This document discusses two divisions of a company - Fine Paper and Technical Products. Fine Paper produces graphic and premium packaging papers. Technical Products produces specialty, performance-based products for filtration, industrial backings, and labels. Together the divisions generated over $900 million in net sales annually. Both divisions have grown organically in recent years through new products and market share gains.

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 PaperTechnical 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
$438
7.6% 8.0%
9.2% 9.3%
10.1%
5.0%
8.0%
11.0%
320
330
340
350
360
370
380
390
400
410
420
430
440
2010 2011 2012 2013LTM June' 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 $410
13.6%
14.4% 15.0% 15.0% 14.4%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
-20
80
180
280
380
480
2010 2011 2012 2013LTM June'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
20132010 2011 2012 2013 LTM
Jun’14
LTM
Jun’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 and pricing power 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%
Specialty
26%Backings
29%

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
North
America
Asia/
RoW
Europe
North
America
Asia/
RoW
Europe
Americas
Asia/
RoW

8. '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 LTM
Jun'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 8%
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/integrations 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
 Adds new wetlaid nonwoven
technologies/processes with potential to
leverage filtration knowledge to pursue
added opportunities
 Establishes US filtration expertise and
manufacturing base with available
capacity for growth
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
EU NA Asia SA ROW
Trans
Water
Enviro
Food/Bev
Air
Indust.
Other
EU NA Asia SA ROW
Trans
Water
Enviro
Food/Bev
Air
Indust.
Other
Strong filtration business concentrated in
transportation and Europe
Geographic and market diversification;
new technologies
Global filtration media provider for
multiple end-markets
Base
Today with NTM
Future
Dust
Control
Transport/H.
Duty
HVAC/Air
Process &
Food
Water
Life
Sciences
Gas Turbine
Specialty filtration
media markets
> $4 billion
Source: company estimates
+ EU NA Asia SA ROW
Trans
Water
Enviro
Food/Bev
Air
Indust.
Other
Key
Market Presence
M
M
M
M Manufacturing site

11. 11
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
65%
Pkg
10%
Retail
22%

12. 12
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

13. 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; >50% in folding cartons and labels
$300 million addressable market identified; currently fragmented
13
$300
Million
Trade-up
non-premium
James
Cropper
Design Pkg
Monadnock
Fibermark
Converters
Arjo
Fedrigoni
Cordenons
Neenah

14. 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 sprits
• 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 Con Elect Retail
2014 Est Neenah Market Share
14
$300 million market

15. 15
 Consistent and profitable growth
 Return on Capital focused
 Efficient capital structure
 Attractive shareholder returns, with a
meaningful cash component

16. 16
$ millions
2010 2011 2012 2013
LTM
Jun-14
% YTD
14 vs. 13
Sales $ 658 $ 696 $ 809 $ 845 $ 875 7%
Adj. EBIT1 52 59 80 85 89 9%
% ROS 7.9% 8.5% 9.9% 10.1% 10.2%
Adj. E.P.S.1 $ 1.47 $ 1.91 $ 2.78 $ 2.93 $3.08 10%
(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
$3.08
2010 2011 2012 2013 LTM
Q2 14
Adjusted
E.P.S.
Full Year
7%
15%
20%
0
0.05
0.1
0.15
0.2
0.25
Sales Adj. EBIT Adj. E.P.S
% Growth
2010-2014

17. 8%
9%
11%
12% 13%
2010 2011 2012 2013 LTM Q2
14
17
Delivering improvements through:
 Profitable growth/margin expansion
 Focus on asset efficiency
 Disciplined capital spending/good returning projects
 Strategic moves (divest pulp, brand acquisitions)
WACC
~ 8%
Primary measure to evaluate investments, judge business performance
and also a key metric in management compensation plans

18. $245
$186
$182
$212 $193
2.8x
2.0x
1.6x
1.8x
1.6x
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 Jun 14
18
$ millions
Dec
2010
Dec
2011
Dec
2012
Dec
2013
Jun
2014
Bonds 5.25%
(due Nov. 2021)
$ 223 $ 158 $ 90 $ 175 $ 175
ABL
(due Nov. 2017)
- - 56 - -
Term Loan - - 30 - -
Germany 22 28 6 37 18
Debt $ 245 $ 186 $ 182 $ 212 $ 193
Cash $ 48 $ 13 $ 8 $ 73 $ 92
 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

19. $0.40 $0.44
$0.48
$0.60
$0.80
$0.96
$1.08
0
0.2
0.4
0.6
0.8
1
1.2
19
Pro Forma Cash Flow
($ millions)
EBITDA $ 130
Interest Expense (10)
Other
(tax, wkg cap, pension, etc.)
(20 - 25)
Cash From Operations $ 95-100
Capital Expenditures (30 - 35)
Free Cash Flow $ 60–70
Cash Deployment
 Priority on highest returning investments
 Organic initiatives
 Value-adding M&A
 Dividends have 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
 Efficient cap-ex with only $10 mm/yr for
maintenance; remainder value-adding projects
 Free cash flow representing ~$4.00/share

20. 20
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 increase
 Revenue growth
 Free cash flow (as a % of sales)
 Total shareholder return (versus Russell 2000 value index)

21.  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
21

22. 22
7 7
2
NP Specialty
Chemicals
Paper
Group
Revenue CAGR %
(2010 – LTM Mar’ 2014)
10
8 8
NP Specialty
Chemicals
Paper
Group
EBIT Margins %
(LTM Mar’ 2014)
3 4
5
NP Specialty
Chemicals
Paper
Group
Capex % Sales
(2012 – LTM Mar’ 2014)
20
12
6
NP Specialty
Chemicals
Paper
Group
Return on Equity %
(LTM Mar’ 2014)
7.8x
8.6x
8.8x
NP Specialty
Chemicals
Paper
Group
EV (July 31, 2014) /
(2014) EBITDA
16.3x
18.9x
16.0x
NP Specialty
Chemicals
Paper
Group
P/E (July 31, 2014)
(ttm e.p.s.)

23. 23
 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
$123
2010 2011 2012 2013 LTM Q2
14
Consolidated
Adjusted EBITDA
(U$ 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

24. 24
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

25. 25
Continuing Operations
$ millions 2010 2011 2012 2013
LTM
Jun’ 14
EBIT (Operating Income) $ 55 $ 57 $ 70 $ 84 $ 88
Ripon Mill Close/(Gain on Sale) (3)
Acquisition integration costs 6 1 1
Other1 2 4
Adjusted EBIT $ 52 $ 59 $ 80 $ 85 $ 89
Depreciation & Amortization 29 30 28 29 29
Amort. Equity-Based Compensation 5 4 5 5 5
Adjusted EBITDA $ 86 $ 93 $ 113 $ 119 $ 123
Earnings (Loss) per Share $ 1.61 $ 1.82 $ 2.41 $ 2.96 $ 3.12
Ripon Mill Close/(Gain on Sale) (0.14)
Acquisition integration costs 0.22 0.02 0.04
R&D Tax Credit (0.08) (0.08)
Other1 0.09 0.15 0.03
Adjusted Earnings per Share $ 1.47 $ 1.91 $ 2.78 $ 2.93 $ 3.08
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 .

26. 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.
26

27. 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
27