Glatfelter (NYSE: GLT) 2014 Second Quarter Earnings Conference Call July 29, 2014

Glatfelter (NYSE: GLT) 2014 Second Quarter Earnings Conference Call July 29, 2014 Dante C. Parrini Chairman & Chief Executive Officer John P. Jacunski Executive Vice President & Chief Financial Officer

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 1995. 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, and cost reduction initiatives. In light of these risks, uncertainties and other factors, the forward-looking matters discussed in this presentation 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 forward-looking statements to reflect events or circumstances occurring after the date of this presentation. More information about these factors is contained in Glatfelter s filings with the U.S. Securities and Exchange Commission, which are available at www.glatfelter.com. 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.

Q2 2014 Highlights Adjusted EPS (EPS Before Special Items) $0.32 Q2 2014 net sales totaled $445 million, an increase of 4.5% vs. Q2 2013 Composite Fibers net sales up $14 million (+10%) Reflects favorable foreign currency translation and additional month of Dresden Strong shipments in Advanced Airlaid Materials (+4%) with net sales increasing 6% $0.12 $0.09 Specialty Papers shipments down 2.5% but revenue increased 0.4% Adjusted EPS down slightly from Q2 2013 Operating income for Composite Fibers up 5% Advanced Airlaid Materials operating income up 17% Specialty Papers operating income down $3.3 million Q2'13 Q1'14 Q2'14 Favorable tax rate and pension expense in quarter 3

Adjusted EPS Q2 2014 vs. Q2 2013 $0.12 $0.01 $0.01 $(0.05) $(0.03) $0.01 $0.09 $0.02 $- Tax rate on adjusted EPS of 20.5% in Q2 14 vs. 28.2% in Q2 13 Q2-13 CFBU AMBU SPBU Corporate Unallocated Net Pension Net Interest Taxes Q2-14 On a GAAP basis, net income was $4.7 million or $0.11 per diluted share in Q2 2014 compared to $0.9 million or $0.02 per diluted share in Q2 2013. Note: See appendix of this presentation for the reconciliation of adjusted EPS to its nearest GAAP measure. 4

Composite Fibers Q2 2014 Highlights Dollars in Thousands Q2 2013 Q1 2014 Q2 2014 Tons shipped 35,049 39,978 39,448 Net sales $142,553 $158,577 $156,999 Operating income $16,429 $19,255 $17,285 Operating margin 11.5% 12.1% 11.0% Net sales increased by $14.4 million (+10.1%) Includes currency translation benefit of $6 million and one extra month of Dresden net sales of $9.6 million Selling prices down year-over-year in Wall cover and Metallized products Shipping volume up 12.6%, including Dresden Single-serve coffee up 4% and technical specialties up 8% $ in millions $16.4 $(3.4) $2.6 $1.1 $0.3 $0.3 $17.3 Nonwoven wallcover down 10% when comparing full quarter of 2013, reflecting weakness in Russia and Ukraine markets Composite Laminates products down 19% as part of a planned mix shift after rebuild of Gernsbach paper machine in Q2 2013 Includes Dresden for 3 months vs. 2 in 2013 Full quarter of Dresden and improved operating performance more than offset impact of certain market weakness Q2-13 Operating Income Selling Price Volume & Mix RM and Energy Costs Operations & Other FX Q2-14 Operating Income Outlook (Q3 2014 vs. Q2 2014) Expect shipping volumes to be slightly higher Selling prices and prices for raw material and energy expected to be in line with Q2 2014 5

Advanced Airlaid Materials Q2 2014 Highlights Dollars in Thousands Q2 2013 Q1 2014 Q2 2014 Tons shipped 23,704 25,096 24,643 Net sales $66,430 $71,313 $70,478 Operating income $5,243 $5,854 $6,157 Operating margin 7.9% 8.2% 8.7% Net sales increased by $4.0 million (+6%) Pricing declines of $1.2 million reflect contract provisions and raw material price pass through agreements Shipping volume was up 4.0% over Q2 2013 Strong growth in hygiene product categories $ in millions $1.2 $(1.0) $0.7 $6.2 Strong demand in North America; supplementing Gatineau capacity with production from Falkenhagen $5.2 $(1.2) $1.3 Operating cost inflation negatively impacted results by $1.0 million Foreign currency translation positively impacted results by $0.7 million Outlook (Q3 2014 vs. Q2 2014) Q2-13 Operating Income Selling Price Volume & Mix RM and Energy Costs Operations & Other FX Q2-14 Operating Income Expect shipping volumes to be slightly higher Raw material prices are expected to be slightly higher, resulting in higher selling prices consistent with pass through agreements 6

Specialty Papers Q2 2014 Highlights Dollars in Thousands Q2 2013 Q1 2014 Q2 2014 Tons shipped 195,657 202,227 190,718 Net sales $216,985 $225,831 $217,864 Energy and related sales, net ($3.9) $6.0 ($0.6) ($1.7) $423 $5,262 $790 Operating income (loss) ($3,881) $2,410 ($7,205) Operating margin (1.8)% 1.1% (3.3)% $ in millions Includes ($6.5m) from expanded scope of 2014 maintenance outage and other cost inflation ($7.4) $0.4 ($7.2) Net sales increased 0.4% compared to Q2 2013 Shipments were down 2.5% y/y but outperformed the broader UFS market, which was down 6.7% Higher selling prices favorably impacted results by $6.0 million Operations negatively impacted results by $7.4 million Annual Maintenance outages were completed at a cost of $28.2 million in Q2 2014 vs. $21.7 million in 2013 Outlook (Q3 2014 vs. Q2 2014) Expect shipping volumes to be 5% higher than Q2 14 Selling prices expected to be slightly higher Raw material and energy prices are expected to be in line with Q2 2014 Q2-13 Operating Loss Selling Price Volume & Mix RM and Energy Costs Operations & Other Energy- Related Sales Q2-14 Operating Loss 7

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 13 Q2 14 Gains on dispositions of plant, equipment and timberlands Acquisition and integration expenses International legal entity restructuring _ $1.5 (4.8) (0.3) (0.3) _ Net pension expense (3.2) (1.8) Excluded from adjusted earnings; $0.9 million net of taxes in Q2 14 Corporate costs* (3.2) (5.0) Total Corporate costs & Other Financial items ($11.5) ($5.6) Total Corporate costs in Q2 2014 declined from lower pension expense and costs related to acquisition & integration of Dresden. Notes: * Corporate costs are comprised primarily 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

Pension Plan Remains Overfunded (in millions) 2009 2010 2011 2012 2013 2014 Est. Service and interest costs $32.0 $33.4 $34.3 $34.3 $33.5 $35.3 Expected return on plan assets (39.8) (40.3) (41.8) (42.2) (43.4) (43.9) Amortization of prior service and actuarial costs 14.8 16.1 15.9 19.5 24.1 15.3 One-time charge 2.0 Pension Expense $7.0 $9.2 $10.4 $11.6 $14.2 $6.7 Funded status $79.6 $92.1 $28.0 $17.3 $113.5 N/A Cash contributions* $0 $0 $0 $0 $0 $0 Discount Rate for Expense 6.25% 6.10% 5.80% 5.09% 4.28% 5.24% Return on Asset Assumption 8.5% 8.5% 8.5% 8.5% 8.5% 8.0% * Qualified plans only Over funding of pension plan expanded in 2013. No cash contribution required in 2014 or expected for the foreseeable future. Pension expense expected to decline substantially in 2014. Note: The sum of individual amounts set forth above may not agree to the column totals due to rounding. 9

Free Cash Flow (in millions) Q2 13 Q2'14 H1'13 H1'14 Net Income $0.9 $4.7 $16.6 $19.3 Depreciation & Amortization 16.7 18.3 32.0 36.9 Change in Working Capital 8.7 (33.5) (10.6) (62.5) Taxes (8.1) (9.4) 0.5 (11.9) Other 14.2 8.8 9.7 (3.2) Cash Flow from Operations $32.4 ($11.2) $48.2 ($21.4) Less: Capital Expenditures (29.4) (15.7) (60.8) (30.2) Free Cash Flow $3.0 ($26.9) ($12.6) ($51.5) Adjustment for major capital projects 14.6 0.8 25.6 1.2 Exclude: CBC/AFM Credit (3.7) - (9.4) - Adjusted Free Cash Flow $13.9 ($26.1) $3.6 ($50.3) Cash flow from operations declined to $(21.4) million in H1 14 Higher cash utilization for working capital Higher tax payments Capital expenditures totaled $30.2 million in H1 2014 versus $60.8 million in H1 2013 H1 13 included $25.6 million for Composite Fiber s capacity expansion project completed in Q3 13 2014 capital expenditures are estimated at $80 million to $90 million Expect strong cash flows in 2H 14 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

Balance Sheet Metrics (in millions) 31-Dec-12 31-Dec-13 30-Jun-14 Cash $97.7 $122.9 $28.0 Debt Current Portion of Long Term Debt - - 1.8 5⅜% Notes, due October 2020 250.0 250.0 250.0 2.05% Term loan, due March 2023-58.8 56.5 Revolving credit agreement - 133.5 107.2 Total Debt $250.0 $442.3 $415.4 Net Debt $152.3 $319.4 $387.4 Shareholders Equity $539.7 $684.5 $692.6 TTM Adj. EBITDA (excl. Pension) $174.2 $177.2 $172.0 Leverage* 0.9x 1.8x 2.3x Debt and leverage reflect $211 million Dresden acquisition in April 2013 Net debt up $68 million in 2014 Reflects normal seasonal working capital flows Higher inventory levels Repurchased 360,299 shares for $9.5 million in 1H 14 Expect substantial reduction in net debt in 2H 14 Cash available under bank facility $344.8 $211.3 $182.3 With leverage at 2.3x, have sufficient liquidity to continue executing strategy 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

Appendix

Outlook Summary Composite Fibers Shipping volume in Q3 2014 is expected to be slightly higher than in Q2 2014 Selling prices and input costs in Q3 2014 are expected to be in line with Q2 2014 Advanced Airlaid Materials Shipping volume in Q3 2014 is expected to be slightly higher than in Q2 2014 Average raw material prices are expected to be slightly higher than Q2 2014 resulting in slightly higher selling prices consistent with our pass-through arrangements Specialty Papers Shipping volume in Q3 2014 is expected to be approximately 5% higher vs. Q2 2014 Selling prices are expected to be slightly higher in Q3 2014 as previously announced price increases are implemented Input costs in Q3 2014 are expected to be in line with Q2 2014 Other For the year, the Company expects pension expense in 2014 to decrease to approximately $6.7 million compared with $14.2 million in 2013 Expect effective tax rate in Q3 2014 of approximately 28% 13

Financial Highlights Net Sales (in millions) Adj. EBITDA / Margin % (in millions) 10.0% 10.7% 10.4% 10.2% 11.0% 10.3% 9.6% $1,264 $1,184 $1,455 $1,603 $1,578 $1,723 $1,793 $125.5 $126.2 $150.9 $164.0 $174.2 $177.2 $172.0 2008 2009 2010 2011 2012 2013 6/30/14 LTM 2008 2009 2010 2011 2012 2013 6/30/14 LTM Adj. EBITDA Adj. EBITDA % of Net Sales 14

Q2 2014 Other Financial Highlights Pension expense totaled $1.8 million in Q2 2014 and $3.2 million in Q2 2013 Company s qualified plan remains overfunded No cash contributions required in 2014 or expected for the foreseeable future Interest expense totaled $4.8 million in Q2 2014 and $4.5 million in Q2 2013, reflecting additional borrowings to fund the Dresden acquisition The Company completed the sale of 437 acres of timberlands during Q2 2014 for an after-tax gain of $0.9 million The Company repurchased 360K shares of common stock for $9.5 million in 2014 under its $50 million share repurchase program. Since start of program in May 2012, $14.0 million has been used. In Q2 2014, the Company recorded an income tax provision of $1.0 million on adjusted earnings resulting in an effective tax rate of 20.5% compared to 28.2% in Q2 2013 The effective tax rate in Q2 2014 reflects a greater proportion of earnings generated in lower-tax foreign jurisdictions relative to the U.S. 15

Financial Overview (in millions) Q2 13 Q2 14 Net Sales $426.0 $445.3 Adjusted operating income, excl. Pension $14.6 $11.2 Adjusted EBITDA, excl. Pension $31.4 $29.6 Free Cash Flow $3.0 $(26.9) Adjusted Free Cash Flow $13.9 $(26.1) (in millions) Dec 31 2013 Jun 30 2014 Net Debt $319.4 $387.4 Cash Balance $122.9 $28.0 Note: See appendix of this presentation for the reconciliation of non-gaap measures to its nearest GAAP measure. 16

Adjusted EPS (EPS Before Special Items) $0.55 $0.43 $0.44 $0.40 $0.34 $0.28 $0.32 $0.26 $0.33 $0.32 $0.07 $0.12 $0.12 $0.09 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2011 2012 2013 2014 Note: See appendix of this presentation for the reconciliation of adjusted EPS to its nearest GAAP measure. 17

Adjusted EPS excluding Pension (EPS Before Special Items and Net Pension Expenses) $0.60 $0.47 $0.48 $0.45 $0.37 $0.34 $0.36 $0.30 $0.38 $0.34 $0.16 $0.16 $0.09 $0.11 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2011 2012 2013 2014 Note: See appendix of this presentation for the reconciliation of adjusted EPS to its nearest GAAP measure. 18

Composite Fibers Operating Income $ in millions $16.4 $18.9 $15.5 $19.3 $17.3 $12.4 $9.3 $10.1 $9.1 $10.9 $7.9 $10.3 $6.9 $11.6 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2011 2012 2013 2014 Note: CFBU Operating Income includes results of Dresden prospectively from April 30, 2013. 19

Advanced Airlaid Materials Operating Income $ in millions $7.8 $3.7 $4.1 $3.8 $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 $5.9 $6.2 $1.7 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2011 2012 2013 2014 20

Specialty Papers Operating Income $ in millions $22.2 $23.7 $21.4 $17.0 $18.2 $17.9 $18.3 $18.1 $4.2 $7.3 $2.4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 $(0.1) $(3.9) $(7.2) 2011 2012 2013 2014 21

Reconciliation of Non-GAAP Adjusted Earnings Per Share 2011 2012 2013 2014 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Net income $0.38 $0.05 $0.28 $ 0.22 $0.43 $0.31 $0.46 $ 0.16 $0.36 $0.02 $0.77 $ 0.37 $0.33 $0.11 Charge for workforce efficiencies - - - $ 0.01 - - - - - - - - - - Cellulosic bio-fuel and alternative fuel mixture credits - - - - - (0.10) - 0.01 - - (0.22) (0.01) - - Gains on Timberland Sales and transaction related costs (0.04) - (0.01) (0.05) - (0.08) (0.02) (0.02) (0.01) - - (0.03) (0.01) (0.02) Acquisition and integration related costs 0.01 0.01 - - - - - - 0.04 0.09-0.00 - - International legal entity restructuring - - - - - - - - 0.01 - - 0.00 - - Debt redemption costs - - - 0.14 - - - 0.11 - - - - - - Adjusted earnings $ 0.34 $ 0.07 $ 0.28 $ 0.32 $0.43 $0.12 $0.44 $ 0.26 $0.40 $0.12 $0.55 $ 0.33 $0.32 $0.09 Pension Impact on Adjusted EPS $ 0.03 $ 0.02 $ 0.06 $ 0.03 $0.04 $0.04 $0.04 $ 0.04 $0.05 $0.05 $0.05 $ 0.05 $0.02 $0.03 Adjusted earnings excl. pension $ 0.37 $ 0.09 $ 0.34 $ 0.36 $0.47 $0.16 $0.48 $ 0.30 $0.45 $0.16 $0.60 $ 0.38 $0.34 $0.11 Notes: The sum of individual per share amounts set forth above may not agree to adjusted income per share due to rounding. EPS of $0.00 means an amount less than half a cent. 22

Reconciliation of Non-GAAP Measures Adjusted EBITDA, Excluding Pension Adjusted Operating Income, Excluding Pension In millions Q2 2013 Q2 2014 Net Income $ 0.9 $ 4.7 Taxes 1.1 1.3 Net Pension Expenses 3.2 1.8 Depreciation and Amortization 16.7 18.3 Net Interest Expense 4.5 4.7 EBITDA, excluding pension $ 26.4 $ 30.8 Adjustments / exclusions: Gains on Timberland Sales and Transaction Related Costs - (1.5) Acquisition and Integration Related Costs 4.8 0.3 International Legal Entity Restructuring 0.3 - Adjusted EBITDA, excluding pension $ 31.4 $ 29.6 Less: Depreciation and Amortization (16.7) (18.3) Less: Other (Income) / Deductions (0.2) (0.1) Adjusted Operating Income, excluding pension $ 14.6 $ 11.2 Notes: The sum of individual amounts set forth above may not agree to the column totals due to rounding. 23

Reconciliation of Non-GAAP Measures Adjusted EBITDA, Excluding Pension Adjusted Operating Income, Excluding Pension In millions 2008 2009 2010 2011 2012 2013 6/30/2014 LTM Net Income $ 57.9 $ 123.4 $ 54.4 $ 42.7 $ 59.4 $ 67.2 $ 69.9 Taxes 23.1 19.7 (20.9) 8.2 19.6 2.0 0.5 Net Pension Expenses (16.1) 7.0 9.2 10.4 11.6 14.2 10.5 Depreciation and Amortization 60.6 61.3 65.8 69.3 69.5 68.2 73.1 Net Interest Expense 18.2 17.3 24.7 31.1 18.2 17.7 18.9 EBITDA, excluding Pension $ 143.8 $ 228.8 $ 133.4 $ 161.7 $ 178.3 $ 169.3 $ 172.9 Adjustments / exclusions: Gains on Timberland Sales and Transaction Related Costs (18.6) (0.5) (0.4) (3.4) (9.2) (1.4) (3.7) Debt Redemption Costs - - - 3.6 5.1 - - Cellulosic Bio-fuel and Alternative Fuel Mixture Credits - (105.5) 0.1 - - - - Acquisition and Integration Related Costs 0.4 3.5 11.9 1.1-6.5 0.7 Workforce Efficiency Charge - - - 1.0 - - - International legal entity Restructuring - - - - - 2.8 2.2 Write-off of Concert Indemnification Receivable - - 2.5 - - - - Foreign Currency Hedge on Acquisition Price - - 3.4 - - - - Adjusted EBITDA, excluding pension $ 125.5 $ 126.2 $ 150.9 $ 164.0 $ 174.2 $ 177.2 $ 172.0 Note: The sum of individual amounts set forth above may not agree to the column totals due to rounding. 24

Reconciliation of Non-GAAP Measures Net Debt and Leverage Net debt & Leverage December 31 December 31 June 30 June 30 In thousands 2012 2013 2013 2014 Short-Term Debt $0.0 $0.0 $0.0 $1.8 Long-Term Debt 250.0 442.3 432.5 413.6 Total Debt 250.0 442.3 432.5 415.4 Less: Cash (97.7) (122.9) (44.8) (28.0) Net Debt $152.3 $319.4 $387.8 $387.4 Net Debt $152.3 $319.4 $387.8 $387.4 Divided by: TTM Adjusted EBITDA 174.2 177.2 168.5 172.0 Leverage* 0.9x 1.8x 2.3x 2.3x * - The above calculation is not intended to be used for purposes of calculating debt covenant compliance. 25