The document provides an overview of Neenah Paper, Inc. (NP) which has two business segments: Technical Products and Fine Paper. Technical Products produces specialty and performance-based products for filtration, industrial backings, and labels. Fine Paper produces premium textured and colored papers for print communications, packaging, and crafting. NP pursues growth through leading niche markets, increasing portfolio diversification, and delivering consistent returns. Key investment drivers include leading market positions, pricing power, a recent brand acquisition providing growth, and strong cash flow generation.

1. NYSE: NP
2012 KEYBANC
Basic Materials & Packaging Conference
Boston
September 12, 2012

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
 Premium textured and colored papers
 End markets: high-end print communications,
luxury packaging, crafting and premium labels
Pro Forma Net Sales
$800 million  Manufacturing in the U.S.
2

3. Strategy Summary
 Lead in profitable, specialty niche markets
 Increase portfolio growth rate & diversification
 Deliver consistent attractive returns
 Grow business platform with filtration as an
Technical important foundation
Products
 Improve margins to double digit levels
 Pursue growth in niches that value image:
Fine Paper Premium label, luxury packaging, retail, international
 Maintain superior financial returns
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4. Investment/Value Drivers
 Leading positions in profitable markets with opportunity to expand
into new geographies and adjacencies
 Pricing power to counter input cost variability
 Recent brand acquisition providing step change in returns and a
catalyst for future growth
 Sizeable cash flow generation and financial strength to pursue new
opportunities and deliver shareholder returns
 Successful track record of execution
4

5. Financial Momentum
First Half % Change
% Change 57%
$ millions 2010 2011 2011 vs. 2010 2011 2012 1H 11 vs.12
30% 40%
Sales $ 658 $ 696 $ 356 $ 410
EBIT1 52 59
13%
33 46
15%
E.P.S.1 $ 1.47 $ 1.91 6% $ 1.03 $ 1.62
Return on Sales EBIT E.P.S. Sales EBIT E.P.S.
Capital 8% 9% 8% 11%
 Top line growth via share gains, new products, price/mix and 2012 acquisition
 Faster bottom line growth with margin improvement and lower debt costs
 Return on Capital now surpassing double-digit levels
 Cash deployed to support growth, reduce debt, increase dividends and buy shares
(1) Excludes one-time items for divestitures, integration and other costs as noted in appendix 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
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7. A Diversified Global Portfolio
Key Est.
Strategic
Customers/ Market
Priorities Growth Filtration
Competitors
Mann & Hummel,
• Higher value products Specialties Tape
Mahle, Hengst
• Internationalization 2x
Filtration • New Adjacencies Ahlstrom, Abrasives
GDP
• Lead in innovation H&V
Sales by
• Grow in performance Avery Dennison,
Product Group
labels 3M, Saint-Gobain
Specialties • Focus on high end GDP+
NW wall cover Multiple based on
markets
3M, Shurtape, IPG,
• Differentiate in tape Alpha Beta, Tesa Europe
Industrial via saturating/coating GDP
Backing- Tape • Optimize costs Wausau, Ahlstrom
RoW
Asia North
3M, St. Gobain,
America
Industrial Hangzhou Star,
• New adjacencies Starcke
Backing- • Emerging markets
GDP
Abrasives Ahlstrom, Munksjo
Sales by
Geography
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8. Success Factors
Specialized Strong Customer
Performance Barriers Intimacy
Requirements to Entry and Qualification
Key NP 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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9. Filtration:
A Key Platform for Growth
Neenah Net Sales Transportation Filtration Core Growth
Transp. Filtration
 Historically focused only in European auto filtration
CAGR 8%
(fuel, oil, engine & cabin air)
 Known for innovation, quality and customer support
 Growth in higher value products and new adjacencies
supporting recently approved third melt blown line
2003 2004 2005 2006 2007 2008 2009 2010 2011
Global Transportation Filtration
Market Size and Share
Geographic Expansion Opportunities Global Market ~ US $1 billion
 Global engine filter requirements
Other
continue to become more demanding NP
 Existing global customers would like us to H&V
Ahlstrom
have an expanded geographic presence
NAFTA Asia Europe So. Amer. RoW
Source: company estimates
Life
HVAC Science
Specialty /Air Process
& Food
Entry into New Adjacencies
filtration
media markets
Dust
 Ability to leverage our technologies and assets to
> $4 billion Water
Control enter into other attractive filtration markets
Gas Transpo/  Recent entry into beverage filtration (coffee capsule)
Turbine H. Duty
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10. Fine Paper
Graphic Imaging
Unique colors, textures and
finishes for identity, print
collateral, invitations,
advertising, and envelopes
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
Brights
Deep , rich, vivid colors and
textures for flyers, posters,
school supplies, crafting,
direct mail advertising and
promotions
10

11. Success Factors
Others
10
 Leading brands specified by designers and printers NP
Mohawk
with selective distribution and strong pricing power 30
Neenah
60
 Highest quality with a wide palette of colors and
textures to serve specialized high-end print needs
Value Share- Premium Papers
$650 million market
 Leading cost position with purpose-built assets Source: company estimates
that are efficiently utilized
 Supply chain and technology tools to help customers
optimize performance and grow share with Neenah
Clear leader in a
consolidated market
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12. Evolving & Extending Portfolio
NP Fine Paper Sales Mix Evolution
$375
Neenah has outperformed the market by $292
evolving our mix and extending our reach… $221
 Leading industry consolidation
 Entry into growing niches (luxury packaging, 1996 2004 Today
premium label, scrapbooking) Writing Text & Cover Pkg/Label/Oth
 Supply chain extension (Crane, envelopes,
electronic consumer print applications) Customers/
Products
Supply Chain
 New products (brights, digital) Crafts
Scrapbooking Retail
 New channels (retail) Brights Premium
Labels Crane
Digital Envelopes
 New geographies Papers
Luxury Core
Packaging
Writing,
Text &
…..while continuing to gain share in 100% PCW
Cover
China
our core markets Packaging
Europe South
Durable America
Papers Electronic Middle
Printing East
Applications
Technology Geographies
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13. Creating Value
Wausau Brand Purchase (Jan-12)
Transaction Summary
 Paid ~$20 million for selected brands
 Acquired sales of over $100 million/yr
 No dilution in attractive mid-teen EBIT margins
 One-time 2012 cash integration costs of $7 million
WP
Strategic Rationale and Value Drivers New Category
WP WTC
(Brights)
Brights 6%
 Increased share in core markets and provided entry
14% NP
into new category (brights) and channel (retail) Other Brights WTC
 Ability to utilize existing assets/infrastructure to 5% 40%
drive manufacturing and SG&A efficiencies Other
WTC
 Future growth opportunities through retail 35%
 Compelling financial returns
Premium Fine Papers
Market Size & Shares
(~$650 mm)
Source: company estimates 13

14. Retail:
A New Platform for Growth
Retail
 Represents only 15% of sales, NP Sales
with meaningful positions at By Channel
large customers like Office Max, Direct Merchant
Staples, Michaels and Target
 Specialty retail papers (excluding
copy paper) represents a market $60 Retail Paper
of approximately $150 million $50
Niche Markets
> $150 million
 Neenah today sells primarily $40
brights, but has capability to $30
produce other specialty retail $20
paper products $10
$0
Brights Craft Resume Stationary
Other NP
Source: company estimates
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15. Key Financial Objectives
 Consistent profitable growth
 14 consecutive quarters ahead of expectations
 Increasing Return on Capital
 Averaging over 150 bps per year since 2009
 Efficient capital structure
 Debt/EBITDA of approximately 2x
 Attractive shareholder returns
 NP returns in top quartile of Russell 2000 Value in 2010 and 2011
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16. Profitable Growth
Net Sales
OP%
$421
Currency $425 Technical Products
$384
Impact $415
$318 7.6% 8.0%
9.3%  Growth led by filtration, labels and other
4.6% higher growth categories
 Margins expanding with higher value mix,
sales growth, cost efficiency and pricing
2009 2010 2011 TTM Q2  Moving to targeted double-digit margins
Net Sales
OP%
$322 Fine Paper
$273 $275
$256  Third consecutive year of sales growth;
14.2% 13.7% 14.4% 14.7% with boost in 2012 from acquisition
 Consistent and attractive profits, cash
flow and return on capital
2009 2010 2011 TTM Q2  Delivering promised value from WP purchase
Pricing power in both business to mitigate input cost
variations and deliver consistent returns
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17. Return on Capital
% Return on
Invested Capital 11%
9%  Primary measure to evaluate
8%
investment opportunities and judge
6%
business performance
 Key metric in compensation plans
2009 2010 2011 Q212
TTM  Delivering improvement through:
 Profitable growth/margin expansion
Sales/Assets
1.3 1.3  Carefully managed assets/investments
1.2
0.9  Strategic moves (divest pulp, WP purchase)
 Exceeding double-digit levels
2009 2010 2011 TTM Q2
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18. Capital Structure
Debt and
Dec Dec June Debt/EBITDA
$245
$ millions 2010 2011 2012
Bonds 7 3/8%
$ 223 $ 158 $ 148
(due Nov. 2014)
4.6x $203
$186
ABL - - 43
(due Nov. 2015)
Target
Germany 22 28 12 2.8x 1.9x Range
1.5 – 2.5x
Debt $ 245 $ 186 $ 203
Dec 10 Dec 11 June 12
 Bond calls in Mar-11 and Apr-12 reducing debt and interest expense
 Now well within targeted capital structure range
 No short term liquidity events; adequate flexibility for additional borrowing
 Credit rating Ba3/BB
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19. Cash Deployment &
Shareholder Returns
Pro Forma Cash Flow $ millions
 Substantial free cash flow generation
EBITDA (pre WP brand purchase) $ 95
 Moderate capital spending with available
Addtl w/brands ($100 mm x 15%) 15
capacity for growth
Interest Expense (15)
 Favorable cash tax position (NOLs = $80 mm)
Other (tax, wkg cap, pension, etc..) (20)
 $10 million stock repurchase plan (May 2012)
Cash From Operations $ 75
Capital Expenditures (30)  Competitive dividend with room to grow
Free Cash Flow $ 45
Annual Dividend $0.48
per share
FCF per share ~ $3.00
$0.44
$0.40
Double-digit cash flow yields
2010 2011 2012
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20. Investment Conclusions
 Leading positions in profitable specialty markets with barriers to entry
 Momentum in sales and profits reflecting successful execution of plans
 Sustainable, strong cash flows to support growth and provide attractive
investor returns
$107
 Sound capital structure and financial flexibility
Consolidated
EBITDA $93
 Wausau brand acquisition increasing results (U$ millions) $86
and providing opportunities for future growth
 Strategic focus on continued expansion in $68 $70
defensible specialty markets further from
historical “pulp & paper” positioning
2008 2009 2010 2011 2012
TTM
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21. 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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22. GAAP Reconciliation
Continuing Operations
$ millions 2009 2010 2011 1H 2012
EBIT (Operating Income) $ 16.4 $ 55.1 $ 56.6 $ 38.2
Ripon Mill Closure/(Gain on Sale) 17.1 (3.4)
Integration Costs 4.4
Other1 2.4 3.5
Adjusted EBIT $ 33.5 $ 51.7 $ 59.0 $ 46.1
Depreciation & Amortization 31.9 29.7 30.0 14.6
Amort. Equity-Based Compensation 4.7 4.9 4.3 3.0
EBITDA $ 70.1 $ 86.3 $ 93.3 $ 63.7
Earnings (Loss) per Share $ (0.12) $ 1.61 $ 1.82 $ 1.32
Ripon Mill Closure/(Gain on Sale) 0.76 (0.14) - -
Integration Costs - - - 0.17
Other1 0.12 - 0.09 0.14
Adjusted Earnings per Share $ 0.76 $ 1.47 $ 1.91 $ 1.63
1 Includes refinancing and tax costs in 2009-11 and pension settlement charge in 2012
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23. 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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