1. SIDOTI & COMPANY NYSE : NP
INSTITUTIONAL INVESTOR New York City
FORUM March 19, 2012

2. Forward Looking Statements
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
2

3. Company Overview
Neenah is a leader in performance-based technical products
and high-end printing papers used where image matters.
Technical Products
 Specialized, performance-based products
 End markets: filtration, industrial backings,
labels, and other specialties
Technical Fine  Manufacturing in Germany and the U.S.
Products Paper
Fine Paper
 Premium textured and colored papers
 End markets: high-end communications and
printing, luxury packaging, crafting and labels
Pro Forma  Manufacturing in the U.S.
Net Sales
$800 million 3

4. A History of Strategic Execution
 Successful execution of transformation Technical
Products
strategy following company formation in 2004
 Leading positions in profitable specialty
markets with meaningful barriers to entry Fine
Sales Mix
Paper
 Positioned to pursue new opportunities with Evolution
Pulp
sound capital structure and strong cash flows 2004 2005 2006 2007 2008 2009 2010 2011
 Recent catalyst for growth and value creation following January 2012 purchase
of premium brands from Wausau Paper Corp.
Sold Terrace Sold half of Sold Pictou Sold remaining
Bay pulp mill timberlands pulp mill timberlands
Nov-04
Timeline
Spun off 2005 2006 2007 2008 2009 2010 2011 2012 of
From K-C
Activities
Purchased Purchased Purchase
Germany Fox River Paper premium brands
Tech.Prod. from Wausau
4

5. Financial Momentum
E.P.S.1
$ millions 2009-2011 $1.91
2009 2010 2011 $1.47
Revenue $574 $658 $696 $0.76
Operating Income1 34 52 59
2009 2010 2011
E.P.S.1 $0.76 $1.47 $1.91
% Change
2011 vs. 2010 30%
EBITDA1 $73 $87 $93
14%
Debt $319 $245 $186 6%
Return on Capital 6% 8% 9%
Sales EBIT E.P.S.
 Top line growth via share gains, new products and pricing power
 Bottom line reflecting sales growth, improving margins and lower debt costs
 Cash generation used for debt reduction and dividend increases
 Return on Capital approaching desired double-digit levels
(1) Excludes one-time items for closure/sale of Ripon mill, debt refinancing and tax adjustments 5

6. Technical Products
Filtration
High-performance filtration
media for fuel, air, oil, cabin air
in transportation, as well as
products for other markets
Specialties
Products for a variety of end
markets including labels, non-
woven wall cover, medical
packaging, durable print
media and other markets
Industrial Backings
Saturated and coated papers
used for backing of specialty
abrasives and tapes
6

7. A Diversified Global Portfolio
Est. Filtration
Selected Key
Segment Market
Competitors Customers
Growth
Specialties Tape
Ahlstrom, Mann & 2x
Filtration Hummel,
H&V Mahle, Hengst GDP
Abrasives
Specialties Sales by
(Label, Medical Variety of Product Group
Avery
Pkg, Image competitors with
Dennison, 3M, GDP+
Transfer, limited
Saint-Gobain
Decorative, concentration
Tag…)
3M, Shurtape, Europe
Industrial Wausau, IPG, Tesa, GDP
Backing- Tape Ahlstrom
Alpha Beta
RoW
Industrial 3M, St. Gobain,
Ahlstrom,
Backing- Hangzhou Star, GDP
North
Abrasives
Munksjo
Starcke Asia
America
Sales by
Geography
7

8. Success Factors
 Ability to meet customer performance needs with specialized technologies:
 Multi-fiber technologies and forming capabilities
 Saturation, coating and surface treatments
 Polymer chemistries
 Longstanding relationships and ongoing joint product development with
global blue chip customers who are leaders in their markets
 Specialized know-how supported by R&D centers in Germany and the U.S.
Strong
Specialized Performance Customer Intimacy and
Requirements
Barriers Qualification
to Entry
8

9. Key Priorities: Technical Products
 Grow share by developing and commercializing innovative new products
with above average margins
 Drive growth in higher value specialty products (e.g. melt blown filtration,
super smooth abrasives, and specialized labels)
 Expand international presence in filtration and other areas by growing with
and following our global customers
 Enter adjacent markets that are growing and profitable and value technical
know-how and performance
9

10. Filtration: A Platform for Growth
Neenah Net Sales
Transp. Filtration Organic Growth
CAGR 8%  Historically, Neenah has focused in the European
auto filtration market (fuel, oil, engine & cabin air)
 The business has grown at a compound annual rate
of 8% from 2003-11
2003 2004 2005 2006 2007 2008 2009 2010 2011
Global Transportation Filtration
Market Size and Share
Global Market ~ US $1 billion
Internationalization
 Global engine performance and filter Other
NP
requirements continue to become more demanding H&V
Ahlstrom
 Alignment with leading global filter customers can
lead to an expanded geographic presence
NAFTA Asia Europe So. Amer. RoW
Source: company estimates
Life
HVAC Science
/Air
Process
& Food Market Adjacencies
Dust
Water
 Other filter applications and markets share similar
Control
Specialty
technologies and represent areas of potential growth
filtration
Gas Transpo/
media markets Turbine H. Duty
> $4 billion 10

11. Fine Paper
Graphic Imaging
Unique colors, textures and
finishes for identity, print
collateral, invitations,
advertising, and envelopes
Packaging & Label
Image enhancing colors and textures
of premium folded cartons, box wrap,
bags, premium wine, beverage and
spirit labels, food labels, hang tags
Brights
Deep , rich, vivid colors and
textures for flyers, posters,
school supplies, crafting,
direct mail advertising and
promotions
11

12. Extending our Reach
Premium Fine
Paper Value
Share
Uncoated Other
Free Sheet 10%
 Premium fine papers represents a sliver Mohawk
of the uncoated free sheet (UFS) market. 30%
UFS has declined 3-4 percent per year
over the past ten years Premium NP
~< 3% 60%
 As the clear leader in what is essentially
a two-player market for premium fine Source: company estimates
papers, Neenah has gained share and
Customers/
Products
grown as the market consolidates Supply Chain
Growth Adjacency Map
Crafts
Scrapbooking Retail
Brights Premium
Crane
Labels Envelopes
 In addition, we continue to identify and
Digital
Papers
Luxury Core
Packaging
pursue new areas of growth through Writing,
Text &
expanded products, geographies, 100% PCW
Cover
China
Packaging
technologies and customer channels Durable
Europe South
America
Papers Electronic Middle
Printing East
Applications
Technology Geographies
12

13. Success Factors
 Leading brands that are often specified by designersNP
and printers and that provide pricing power
 Highest quality papers with a wide palette of colors
and textures to serve specialized high-end print needs
 Purpose-built assets providing an effective cost position
and barrier to entry
 Selective distribution resulting in brand pull and
encouraging strong merchant performance
 Technology and supply chain tools to help customers
optimize performance and grow share with Neenah
13

14. Wausau Transaction
Transaction Overview Premium WTC Market Brights Market
(~$450 mm) (~$100 mm)
 $21 million cash payment for:
• Astrobright, Astroparche, and Royal brands Others
• Perpetual license for Exact TM bright, index, tag, and 25%
Others
bristol papers 43% NP WP
• One-month finished inventory and selected assets 50% 75%
 Acquired sales of over $100 million/yr WP
 One-time integration costs of $10 million in 2012 7%
Strategic Rationale
 Expands market participation with entry into brights
 Increases share in core writing, text & cover
 Fills existing asset base with minimal added costs Others
NP
and no dilution in attractive EBIT margins 40%
60%
 Provides presence in new channel (retail) with
future growth opportunities
 Delivers substantial value and compelling returns
Bigger share of a bigger market! 14

15. Key Priorities: Fine Paper
 Gain share in a consolidating market with programs and information that
encourages growth with Neenah
 Expand in targeted areas: luxury packaging, label, international, envelopes
and national accounts
 Develop new revenue streams – including expansion in retail, photo cards
and books, and digital papers
 Deliver value in 2012 through successful integration of recently acquired
Wausau brands
15

16. Generate Attractive Returns to Shareholders by: Strategy Summary
 Grow size of business through:
 Geographic expansion with global customers
Technical  New products/innovation
Products  Entry into market adjacencies
 Improve margins to double digit levels
 Counter challenging market through:
 Growing share in consolidating market
 Expanding in targeted growth areas
Fine Paper  Maintain attractive financial returns
 Opportunistically take part in market
consolidation
 Allocate cash flows effectively to:
 Increase Return on Capital
 Maintain prudent capital structure
Corporate  Provide attractive shareholder returns
 Ensure scalability of corporate costs
 Pursue M&As where strategic fit and
financial returns are compelling
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17. Financial Objectives
Deliver consistent profitable growth while:
 Increasing Return on Capital through growth in operating
income, margin expansion and asset efficiencies
 Maintaining a prudent capital structure
 Rewarding shareholders through cash generation and
meaningful dividend yield
17

18. Profitable Growth
Net Sales
OP% $421
$384 Technical Products
$318
 Volume growth focused on filtration, labels
7.6% 8.0% and higher growth categories
4.6%  Margins expanding with higher value mix,
sales growth, cost efficiency and pricing
 Targeting sustainable double-digit margins
2009 2010 2011
Net Sales $273 $275
OP % Fine Paper
$256  Delivering consistent and attractive profits ,
14.2% 14.4% cash flows and return on capital
13.6%
 Growing share and in targeted niches to
offset challenging market conditions
2009 2010 2011
Pricing power and cost control in both businesses has offset almost
$50 million of input cost increases since 2009 18

19. Return on Capital
% Return on 9%
Invested Capital 8%  Primary metric used to measure
business performance and evaluate
6%
investment opportunities
 Increasing ROIC a primary component
of management compensation plans
2009 2010 2011
 Improving with
 Profitable growth
Sales/Assets 1.2
1.1  Careful control of assets and
0.9
capital investments
 Divestiture of pulp
 Nearing desired double-digit levels
2009 2010 2011
19

20. Capital Structure
Dec Dec Dec
$ millions $319
2009 2010 2011 Debt and
Debt/EBITDA
Bonds 7 3/8%
$225 $223 $158
(due Nov. 2014)
$245
ABL 28 0 0
(due Nov. 2015) 4.4x
Other U.S. 41 0 0 $186
Target
2.8x
Range
Germany 25 22 28 2.0x 1.5 – 2.5x
Total Debt $319 $245 $186
Dec 09 Dec 10 Dec 11
Total Cash $5 $48 $20
 $95 million North American revolving credit facility expires in late 2015
 Completed call of $65 million bonds in March 2011 (saving $5 million/year in interest)
 Credit rating upgraded to Ba3/BB- in 2010
 Recent $21 million purchase of Wausau brands funded by low cost ABL borrowing
20

21. Attractive cash flows and returns
Annual Dividend $0.48
Pro Forma $ millions per share
$0.44
EBITDA (pre-Wausau purchase) $95
Interest Expense (14) $0.40
Other (tax, wkg cap, pension, etc..) (21)
Cash From Operations $60
2010 2011 2012
Capital Expenditures (25)
Free Cash Flow $35  Strong cash flow base
 Ability to grow efficiently with scalable
FCF/share $2.35 infrastructure
FCF Yield 1 8%  Moderate capital spending with capacity
available for growth
Attractive cash flows and yield  Efficient N. America cash tax position
even before including returns from (NOLs = $80 million)
Wausau brand purchase  Competitive dividend yield; consecutive
annual increases with room to grow
(1) Based on $30 NP stock price 21

22. Investment Conclusions
 Leading positions in profitable specialty markets with barriers to entry
 Momentum in sales and profits reflecting successful execution of plans
 Deleveraging has resulting in sound capital structure and financial flexibility
 Sustainable, strong cash flows helping to support $93
growth and provide attractive investor returns Consolidated
EBITDA $87
(U$ millions)
 Recent Wausau brand acquisition expected to
provide compelling value creation $73
$69
 Strategic focus on continued expansion in
specialty markets and evolution away from
historical “pulp & paper” positioning
2008 2009 2010 2011
22

23. Contact
For more information Investor Relations
visit our website: www.neenah.com Bill McCarthy
email: investor@neenahpaper.com VP, Financial Planning and Analysis & Investor Relations
3460 Preston Ridge Rd. Suite 600
Alpharetta, GA 30005
Phone: (678) 518-3278
Email: bill.mccarthy@neenahpaper.com
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24. GAAP Reconciliation
Continuing Operations
$ millions 2009 2010 2011
EBIT (Operating Income) $ 16 $ 55 $57
Ripon Mill Closure/(Gain on Sale) 17 (3) -
Loss on retirement of bonds - - 2
Adjusted EBIT $ 34 $ 52 $ 59
Depreciation & Amortization 34 32 31
Amort. Equity-Based Compensation 5 3 3
EBITDA $ 73 $ 87 $ 93
Earnings (Loss) per Share $ (0.12) $ 1.61 $1.82
Ripon Mill Closure/(Gain on Sale) 0.76 (0.14) -
Refinancing Costs/Tax Items 0.12 - 0.09
Adjusted Earnings per Share $ 0.76 $ 1.47 $1.91
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