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

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 high value performance and image-driven products (e.g.
filtration, premium packaging, performance media)
 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 attractive dividend and share buybacks
 Return on Capital a key performance metric
3

4. $384
$421
$407
$416
$427
7.6% 8.0%
9.2% 9.3%
10.0%
5.0%
8.0%
11.0%
320
330
340
350
360
370
380
390
400
410
420
430
2010 2011 2012 2013LTM Mar' 14
Net Sales
OP %
4
Technical Products
 Growth led by filtration, labels and backings
 Margins expand with higher value mix, sales
gains, cost efficiencies and price
 Further growth is expected to come from
attractive opportunities in new markets and
expanding end markets
$273 $275
$373 $402 $404
13.6%
14.4% 15.0% 15.0% 14.1%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
-20
80
180
280
380
480
2010 2011 2012 2013LTM Mar'14
Net Sales
OP %
2010 2011 2012
Fine Paper
 Top-line growth boosted by brand acquisitions
and double-digit gains in premium packaging
 Consistent and attractive profits, cash flow
and returns on capital
 Successfully outperforming a challenging
market
20132010 2011 2012 2013 LTM
Mar’14
LTM
Mar’14

5. 5
Filtration Specialties Backings
High-performance
filtration media for
fuel, air, oil, cabin
air in transportation,
as well as products
for 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

6. 6
Key technologies
 Multi-fiber forming
capabilities
 Saturation, coating and
surface treatments
 Polymer chemistries
 Research and
development 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
 Innovative new
products 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
Attractive growth through
 Higher value melt blown
products
 Internationalization
 New market adjacencies
2x
GDP
Specialties
Growth and mix optimization
 Performance labels
 Non-woven wall cover
 Durable print applications
 Others (medical packaging,
image transfer, industrials)
GDP+
Backing- Tape
 Differentiate via
saturating/coating
 Optimize costs
GDP
Backing-Abrasives
 Enter new adjacencies
 Follow customers in emerging
markets
Europe
North
America
Asia/
RoW
Europe
North
America
Asia/
RoW
Europe
North
America
Asia/
RoW

8. Dust
Control
Transport/
H. Duty
HVAC/Air
Process &
Food
Water
Life
Sciences
Gas
Turbine
'03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 LTM
Mar'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+%)
 Growth in higher value products and new
adjacencies requiring third melt blown line
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
Specialty filtration
media markets
> $4 billion
Geographic Expansion Opportunities
 Global engine filter requirements continue
to become more demanding
 Existing global customers desire for us to
have an expanded geographic presence
8
Source: company estimates
CAGR: 8%
Net Sales
Source: company estimates

9. 9
Specialty
Retail
Graphic
Imaging
Premium Packaging
& Label
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, premium wine,
beverage and spirit
labels, food labels,
hang tags

10. 10
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
 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

11. 11
 The global market for premium packaging and
labels 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
Luxury Packaging Premium Label Specialty Retail
 Neenah is now widely
distributed with major retailers
 Opportunities for additional
distribution and products
within existing channels, as
well as new ones

12. 12
 Consistent profitable growth
 Return on Capital focused
 Efficient capital structure
 Attractive shareholder returns, including a cash component
with a dividend yield of at least 3%

13. 13
$ millions 2010 2011 2012 2013
% Chg
’13 vs ‘12
LTM
Mar’14
Sales $ 658 $ 696 $ 809 $ 845 4% $ 856
Adj. EBIT1 52 59 80 85 6% 86
% ROS 7.9% 8.5% 9.9% 10.1% 10.0%
Adj. E.P.S.1 $ 1.47 $ 1.91 $ 2.78 $ 2.93 5% $2.98
(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)
Full Year
$1.47
$1.91
$2.78
$2.93 $2.98
2010 2011 2012 2013 LTM
Mar' 14
Adjusted E.P.S.

14. 8%
9%
11%
12% 12%
2010 2011 2012 2013 LTM
Mar' 14
14
Delivering improvement 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 investment opportunities and judge business
performance and a key metric in compensation plans

15. $245
$186
$182
$212 $205
2.8x
2.0x
1.6x
1.8x
1.7x
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 Mar 14
15
$ millions
Dec
2010
Dec
2011
Dec
2012
Dec
2013
Mar
2014
Bonds
(due Nov. 2021)
$ 223 $ 158 $ 90 $ 175 $175
ABL
(due Nov. 2017)
- - 56 - -
Term Loan - - 30 - -
Germany 22 28 6 37 30
Debt $ 245 $ 186 $ 182 $ 212 $ 205
Cash $ 48 $ 13 $ 8 $ 73 $ 77
 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
Debt/Net Debt
($ millions)
Target
Debt/EBITDA
2.0x – 3.0x
Cash

16. $0.40 $0.44
$0.48
$0.60
$0.80
$0.96
$1.08
0
0.2
0.4
0.6
0.8
1
1.2
2010 2011 2012 2013
2H
2013
1H
16
Pro Forma Cash Flow
($ millions)
EBITDA $ 120
Interest Expense (10)
Other
(tax, wkg cap, pension, etc.)
(20-25)
Cash From Operations $ 85-90
Capital Expenditures (25-30)
Free Cash Flow $ 55–65
Cash Generation
 Pro forma free cash flow of ~ $ 60 million
 Moderate cap-ex needs (maint ~ $10 mm/year)
 Favorable cash tax position (NOLs = $31 mm Q114)
Cash Deployment
 Priority on growth (organic and M&A)
 Attractive dividend; moving to targeted yield > 3%
 Stock repurchase plan of $25 million
Annual Dividend
(per share)
2014
1H
2014
2H

17.  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-ons as well as targets
providing a broader growth platform
Strategic Growth
Touch points
Geographies
Technologies
Products/
End Markets
Customers
 Value-adding, with returns above risk-adjusted cost of capital
 Likely debt-financed within our targeted capital structure range
17

18. 10
7
NP Paper Group
EBIT Margins %
(2013)
3
5
NP Paper Group
Capex % Sales
(2010-2013)
18
10
3
NP Paper Group
Revenue CAGR %
(2009 – 2013)
21
5
NP Paper Group
Return on Equity %
(2013)

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

20. 20
 Leading positions in profitable specialty
markets with attractive margins
 Consistent sales and profit growth reflecting
successful execution of plans
 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 “paper” positioning
 Attractive shareholder returns supported by
organic growth, strategic activities and cash
return to shareholders
$86
$93
$113
$119 $120
2010 2011 2012 2013 LTM
Mar' 14
Consolidated
Adjusted EBITDA
(U$ millions)

21. 21
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

22. 22
Continuing Operations
$ millions 2010 2011 2012 2013
LTM
Mar’ 14
EBIT (Operating Income) $ 55 $ 57 $ 70 $84 $85
Ripon Mill Close/(Gain on Sale) (3)
Acquisition integration costs 6 1 1
Other1 2 4
Adjusted EBIT $ 52 $ 59 $ 80 $ 85 $ 86
Depreciation & Amortization 29 30 28 29 29
Amort. Equity-Based Compensation 5 4 5 5 5
Adjusted EBITDA $ 86 $ 93 $ 113 $ 119 $ 120
Earnings (Loss) per Share $ 1.61 $ 1.82 $ 2.41 $ 2.96 $ 3.01
Ripon Mill Close/(Gain on Sale) (0.14)
Acquisition integration costs 0.22 0.02 0.02
R&D Tax Credit (0.08) (0.08)
Other1 0.09 0.15 0.03 0.03
Adjusted Earnings per Share $ 1.47 $ 1.91 $ 2.78 $ 2.93 $2.98
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 .

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