l Q Earnings Conference Call April 30, 2009

2 In the interest of more meaningful disclosure, Lydall and its management may make statements in this presentation regarding the outlook of the Company, which constitute “forward-looking statements” under the securities laws. These forward-looking statements are intended to provide management’s current expectations for the future operating performance of the Company, based on assumptions and estimates currently believed to be valid. Forward-looking statements are generally identified through the use of language such as “believe,” “expect,” “estimate,” “plan,” “anticipate,” “project,” and other words of similar meaning in connection with discussion of future operating or financial performance. All forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. Some of the factors that might cause such differences include risks and uncertainties which are detailed in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Risk Factors” and Note 16 of the Company’s Annual Report on Form 10-K for the year ended December 31, l

3 OVERALL PERFORMANCE Q1 2009– QTD results Net sales of $54.3 million in Q1 2009, compared with $89.9 million for the same period of Excluding the impact of foreign currency translation, net sales decreased by $32.4 million in the first quarter of 2009 compared with the first quarter of Gross margin of 11.0% in Q compared with 23.2% in Q Q includes $2.0 million of restructuring charges which lowered the gross margin percentage by approximately 380 basis points. Loss from continuing operations of ($7.1) million, or ($.27) per diluted share compared with income from continuing operations of $5.1 million, or $.20 per diluted share in Q Net loss of ($4.5) million, or ($.27) per diluted share, in Q compared with net income of $3.2 million, or $.19 per diluted share, in Q Net loss for the current quarter included pre-tax restructuring expenses of $2.1 million, or $.08 per diluted share, related to the consolidation of the North American automotive operation. Excluding the impact of these restructuring expenses, net loss was ($3.2) million, or ($.19) per diluted share for the first quarter of Selling, product development and administrative expenses were $13.1 million, or 24.1% of net sales, in Q compared to $15.8 million, or 17.5% of net sales, in Q Net cash used for operating activities was $3.7 million in Q compared with net cash provided by operating activities of $8.2 million in Q l

4 SEGMENTS Q1 2009– QTD results Performance Materials – QTD results –Net sales of $22.4 million in Q1 2009, compared with $29.8 million Q Excluding the impact of foreign currency translation, segment net sales decreased by $6.4 million. –Operating income for the segment, decreased by $3.4 million in Q compared with Q –Discussion Net sales of the Company’s filtration products decreased by $3.2 million primarily due to reductions in air filtration product net sales. Industrial thermal insulation products net sales decreased by $3.2 million including a reduction in energy and industrial products of $1.6 million due to lower demand in the electrical and cryogenic markets and lower net sales of building and appliance insulation products of $1.6 million, as the Company continues to be impacted by lower construction of new homes and commercial buildings in the U.S. Lower net sales and the resulting lower gross margin, and to a lesser extent start-up costs at the Solutech operation acquired in December 2008, caused the reduction in operating income during the first quarter of Making progress in commercialization of Solutech products, including three of four grades of product ready for production. l

5 SEGMENTS Q1 2009– QTD results Thermal/Acoustical – QTD results –Net sales of $26.9 million in Q compared with $51.3 in Q Excluding the impact of foreign currency translation, net sales decreased by $22.3 million. –Operating loss was ($4.3) million in Q1 2009, compared with operating income of $4.7 million in Q Restructuring related charges, attributable to the consolidation of NA Auto operations, were $2.1 million in the first quarter of –Discussion Automotive parts net sales decreased by $17.8 million and tooling net sales declined by $4.5 million. The Company’s North American and European automotive businesses continued to be severely impacted by lower production of automobiles by automakers in the U.S. and Europe. CSM Worldwide forecasted lower production of cars and light trucks by approximately 45% in Q as compared to Q Excluding the short-term replacement part opportunity in Q1 2008, the Company’s automotive parts net sales in Q were lower by approximately 38% when compared to Q l

6 SEGMENTS Q1 2009– QTD results Other Products and Services Results – QTD Results –Net sales of $5.4 million, compared with $9.2 million last year. –Operating loss was ($0.8) million in the current quarter compared to an operating loss of ($0.2) million in Q –Discussion Net sales from the Company’s vital fluids business decreased by $1.1 million and was primarily attributable to decreased volumes in blood filtration product net sales and bioprocessing net sales. Operating loss of ($0.4) million was due to lower net sales and lower gross margin as a percentage of net sales primarily due to product mix. Net sales from the Company’s Affinity® temperature control equipment business decreased by $2.7 million as a result of the continued reduction in capital equipment spending in the semiconductor industry that the Company serves. Actions taken during 2008 and in the first quarter of 2009 to adjust Affinity’s cost structure resulted in essentially flat operating results in the first quarter of 2009, as compared to the first quarter of 2008, even while net sales decreased by $2.7 million. l

7 OTHER INFORMATION l Depreciation and amortization totaled $4.2 million and $4.0 million for the quarters ended March 31, 2009 and Capital expenditures were $1.8 million in the first quarter of 2009 compared to $2.7 million in the first quarter of Total debt to total capitalization was 4.4% at March 31, 2009, down from 4.7% at December 31, In the first quarter of 2009, there was a further reduction in our global workforce by approximately 7.5%, primarily from headcount reductions at the Company’s Thermal/Acoustical global automotive operations, as well as at other operations. The Company also made the difficult decision to reduce the annual base salaries by 3% of all executive officers and most domestic salaried employees of the Company. In addition, the Company’s matching contributions to its sponsored 401(k) plan will be suspended. The Company continues to accelerate its North American automotive consolidation, which now expects to be substantially complete during the second quarter of Restructuring expenses are now expected to be approximately $0.4 million less than previously estimated. Also, the Company is aggressively working with its customers to quote on platforms that are being transferred from competitors due to the challenging economic environment and have started to be awarded future business.

8 OTHER INFORMATION l In our North American automotive business, the Company was invited by Chrysler and General Motors to participate in the U.S. Department of Treasury Auto Supplier Support Program. The intent of the Program is to provide suppliers of the U.S. automotive industry with access to government-supported protection for qualified accounts receivable from domestic automakers participating in the Program. The Company has completed the necessary documentation to request participation in the Program with both Chrysler and General Motors and is waiting to be accepted into the Program.