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.

Premium Paper

& Packaging 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

$384

$421 $407 $416

$467

7.6% 8.0%

9.2% 9.3%

10.1%

5.0%

8.0%

11.0%

320330340350360370380390400410420430440450460470

2010 2011 2012 2013 2014

Net Sales

OP %

3

Technical Products

Top-line reflects growing markets and share gains, boosted by July 2014 acquisition

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% 15.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

-20

80

180

280

380

480

2010 2011 2012 2013 2014

Net SalesOP %

2010 2011 2012

Premium Paper & Packaging

Growing organically via share gains and expansion in targeted markets

Maintaining attractive margins, cash flow and

returns on capital

Highly accretive brand acquisition in 2012 further boosting returns

2013 2010 2011 2012 2013 2014 2014

CAGR 5.0%

CAGR 10.6%

Extend leading positions in core categories

Increase positions in core markets (transportation filtration, specialty backings,

premium fine paper) that provide us with leading positions and value

performance or image

Allocate resources to expand in new geographies and market adjacencies

Strong margins with pricing expected as a sign of defensibility

Increase presence and size in profitable and defensible growth markets that value our capabilities

Invest behind high value performance and image-driven products (e.g. specialty

filtration, premium packaging, performance media) in defensible growth markets

Leverage capabilities to develop “new to Neenah” products and markets

Supplement organic growth with value-adding acquisitions

Deliver consistent, attractive returns

Return on Capital a key performance and decision-making metric

Continuous improvement in efficiencies to drive financials “up and to the right”

Meaningful cash returns to shareholder through an attractive dividend

4

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 Backings

Filtration

Specialties 25%

Backings

Filtration

Specialties Backings

30%

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)

11% 14%

16% 16%

2011 2012 2013 2014

Innovative New Next

Generation Products

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 &

abrasives)

Differentiate with specialized products via saturating/coating

Work with customers to develop solutions/unique products

Enter new adjacencies

Follow global customers

GDP

Europe

NAFTA

Asia/

RoW

Europe

NAFTA Asia/

RoW

Europe

NAFTA

Asia/

RoW

'03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '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

Global market growing ~4%/year with filter needs continuing to become more demanding (fuel, oil, engine & cabin air)

Neenah has been growing twice the rate of the market with share gains and our

focus on higher value products

Sales are to OEMs and aftermarket (70+%)

Geographic Expansion

Neenah has become the leader in the

European market from our base in Germany

Europe represents over 70% of sales today, but exports have been growing at a double digit pace

Our global customers desire for us to have an expanded geographic presence

8

Net Sales

CAGR 8%

Source: company estimates

9

Ahlstrom 49%

H&V 45%

Neenah 4%

Others 2%

NAFTA MARKET SHARES $250+ MM Market Size

• Originally restricted from operating in the U.S., Neenah today has just a small share of the NAFTA transportation filtration

market, but has been growing at a double-digit annual pace.

• The market continues to evolve to higher-performing products, including solvent-saturated solutions that Neenah is known for.

• With the meaningful global growth in this category, we

expect to consume our capacity in Germany by 2017.

• To meet growing global needs, we will repurpose a fine paper asset - made available through productivity gains - to make transportation filtration.

• By replicating our German paper machine design and

advanced saturating and finishing capabilities, we can develop a more flexible global footprint able to serve the future needs of our global customers.

• The project is expected to start up in late 2016/early 2017 and will deliver attractive financial returns (mid-teen IRR).

• Capital spending will be maintained within our stated target

of 3-5% of net sales (roughly $30 to $50 million)

Source: Company estimates

Transaction Summary

• Acquired July 1, 2014 for $72 million

(including $8 mm tax benefit)

• Almost $50 mm of sales; non-dilutive to existing mid-teen EBITDA margins

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

10

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

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 70%

Pkg

Retail

Graphic

Pkg 10%

Retail

Graphic

Pkg

Retail 20%

12

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

Uncoated

Free Sheet

Premium ~< 3%

Mohawk 30%

NP

60%

Other 10%

Premium Fine

Paper Market

~ $650 mm

Source: company estimates

Global Packaging

Market

$42 Billion

Premium Packaging

Market

$2 bn (5%)

Near Term Targeted

$300 Million (<1%)

• Global market, growing 3-5%

• $300 million addressable market; currently fragmented with no clear leader

• Targeting 4 niche areas (RACE)

Cosmetics & Fragrance

Alcohol

Electronics

Retail

3%

24% 20%

11%

Cosm /Frag

Alcohol Electronics Retail

2014 Est Neenah Market Shares

13

14

Consistent and profitable growth

Return on Capital focused

Efficient and prudent capital structure

Attractive shareholder returns, with a meaningful cash

component

15

$ millions 2010 2011 2012

2013 2014

% YTD

14 vs. 13

Sales $ 658 $ 696 $ 809 $ 845 $ 903 7%

Adj. EBIT1 52 59 80 85 94 11%

% ROS 7.9% 8.5% 9.9% 10.1% 10.4%

Adj. E.P.S.1 $ 1.47 $ 1.91 $ 2.78 $ 2.93 $ 3.28 12%

(1) Excludes one-time items for divestitures, integration and other costs as noted

in GAAP table

Top line growth in both segments 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

$3.28

2010 2011 2012 2013 2014

Adjusted

E.P.S.

Full Year

8%

16%

22%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

Sales Adj. EBIT Adj. E.P.S

% Annual Growth

2010-2014

8%

9%

11% 12%

13%

2010 2011 2012 2013 2014

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

$245

$186 $182

$212 $234

2.8x

2.0x

1.6x

1.8x 1.8x

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 Dec 14

17

$ millions

Dec

2010

Dec

2011

Dec

2012

Dec

2013

Dec

2014

Bonds 5.25%

(due Nov. 2021) $ 223 $ 158 $ 90 $ 175 $ 175

Global ABL (due Nov. 2017)

- - 56 - 50

Term Loan - - 30 - -

Germany 22 28 6 37 9

Debt $ 245 $ 186 $ 182 $ 212 $ 234

Cash $ 48 $ 13 $ 8 $ 73 $ 73

Strong balance sheet with low leverage and net cash; currently below targeted

range of 2 – 3 x Debt/EBITDA

December 2014 global revolver providing added flexibility and capacity

Debt rating on bonds upgraded to Ba3/BB- in May 2013

Debt/Net Debt ($ millions)

Targeted Debt/EBITDA

Range 2.0x – 3.0x

Cash

18

Pro Forma Cash Flow ($ millions)

EBITDA $ 135

Interest Expense (10)

Other (tax, wkg cap, pension, etc.)

(25 - 30)

Cash From Operations $ 95 – 100

Capital Spending (3-5% sales) (30 - 45)

Free Cash Flow $ 50 – 70

FCF/Share > $3.50

Cash Deployment

Priority on highest returning investments

Organic initiatives

Value-adding M&A

Committed to attractive cash returns via dividend; moving towards targeted 3% yield

Approved stock repurchase plan of $25 million

Cash Generation

Strong operating cash flows from businesses

Pension plan well

funded

Significant US R&D tax credits

Efficient capital with only $10 – 12

mm/year needed for maintenance cap-ex

$0.40 $0.44 $0.48 $0.60

$0.80

$0.96 $1.08

$1.20

0

0.5

1

1.5

Annual Dividend (per share)

2010 2011 2012 2013 2H

2013 1H

2014 1H

2014 2H

2015 1H

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 (vs. Russell 2000 value index)

Active process with dedicated resources

Demonstrated track record and competency in deal execution and

integration to capture value

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

20

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

$129

2010 2011 2012 2013 2014

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

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

Continuing Operations

$ millions 2010 2011 2012

2013

2014

EBIT (Operating Income) $ 55 $ 57 $ 70 $ 84 $ 87

Ripon Mill Close/(Gain on Sale) (3)

Acquisition integration costs 6 1

Other1 2 4

Adjusted EBIT $ 52 $ 59 $ 80 $ 85 $ 94

Depreciation & Amortization 29 30 28 29 30

Amort. Equity-Based Compensation 5 4 5 5 5

Adjusted EBITDA $ 86 $ 93 $ 113 $ 119 $ 129

Earnings (Loss) per Share $ 1.61 $ 1.82 $ 2.41 $ 2.96 $ 4.03

Ripon Mill Close/(Gain on Sale) (0.14)

Acquisition integration costs 0.22 0.02 0.11

R&D Tax Credit (0.08) (1.00)

Other1 0.09 0.15 0.03 0.14

Adjusted Earnings per Share $ 1.47 $ 1.91 $ 2.78 $ 2.93 $ 3.28

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 integration and restructuring costs of $0.6 million, a

post-retirement benefit plan settlement charge of $0.2 million and costs related to the early extinguishment of debt of $0.5 million, results for the

year ended December 31, 2014, include integration and restructuring costs of $2.9 million, a post-retirement benefit plan settlement charge of

$3.5 million and costs related to the early extinguishment of debt of $0.2 million.

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

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