Q2 Financial PerformanceAugust 1, 2017 

 ‘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 first-quarter earnings press release dated August 1, 2017, 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 endedJune 30, 2017 2016      PercentChange  Impact of Changesin CurrencyTranslation Rates  Percent Changeexcluding Currency Rate Effect  Machine Clothing (MC)   $146,572   $148,934   -1.6%   ($916)   - 1.0%  Albany Engineered Composites (AEC)   68,999   54,256   27.2%   (307)   27.7%  Total   $215,571   $203,190   6.1%   ($1,223)   6.7%    (in thousands, except percentages)   Net SalesSix Months endedJune 30, 2017 2016      PercentChange  Impact of Changesin CurrencyTranslation Rates  Percent Changeexcluding Currency Rate Effect  Machine Clothing (MC)   $289,399   $294,197   -1.6%   ($3,083)   - 0.6%  Albany Engineered Composites (AEC)   125,449   81,324   54.3%   (749)   55.2%  Total   $414,848   $375,521   10.5%   ($3,832)   11.5% 

 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 June 30, 2017         (in thousands)   Machine Clothing    Albany Engineered Composites*  Corporate expenses and other   Total Company  Operating income/(loss) (GAAP)   $38,418   $(17,828)   ($11,362)   $9,228  Interest, taxes, other income/expense  -  -   (7,995)   (7,995)  Net income (GAAP)   38,418   (17,828)   (19,357)   1,233  Interest expense, net    -   -   4,285   4,285  Income tax expense   -   -   1,779   1,779  Depreciation and amortization   8,431   8,218   1,184   17,833  EBITDA (non-GAAP)   46,849   (9,610)   (12,109)   25,130  Restructuring expenses, net   805   1,231   -   2,036  Foreign currency revaluation (gains)/losses   1,650   (63)   1,950   3,537  Acquisition expenses   -   -   -   -  Pretax (income)/loss attributable to non-controlling interest in ASC   -    (144)   -   (144)  Adjusted EBITDA (non-GAAP)  $49,304    $(8,586)   ($10,159)  $30,559  Three Months ended June 30, 2016          Machine Clothing    Albany Engineered Composites   Corporate expenses and other    Total Company   $35,405   $(5,848)   ($11,700)   $17,857  -  -   (7,756)   (7,756)   35,405   (5,848)   (19,456)   10,101   -   -   3,691   3,691   -   -   6,082   6,082   9,496   6,354   2,109   17,959   44,901   506   (7,574)   37,833   5,434   1,147    67   6,648   (330)   (1)   (1,571)   (1,902)   -   3,771   -   3,771   -    276   -   276  $50,005   $5,699   ($9,078)  $46,626  * Includes $15.8 million charge for AEC contract revisions 

 Net Income (GAAP) and Adjusted EBITDA (non-GAAP) by Segment  6    Six Months ended June 30, 2017         (in thousands)   Machine Clothing    Albany Engineered Composites*  Corporate expenses and other   Total Company  Operating income/(loss) (GAAP)   $76,679   $(22,942)   ($22,453)   $31,284  Interest, taxes, other income/expense   -   -   (19,077)   (19,077)  Net income (GAAP)   76,679   (22,942)   (41,530)   12,207  Interest expense, net    -   -   8,613   8,613  Income tax expense   -   -   8,329   8,329  Depreciation and amortization   16,718   16,022   2,386   35,126  EBITDA (non-GAAP)   93,397   (6,920)   (22,202)   64,275  Restructuring expenses, net   916   3,801   -   4,717  Foreign currency revaluation (gains)/losses   3,313   34   2,052   5,399  Acquisition expenses   -   -   -   -  Pretax (income)/loss attributable to non-controlling interest in ASC   -    (314)   -   (314)  Adjusted EBITDA (non-GAAP)  $97,626    $(3,399)   ($20,150)  $74,077  Six Months ended June 30, 2016          Machine Clothing    Albany Engineered Composites   Corporate expenses and other    Total Company   $72,543   $(9,553)   ($22,864)   $40,126  -  -   (16,709)   (16,709)   72,543   (9,553)   (39,573)   23,417   -   -   5,929   5,929   -   -   13,125   13,125   18,813   9,750   4,216   32,779   91,356   197   (16,303)   75,250   6,132   1,147    48   7,327   1,560   4   (2,047)   (483)   -   5,367   -   5,367   -    463   -   463  $99,048   $7,178   ($18,302)  $87,924  * Includes $15.8 million charge for AEC contract revisions 

 7  Earnings Per Share      Per share amounts (Basic)  Three Months endedJune 30, 2017 2016    Six Months endedJune 30, 2017 2016    Net income attributable to the Company, as reported (GAAP)  $0.03*  $0.32  $0.37*  $0.74  Adjustments:          Restructuring expenses, net  0.04  0.13  0.09  0.14  Discrete tax adjustments and effect of change in income tax rate  0.02  (0.01)  0.05  (0.03)  Foreign currency revaluation losses  0.07  (0.04)  0.11  (0.01)  Acquisition expenses  -  0.08  -  0.11  Net income attributable to the Company, excluding adjustments (non-GAAP)  $0.16  $0.48  $0.62  $0.95  * Includes $0.31 charge for AEC contract revisions 

 Total Debt (GAAP) and Net Debt* (non-GAAP)$ thousands  8  *Total debt less cash see table 19 for reconciliation of total debt to net debt