1. NYSE: NP
Neenah Paper
Investor Presentation
March 2013

2. Company Overview
Technical Products
 Specialty, performance-based products
 End markets: filtration, industrial
backings, labels, and other specialties
 Manufacturing in Germany and the U.S.
Fine Paper
 High-end textured and colored graphic papers
 End markets: premium print communications,
Net Sales luxury packaging, crafting and premium labels
$800+ million
 Manufacturing in the U.S.
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3. Strategic Priorities
 Lead in profitable, specialty niche markets
 Increase participation in markets that can provide us with leading
positions and value our core competencies in high performance
media , coating and saturating
 Expand in new geographies and market adjacencies
 Increase our size, growth rate and portfolio diversification
through organic initiatives and M&A
 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
 Sizeable cash flow generation and conservative balance sheet
providing flexibility to pursue attractive opportunities
 Cash deployment to shareholders via dividend and share buybacks
 Return on Capital a key performance metric
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4. Segment Financial Trends
440 Net Sales $ million
OP% $429 0.145
430
$420 0.135
420 Currency
0.125
Impact Technical Products
410 0.115
400 $407 0.105  Growth led by filtration, labels and abrasives
9.2% 0.095
390 $384 8.0%
 Margins expanding with higher value mix, sales
0.085
380 7.6%
0.075
growth, cost efficiencies and pricing
370 0.065
360 0.055
2010 2011 2012
Net Sales $ millions
OP% $373 20.0%
19.0%
Fine Paper
$273 $275 18.0%
17.0%  Segment providing consistent and attractive
15.0%
13.6%
14.4%
16.0%
15.0%
profits, cash flow and returns on capital
14.0%
13.0%  Three years of top-line growth, boosted in 2012
12.0%
11.0% by acquisition of brands
10.0%
2010 2011 2012
Businesses able to grow and increase margins
despite rising input costs
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5. 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
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6. Success Factors
Ability to Meet Customer
Strong Intimacy
Specialized
Barriers and
Performance
to Entry Qualification
Requirements
Key technologies Long-standing relationships
 Multi-fiber forming capabilities  Global market-leading customers
 Saturation, coating and surface treatments
 Intricate qualification requirements
 Polymer chemistries
 Ongoing joint product development
 Innovative new products
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7. A Diversified Global Portfolio
Key Est.
Strategic
Customers/ Market
Priorities Growth
Filtration
Competitors
Mann & Hummel, Specialties Tape
 Higher value melt Mahle, Hengst
blown products 2x
Filtration  Internationalization Ahlstrom, Abrasives
GDP
 Market Adjacencies H&V
Sales by
Avery Dennison, Product Group
 Performance labels 3M, Saint-Gobain
Specialties  High-end wall cover GDP+
 Medical packaging Multiple based on
markets
3M, Shurtape, IPG,
 Differentiation via Alpha Beta, Tesa
Europe
Industrial saturating/coating
Backing- Tape  Optimize costs Wausau, Ahlstrom
RoW
Asia North
3M, St. Gobain, GDP
 Enter new America
Industrial Hangzhou Star,
adjacencies Starcke
Backing-  Follow customers in
Abrasives emerging markets
Ahlstrom, Munksjo Sales by
Geography
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8. Filtration:
A Platform for Growth
Neenah Net Sales
Transp. Filtration Transportation Filtration Core Growth
CAGR 8%
 Historically focused only 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 (2013 start-up)
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Global Transportation Filtration
Market Size and Share
Global Market ~ US $1 billion
Geographic Expansion Opportunities
 Global engine filter requirements
Other
continue to become more demanding NP
 Existing global customers desire for us to H&V
Ahlstrom
have an expanded geographic presence
Asia NAFTA Europe RoW
Source: company estimates
Life
HVAC Science
/Air
Process
Entry into New Adjacencies
Specialty & Food
filtration  Ability to leverage our technologies to enter into other
media markets
> $4 billion
Dust
Water
attractive filtration markets
Control
 Recent entry in beverage filtration (coffee capsule) and
Gas Transpo/
Turbine H. Duty industrial filter applications
Source: company estimates 8

9. Fine Paper
Graphic Imaging
Unique colors, textures and
finishes for identity, print
collateral, invitations,
advertising, and other high-
end commercial printing
Luxury Packaging
& Premium Label
Image-enhancing colors and textures
of premium folded cartons, box wrap,
bags, premium wine, beverage and
spirit labels, food labels, hang tags
Retail
Branded specialty papers sold to
consumers for school supplies,
posters, crafting, business and
resume papers, advertising and
promotions
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10. Success Factors
Value Share- Premium Papers
$650 million market
Others
10 Superior Asset
Leading Brands
Mohawk Base with a
and Supply Chain Neenah
30
60 Leading Cost
Capabilities
Position
Clear Market
Leadership
Powerful brands and tools Efficient Manufacturing Platform
 Brands known > 2:1 over competition,  Purpose-built assets considered
specified by printers and designers youngest in the industry
 Technology tools to drive demand and  Redundant capabilities, unique
improve supply chain efficiencies in our category with a variety of
texture and color
10

11. An Evolving Portfolio
Fine Paper $400
Sales Mix
$221
Successful growth post spin-off by Writing
Text & Cover
evolving mix and extending reach… Pkg/Label/Oth
Retail
Expanding in growing niches (luxury
packaging, premium label, scrapbooking)
2004 Today
Supply chain extension (Crane, envelopes,
electronic consumer print applications)
Products Customers/
New products (brights, digital) Crafts
Scrapbooking Retail Supply Chain
Premium
New channels (retail, internet) Brights
Labels Crane
Envelopes
Digital
Papers
New geographies Luxury
Packaging
Core
Writing,
Opportunistic brand acquisitions Text &
Cover
100% PCW
Packaging China
….. while gaining share and driving Durable
Europe South
America
Electronic
consolidation in our core markets Papers
Printing
Applications
Middle
East
Technology Geographies
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12. Platforms for Growth
Global Luxury Pkg
& Premium Label
Markets
 The global market for luxury packaging, $250 million
premium labels and retail solutions is
over $250 million and growing. Our
current share in this market is less than
15%, anchored by labels in North NP
America. Others
 Specialty retail papers (excl. copy paper) Retail Paper
$60
is a market of ~$150 million. Neenah Niche Markets
$50 > $150 million
sells to customers like Office Max,
$40
Staples, Michaels, and Target.
$30
 On January 31, 2013 we acquired $20
leading business paper brands from $10
Southworth, increasing our presence $0
and gaining distribution at Wal-Mart. Brights Craft Business Stationary
NP SW Acquisition Oppty Areas
Source: company estimates 12

13. Key Financial Objectives
 Consistent profitable growth
 16 consecutive quarters ahead of expectations
 Increasing Return on Capital
 Averaging over 150 bps per year since 2009
 Efficient capital structure
 Debt/EBITDA currently ~1.5x; ample financing availability
 Attractive shareholder returns
 Top quartile returns for Russell 2000 Value stocks 2010-2012
 Competitive and growing dividend
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14. Profitable Growth
% Change
Full Year 2012 vs. 2011 46%
$ millions 2010 2011 2012 36%
Sales $ 658 $ 696 $ 809
16%
Adj. EBIT1 52 59 80
Adj. E.P.S.1 $ 1.47 $ 1.91 $ 2.78 Sales Adj. EBIT Adj. E.P.S.
 Top line growth via share gains, new products, price/mix and 2012 acquisition
 Faster bottom line growth with margin improvement and debt reduction
 Cash deployed to support growth, reduce debt, increase dividend and buy shares
(1) Excludes one-time items for divestitures, integration and other costs as noted in GAAP table 14

15. Return on Capital
% Return on
Invested Capital 11%
9%
8%  Primary measure to evaluate investment
opportunities and judge business performance
 Key metric in compensation plans
 Delivering improvement through:
2010 2011 2012
 Profitable growth/margin expansion
Sales/Assets  Carefully managed assets/investments
1.4
1.2
1.3  Strategic moves (divest pulp, brand acquisitions)
 Exceeding double-digit levels
2010 2011 2012
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16. Capital Structure
Dec Dec Dec
$245
$ millions 2010 2011 2012
230 3.8
Bonds 7 3/8%
$ 223 $ 158 $ 90 3.45
(due Nov. 2014) $186 $182
180 3.1
2.8x
ABL - - 56 2.75
(due Nov. 2017)
130 2.4
Term Loan - - 30
2.0x Target
2.05
(amortized 5 yrs) Range
1.6x 1.5 – 2.5x
80 1.7
Germany 22 28 6
1.35
Debt $ 245 $ 186 $ 182
30 1
Interest Exp. $ 20 $ 16 $ 13 Dec 10 Dec 11 Dec 12
 Debt restructuring and reductions lowering interest expense. 2013 projected to decline to
$11 million, following Q4 2012 bond call
 Debt well within targeted capital structure range
 No short term liquidity events; ample flexibility and additional borrowing capacity
 Credit rating Ba3/BB
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17. Cash Deployment & Returns
Pro Forma Cash Flow $ millions Cash Generation
 Pro forma free cash flow of ~ $ 60 million
EBITDA $ 115  Moderate cap-ex needs (maint. of $10 mm/year)
with disciplined allocation process
Interest Expense (10)
 Favorable cash tax position (NOLs = $66 mm)
Other (tax, wkg cap, pension, etc..) (15-20)
Cash From Operations $ 85- 90 Cash Deployment
 Priority on organic growth and M&A; active
Capital Expenditures (25-30) process to identify and evaluate opportunities
 Debt reduction
Free Cash Flow $ 55 – 65
 $10 million stock repurchase plan
FCF per share > $3.50 
0.7 Competitive dividend
$0.60
0.6 Annual Dividend
per share
Substantial cash flows resulting in
0.5 $0.48
double-digit yields $0.44
$0.40
0.4
0.3 17
2010 2011 2012 2013

18. Investment Conclusions
 Leading positions in profitable specialty markets
 Track record of consistent momentum in sales and profits
reflecting successful execution of plans
 Sustainable, strong cash flows to support growth opportunities
and provide attractive returns to investors
 Sound capital structure and financial Consolidated
EBITDA
flexibility (U$ millions) $113
 Strategic focus on expanding in defensible $93
$86
and growing specialty markets, further from
historical “pulp & paper” positioning
 Attractive returns driven by organic growth,
events and cash return to shareholders 2010 2011 2012
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19. 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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20. GAAP Reconciliation
Continuing Operations
$ millions 2010 2011 2012
EBIT (Operating Income) $ 55.1 $ 56.6 $ 70.4
Ripon Mill Close/(Gain on Sale) (3.4)
Acquisition integration costs 5.8
Other1 2.4 4.1
Adjusted EBIT $ 51.7 $ 59.0 $ 80.3
Depreciation & Amortization 29.7 30.0 28.0
Amort. Equity-Based Compensation 4.9 4.3 4.9
EBITDA $ 86.3 $ 93.3 $113.2
Earnings (Loss) per Share $ 1.61 $ 1.82 $ 2.41
Ripon Mill Close/(Gain on Sale) (0.14)
Acquisition integration costs 0.22
Other1 0.09 0.15
Adjusted Earnings per Share $ 1.47 $ 1.91 $2.78
1 Includes in 2011 ($0.09) and 2012 ($0.02) cost of early redemption of bonds, and in 2012 ($0.13) SERP settlement
charge
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21. 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
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