 23,830 $ 18,599 12,704 (871) 11,460 $ (28,316) 47,994 (33,749) $ (62,065) 683 48,677 Employee benefit plans settlement expenses 385 385 Other expense, net 2,166 2,166 Income from equity method investment (37) (37) (37) EBITDA % of net sales (22,214) 31,340 (8.4)% 14.1 % 10,589 3.6 % $ 19,715 SA (35,617) $ (15,902) 2.5 % (2.1)% Strategic initiatives expenses $ SA $ $ 3,138 $ 3,138 Impairment of goodwill and long-lived assets 61,109 Reduction-in-force severance expenses 520 61,109 520 61,109 520 PM restructuring expenses (1) 15,463 15,463 440 15,903 Employee benefit plans settlement expenses 385 385 Discrete tax adjustment 1,439 1,439 EBITDA, adjusted $ 54,358 % of net sales 20.5% 31,340 14.1 % 11,109 3.8 % 96,807 (30,215) $ 66,592 12.4 % 8.7 % (1) For purposes of this schedules the depreciation and amortization expense for the twelve-month period ended December 31, 2020, excludes $5.3 million of accelerated depreciation of property, plant and equipment and other intangible assets in the PM segment since this expense is included in the restructuring expenses of $15.5 million. Lydall EBITDA is reported for Consolidated Lydall data and defined as Net Income before interest, taxes, depreciation, and amortization Segment EBITDA is reported for each operating segment (Performance Materials, Technical Nonwovens, and Thermal Acoustical Solutions) and is defined as Operating Income net of depreciation and amortization expenses, plus income/loss from equity method investments USE OR DISCLOSURE OF INFORMATION CONTAINED ON THIS SHEET IS SUBJECT TO THE RESTRICTIONS ON THE TITLE SLIDE 24

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