NYSE: NP

Neenah Paper Investor Presentation

Company Overview

Fine Paper

High quality textured and colored papers

End markets: premium print communications,

luxury packaging, crafting and premium labels

Manufacturing in the U.S.

Technical Products

Specialty, performance-based products

End markets: filtration, industrial

backings, labels, and other specialties

Manufacturing in Germany and the U.S.

Pro Forma Net Sales $800+ million

2

Strategy Value Drivers

Lead in profitable, specialty niche markets

• Increase participation in markets that value our core competencies in fiber and non-wovens media production, coating and saturating

• Expand in new geographies and market adjacencies

Increase our size, growth rate and portfolio diversification through organic initiatives and M&A

• Grow in performance-oriented markets, with filtration as an important foundation

• Grow in image-driven products such as premium label and luxury packaging, and in new channels like retail

Deliver consistent, attractive returns to our shareholders

• Pricing power in businesses able to counter input cost variability

• Sizeable cash flows and balance sheet strength provide means to pursue opportunities that will deliver attractive returns on capital

• Cash deployment strategy includes returns to shareholders via competitive dividend and share buybacks

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$318 $384

$421 $406

4.6% 7.6%

8.0% 8.8% 9.6%

-1.0%

1.0%

3.0%

5.0%

7.0%

9.0%

11.0%

13.0%

15.0%

2009 2010 2011 TTM Q3

Net Sales $ millions

OP% $430 Currency Impact

Segment Financial Trends

Fine Paper

Consistent top-line growth, boosted in 2012 by acquisition of brands

WP purchase delivering promised value

Segment providing consistent and attractive profits, cash flow and returns on capital

Technical Products

Currency-adjusted CAGR >10%, led by filtration, labels and abrasives

Margins expanding with higher value mix, sales growth, cost efficiencies and pricing

Progressing towards targeted double-digit margins

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Pricing power in both business able to mitigate input cost increases and support attractive returns

$256 $273 $275

$353

14.2% 13.7%

14.2% 14.5%

10.0%11.0%12.0%13.0%14.0%15.0%16.0%17.0%18.0%19.0%20.0%

2009 2010 2011 TTM Q3

Net Sales $ millionOP%

Industrial Backings Saturated and coated papers used for backing of specialty abrasives and tapes

Filtration High-performance filtration media for fuel, air, oil, cabin air in transportation, as well as products for other markets

Technical Products

Specialties Products for a variety of end markets including labels, non-woven wall cover, medical packaging, durable print media and other markets

5

Key NP technologies :

Multi-fiber forming capabilities

Saturation, coating and surface treatments

Polymer chemistries

Success Factors

Specialized Performance

Requirements

Strong Barriers to Entry

6

Customer Intimacy

and Qualification

Long-standing relationships

Global market-leading customers

Intricate qualification requirements

Ongoing joint product development

Innovative new products

Filtration

Tape

Abrasives

Specialties

Europe

North America

Asia

RoW

A Diversified Global Portfolio

Strategic

Priorities

Key

Customers/

Competitors

Est.

Market

Growth

Filtration

• Higher value melt

blown products

• Internationalization

• Market Adjacencies

Mann & Hummel,

Mahle, Hengst 2x

GDP Ahlstrom,

H&V

Specialties

• Performance labels

• High-end wall cover

• Medical packaging

Avery Dennison,

3M, Saint-Gobain

GDP+

Multiple based on

markets

Industrial

Backing- Tape

• Differentiation via

saturating/coating

• Optimize costs

3M, Shurtape, IPG,

Alpha Beta, Tesa

GDP

Wausau, Ahlstrom

Industrial

Backing-

Abrasives

• Enter new

adjacencies

• Follow customers in

emerging markets

3M, St. Gobain,

Hangzhou Star,

Starcke

Ahlstrom, Munksjo

Sales by

Product Group

Sales by

Geography

7

Life Science

Process & Food

Water

Transpo/H. Duty

Gas Turbine

Dust Control

HVAC /Air

2003 2004 2005 2006 2007 2008 2009 2010 2011

Neenah Net Sales

Transp. Filtration

CAGR 8%

Filtration: A Key Platform for Growth

Asia NAFTA Europe RoW

OtherNPH&VAhlstrom

Global Transportation Filtration

Market Size and Share

Global Market ~ US $1 billion

Source: company estimates

Transportation Filtration Core Growth

Historically focused only in European auto filtration (fuel, oil, engine & cabin air) to OEMs and aftermarket

Growth in higher value products and new adjacencies requiring third melt blown line (2013 start-up)

Entry into New Adjacencies

Ability to leverage our technologies to enter into other attractive filtration markets

Recent entry in beverage filtration (coffee capsule) and industrial filter applications

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

Luxury Packaging & Premium Label Image-enhancing colors and textures of premium folded cartons, box wrap, bags, premium wine, beverage and spirit labels, food labels, hang tags

Retail Well-known Astrobrights and other papers sold to consumers for promotions, school supplies, posters, crafting, direct mail, business, resume papers, advertising and promotions

Graphic Imaging Unique colors, textures and finishes for identity, print collateral, invitations, advertising, and other high-end commercial printing

Fine Paper

9

Neenah

60

Mohawk 30

Others 10

Value Share- Premium Papers $650 million market

Neenah advantages :

Brands known > 2:1 over competition, specified by printers and designers

Technology tools to help customers grow with Neenah and improve supply chain efficiencies

Success Factors

Leading Brands and Supply Chain

Capabilities

Market Leadership

10

Superior Asset Base with a

Leading Cost Position

Neenah advantages :

Purpose-built assets considered youngest in the industry

Ability to make highest quality in a variety of textures and colors

An Evolving Portfolio

Successful growth post spin-off by evolving mix and extending reach…

Expanding in growing niches (luxury packaging, premium label, scrapbooking)

Supply chain extension (Crane, envelopes, electronic consumer print applications)

New products (brights, digital)

New channels (retail, internet)

New geographies

…..while gaining share and driving consolidation in our core markets

11

Customers/ Supply Chain

Geographies Technology

Products

Premium Labels

Envelopes

Core

Writing,

Text &

Cover

Retail

Middle East

Europe

China

South America

Luxury Packaging

Brights

Digital Papers

Electronic Printing

Applications

Crane

Crafts Scrapbooking

100% PCW Packaging

Durable Papers

2004 Today

Writing

Text & Cover

Pkg/Label/Oth

Retail

$221

$400 Fine Paper Sales Mix

$0

$10

$20

$30

$40

$50

$60

Brights Craft Business Stationary

NP Oppty Areas

Platforms for Growth

Source: company estimates

Specialty retail papers (excl. copy

paper) is a market of $150 million. Today we are largely focused in brights, but have meaningful positions at customers like Office Max, Staples, Michaels and Target

Retail Paper

Niche Markets

> $150 million

12

The global market for luxury packaging, premium labels and retail solutions is over $230 million and growing. Our current share in this market is less than 15%, anchored by labels in North America.

NPOthers

Global Luxury Pkg

& Premium Label

Markets

$230 million

NP WTC 40%

Other WTC 35%

Other Brights 5%

WP

Brights

14%

WP

WTC

6%

Finding Value Wausau Brand Purchase (Jan-12)

Increased share in core markets and provided entry into new category (brights) and channel (retail)

Ability to utilize existing assets/infrastructure to drive manufacturing and SG&A efficiencies

Future growth opportunities through retail

Compelling financial returns

Strategic Rationale and Value Drivers

Transaction Summary

Premium Fine Papers Market Size & Shares

(~$650 mm)

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Paid ~$20 million for selected brands Acquired sales of over $100 million/yr

No dilution in attractive mid-teen EBIT margins

One-time 2012 cash integration costs of $7 million

New Category (Brights)

Source: company estimates

Key Financial Objectives

Consistent profitable growth

15 consecutive quarters ahead of expectations

Increasing Return on Capital

Averaging over 150 bps per year since 2009

Efficient capital structure

Debt/EBITDA of < 2x, with ample financing availability

Attractive shareholder returns

Top quartile of Russell 2000 Value stocks in 2010, 2011

Competitive dividend

14

Profitable Growth

$ millions 2010 2011 2011 2012

Sales $ 658 $ 696 $ 530 $ 616

EBIT1 52 59 45 63

E.P.S.1 $ 1.47 $ 1.91 $ 1.44 $ 2.19

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

Top line growth via share gains, new products, price/mix and 2012 acquisition

Faster bottom line growth with margin improvement and debt reduction

Cash deployed to support growth, reduce debt, increase dividends and buy shares

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6%

13%

30%

Sales EBIT E.P.S.

% Change 2011 vs. 2010

16%

40%

52%

Sales EBIT E.P.S.

% Change YTD 12 vs.11

YTD Q3 Full Year

Return on Capital

6%

8% 9%

12%

2009 2010 2011 Q312TTM

% Return on Invested Capital

Primary measure to evaluate investment opportunities and judge business performance

Key metric in compensation plans

Delivering improvement through:

Profitable growth/margin expansion

Carefully managed assets/investments

Strategic moves (divest pulp, WP purchase)

Exceeding double-digit levels

0.9

1.2 1.3

1.4

2009 2010 2011 Q312TTM

Sales/Assets

16

$245

$186 $183

2.8x

2.0x

1.7x

Dec 10 Dec 11 Sept 12

Debt and Debt/EBITDA

Target Range

1.5 – 2.5x

Capital Structure

$ millions

Dec

2010

Dec

2011

Sept

2012

Sept.

Pro

Forma

Bonds 7 3/8%

(due Nov. 2014) $ 223 $ 158 $ 148 $90

ABL (due Nov. 2017)

- - 28 56

Term Loan (amortized 5 yrs)

30

Germany 22 28 7 7

Debt $ 245 $ 186 $ 183 $183

Debt well within targeted capital structure range

Nov-12 bond call for $58 million replaced with less expensive variable rate debt and generating annual savings >$2 million.

No short term liquidity events; ample flexibility and additional borrowing capacity

Credit rating Ba3/BB 17

$0.40

$0.44

$0.48

$0.60

0.3

0.4

0.5

0.6

0.7

2010 2011 2012 2013

Pro Forma Cash Flow $ millions

EBITDA $ 110

Interest Expense (10-15)

Other (tax, wkg cap, pension, etc..) (20)

Cash From Operations 75- 80

Capital Expenditures (25-30)

Free Cash Flow ~$ 50

FCF per share ~ $3.00

Cash Deployment & Returns

Cash Generation Pro forma free cash flow of ~ $ 50 million Moderate cap-ex needs (maint. of $10 mm/yr)

with disciplined allocation process Favorable cash tax position (NOLs = $80 mm)

Cash Deployment Organic growth and M&A priority uses; active

process to identify and evaluate opportunities Debt reduction $10 million stock repurchase plan (May 2012)

Competitive dividend

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Substantial cash flows resulting in double-digit yields

Annual Dividend per share

Investment Conclusions

Leading positions in profitable specialty markets with barriers to entry

Momentum in sales and profits reflecting successful execution of plans, with Wausau brand acquisition the most recent catalyst to deliver value

Sustainable, strong cash flows to support growth opportunities and provide attractive returns to investors

$68 $70

$86

$93

$110

2008 2009 2010 2011 Q3 2012TTM

Sound capital structure and financial flexibility

Strategic focus on expansion in defensible and growing specialty markets, further from historical “pulp & paper” positioning

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

Consolidated EBITDA (U$ millions)

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Contact

For more information

visit our website: www.neenah.com

email: investor@neenahpaper.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@neenahpaper.com

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GAAP Reconciliation

Continuing Operations

$ millions 2009 2010 2011 YTD 2011 YTD 2012

EBIT (Operating Income) $ 16.4 $ 55.1 $ 56.6 $ 43.0 $ 54.5

Ripon Mill Close/(Gain on Sale) 17.1 (3.4)

Integration Costs 4.7

Other1 2.4 2.4 3.5

Adjusted EBIT $ 33.5 $ 51.7 $ 59.0 $ 45.4 $ 62.7

Depreciation & Amortization 31.9 29.7 30.0 23.5 21.8

Amort. Equity-Based Compensation 4.7 4.9 4.3 3.1 3.9

EBITDA $ 70.1 $ 86.3 $ 93.3 $72.0 $88.4

Earnings (Loss) per Share $ (0.12) $ 1.61 $ 1.82 $ 1.35 $ 1.87

Ripon Mill Close/(Gain on Sale) 0.76 (0.14) - -

Integration Costs - - - - 0.18

Other1 0.12 - 0.09 0.09 0.14

Adjusted Earnings per Share $ 0.76 $ 1.47 $ 1.91 $ 1.44 $2.19

21 1 Includes refinancing and tax costs in 2009-11 and pension settlement charge in 2012

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

Forward Looking Statements

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