2. Technical Products
Fine Paper
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
~$850+ million
net sales
End Markets: premium
print communications,
luxury packaging, crafting
and premium labels
Manufacturing in
the U.S.
2

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 higher value performance and image-driven products (e.g.
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. Technical Products
430
420
410
400
390
380
370
360
350
340
330
320
Net Sales
OP %
$421
$407
480
$416
11.0%
$384
9.2%
7.6%
Fine Paper
8.0%
8.0%
2010
180
$273
13.6%
$402
14.4%
2011
2011
2012
2012
2013
2013
-20
30.0%
25.0%
20.0%
$275
15.0%
15.0%
15.0%
10.0%
80
5.0%
2010
$373
380
280
9.3%
Net Sales
OP %
5.0%
2010
2010
2011
2011
2012
2012
2013
0.0%
2013

Growth led by filtration, labels and abrasives


Margins expand with higher value mix, sales
gains, cost efficiencies and price
Consistent and attractive profits, cash flow
and returns on capital

Market leading position with a 60% North
America market share

Three years of top-line growth, boosted by
brand acquisitions and double-digit gains in
luxury packaging & premium label

2012 reflecting weaker Euro

Further growth is expected to come from
attractive opportunities in new markets and
expanding end markets
4

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

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

7. Strategic
Priorities
Filtration
Specialties
Industrial
Backing- Tape
Industrial
BackingAbrasives
Attractive growth through
 Higher value melt blown products
 Internationalization
 New market adjacencies
Growth and mix optimization
 Performance labels
 Non-woven wall cover
 Durable print applications
 Others (medical packaging, image
transfer, industrials)
Est.
Market
Growth
2x
GDP
Europe
Asia/
RoW
North
America
Europe
GDP+
 Differentiate via saturating/coating
 Optimize costs
 Enter new adjacencies
 Follow customers in emerging
markets
Geography
Asia/
RoW
North
America
Europe
GDP
Asia/
RoW
North
America
7

8. Grow Core Transportation Filtration
 Leader in European market (fuel, oil, engine &
cabin air). Sales to OEMs and aftermarket (70+%)
Net Sales
CAGR: 8%
 Growth in higher value products and new
adjacencies requiring third melt blown line
'03
'04
'05
'06
'07
'08
'09
'10
'11
'12
'13
Global Transportation Filtration Market Size and Share
Global Market ~ US $1 billion
Geographic Expansion Opportunities
Other
NP
H&V
Ahlstrom
 Global engine filter requirements continue
to become more demanding
 Existing global customers desire for us to
have an expanded geographic presence
Asia
NAFTA
Europe
RoW
Source: company estimates
Entry into New Adjacencies
 Recent entry in beverage (coffee capsule)
and industrial filter applications
 Ability to leverage our technologies to enter
into other attractive filtration markets
Gas
Turbine
Dust
Life
Control
Sciences
Water
Process &
Food
HVAC/Air
Transport
/H. Duty
Specialty filtration
media markets
> $4 billion
Source: company estimates
8

9. Graphic
Imaging
Luxury Packaging &
Premium Label
Retail
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
Branded specialty
papers sold to
consumers for school
supplies, posters,
crafting, business and
resume papers,
advertising and
promotions
9

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

11. Premium Label
Luxury Packaging
 The global market for luxury packaging,
premium labels and retail solutions is over $2
billion and growing 3-5%/year with a short term
addressable market of $300 million. Our current
share in this market is less than 15%, anchored
by labels in North America.
kindle
Specialty Retail
 Neenah is now widely
distributed with major retailers
 Opportunities for additional
distribution and products
within existing channels, as
well as new ones
11

12. Performance-based and aligned with shareholders
 All incentive plans are tied to performance achievement
 Approximately 50% of pay is equity-based (options and performance
shares) and management is required to hold a multiple of base salary
in Neenah stock (for example CEO = 6x)
 Short-term bonus metric: growth in business profit/EBITDA
 Performance share metrics based equally on:
 Return on Capital
 Revenue growth
 Free cash flow as a % of sales
 Total shareholder return (top half of Russell 2000 value index)
12

13.  Consistent profitable growth
 Return on Capital focused
 Efficient capital structure
 Attractive shareholder returns, including a cash component
with a dividend yield of 3-4%
13

14. Full Year
2010
$ millions
Sales
$ 658
Adj. EBIT1
% ROS
Adj. E.P.S.1
2011
$ 696
2012
$ 809
2013
$ 844
52
59
80
85
7.9%
8.5%
9.9%
$ 1.91
% Chg
’13 vs ‘12
$2.78
4%
$1.47
$2.93
2012
2013
$1.91
10.1%
$ 1.47
Adjusted E.P.S.
$ 2.78 $ 2.93
6%
5%
2010
2011
(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 acquisitions
 Faster bottom line growth via margin improvement and debt reduction
 2013 E.P.S. reflects higher tax rate due to increased cash repatriation $0.18/share
14

15. Primary measure to evaluate investment opportunities and judge business
performance and a key metric in compensation plans
12%
12%
2012
2013
9%
WACC
8%-10%
8%
2010
2011
Delivering improvement through:
 Profitable growth/margin expansion
 Focus on asset efficiency
 Disciplined capital spending/good returning projects
 Strategic moves (divest pulp, brand acquisitions)
15

16. $ millions
Bonds
(due Nov. 2021)
ABL
(due Nov. 2017)
Term Loan
(amortized 5 yrs)
Germany
Dec
2010
$ 223
Dec
2011
$ 158
Dec
2012
$ 90
Dec
2013
$ 175
250
$245
-
-
56
($ millions)
3.5
$212
$186
200
-
$182
2.8x
$73
-
-
30
-
$139
100
22
28
6
$ 186
$ 182
$ 212
Cash
$ 48
$ 13
$8
$ 73
Interest Exp.
$ 20
$ 16
$ 13
$ 11
Cash
Target
Debt/EBITDA
2
2.0x – 3.0x
2.0x
37
$ 245
3
2.5
150
Debt
(rolling 12 months)
Debt
300
1.8x
50
1.6x
0
1.5
1
Dec 10
Dec 11
Dec 12
Dec 13
 Ample flexibility and borrowing capacity; debt currently below targeted range
 May 2013 bond refinancing reducing interest rate from 7.375% to 5.25%
 Debt rating on bonds upgraded to Ba3/BB As of December 2013, Net Debt/EBITDA = 1.2x
16

17. Pro Forma Cash Flow
($ millions)
EBITDA
Interest Expense
Other
(tax, wkg cap, pension, etc.)
Cash From Operations
$ 120
(10)
(20-25)
$ 85-90
Capital Expenditures
(25-30)
Free Cash Flow
$ 55–65
FCF per share
> $3.50
Substantial cash flows representing
attractive yields
Cash Generation
 Pro forma free cash flow of ~ $ 60 million
 Moderate cap-ex needs (maint ~ $10 mm/year)
 Favorable cash tax position (NOLs = $33 mm – Q413)
Cash Deployment
 Priority on growth (organic and M&A)
 Attractive dividend; moving to targeted 3-4% yield
 Opportunistic $10 million stock repurchase plan
1.2
1
0.8
0.6
0.4
0.2
0
Annual Dividend
(per share)
$0.96
$0.80
$0.60
$0.40
2010
$0.44
2011
$0.48
2012
2013
1H
2013
2H
2014
1H
17

18.  Active process with dedicated
resources
 Focused on performance-oriented
markets that are growing and offer
profitable, defendable niches (filtration,
labels, luxury packaging, etc…)
 May include bolt-on acquisitions as well
as targets that provide a broader
platform for future growth
Products/
End Markets
Technologies
Customers
Geographies
Strategic Growth
Touch points
 Value adding, with risk-adjusted DCF returns above cost of capital
 Likely debt-financed within our targeted capital structure range
18

19. Revenue CAGR %
(2009 – 2013)
EV(Jan 31)/
2014E EBITDA
EBIT Margins %
(2013)
8.2x
10
10
8
3
NP
6.9x
Paper Group
NP
Capex % Sales
(2010-2013)
% Returns
(2013)
NP
5
3
NP
Paper Group
Paper Group
2
ROA
Paper Group
P/E (2014E)
21
8
NP
Paper Group
5
ROE
15.3
15.28
15.26
15.24
15.22
15.2
15.18
15.16
15.14
15.12
15.1
15.08
15.06
15.04
15.02
15
14.98
14.96
14.94
14.92
14.9
14.88
14.86
14.84
14.82
14.8
14.78
14.76
14.74
14.72
14.7
14.68
14.66
14.64
14.62
14.6
14.58
14.56
14.54
14.52
14.5
14.48
14.46
14.44
14.42
14.4
14.38
14.36
14.34
14.32
14.3
14.28
14.26
14.24
14.22
14.2
14.18
14.16
14.14
14.12
14.1
14.08
14.06
14.04
14.02
14
15.3x
NP
15.2x
Paper Group
19

20.  Leading positions in profitable specialty
markets with attractive margins
Consolidated
Adjusted EBITDA
 Track record of consistent momentum in
sales and profits reflecting successful
execution of plans
(U$ millions)
$113
 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
$119
$93
$86
2010
2011
2012
2013
 Attractive returns driven by organic growth,
strategic events and cash return to shareholders
20

21. For more information
Investor Relations
visit our website: www.neenah.com
email: investors@neenah.com
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
21

22. Continuing Operations
$ millions
EBIT (Operating Income)
Ripon Mill Close/(Gain on Sale)
Acquisition integration costs
Other1
Adjusted EBIT
2011
$ 56.6
2012
$ 70.4
2013
$83.8
$ 51.7
2.4
$ 59.0
5.8
4.1
$ 80.3
0.6
0.7
$ 85.1
29.7
4.9
30.0
4.3
28.0
4.9
28.5
4.9
Adjusted EBITDA
$ 86.3
$ 93.3
$ 113.2
$ 118.5
Earnings (Loss) per Share
Ripon Mill Close/(Gain on Sale)
Acquisition integration costs
R&D Tax Credit
Other1
Adjusted Earnings per Share
$ 1.61
(0.14)
$ 1.82
$ 2.41
$ 2.96
0.22
0.02
(0.08)
0.03
$ 2.93
Depreciation & Amortization
Amort. Equity-Based Compensation
2010
$ 55.1
(3.4)
$ 1.47
0.09
$ 1.91
0.15
$ 2.78
1 Results
for year ended December 31, 2011 includes $2.4 million of costs related to the early extinguishment of debt, results for the year
ended December 31, 2012, include a supplemental executive pension plan settlement charge of $3.5 million and costs related to the
early extinguishment of debt of $0.6 million, results for the year ended December 31, 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 .
22

23. 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.
23

24. 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
24