August 2013 Investor Presentation

1. August 2013

2. Fine PaperTechnical Products
2
Specialty,
performance-based
products
End Markets: filtration,
industrial backings,
labels and other
specialties
Manufacturing in
Germany and the U.S.
Image-oriented
high-end textured and
colored graphic papers
End Markets: premium
print communications,
luxury packaging, crafting
and premium labels
Manufacturing in
the U.S.
~$850+ million
net sales

3. Lead in profitable, specialty niche markets
 Increase participation in markets that can provide us with leading positions and
value our competencies in high performance media, coating and saturating
Increase our size, growth rate and portfolio diversification through
organic initiatives and M&A
 Expand in new geographies and market adjacencies
 Invest to grow in our higher value performance and image-driven products
(e.g. melt blown filtration, premium label , luxury packaging)
 Supplement organic growth with acquisitions that deliver value and expand
our presence in growing specialty markets
Deliver consistent, attractive returns
 Pricing power and ability to offset input cost variability
 Cash deployment to shareholders via increasing dividends and share buybacks
 Return on Capital a key performance metric
3

4. $384
$421
$407 $407
7.6% 8.0%
9.2%
8.5%
5.0%
8.0%
11.0%
320
330
340
350
360
370
380
390
400
410
420
430
2010 2011 2012 TTM
Net Sales
OP %
4
Currency
Impact
$429
2010 2011 2012
Technical Products
 Growth led by filtration, labels and
abrasives
 Margins expanding with higher value
mix, sales growth, cost efficiencies
and pricing
$273 $275
$373 $389
13.6%
14.4% 15.0% 15.2%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
-20
80
180
280
380
480
2010 2011 2012 TTM
Net Sales
OP %
2010 2011 2012
Fine Paper
 Consistent and attractive profits, cash
flow and returns on capital
 Top-line growth, boosted in 2012 by
brand acquisition
TTM
Jun-13
TTM
Jun-13
$429
Currency
Impact

5. 5
Filtration Specialties Industrial Backings
High-performance
filtration media for
fuel, air, oil, cabin
air in transportation,
as well as products
for other markets
Includes labels, non-
woven wall cover,
medical packaging,
durable print media
and other markets
Saturated and
coated backings for
specialty abrasives
and tapes

6. 6
Key technologies
 Multi-fiber forming capabilities
 Saturation, coating and surface treatments
 Polymer chemistries
Ability to Meet
Specialized
Performance
Requirements
Long-standing relationships
 Global market-leading customers
 Intricate qualification requirements
 Ongoing joint product development
 Innovative new products
Customer Intimacy
and Qualification

7. 7
Strategic
Priorities
Est. Market
Growth
Geography
Filtration
 Higher value melt blown products
 Internationalization
 Market Adjacencies
2x
GDP
Specialties
 Performance labels
 Non-woven wall cover
 Medical packaging
GDP+
Industrial
Backing- Tape
 Differentiation via
saturating/coating
 Optimize costs
GDP
Industrial
Backing-
Abrasives
 Enter new adjacencies
 Follow customers in emerging
markets
Europe
North
America
Asia/
RoW
Europe
North
AmericaAsia/
RoW
Europe
North
America
Asia/
RoW

8. Dust
Control
Transport
/H. Duty
HVAC/Air
Process &
Food
Water
Life
Sciences
Gas
Turbine
'03 '04 '05 '06 '07 '08 '09 '10 '11 '12
Asia NAFTA Europe RoW
Other
NP
H&V
Ahlstrom
Global Transportation Filtration Market Size and Share
Global Market ~ US $1 billion
Transportation Filtration Core Growth
 Leader in European auto filtration (fuel, oil,
engine & cabin air) to OEMs and aftermarket
 Growth in higher value products and new
adjacencies requiring third melt blown line
Entry into New Adjacencies
 Recent entry in beverage filtration (coffee
capsule) and industrial filter applications
 Ability to leverage our technologies to enter
into other attractive filtration markets
Specialty filtration
media markets
> $4 billion
Geographic Expansion Opportunities
 Global engine filter requirements continue
to become more demanding
 Existing global customers desire for us to
have an expanded geographic presence
8
Source: company estimates
CAGR: 8%
Net Sales
Source: company estimates

9. 9
Retail
Graphic
Imaging
Luxury Packaging &
Premium Label
Branded specialty
papers sold to
consumers for school
supplies, posters,
crafting, business and
resume papers,
advertising and
promotions
Unique colors,
textures and finishes
for identity, print
collateral, invitations,
advertising, and
other high-end
commercial printing
Image-enhancing
colors and textures of
premium folded
cartons, box wrap,
bags, premium wine,
beverage and spirit
labels, food labels,
hang tags

10. 10
Neenah
60%
Mohawk
30%
Others
10%
Value Share- Premium Papers
$650 million market
 Brands known > 2:1 over
competition, specified by
printers and designers
 Technology tools to drive
demand and improve supply
chain efficiencies
 Purpose-built assets
considered youngest in the
industry
 Redundant capabilities,
unique in our category with
a variety of texture and
color
Leading Brands and
Supply Chain
Capabilities
Superior Asset Base
with a Leading Cost
Position

11. 11
 The global market for luxury packaging,
premium labels and retail solutions is over
$500 million and growing. Our current share
in this market is less than 7%, anchored by
labels in North America.
Luxury Packaging Premium Label Specialty Retail
 Neenah is now widely distributed
with major retailers
 Opportunities for additional
distribution and products within
existing channels, as well as new
oneskindle

12. 12
 Consistent profitable growth
 Return on Capital Focused
 Efficient capital structure
 Attractive shareholder returns, including cash returns

13. 13
$ millions 2010 2011 2012 2012 2013
Sales $ 658 $ 696 $ 809 $410 $425
Adj. EBIT1 52 59 80 46 46
Adj. E.P.S.1 $1.47 $1.91 $2.78 $1.63 $1.55
(1) Excludes one-time items for divestitures, integration and other costs as
noted in GAAP table
 Top line growth via share gains, new products, price/mix and 2012/2013 acquisitions
 Faster bottom line growth with margin improvement and debt reduction
 Higher book tax rate in 2013 lowering E.P.S
 Cash deployed to support growth, reduce debt, increase dividend and buy shares
Full Year First Half
$1.47
$1.91
$2.78
2010 2011 2012
Adjusted E.P.S.

14. 14
8%
9%
12% 12%
2010 2011 2012
% Return on
Invested Capital
TTM
Jun-13
 Primary measure to evaluate investment
opportunities and judge business
performance
 Key metric in compensation plans
 Delivering improvement through:
 Profitable growth/margin expansion
 Carefully managed assets/investments
 Strategic moves (divest pulp, brand acquisitions)

15. $245
$186 $182
$193
2.8x
2.0x
1.6x
1.7x
1
1.35
1.7
2.05
2.4
2.75
3.1
3.45
3.8
30
80
130
180
230
Dec 10 Dec 11 Dec 12 Jun 13
15
Target
Range
2.0 – 3.0x
$ millions
Dec
2010
Dec
2011
Dec
2012
Jun
2013
Bonds 5.25%
(due Nov. 2021)
$ 223 $ 158 $ 90 $ 175
ABL
(due Nov. 2017)
- - 56 -
Term Loan
(amortized 5 yrs)
- - 30 -
Germany 22 28 6 18
Debt $ 245 $ 186 $ 182 $ 193*
Interest Exp.
(rolling 12 months)
$ 20 $ 16 $ 13 $ 11
 Debt below targeted capital structure range with ample flexibility and borrowing capacity
 May 2013 bond refinancing reduces rate from 7.375% to 5.25%
 Bond debt rating upgraded in May 2013 to Ba3/BB-
* Excludes temporary cash build following May 2013 bond refinancing of $27 million
Debt Levels
($ millions)

16. $0.40
$0.44
$0.48
$0.60
$0.80
0
0.2
0.4
0.6
0.8
1
2010 2011 2012 2013
2H
2013
1H
16
Pro Forma Cash Flow
($ millions)
EBITDA $ 115
Interest Expense (10)
Other
(tax, wkg cap, pension, etc.)
(15-20)
Cash From Operations $ 85-90
Capital Expenditures (25-30)
Free Cash Flow $ 55–65
FCF per share
Cash Generation
 Pro forma free cash flow of ~ $ 60 million
 Moderate cap-ex needs (maint. of $10 mm/year)
 Favorable cash tax position (NOLs = $39 mm)
Cash Deployment
 Priority on organic growth and M&A
 Attractive dividend, moving to targeted 3-4% yield
 $10 million stock repurchase plan authorized
Annual Dividend
(per share)
Substantial cash flows resulting in
attractive yields
> $3.50

17. 10
8
NP Paper
Group
EBIT Margins %
(2012)
7.4x
8.6x
NP Paper Group
EV(7/31/13)/EBITDA
(2012)
7
4
NP Paper
Group
Return on Assets
% (2012)
22
8
NP Paper
Group
Return on Equity
% (2012)
14.2x
17.9x
NP Paper Group
Price (7/31/13)/
EPS (TTM)
3
5
NP Paper
Group
Capex % Sales
(2010-2012)
17
10
3
NP Paper Group
Revenue CAGR %
(2009 – 2013 TTM)

18. 18
 Leading positions in profitable specialty
markets with attractive margins
 Track record of consistent momentum in
sales and profits reflecting successful
execution of plans
 Sustainable, strong cash flows and sound
capital structure with financial flexibility to
support growth opportunities
 Strategic focus on expanding in defensible
and growing specialty markets, further from
historical “pulp & paper” positioning
 Attractive returns driven by organic growth,
events and cash return to shareholders
$86
$93
$113
$112
2010 2011 2012 TTM
2013
Consolidated Adjusted EBITDA
(U$ millions)

19. 19
For more information
visit our website: www.neenah.com
email: investors@neenah.com
Investor Relations
Bill McCarthy
VP, Financial Planning and Analysis & Investor
Relations
3460 Preston Ridge Rd., Suite 600
Alpharetta, GA 30005
Phone: (678) 518-3278
Email: bill.mccarthy@neenah.com

20. 20
Continuing Operations
$ millions 2010 2011 2012
1H
2012
1H
2013
EBIT (Operating Income) $ 55.1 $ 56.6 $ 70.4 $38.2 $44.8
Ripon Mill Close/(Gain on Sale) (3.4)
Acquisition integration costs 5.8 4.4 0.2
Other1 2.4 4.1 3.7 0.7
Adjusted EBIT $ 51.7 $ 59.0 $ 80.3 $46.3 $45.7
Depreciation & Amortization 29.7 30.0 28.0 14.6 14.4
Amort. Equity-Based Compensation 4.9 4.3 4.9 3.0 2.7
Adjusted EBITDA $ 86.3 $ 93.3 $113.2 $63.9 $62.8
Earnings (Loss) per Share $ 1.61 $ 1.82 $ 2.41 $1.32 $1.51
Ripon Mill Close/(Gain on Sale) (0.14)
Acquisition integration costs 0.22 0.17 0.01
Other1 0.09 0.15 0.14 0.03
Adjusted Earnings per Share $ 1.47 $ 1.91 $2.78 $1.63 $1.55
1 Results for Year End includes in 2011 $2.4 million cost of early redemption of bonds, in 2012 includes $0.6 million cost of early redemption of bonds, and
$3.5 million SERP settlement charge.
Results for the six months ended June 30, 212, include a supplemental executive pension plan settlement charge of $3.5 million and costs related to the
early extinguishment of debt of $0.2 million, and for the six months ended June 30, 2013, include a supplemental executive pension plan settlement
charge of $0.2 million and costs related to the early extinguishment of debt of $0.5 million.

21. EBITDA, Adjusted EBITDA and Free Cash Flow as presented in these slides, are supplemental measures
of our performance, and Net Debt, as presented in these slides, is a supplemental measure of our
financial position. In each case, these measures are not required by, or presented in accordance
with, generally accepted accounting principles in the United States (‘‘GAAP’’). EBITDA, Adjusted
EBITDA and Free Cash Flow are not measurements of our financial performance or financial position
under GAAP and should not be considered as alternatives to net sales, net income (loss), operating
income or any other performance measures derived in accordance with GAAP or as alternatives to
cash flow from operating activities as a measure of our liquidity.
Adjusted EBITDA consists of operating income plus depreciation, amortization and stock-based
compensation expense. We also exclude acquisition-related costs, gain (loss) on sale of fixed assets,
SERP settlement charge and costs related to early retirement of debt, as these amounts are not
considered as part of usual business operations. Our management considers EBITDA, Adjusted EBITDA
and Free Cash Flow to be measurements of performance which provide useful information to both
management and investors. Because EBITDA, Adjusted EBITDA and Free Cash Flow are not
calculated identically by all companies, our measurements of EBITDA, Adjusted EBITDA and Free
Cash Flow may not be comparable to similarly titled measures reported by other companies. All
amounts in USD unless otherwise noted.
EBITDA, Adjusted EBITDA and Free Cash Flow, as presented herein, are non-GAAP financial measures
as defined by SEC regulations. As required by those regulations, a reconciliation of these measures
to what management believes are the most directly comparable GAAP measures is included as an
appendix to this presentation.
21

22. Statements in this presentation which are not statements of historical fact are “forward-looking
statements” within the “safe harbor”' provision of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are based on the information available to, and the expectations
and assumptions deemed reasonable by, Neenah Paper, Inc. at the time this presentation was
made. Although Neenah Paper believes that the assumptions underlying such statements are
reasonable, it can give no assurance that they will be attained. Factors that could cause actual
results to differ materially from expectations include the risks detailed in the section “Risk Factors” in
the Company’s most recent Form 10-K and SEC filings.
In addition, the company may use certain figures in this presentation that include non-GAAP
financial measures as defined by SEC regulations. As required by those regulations, a reconciliation
of these measures to what management believes are the most directly comparable GAAP
measures would be included as an appendix to this presentation and posted on the company’s
web site at www.neenah.com
22