Q4 Financial PerformanceFebruary 5, 2018 

 ‘Non-GAAP’ Items and Forward-Looking StatementsThis presentation contains the following non-GAAP measures:Percentage changes in net sales, excluding currency rate effects (for each segment, and the Company as a whole);Adjusted EBITDA (for each segment, and the Company as a whole; absolute and as a percentage of sales);Net debt; andNet income per share attributable to the Company, excluding adjustments. We think such items provide useful information to investors regarding the Company’s core operational performance. See the Company’s earnings release (which accompanies this presentation) for additional information including reconciliations to GAAP measures.  This presentation also may contain statements, estimates, or projections that constitute “forward-looking statements” as defined under U.S. federal securities laws. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the Company’s historical experience and our present expectations or projections. We disclaim any obligation to update any information in this presentation to reflect any changes or developments after the date on the cover page. Certain additional disclosures regarding our use of these ‘non-GAAP’ items and forward-looking statements are set forth in our fourth-quarter earnings press release dated February 5, 2018, and in our SEC filings, including our most recent quarterly reports and our annual reports for the years ended December 31, 2014, 2015, and 2016. Our use of such items in this presentation is subject to those additional disclosures, which we urge you to read.   2 

 Net Sales by Segment  3    (in thousands, except percentages)   Net SalesThree Months endedDecember 31, 2017 2016      PercentChange  Impact of Changesin CurrencyTranslation Rates  Percent Changeexcluding Currency Rate Effect  Machine Clothing (MC)   $150,263   $144,744   3.8%   $4,382   0.8%  Albany Engineered Composites (AEC)   76,465   68,302   12.0%   937   10.6%  Total   $226,728   $213,046   6.4%   $5,319   3.9%    (in thousands, except percentages)   Net SalesYears endedDecember 31, 2017 2016      PercentChange  Impact of Changesin CurrencyTranslation Rates  Percent Changeexcluding Currency Rate Effect  Machine Clothing (MC)   $590,357   $582,190   1.4%   $3,071   0.9%  Albany Engineered Composites (AEC)   273,360   197,649   38.3%   674   38.0%  Total   $863,717   $779,839   10.8%   $3,745   10.3% 

 Gross Profit Margin by QuarterPercentage of Net Sales  4  Includes 7.3% impact from profitability revision in two AEC contracts 

 Net Income (GAAP) and Adjusted EBITDA (non-GAAP) by Segment  5    Three Months ended December 31, 2017         (in thousands)   Machine Clothing    Albany Engineered Composites  Corporate expenses and other   Total Company  Operating income/(loss) (GAAP)  $34,584   $585  $(12,605)   $22,564  Interest, taxes, other income/expense  -  -  (19,560)   (19,560)  Net income (GAAP)   34,584   585  (32,165)   3,004  Interest expense, net   -  -   4,049   4,049  Income tax expense  -  -  12,139   12,139  Depreciation and amortization   8,429   8,920   1,351  18,700  EBITDA (non-GAAP)   43,013   9,505  (14,626)  37,892  Restructuring expenses, net   2,417   854  -   3,271  Foreign currency revaluation losses/(gains)   (524)   44  2,325   1,845  Adjustment to write-off of inventory in a discontinued product line  -   (355)  -   (355)  Pretax loss/(income) attributable to non-controlling interest in ASC  -   746  -   746  Adjusted EBITDA (non-GAAP)  $44,906   $10,794  $(12,301)  $43,399  Three Months ended December 31, 2016          Machine Clothing    Albany Engineered Composites   Corporate expenses and other    Total Company   $39,946   $(1,280)  $(11,836)   $26,830  -  -   (10,844)   (10,844)   39,946   (1,280)   (22,680)   15,986  -  -   3,854   3,854  -  -   4,841   4,841   8,583   6,433   1,221   16,237   48,529   5,153   (12,764)   40,918   150   526   47   723   (2,050)   11   (1,170)   (3,209)   -   -   -   -  -   (160)  -   (160)  $46,629   $5,530   ($13,887)   $38,272 

 Net Income (GAAP) and Adjusted EBITDA (non-GAAP) by Segment  6    Year ended December 31, 2017          (in thousands)   Machine Clothing    Albany Engineered Composites*  Corporate expenses and other   Total Company   Operating income/(loss) (GAAP)  $153,936  $(31,657)  $(46,128)   $76,151   Interest, taxes, other income/expense  -  -  (45,720)   (45,720)   Net income (GAAP)   153,936   (31,657)  (91,848)   30,431   Interest expense, net   -  -   17,091   17,091   Income tax expense  -  -   24,277   24,277   Depreciation and amortization   33,527   33,533   4,896   71,956   EBITDA (non-GAAP)  187,463   1,876  (45,584)   143,755   Restructuring expenses, net   3,429   10,062  -   13,491   Foreign currency revaluation (gains)/losses   3,903   214   4,644   8,761   Write-off of inventory in discontinued product line in 2017 / Acquisition expenses in 2016  -   2,800  -   2,800   Pretax loss/(income) attributable to non-controlling interest in ASC  -   567  -   567   Adjusted EBITDA (non-GAAP)  $194,795   $15,519  $(40,940)  $169,374  Year ended December 31, 2016          Machine Clothing    Albany Engineered Composites   Corporate expenses and other    Total Company   $152,529   $(15,363)   $(45,390)   $91,776  -  -   (38,964)   (38,964)   152,529   (15,363)   (84,354)   52,812  -  -   13,464   13,464  -  -   25,454   25,454   36,428  24,211    6,822   67,461   188,957   8,848   (38,614)   159,191   6,069   2,314   (7)   8,376   (404)   16   (3,525)   (3,913)  -   5,367  -   5,367  -   (125)  -   (125)   $194,622   $16,420   $(42,146)   $168,896  * Includes Q2 charge of $15.8 million for AEC contract revisions 

 7  Earnings Per Share      Per share amounts (Basic)  Three Months endedDecember 31, 2017 2016    Years endedDecember 31, 2017 2016    Net income attributable to the Company, as reported (GAAP)  $0.12  $0.49  $0.96*  $1.64  Adjustments:          Restructuring expenses, net  0.07  0.01  0.27  0.16  Discrete tax adjustments and effect of change in income tax rate  0.21  (0.08)  0.15  (0.07)  Foreign currency revaluation losses/(gains)  0.04  (0.06)  0.18  (0.07)  Write-off of inventory in a discontinued product line  (0.01)  -  0.05  -  Acquisition expenses  -  -  -  0.11  Net income attributable to the Company, excluding adjustments (non-GAAP)  $0.43  $0.36  $1.61  $1.77  * Includes Q2 charge of $0.31 for AEC contract revisions 

 Impact of U.S. Tax Reform Fourth Quarter 2017:Discrete, mostly non-cash, tax charge of $7 million related to:Revaluation of net U.S. deferred tax assets to 21% - $1 millionMandatory deemed repatriation liability - $6 millionBased on Company’s current estimates, to be refined as more information becomes available and more guidance is issued 2018 Estimates:Global tax rate from continuing operations estimated to range from 27% to 31% (driven by income mix), a decrease from the 35% rate in 2017Cash taxes, globally, estimated to range from $22 million to $24 millionForeign cash repatriation program to continue, anticipate long-term benefit    8 

 Total Debt (GAAP) and Net Debt* (non-GAAP)$ thousands  9  *Total debt less cash see table 20 for reconciliation of total debt to net debt