Neenah Paper NYSE: NP

Neenah Update• Locations• Priorities• FiberMark Acquisition• Technical Products– Filtration– Performance Materials

• Fine Paper & Packaging• M&A

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Two primary business segments:• Performance-based TECHNICAL PRODUCTS• Image-oriented FINE PAPER & PACKAGING

> 2,500 employees worldwidePublicly traded on NYSE/Euronext (NP)Market cap ~US$1 billion

Headquartered in Alpharetta (Atlanta), GASales in more than 80 countriesGlobal manufacturing base:

U.S. (14 sites)

Germany (3 sites), U.K. and India (small JV)

> $1 bn sales

55%TechnicalProducts

45%Fine Paper & Pkg

Neenah continues to diversify into a growing specialty materials company

Strategic prioritiesEnhance leading positions in high value, core categories

Expand our geographic presence in transportation filtration Build off our global base in performance backings Leverage our strong market position in fine paper & packaging

Invest to grow in targeted niche markets that are profitable and defensible and where our capabilities are valued

Focused on filtration, premium packaging and performance materials 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

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FiberMark Acquisition On August 1, 2015, Neenah acquired FiberMark, a specialty coating and

finishing company, for $120 million Over $160 million in revenue, with EBITDA of ~$18 million

• Added revenue approximately evenly split between both segments 7 operating facilities (with more than 100 assets focused on

converting) Almost 600 employees

Strategic fit with targeted growth areas Expands presence in premium packaging Overlapping presence in tape, decorative covers and other products Extends and deepens our ability to drive future growth through new

coating/converting/laminating, heavyweight papers and prototyping

Delivers attractive financial returns Annual synergies of >$6 million by year three; mid-teen IRR Not-dilutive to Neenah’s (mid-teen) EBITDA margins Ongoing accretion of >$0.40/share (and accretive in year one)

Filtration40%

Backings25%

Specialties35%

Technical Products

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Filtration

Specialties:

Backings:High-performance filtration media for

transportation, water and other

marketsIncludes security

papers, decorative

coverings, label, and others

Saturated and coated backings for specialty abrasives

and tapes

* adjusted to reflect FiberMark acquisition

~ $550 million net sales*

Performance Materials

Neenah’s right to win

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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 Requirement

s

Customer Intimacy

and Qualification

Long-standing relationships

Global market-leading customers

Intricate qualification requirements

Ongoing joint product development

2011

2012

2013

2014 LT

M

11%14%

16% 16% 16%

Innovative New Next

Generation Products

New Product Sales(% of total sales of new products launched within past 36 months)

'03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14

Transportation Filtration: a key growth engine

Asia NAFTA Europe RoW

OtherNPH&VAhlstrom

Global Transportation Filtration Market Size and Share

Global Market ~ US $1 billion

Growing global market Global market growing ~4%/year with

sales split: 30% OEMs/ 70% aftermarket Filter needs continuing to become more

demanding (fuel, oil, engine & cabin air) Neenah growing twice the market with

share gains due to advanced technology, innovation and focus on higher value mix

Expansion Opportunity- U.S. Current operations based in Germany;

existing capacity likely consumed in 2016 Historical constraint on US entry expired;

project underway for capital-efficient repurposing of fine paper asset

Customers supporting expansion Proven success vs. NAFTA competitors Start-up early 2017; attractive mid-teen

IRR 8

Net SalesCAGR 8%

Source: company estimates

Other filtration: fast-growing niche markets

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Beverage FiltrationMicro/Ultrafiltration

(6-12% growth)

Water FiltrationReverse 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 represent ~ 25% of filtration

sales Products employ a variety of technologies,

including cellulose and synthetic wet laid nonwovens, glass and melt blown substrates

Bolstered by July 2014 acquisition of specialty No. American filtration business from Crane

Performance Materials:transformation through coating and

saturating

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Backings Sizeable global category with

primary end uses including tapes and abrasives

Markets generally growing with global GDP

Focused on performance niches requiring downstream applications

Specialties Smaller specialized markets including

security, medical packaging, labels, décor, and others

Markets generally growing at above GDP rates with attractive margins

Similarly employ saturating and coating to impart unique characteristics

Fine Paper & Packaging

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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, curved box wrap, bags, & labels

Graphic Imaging

78%

Packag-ing

15%

Folder/Office7%

~ $480 millionnet sales*

* adjusted to reflect FiberMark acquisition

Filing/Office Premium boards with a

variety of colors and properties. Used for

records mgmt, classification, binder

covers, and other professional applications

Neenah’s right to win

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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

Unique capabilities to produce a variety of textures and colors

Recognized Brand Equity

Superior Asset Base and Cost

PositionClear Market Leadership

Widely distributed at major wholesalers and retailers

Technology tools helping to drive demand and supply chain efficiencies

Neenah65%

Mohawk25%

Others10%

Market ShareCommercial Channel

~$500 million

Neenah55%

Others45%

Market ShareRetail Channel ~$150 million

NA Printing & Writing$20+ bn

Uncoated Free sheet $10 bn

Graphic Imagingpremium paper when image matters

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Premium Fine Paper

~ $650 mm

Graphic Imaging Niche market focused on high

quality, textured and colored papers

End uses include premium printing, marketing collateral and advertising, and specialty retail products

Market is growth-challenged; we have increased organically and through highly accretive consolidating acquisitions

Clear leader in commercial and retail channels

US-based operations and sales

Cosmetics & Fra-grance

Spirits

Food

Electronics

Retail

Premium packaginghigh value in small packages

Global Pkg Mkt$42 bn

Premium Market $2 bn (5%)

Near Term Targeted $450 mm

(<1%)

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Premium Packaging Global market, growing

3-5% annually Fragmented category

with no clear market leader

Leverages strength of our high end color and texture capabilities

$450 million targeted market focused in high value niche areas

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Consistent and profitable growth

High Return on Capital and Return on Equity

Flexible and prudent capital structure

Attractive shareholder returns, including a meaningful cash component

KEY FINANCIAL OBJECTIVES

M&A - a component of growth Active and disciplined process with dedicated

resources Targeting growing, profitable niche markets

(filtration, performance materials, premium packaging, etc…) with a strategic linkage

Most targets sized between $50 and $250 million of sales

Demonstrated track record and competency in deal execution and integration to capture value

Strategic Growth Touch points

Geographies

TechnologiesProducts/End Markets

Customers

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FiberMark(Germany)

2006

Fox River2007

Wausau brands2012

Southworth brand2013

Crane 2014

FiberMark (US)2015

Neenah continues to successfully diversify into a growing

specialty materials company

With leading positions in defensible and profitable niche markets

With catalysts to enhance our growth profile in filtration, premium packaging and other targeted markets

With financial strength and a double-digit Return on Invested Capital

With a clear track record of value-adding capital deployment and generating attractive financial returns

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Transportation filtration Performance Materials Fine paper

U.S. transp. filtration expansion Premium packaging Adjacent filtration markets

Strong cash flow generation Low debt/financial flexibility

Double-digit Return on Capital Top quartile shareholder returns Dividend tripled over last 5 years

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Neenah continues to diversify into a growing specialty materials company

Headquartered in Alpharetta (Atlanta), GASales in more than 80 countriesGlobal manufacturing base:

U.S. (14 sites)

Germany (3 sites), U.K. and India (small JV)

Headquarters Alpharetta (Atlanta), GAFine Paper & PackagingTechnical Products

Contact Information

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