NYSE: NP

March 2013

Neenah Paper Investor Presentation

Company Overview

Fine Paper

High-end textured and colored graphic 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.

Net Sales $800+ million

2

Strategic Priorities

Lead in profitable, specialty niche markets

Increase participation in markets that can provide us with leading positions and value our core 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

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

Sizeable cash flow generation and conservative balance sheet providing flexibility to pursue attractive opportunities

Cash deployment to shareholders via dividend and share buybacks

Return on Capital a key performance metric 3

$384

$420

$407

7.6%

8.0%

9.2%

0.055

0.065

0.075

0.085

0.095

0.105

0.115

0.125

0.135

0.145

360

370

380

390

400

410

420

430

440

2010 2011 2012

Net Sales $ millionOP%

Segment Financial Trends

Technical Products

Growth led by filtration, labels and abrasives

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

4

Businesses able to grow and increase margins despite rising input costs

Currency Impact

$273 $275

$373

13.6% 14.4%

15.0%

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

2010 2011 2012

Net Sales $ millionsOP% Fine Paper

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

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

$429

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 technologies

Multi-fiber forming capabilities

Saturation, coating and surface treatments

Polymer chemistries

Success Factors

Ability to Meet Specialized

Performance Requirements

Strong Barriers to Entry

6

Long-standing relationships

Global market-leading customers

Intricate qualification requirements

Ongoing joint product development

Innovative new products

Customer Intimacy

and Qualification

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 2012

Neenah Net Sales

Transp. Filtration

CAGR 8%

Filtration: A 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 Branded specialty papers sold to consumers for school supplies, posters, crafting, business and 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

Powerful brands and tools

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

Technology tools to drive demand and improve supply chain efficiencies

Success Factors

Leading Brands and Supply Chain

Capabilities

Clear Market Leadership

10

Efficient Manufacturing Platform

Purpose-built assets considered youngest in the industry

Redundant capabilities, unique in our category with a variety of texture and color

Superior Asset Base with a

Leading Cost Position

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

Opportunistic brand acquisitions

….. 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 SW Acquisition Oppty Areas

Platforms for Growth

Source: company estimates

Specialty retail papers (excl. copy paper)

is a market of ~$150 million. Neenah sells to customers like Office Max, Staples, Michaels, and Target.

On January 31, 2013 we acquired leading business paper brands from Southworth, increasing our presence and gaining distribution at Wal-Mart.

Retail Paper

Niche Markets

> $150 million

12

The global market for luxury packaging, premium labels and retail solutions is over $250 million and growing. Our current share in this market is less than 15%, anchored by labels in North America.

NP

Others

Global Luxury Pkg

& Premium Label

Markets

$250 million

Key Financial Objectives

Consistent profitable growth

16 consecutive quarters ahead of expectations

Increasing Return on Capital

Averaging over 150 bps per year since 2009

Efficient capital structure

Debt/EBITDA currently ~1.5x; ample financing availability

Attractive shareholder returns

Top quartile returns for Russell 2000 Value stocks 2010-2012

Competitive and growing dividend

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Profitable Growth

$ millions 2010 2011 2012

Sales $ 658 $ 696 $ 809

Adj. EBIT1 52 59 80

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

(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 acquisition

Faster bottom line growth with margin improvement and debt reduction

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

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16%

36%

46%

Sales Adj. EBIT Adj. E.P.S.

% Change 2012 vs. 2011 Full Year

Return on Capital

8% 9%

11%

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)

Exceeding double-digit levels

1.2 1.3

1.4

2010 2011 2012

Sales/Assets

15

$245

$186 $182 2.8x

2.0x

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

Target Range

1.5 – 2.5x

Capital Structure

$ millions

Dec

2010

Dec

2011

Dec

2012

Bonds 7 3/8%

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

ABL (due Nov. 2017)

- - 56

Term Loan (amortized 5 yrs)

- - 30

Germany 22 28 6

Debt $ 245 $ 186 $ 182

Interest Exp. $ 20 $ 16 $ 13

Debt restructuring and reductions lowering interest expense. 2013 projected to decline to $11 million, following Q4 2012 bond call

Debt well within targeted capital structure range

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

Credit rating Ba3/BB 16

$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 $ 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 Deployment & Returns

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 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

Track record of consistent momentum in sales and profits reflecting successful execution of plans

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

Sound capital structure and financial flexibility

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 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 2010 2011 2012

EBIT (Operating Income) $ 55.1 $ 56.6 $ 70.4

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

Acquisition integration costs 5.8

Other1 2.4 4.1

Adjusted EBIT $ 51.7 $ 59.0 $ 80.3

Depreciation & Amortization 29.7 30.0 28.0

Amort. Equity-Based Compensation 4.9 4.3 4.9

EBITDA $ 86.3 $ 93.3 $113.2

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

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

Acquisition integration costs 0.22

Other1 0.09 0.15

Adjusted Earnings per Share $ 1.47 $ 1.91 $2.78

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

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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