• With leading positions in defensible and profitable

niche markets

• With catalysts to continue to enhance our growth

profile as we diversify from paper

• With financial strength and a clear track record of

value-adding capital deployment and attractive

shareholder returns

2

Image oriented papers

for premium print,

luxury packaging

and other needs

Fine Paper

& Packaging Technical

Products

3

Performance products for

filtration, industrial

backings, and

other specialties

> $900 million

net sales

Broaden lead positions in defensible, core categories

Expand our geographic presence in transportation filtration

Build off our global specialty backings presence

Leverage our strong market position in fine paper

Invest to expand our presence in niche markets where our

capabilities can be extended and are valued

Invest in specialty filtration, premium packaging, performance media

Prioritize organic growth and supplement with value-adding acquisitions

Deliver consistent, attractive returns

Disciplined capital deployment and double-digit Return on Capital

An attractive dividend part of a meaningful return to shareholders

4

Filtration 45%

Specialties 25%

Backings 30%

5

Filtration

Specialties

Backings

High-performance

filtration media for

transportation,

water and other

markets

Includes label,

non-woven wall

cover, medical

packaging,

durable print

media and others

Saturated and

coated backings for

specialty abrasives

and tapes ~ $490 million 2014 sales* * adjusted to reflect full year of acquisition

$385

$421 $407

$416

$467

7.6% 8.0%

9.4% 9.4%

10.2%

5.0%

8.0%

11.0%

320

330

340

350

360

370

380

390

400

410

420

430

440

450

460

470

2010 2011 2012 2013 2014

Net Sales

OP %

6

Technical

Products Top-line reflects growing

markets and share gains,

boosted by July 2014 filtration

acquisition

Margin expansion through

higher value mix, volume-driven

growth and cost efficiencies.

Filtration is the largest, fastest

growing and most profitable

product group

Further opportunities to expand

in new markets and

geographies, both organically

& through M&A

2010 2011 2012 2013 2014

Filtration

Specialties

Backings

New Product Sales (% launched within 36 months)

7

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

11% 14%

16% 16%

2011 2012 2013 2014

Innovative New Next

Generation Products

'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

Solidly growing global market

Global market growing ~4%/year

Filter needs continuing to become more demanding (fuel, oil, engine & cabin air)

Consumption: 30% OEMs/ 70% aftermarket

Neenah growing twice the market with share gains due to advanced technology, innovations and focus on higher value mix

Current operations based in Germany;

existing capacity likely consumed by 2017

Expansion Opportunity- NAFTA

Historical constraint on NAFTA entry expired and customers support our global expansion

Proven success against NAFTA competitors

Capital-efficient investment satisfies global demand by utilizing our existing site in

Wisconsin and repurposing a fine paper asset

Delivers attractive financial returns (mid-teen IRR) and timed to continue growth trend

8

Net Sales

CAGR 8%

Source: company estimates

9

Beverage Filtration Micro/Ultrafiltration

(6-12% growth)

Water Filtration Reverse Osmosis (RO)

(8-10% growth)

Environmental (4-5% growth)

Energy Management (3-4% growth)

Thermal & Acoustical Insulation

(2-3% growth)

Important fast-growing markets

Currently representing ~ 25% of our filtration sales, these products are in some rapidly growing categories

Products employ a variety of technologies, including cellulose and synthetic wet laid nonwovens, glass and melt blown substrates, to meet customer needs

Bolstered by July 2014 acquisition of North American filtration business from Crane (annual sales of ~ $50 million)

10

Backings Sizeable global category with

primary end uses including tapes and abrasives

Markets generally growing with

global GDP

Neenah focused on performance niches requiring downstream applications such as coating and saturating

Global operations will mills in both US and Germany

Specialties

Niche regional markets including medical packaging, performance labels, décor, non-woven wall cover, image transfer

Markets generally growing at above GDP rates with attractive margins

Global operations will mills in both US and Germany

11

Graphic Imaging Premium Packaging

Unique colors,

textures and finishes

for high-end

commercial printing

and consumer needs

Image-enhancing

colors and textures

of premium folded

cartons, box wrap,

bags, hang tags

and wine, spirit and

food labels

Graphic Imaging

90%

Pkg 10%

~ $410 million

2014 sales

12

$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

30

80

130

180

230

280

330

380

430

480

2010 2011 2012 2013 2014

Net Sales

OP %

2010 2011 2012

Growing organically via share

gains and organic expansion in

premium packaging

Highly accretive brand

acquisitions further consolidating

category and significantly

boosting returns

Strong brand equity supporting

consistently attractive margins

and cash flows 2013 2014

Fine Paper

& Packaging

13

Demand is pulled as

brands are known > 2:1

over competition

Products specified by

printers, graphic

designers and other

end-use customers

Purpose-built assets

that are youngest in

the industry

Redundant and

unique capabilities to

produce a variety of

textures and colors

Recognized

Brand Equity

Superior Asset

Base and Cost Position

Clear Market

Leadership

Widely distributed at

major wholesalers and

retailers

Technology tools helping

to drive demand and

supply chain efficiencies

Neenah 55%

Others 45%

Market Share Retail Channel ~$150 million

NA Printing & Writing

$20+ bn

Uncoated Free sheet

$10 bn

14

Premium Fine Paper ~ $650 mm

Graphic Imaging

Niche market focused on high

quality, textured and colored

papers used where image matters

While market growth is challenging,

we have grown organically and

through highly accretive

consolidating acquisitions

End uses include premium

commercial print needs, marketing

collateral and advertising, and

specialty retail products

Clear leadership in both

commercial and consumer/retail

channels

US-based operations and sales

Neenah 65%

Mohawk 25%

Others 10%

Market Share Commercial Channel

~$500 million

Cosmetics &

Fragrance

Alcohol

Electronics

Retail

Global Packaging

Market

$42 Billion

Premium Packaging

Market

$2 bn (5%)

Near Term Targeted

$300 Million (<1%)

24%

20%

11%

3%

Alcohol Electronics Retail Cosm /Frag

2014 Neenah Market Shares

15

Premium Packaging

Global market, growing 3-5% annually

Fragmented category with no market clear leader

Nicely fits with our high-end, color and texture capabilities

$300 million targeted opportunity focused in 4 niche areas (RACE)

16

Consistent and profitable growth

High Return on Capital and Return on Equity

Efficient and prudent capital structure

Attractive shareholder returns, with a meaningful

cash component

17

$ millions 2010 2011 2012

2013 2014

% 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.

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

18

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

19

$ 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

Balance sheet providing financial strength and capacity for growth

Currently below targeted range of 2 – 3 x Debt/EBITDA

Global revolver providing added flexibility

Attractively-priced bonds, with debt rating of Ba3/BB-

Debt/Net Debt ($ millions)

Targeted Debt/EBITDA

Range 2.0x – 3.0x

Actual Debt/EBITDA

20

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 - 50)

Free Cash Flow $ 50 – 70

FCF/Share > $3.50

Cash Deployment

Priority on highest returning investments

Organic initiatives

Value-adding M&A

Committed to cash

returns via attractive dividend; moving towards 3% yield target

Stock repurchase plan of $25 million

Cash Generation

Strong operating

cash flows

Efficient asset base, with maintenance cap-ex of only

$10–12 mm/year

Pension plan well funded

Significant US R&D tax credits

$0.40 $0.44 $0.48 $0.60

$0.80

$0.96 $1.08

$1.20

0

0.2

0.4

0.6

0.8

1

1.2

1.4

Annual Dividend (per share)

2010 2011 2012 2013 2H

2013 1H

2014 1H

2014 2H

2015 1H

21

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 growing and profitable, defendable

niche markets (filtration, performance media, premium packaging, etc…)

May include bolt-ons as well as targets that

broaden a growth platform. Most targets sized between $50 and $250 million of sales.

Strategic Growth

Touch points

Geographies

Technologies Products/

End Markets

Customers

Disciplined process to ensure value-adding and attractive returns

22

• With leading positions in defensible

and profitable niche markets

• With catalysts to continue to

enhance our growth profile as we

diversify from paper

• With financial strength and a track

record of value-adding capital

deployment and attractive

shareholder returns

23

Transportation filtration Backings & specialties Fine papers

NAFTA filtration expansion Premium packaging M&A opportunities

Strong cash flow generation Low debt/financial flexibility Double-digit ROIC Top quartile shareholder

returns and growing dividend

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

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.

26

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