June 2013

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.

$800+ 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

Expand in new geographies and market adjacencies

Increase our size, growth rate and portfolio diversification through

organic initiatives and M&A

Sizeable cash flow generation and conservative balance sheet providing

flexibility to pursue attractive opportunities

Invest to grow in our higher value performance and image-driven products

(e.g. melt blown 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 $408

7.6% 8.0%

9.2% 8.6%

5.0%

8.0%

11.0%

320

330

340

350

360

370

380

390

400

410

420

430

2010 2011 2012 TTM

Net Sales

OP %

4

Currency

Impact

$429

2010 2011 2012

Technical Products

Growth led by filtration, labels

and abrasives

Margins expanding with higher

value mix, sales growth, cost

efficiencies and pricing

$273 $275

$373 $386

13.6% 14.4% 15.0% 15.3%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

-20

80

180

280

380

480

2010 2011 2012 TTM

Net Sales

OP %

2010 2011 2012

Fine Paper

Consistent and attractive profits, cash

flow and returns on capital

Three years of top-line growth,

boosted in 2012 by brand acquisition

TTM

Mar-13

TTM

Mar-13

$429

Currency

Impact

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 papers

used for backing of

specialty abrasives

and tapes

6

Key technologies

Multi-fiber forming capabilities

Saturation, coating and surface treatments

Polymer chemistries

Ability to Meet

Specialized

Performance

Requirements

Strong

Barriers

to Entry

Long-standing relationships

Global market-leading customers

Intricate qualification requirements

Ongoing joint product development

Innovative new products

Customer Intimacy

and Qualification

7

Strategic

Priorities

Est. Market Growth

Geography

Filtration

Higher value melt blown products

Internationalization

Market Adjacencies

2x

GDP

Specialties

Performance labels

Non-woven wall cover

Medical packaging

GDP+

Industrial Backing- Tape

Differentiation 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

Asia NAFTA Europe RoW

Other

NP

H&V

Ahlstrom

Global Transportation Filtration Market Size and Share Global Market ~ US $1 billion

Transportation Filtration Core Growth

Leader 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

Entry into New Adjacencies

Recent entry in beverage filtration (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

Leading Brands and Supply Chain

Capabilities

Brands known > 2:1 over competition,

specified by printers and designers

Technology tools to drive demand

and improve supply chain efficiencies

Superior Asset Base with a

Leading Cost Position

Purpose-built assets considered

youngest in the industry

Redundant capabilities, unique

in our category with a variety

of texture and color

11

The global market for luxury packaging,

premium labels and retail solutions is over

$500 million and growing. Our current share in this market is less than 7%,

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

Consistent profitable growth

17 consecutive quarters ahead of expectations

Return on Capital Focused

Averaging over 150 bps improvement per year since 2009

Efficient capital structure

Low cost debt with ample financing availability

Attractive shareholder returns

Top quartile returns for Russell 2000 Value stocks 2010-2012

Cash returns with attractive and growing dividend targeted at 3-4% yield

13

$ millions 2010 2011 2012

Q1

2012

Q1

2013

Sales $ 658 $ 696 $ 809 $198 $213

Adj. EBIT1 52 59 80 22 22

Adj. E.P.S.1 $ 1.47 $ 1.91 $ 2.78 $0.77 $0.74

(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 2012/2013 acquisitions

Faster bottom line growth with margin improvement and debt reduction

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

Full Year

14

8% 9%

12%

2010 2011 2012

% 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, brand acquisitions)

$245

$186 $182 $186

2.8x

2.0x

1.6x 1.6x

1

1.35

1.7

2.05

2.4

2.75

3.1

3.45

3.8

30

80

130

180

230

Dec 10 Dec 11 Dec 12 Mar 13

15

Target Range

2.0 – 3.0x

$ millions

Dec

2010

Dec

2011

Dec

2012

Mar

2013

Mar

2013

Bonds 5.25%

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

ABL (due Nov. 2017)

- - 56 49 -

Term Loan (amortized 5 yrs)

- - 30 29 29

Germany 22 28 6 18 18

Debt $ 245 $ 186 $ 182 $ 186 $ 222*

Interest Exp. (rolling 12 months)

$ 20 $ 16 $ 13 $ 12 $ 11

Debt below targeted capital structure range with ample flexibility and borrowing capacity

Recent debt restructuring lowering interest expense

Bond debt rating Ba3/BB-, recently upgraded in May 2013

Pro Forma

* Excludes temporary cash build following May 2013 bond refinancing of $36 million

Debt Levels ($ millions)

$0.40 $0.44

$0.48

$0.60

$0.80

0

0.2

0.4

0.6

0.8

1

2010 2011 2012 2013

2H

2013

1H

16

Pro Forma Cash Flow ($ millions)

EBITDA $ 115

Interest Expense (10)

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

(15-20)

Cash From Operations $ 85- 90

Capital Expenditures (25-30)

Free Cash Flow $ 55 – 65

FCF per share > $3.50

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

with disciplined allocation process Favorable cash tax position (NOLs = $66 mm)

Cash Deployment Priority on organic growth and M&A; active

process to identify and evaluate opportunities Debt reduction $10 million stock repurchase plan Attractive dividend

Annual Dividend

(per share)

Substantial cash flows resulting in

double-digit yields

9.9

7.1

NP Paper Group

EBIT Margins %

(2012)

6.4x

7.6x

NP Paper Group

EV(5/31/13)/EBITDA

(2012)

6.7

3.0

NP Paper Group

Return on Assets %

(2012)

21.7

8.4

NP Paper Group

Return on Equity %

(2012)

11.3x

16.8x

NP Paper Group

Price (5/31/13)/

EPS (TTM)

3.0

5.8

NP Paper Group

Capex % Sales

(2010-2012)

17

18

Leading positions in profitable specialty

markets

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, events and cash return to shareholders

$86

$93

$113

2010 2011 2012

Consolidated Adjusted EBITDA (U$ millions)

19

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

20

Continuing Operations

$ millions 2010 2011 2012

Mar

2013

EBIT (Operating Income) $ 55.1 $ 56.6 $ 70.4 $22.2

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

Acquisition integration costs 5.8 0.1

Other1 2.4 4.1

Adjusted EBIT $ 51.7 $ 59.0 $ 80.3 $22.3

Depreciation & Amortization 29.7 30.0 28.0 7.2

Amort. Equity-Based Compensation 4.9 4.3 4.9 1.4

Adjusted EBITDA $ 86.3 $ 93.3 $113.2 $30.9

Earnings (Loss) per Share $ 1.61 $ 1.82 $ 2.41 $0.73

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

Acquisition integration costs 0.22 0.01

Other1 0.09 0.15

Adjusted Earnings per Share $ 1.47 $ 1.91 $2.78 $0.74

1 Includes in 2011 ($0.09) and 2012 ($0.02) cost of early redemption of bonds, and in 2012 ($0.13) SERP settlement charge

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.

21

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

22