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.

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

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 higher value performance and image-driven products (e.g.

filtration, premium label , luxury packaging)

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 increasing dividends and share buybacks

Return on Capital a key performance metric

3

$384

$421

$407 $416

7.6% 8.0%

9.2% 9.3%

5.0%

8.0%

11.0%

320

330

340

350

360

370

380

390

400

410

420

430

2010 2011 2012 2013

Net Sales

OP %

4

2010 2011 2012

Technical Products

Growth led by filtration, labels and abrasives

Margins expand with higher value mix, sales gains, cost efficiencies and price

2012 reflecting weaker Euro

Further growth is expected to come from attractive opportunities in new markets and

expanding end markets

$273 $275

$373 $402

13.6% 14.4% 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

Net Sales

OP %

2010 2011 2012

Fine Paper

Consistent and attractive profits, cash flow and returns on capital

Market leading position with a 60% North America market share

Three years of top-line growth, boosted by brand acquisitions and double-digit gains in

luxury packaging & premium label

2013 2013

5

Filtration Specialties Industrial 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

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

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+

Industrial Backing- Tape

Differentiate via saturating/coating

Optimize costs

GDP Industrial 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

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

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

Retail Graphic

Imaging

Luxury Packaging &

Premium 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

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

The global market for luxury packaging,

premium labels and retail solutions 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 kindle

12

Performance-based and aligned with shareholders

All incentive plans are tied to performance achievement

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)

Short-term bonus metric: growth in business profit/EBITDA

Performance share metrics based equally on:

Return on Capital

Revenue growth

Free cash flow as a % of sales

Total shareholder return (top half of Russell 2000 value index)

13

Consistent profitable growth

Return on Capital focused

Efficient capital structure

Attractive shareholder returns, including a cash component

with a dividend yield of 3-4%

14

$ millions 2010 2011 2012

2013 % Chg

’13 vs ‘12

Sales $ 658 $ 696 $ 809 $ 844 4%

Adj. EBIT1 52 59 80 85 6%

% ROS 7.9% 8.5% 9.9% 10.1%

Adj. E.P.S.1 $ 1.47 $ 1.91 $ 2.78 $ 2.93 5%

(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

2010 2011 2012 2013

Adjusted E.P.S.

8%

9%

12% 12%

2010 2011 2012 2013

15

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%-10%

Primary measure to evaluate investment opportunities and judge business

performance and a key metric in compensation plans

16

$ millions

Dec

2010

Dec

2011

Dec

2012

Dec

2013

Bonds (due Nov. 2021)

$ 223 $ 158 $ 90 $ 175

ABL (due Nov. 2017)

- - 56 -

Term Loan (amortized 5 yrs)

- - 30 -

Germany 22 28 6 37

Debt $ 245 $ 186 $ 182 $ 212

Cash $ 48 $ 13 $ 8 $ 73

Interest Exp. (rolling 12 months)

$ 20 $ 16 $ 13 $ 11

Ample flexibility and borrowing capacity; debt currently below targeted range

May 2013 bond refinancing reducing interest rate from 7.375% to 5.25%

Debt rating on bonds upgraded to Ba3/BB-

As of December 2013, Net Debt/EBITDA = 1.2x

Debt ($ millions)

$245

$186 $182

$212

2.8x

2.0x

1.6x

1.8x

1

1.5

2

2.5

3

3.5

0

50

100

150

200

250

300

Dec 10 Dec 11 Dec 12 Dec 13

$73

$139 Target

Debt/EBITDA 2.0x – 3.0x

Cash

$0.40 $0.44

$0.48

$0.60

$0.80

$0.96

0

0.2

0.4

0.6

0.8

1

1.2

2010 2011 2012 2013

2H 2013

1H

17

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

FCF per share

Cash Generation Pro forma free cash flow of ~ $ 60 million Moderate cap-ex needs (maint ~ $10 mm/year)

Favorable cash tax position (NOLs = $33 mm – Q413)

Cash Deployment Priority on growth (organic and M&A) Attractive dividend; moving to targeted 3-4% yield

Opportunistic $10 million stock repurchase plan

Annual Dividend

(per share)

Substantial cash flows representing

attractive yields

> $3.50

2014

1H

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-on acquisitions as well as targets that provide a broader

platform for future growth

Strategic Growth

Touch points

Geographies

Technologies Products/

End Markets

Customers

Value adding, with risk-adjusted DCF returns above cost of capital

Likely debt-financed within our targeted capital structure range

18

10

8

NP Paper Group

EBIT Margins %

(2013)

6.9x

8.2x

NP Paper Group

EV(Jan 31)/

2014E EBITDA

3

5

NP Paper Group

Capex % Sales

(2010-2013)

19

10

3

NP Paper Group

Revenue CAGR %

(2009 – 2013)

8

21

2 5

ROA ROE

% Returns

(2013)

NP Paper Group15.3x

15.2x

1414.0214.0414.0614.0814.114.1214.1414.1614.1814.214.2214.2414.2614.2814.314.3214.3414.3614.3814.414.4214.4414.4614.4814.514.5214.5414.5614.5814.614.6214.6414.6614.6814.714.7214.7414.7614.7814.814.8214.8414.8614.8814.914.9214.9414.9614.981515.0215.0415.0615.0815.115.1215.1415.1615.1815.215.2215.2415.2615.2815.3

NP Paper Group

P/E (2014E)

20

Leading positions in profitable specialty markets with attractive margins

Track record of consistent momentum in

sales and profits 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 “pulp & paper” positioning

Attractive returns driven by organic growth, strategic events and cash return to shareholders

$86

$93

$113 $119

2010 2011 2012 2013

Consolidated

Adjusted EBITDA (U$ millions)

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

Continuing Operations

$ millions 2010 2011 2012

2013

EBIT (Operating Income) $ 55.1 $ 56.6 $ 70.4 $83.8

Ripon Mill Close/(Gain on Sale) (3.4)

Acquisition integration costs 5.8 0.6

Other1 2.4 4.1 0.7

Adjusted EBIT $ 51.7 $ 59.0 $ 80.3 $ 85.1

Depreciation & Amortization 29.7 30.0 28.0 28.5

Amort. Equity-Based Compensation 4.9 4.3 4.9 4.9

Adjusted EBITDA $ 86.3 $ 93.3 $ 113.2 $ 118.5

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

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

Acquisition integration costs 0.22 0.02

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

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 .

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

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