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 Paper 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

$455

7.6% 8.0%

9.2% 9.3%

10.4%

5.0%

8.0%

11.0%

320330340350360370380390400410420430440450460

2010 2011 2012 2013LTM Sept' 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 $409

13.6% 14.4% 15.0% 15.0% 14.8%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

-20

80

180

280

380

480

2010 2011 2012 2013LTM Sept'14

Net SalesOP %

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

2013 2010 2011 2012 2013 LTM Q3 14

LTM Q3 14

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 with pricing 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

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 25% 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)

17%

19% 18%

2011 2012 2013

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

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

NAFTA

Asia/

RoW

Europe

NAFTA Asia/

RoW

Europe

NAFTA

Asia/

RoW

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

Q3 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 9%

Source: company estimates

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/integration 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

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

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

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 10%

Retail 20%

11

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

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;

$300 million addressable market identified; currently fragmented

12

$300 Million

Trade-up non-premium

James Cropper

Design Pkg

Monadnock

Fibermark

Converters

Arjo

Fedrigoni

Cordenons

Neenah

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 spirits

• 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 Electronics Retail

2014 Est Neenah Market Share

13

$300 million market

14

Consistent and profitable growth

Return on Capital focused

Efficient capital structure

Attractive shareholder returns, with a

meaningful cash component

15

$ millions 2010 2011 2012

2013

LTM Q3 14

% YTD

14 vs. 13

Sales $ 658 $ 696 $ 809 $ 845 $ 891 7%

Adj. EBIT1 52 59 80 85 96 17%

% ROS 7.9% 8.5% 9.9% 10.1% 10.8%

Adj. E.P.S.1 $ 1.47 $ 1.91 $ 2.78 $ 2.93 $3.31 18%

(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

$3.31

2010 2011 2012 2013 LTM

Q3 14

Adjusted

E.P.S.

Full Year

8%

17%

23%

0

0.05

0.1

0.15

0.2

0.25

Sales Adj. EBIT Adj. E.P.S

% Growth

2010-2014

8% 9%

11% 12% 12%

2010 2011 2012 2013 LTM

Q3 14

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

$186 2.8x

2.0x

1.6x

1.8x

1.4x

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 Sep 14

17

$ millions

Dec

2010

Dec

2011

Dec

2012

Dec

2013

Sep

2013

Bonds 5.25%

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

ABL (due Nov. 2017)

- - 56 - -

Term Loan - - 30 - -

Germany 22 28 6 37 11

Debt $ 245 $ 186 $ 182 $ 212 $ 186

Cash $ 48 $ 13 $ 8 $ 73 $ 24

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

$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

18

Pro Forma Cash Flow ($ millions)

EBITDA $ 130

Interest Expense (10)

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

(20 - 25)

Cash From Operations $ 95 - 100

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

Free Cash Flow $ 50 – 70

Cash Deployment

Priority on highest returning investments Organic initiatives

Value-adding M&A

Increased dividends (more than 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

Pension plan well funded

Efficient cap-ex with only $10 – 12 mm/year for sustaining; remainder value-adding projects

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 (versus Russell 2000 value index)

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

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

$131

2010 2011 2012 2013 LTM

Q3 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

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 LTM

Q3 14

EBIT (Operating Income) $ 55 $ 57 $ 70 $ 84 $ 94

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

Acquisition integration costs 6 1 2

Other1 2 4

Adjusted EBIT $ 52 $ 59 $ 80 $ 85 $ 96

Depreciation & Amortization 29 30 28 29 30

Amort. Equity-Based Compensation 5 4 5 5 5

Adjusted EBITDA $ 86 $ 93 $ 113 $ 119 $ 131

Earnings (Loss) per Share $ 1.61 $ 1.82 $ 2.41 $ 2.96 $ 3.23

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

Acquisition integration costs 0.22 0.02 0.08

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 $ 3.31

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.

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