Neenah IR Presentation November 2014

2. Image-oriented
high-end textured and colored graphic papers
End Markets: premium print communications, luxury packaging and premium labels, crafting
Manufacturing in
the U.S.
Fine Paper
Technical Products
2
Specialty, performance-based products
End Markets: filtration, industrial backings, labels and other specialties
Manufacturing in Germany and the U.S.
~$900+ million
net sales

3. $384
$421
$407
$416
$455
7.6%
8.0%
9.2%
9.3%
10.4%
5.0%
8.0%
11.0%
320
330
340
350
360
370
380
390
400
410
420
430
440
450
460
2010
2011
2012
2013
LTM Sept' 14
Net Sales
OP %
3
Technical Products
Top-line reflects growing markets and share gains; largest category is filtration media
Margins expanding with higher value mix, volume-driven growth and cost efficiencies
Further opportunities to grow in new markets and geographies, organically & through M&A
$273
$275
$373
$402
$409
13.6%
14.4%
15.0%
15.0%
14.8%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
-20
80
180
280
380
480
2010
2011
2012
2013
LTM Sept'14
Net Sales
OP %
2010
2011
2012
Fine Paper
Growing organically despite challenging market via share gains and premium packaging
Maintaining attractive margins, cash flow and returns on capital
Highly accretive brand acquisitions in 2012 and 2013 further boosting growth and returns
2013
2010
2011
2012
2013
LTM
Q3 14
LTM Q3 14

4. Lead in profitable, defensible niche markets
Increase or retain our positions in core markets that can provide us with leading positions and value performance or image
Strong margins with pricing expected as a sign of defensibility
Increase presence in growing categories through capital efficient organic initiatives and value adding M&A
Invest behind high value performance and image-driven products (e.g. filtration, premium packaging, performance media)
Allocate resources to expand in new geographies and market adjacencies
Supplement organic growth with value-adding acquisitions in strategic markets that leverage our unique capabilities
Deliver consistent, attractive returns
Continual improvement in efficiencies to drive financials “up and to the right”
Return on Capital a key performance and decision-making metric
Increased cash returns to shareholders primarily through an attractive dividend
4

5. 5
Filtration
Specialties
Backings
High-performance filtration media for transportation, water and other markets
Includes labels, non- woven wall cover, medical packaging, durable print media and other markets
Saturated and coated backings for specialized abrasives and tapes
Filtration 45%
Specialties 25%
Backings 30%

6. 6
Key technologies
Multi-fiber forming capabilities
Polymer chemistries
Saturation, coating and surface treatments
R&D facilities in U.S. and Germany
Ability to Meet Specialized Performance Requirements
Customer Intimacy
and
Qualification
Long-standing relationships
Global market-leading customers
Intricate qualification requirements
Ongoing joint product development
Filtration
Specialties
Backings
New Product Sales (% launched within 36 months)
17%
19%
18%
2011
2012
2013
Innovative New Next Generation Products

7. 7
Strategic
Priorities
Est. Market Growth
Geography
Filtration
(transportation, water, other)
Invest and grow through
High performing products
Geographic expansion
New market adjacencies
2x
GDP
Specialties
(labels, durable print media, NW wall cover, others)
Grow and optimize mix
Performance labels
Durable print applications
Non-woven wall cover
Others (medical packaging, image transfer, industrials)
GDP+
Backings- Tape
Differentiate with specialized products via saturating/coating
Work with customers to develop solutions/unique products
GDP
Backings- Abrasives
Enter new adjacencies
Follow global customers
Europe
NAFTA
Asia/ RoW
Europe
NAFTA
Asia/ RoW
Europe
NAFTA
Asia/ RoW

8. '03
'04
'05
'06
'07
'08
'09
'10
'11
'12
'13
LTM
Q3 14
Asia
NAFTA
Europe
RoW
Other
NP
H&V
Ahlstrom
Global Transportation Filtration Market Size and Share
Global Market ~ US $1 billion
Grow Core Transportation Filtration
Leader in European market (fuel, oil, engine & cabin air). Sales to OEMs and aftermarket (70+%)
Growing share with focus on higher value products and new adjacencies
Geographic Expansion
Global engine filter requirements continue to become more demanding
Existing global customers desire for us to have an expanded geographic presence
The large and developed NAFTA market represents a logical priority for expansion
8
Net Sales CAGR 9%
Source: company estimates

9. Transaction Summary
• Acquired 100% on July 1 for $72 million
(including $8 mm tax benefit)
• Almost $50 mm of sales; non-dilutive to
existing mid-teen EBITDA margins
• One-time deal/integration costs of $2-$3
million in second half of 2014
Strategic Fit and Benefits
 Expands into adjacent, high-growth
filtration media markets that value
performance, with leading share positions
and strong customer relationships
 Establishes US filtration expertise and
manufacturing base with available
capacity for growth
 Adds new wetlaid nonwoven
technologies/processes with potential to
leverage filtration knowledge to pursue
additional market opportunities
9
Craneglas:
• Wetlaid glass
media
• ~33% of revenue
Beverage Filtration
Micro/Ultrafiltration
(6-12% growth)
Water Filtration
Reverse Osmosis
(8-10% growth)
Environmental
(4-5% growth)
Energy
Management
(3-4% growth)
Thermal & Acoustical
Insulation
(2-3% growth)
Cranemat:
• Wetlaid polyester
media
• ~67% of revenue
Products End Markets

10. 10
Specialty Retail
Graphic Imaging
Premium
Packaging
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, hang tags and wine, spirit and food labels
Graphic 70%
Pkg 10%
Retail 20%

11. 11
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
Widely distributed at major retailers
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

12. Global Packaging Market $42 Billion
Premium Packaging Market
$2 bn (5%)
Near Term Targeted $300 Million (<1%)
Global market, growing 3-5% $2 billion premium market; $300 million addressable market identified; currently fragmented
12
$300 Million
Trade-up
non-premium
James
Cropper
Design Pkg
Monadnock
Fibermark
Converters
Arjo
Fedrigoni
Cordenons
Neenah

13. Cosmetics & Fragrance
Alcohol
Electronics
Retail
Cosmetics / Fragrance
•3% forecast CAGR driven by demographics and emerging economies
•High value packaging; helps drive purchase decision
Alcohol
•6% forecast CAGR driven by increased specialty spirits
•Spirits customers focused on packaging as point of differentiation and “premium” positioning
•Build off historical strength in wine business
Electronics
•12% forecast CAGR driven by mass adoption; new emerging product categories such as wearables
•Packaging valued after purchase; brand building (unboxing) helps buyer feel good about purchase
High End Retail
•3%+ forecast CAGR
•Packaging creates premium impression; builds brands
3%
24%
20%
11%
Cosm /
Frag
Alcohol
Electronics
Retail
2014 Est Neenah Market Share
13
$300 million market

14. 14
Consistent and profitable growth
Return on Capital focused
Efficient capital structure
Attractive shareholder returns, with a meaningful cash component

15. 15
$ millions
2010
2011
2012
2013
LTM Q3 14
% YTD
14 vs. 13
Sales
$ 658
$ 696
$ 809
$ 845
$ 891
7%
Adj. EBIT1
52
59
80
85
96
17%
% ROS
7.9%
8.5%
9.9%
10.1%
10.8%
Adj. E.P.S.1
$ 1.47
$ 1.91
$ 2.78
$ 2.93
$3.31
18%
(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
$1.47
$1.91
$2.78
$2.93
$3.31
2010
2011
2012
2013
LTM
Q3 14
Adjusted E.P.S.
Full Year
8%
17%
23%
0
0.05
0.1
0.15
0.2
0.25
Sales
Adj. EBIT
Adj. E.P.S
% Growth 2010-2014

16. 8%
9%
11%
12%
12%
2010
2011
2012
2013
LTM
Q3 14
16
Delivering improvements through:
Profitable growth/margin expansion
Focus on asset efficiency
Disciplined capital spending/good returning projects
Strategic moves (divest pulp, capital-efficient acquisitions)
WACC
~ 8%
Primary measure to evaluate investments, judge business performance
and also a key metric in management compensation plans

17. $245
$186
$182
$212
$186
2.8x
2.0x
1.6x
1.8x
1.4x
1
1.5
2
2.5
3
3.5
0
50
100
150
200
250
300
350
Dec 10
Dec 11
Dec 12
Dec 13
Sep 14
17
$ millions
Dec
2010
Dec
2011
Dec
2012
Dec
2013
Sep
2013
Bonds 5.25%
(due Nov. 2021)
$ 223
$ 158
$ 90
$ 175
$ 175
ABL
(due Nov. 2017)
-
-
56
-
-
Term Loan
-
-
30
-
-
Germany
22
28
6
37
11
Debt
$ 245
$ 186
$ 182
$ 212
$ 186
Cash
$ 48
$ 13
$ 8
$ 73
$ 24
Ample flexibility and borrowing capacity; debt currently below targeted range
May 2013 bond refinancing reduced interest rate from 7.375% to 5.25%
Debt rating on bonds upgraded to Ba3/BB- in May 2013
NTM acquisition on July 1, 2014 for $72 million (financed with available cash)
Debt/Net Debt
($ millions)
Targeted
Debt/EBITDA
Range
2.0x – 3.0x
Cash

18. $0.40
$0.44
$0.48
$0.60
$0.80
$0.96
$1.08
0
0.2
0.4
0.6
0.8
1
1.2
18
Pro Forma Cash Flow
($ millions)
EBITDA
$ 130
Interest Expense
(10)
Other
(tax, wkg cap, pension, etc.)
(20 - 25)
Cash From Operations
$ 95 - 100
Capital Spending (3-5% sales)
(30 - 45)
Free Cash Flow
$ 50 – 70
Cash Deployment
Priority on highest returning investments
Organic initiatives
Value-adding M&A
Increased dividends (more than doubled since 2012); moving towards targeted 3% yield
Stock repurchase plan of $25 million
Annual Dividend
(per share)
2010
2011
2012
2013
2H
2013
1H
2014 1H
2014 2H
Cash Generation
Strong operating cash flows from businesses
Pension plan well funded
Efficient cap-ex with only $10 – 12 mm/year for sustaining; remainder value-adding projects

19. 19
Performance-based and aligned with shareholders
All incentive plans are tied to performance achievement
Short-term bonus metric: growth in business profit/EBITDA
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)
Performance share metrics based equally on:
Return on Capital improvement
Revenue growth
Free cash flow (as a % of sales)
Total shareholder return (versus Russell 2000 value index)

20. Active process with dedicated resources
Focused on performance-oriented markets that are growing and offer profitable, defendable niches (filtration, performance media, premium packaging, etc…)
May include bolt-ons as well as targets that broaden growth platform
Strategic Growth
Touch points
Geographies
Technologies
Products/
End Markets
Customers
Value-adding, with returns above risk-adjusted cost of capital
Demonstrated track record and competency in deal execution and integration to capture value
Debt-financed within targeted capital structure range
20

21. 21
Sustainable, strong cash flows and sound capital structure providing flexibility to pursue value adding opportunities
Attractive shareholder returns resulting from organic growth, strategic activities and increasing cash return to shareholders
Despite our name, strategy focused on expansion in growing specialty markets, further from historical “paper” positioning
$86
$93
$113
$119
$131
2010
2011
2012
2013
LTM
Q3 14
Consolidated
Adjusted EBITDA
(U$ millions)
Leading positions in defensible and profitable niche markets with attractive margins and opportunities for growth
Consistent record of growth in sales, profits and ROIC with successful execution of plans

22. 22
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

23. 23
Continuing Operations
$ millions
2010
2011
2012
2013
LTM
Q3 14
EBIT (Operating Income)
$ 55
$ 57
$ 70
$ 84
$ 94
Ripon Mill Close/(Gain on Sale)
(3)
Acquisition integration costs
6
1
2
Other1
2
4
Adjusted EBIT
$ 52
$ 59
$ 80
$ 85
$ 96
Depreciation & Amortization
29
30
28
29
30
Amort. Equity-Based Compensation
5
4
5
5
5
Adjusted EBITDA
$ 86
$ 93
$ 113
$ 119
$ 131
Earnings (Loss) per Share
$ 1.61
$ 1.82
$ 2.41
$ 2.96
$ 3.23
Ripon Mill Close/(Gain on Sale)
(0.14)
Acquisition integration costs
0.22
0.02
0.08
R&D Tax Credit
(0.08)
Other1
0.09
0.15
0.03
Adjusted Earnings per Share
$ 1.47
$ 1.91
$ 2.78
$ 2.93
$ 3.31
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 .

24. 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.
24

25. 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
25