Jefferies industrials conference

August 10, 2016

Neenah NYSE: NP

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Two primary business segments:

• Performance-based TECHNICAL PRODUCTS

• Image-oriented FINE PAPER & PACKAGING

~$1 billion sales

Technical Products

Fine Paper & Pkg

Neenah makes specialty materials for premium niche markets

Sales in more than 80 countries Global manufacturing base:

U.S. (12 sites) , Germany (2 sites), U.K. and India (small JV)

strategy execution delivering shareholder value

Increasing our

sustainable growth rate in a capital efficient manner as we

diversify portfolio away from paper

Enhance leading positions in high value, core categories Expanding our geographic presence in transportation filtration Building our global base in performance backings Leveraging our strong position in premium fine papers

Invest in growing and defensible niche markets Focus on filtration, premium packaging and performance materials Prioritize organic growth; supplement with value-adding M&A Employ multiple technologies with nonwovens, glass and coatings

Deliver consistent, attractive returns Disciplined capital deployment and double-digit Return on Capital Strong financial position with catalysts to continue growing

Return to shareholders including an attractive dividend 0.0 0

50. 00

100 .00

150 .00

200 .00

250 .00

300 .00

350 .00

400 .00 Stock Performance 2010 – 2015

NPR2000Avg Peers

+ 33%

+ 31%

+ 217%

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Filtration 45%

Performance

Materials 55%

Technical Products

Filtration

Specialties

Backings High-performance filtration media for

transportation, water and other

markets Includes label

security papers, decorative

coverings, and others

Saturated and coated backings for specialty abrasives and tapes

~ $500 million net sales

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Performance Materials

Filtration Value Drivers

Preferred service, strong technical support and development relationships with lead customers, many of whom are global Innovation partner for new products, flexibility to meet capacity

needs and exceed competitive service offerings

Our ability to combine multiple technologies to meet ever more demanding filter media performance needs Wet laid natural, glass & synthetic fibers, resin/polymer toolbox,

solvent saturation, meltblown, lamination, cutting, calendaring

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A platform in markets where media carries a high value due to performance differentiation and significant cost of failure Limited competitive alternatives, long qualification, high cost of

entry/switching

Customer Relationships &

Support

Positioning in Growing Niche

Markets

Technical Abilities

Filtration profitable “growth engine” in specialty niches

Transportation Media (75%) Global market growing ~4%/year with

sales split: 20% OEMs/ 80% aftermarket Filter needs continuing to become more

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

share gains due to superior performance, innovation and increased mix of higher value products

Other Filtration Media (25%) Neenah filtration sales in markets

including water, industrial and beverage Attractively growing markets to support

organic initiatives and potential M&A Products employ multiple technologies,

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

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'03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15

Net Sales Organic CAGR 8%

8.0% 5.9%

10.3%

4.7% 7.1%

Est. Market Growth 2014-2019

Source: BCC Research Neenah markets

Asia NAFTA Europe RoW

Other

Neenah

H&V

Ahlstrom

Geographic expansion a runway for growth in Transportation Filtration

Global Transportation Filtration Market Sizes and Shares

Global Market ~ US $1 billion

After building leading position in Europe,

international expansion provides an attractive growth path

Current operations based in Germany; existing capacity consumed in 2016

US first priority. Historical entry constraint expired; capital-efficient repurposing of Fine Paper asset to start up in Q1 2017

In US, customers desire choice and support our entry as common competitors currently hold 95% share

Disciplined expansion providing attractive returns. Projected to consume capacity in 4-5 years Source: company estimates

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Performance Materials Value Drivers

Leading market positions, with flexibility to support customer needs with tailored products on short notice using our global footprint

Service and Customer

Relationships

Product Design & Performance

Know-how and ability to combine multiple “ingredients” to create proprietary formulations that deliver the best durability, conformability, printability

Mfg. Capabilities and Utilization

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Flexibility and wide breadth of capabilities to support customers and help efficiently utilize capacity utilization & realize economies of scale

Performance Materials: products transformed by specialty applications

Backings (55%) Sizeable global category primarily

comprised of media used in production of tapes and abrasives Focused on performance niches

requiring downstream applications Markets generally growing with

global GDP

Specialties (45%)

Many smaller, specialized markets including labels, security, medical packaging, décor, and others Similarly utilize saturating and coating

to impart unique characteristics

Markets generally growing at GDP+

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$429 $465

10% 11% 12%

13% 14%

5%

9%

13%

17%

$114

$164

$214

$264

$314

$364

$414

$464

$514

2012 2013 2014 2015 LTM2016

Net Sales

Adjusted EBIT %

Technical Products Financial Trends

Top-line reflects growing markets and share gains, both due to organic initiatives and acquisitions

Margin expansion through higher value mix, volume-driven growth, and cost efficiencies

Filtration a key driver, with fastest growth and above average margins

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$336 $353

$404

Fine Paper & Packaging

Graphic Imaging

Premium Packaging

Predominantly branded papers known for unique

colors, textures and finishes and used for

high-end commercial printing and

consumer needs

Image-enhancing colors and textures of folded cartons, curved box wrap, bags & labels for

premium products

Graphic Imaging

78% Premium Packaging

15%

Filing/Office 7%

~ $500 million net sales

Filing/Office High quality boards used for record management,

classification, binder covers, and other

professional applications

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Fine paper Value Drivers

Purpose-built assets to produce variety of colors and textures for specialized small orders provides leading cost position and strong barrier to entry

Strong, leading brands in high end markets

Leading brands drives demand in high-end markets where image matters and supports pricing to offset input cost inflation

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Rapid prototyping with experienced teams and state-of-the-art facilities provides customers with holistic solutions. Ability to meet quick turnaround and delivery times also a differentiator

Supply Chain Innovation

Manufacturing Capabilities

Neenah 65%

Mohawk Fine Papers

25%

Others 10%

Market Share Commercial Channel

~$500 million

Neenah 55%

Others 45%

Market Share Retail Channel ~$150 million

NA Printing & Writing $20+ bn

Uncoated Free sheet

$10 bn

Graphic Imaging premium paper when image matters

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

Despite growth-challenged market; we have grown both organically and through highly accretive consolidating M&A

Clear leadership position in both commercial and retail channels

Primarily US operations and sales

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#1 #1

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

Initial targeted market of $450 million focused in beauty (cosmetics, fragrances), alcohol (labels, packages) and retail

Premium packaging high value in small packages

Global Pkg Mkt

$42 bn

Premium Market

$2 bn (5%)

Target $450 mm

(<1%)

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$450 million target market composition provides

opportunity to grow share from ~15% today

FP&P Financial Trends

$402

$428 $436

$443

$457

14% 14% 14% 15% 15%

5.0%

7.0%

9.0%

11.0%

13.0%

15.0%

17.0%

19.0%

21.0%

23.0%

25.0%

27.0%

29.0%

31.0%

33.0%

35.0%

37.0%

39.0%

350

358

366

374

382

390

398

406

414

422

430

438

446

454

462

470

478

486

494

2012 2013 2014 2015 LTM2016

Net Sales

Adjusted EBIT % Consistent, attractive mid-teen EBIT margins, with brand equity that supports pricing to offset input costs

Capital efficient, generating strong cash flows and high return on capital

Market pressures countered growth via premium packaging, acquisitions, share gains and new revenue streams

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Consistent and profitable growth

High Return on Capital/Return on Equity

Flexible and prudent capital structure

Attractive shareholder returns

KEY FINANCIAL OBJECTIVES

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A history of effective capital deployment

Double digit earnings growth High Return on Capital Increased cash returns to shareholders Low debt and a strong balance sheet Market-beating shareholder returns

[CATEGORY NAME] $75mm

[CATEGORY NAME] $100mm

Acquisitions

$225mm

Our businesses generate substantial cash flows…

Five-year cash generation ~$450 million

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…which we have deployed to deliver:

Delivering consistent profitable growth

$ millions 2011 2012

2013 2014 2015

Q2 15

Q2 16

Q2 %

Net Sales $ 626 $ 738 $ 782 $ 840 $ 888 $211 $246 16%

Adj. EBIT1 57 77 84 93 108 28 35 27%

% ROS 9.1% 10.4% 10.7% 11.1% 12.2% 13.1% 14.3%

Adj. E.P.S.1 $ 1.84 $ 2.63 $ 2.87 $ 3.21 $ 3.70 $0.96 $1.26 31%

(1) Excludes acquisition integration costs, prior period tax credits and other items noted in GAAP table

Five-year growth reflecting share gains, new products, price/mix improvement and acquisitions

Margin improvement through focus on market-back pricing, cost control and efficiencies, and mix shift to higher value products

$1.84

$2.63 $2.87 $3.21

$3.70 $4.21

2011 2012 2013 2014 2015 LTM2016

Adjusted E.P.S.

9%

17% 19%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

20.0%

Sales Adj. EBIT Adj. E.P.S

% Annual Growth 2011- 2015

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9%

11% 12% 13% 12% 13%

2011 2012 2013 2014 2015 LTM2016

WACC ~ 8-10%

… while maintaining a high return on invested capital …

Maintaining attractive double-digit returns through:

Profitable growth/margin expansion Management focus on asset efficiency Disciplined organic capital spending/good returning projects Value-adding acquisitions (and divestitures)

Primary measure to evaluate investments, judge business performance and a key metric in management compensation plans

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$183 $180

$207 $228

$229 $219

2.0x

1.6x 1.7x 1.8x 1.6x

1.4

0.8

1.3

1.8

2.3

2.8

3.3

3.8

0

50

100

150

200

250

300

350

Dec 11 Dec 12 Dec 13 Dec 14 Dec 15 Jun 16

$ millions Dec 2011

Dec 2012

Dec 2013

Dec 2014

Dec 2015

Jun 2016

Bonds 5.25% (due Nov. 2021)

$ 158 $ 90 $ 175 $ 175 $ 175 $ 175

Global ABL Rate Libor +125

- 56 - 49 51 41

Other 28 36 37 10 8 8

Debt Reptd $ 186 $ 182 $ 212 $ 234 $ 234 $224

Debt Issue Costs (3) (3) (5) (6) (5) (5)

Debt $ 183 $ 180 $ 207 $ 228 $ 229 $ 219 Cash $ 13 $ 8 $ 73 $ 73 $ 4 $ 5

Balance sheet providing financial strength and capacity for growth Debt/EBITDA well below targeted range of 2 to 3x Attractive bonds with debt rating of Ba3/BB and low coupon rate Global ABL sized at $200 million with added flexibility/borrowing capacity

Debt ($ millions)

… and a flexible and prudent capital structure

Debt/ EBITDA

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Pro Forma Cash Flow ($ millions)

EBITDA $ 155 - $170

Interest Expense (10)

Other (tax, wkg cap, pension, etc.) (25 - 30)

Cash From Operations $ 115 – 135 Total Capital Spend (3-5% sales) (30 - 50)

Free Cash Flow $ 65 – 105

FCF/Share $ 3.85 - $ 6.25

Cash Deployment Priority on highest

returning investments Organic initiatives Value-adding M&A

Committed to cash returns via attractive and growing dividend

Opportunistic $25 mm stock repurchase plan

Cash Generation Strong business cash

flows, supplemented by acquisitions

Efficient asset base; maintenance cap-ex < $15 mm/year

Significant US R&D tax credits; well-funded pension plan

$0.44 $0.48

$0.70

$1.02 $1.20

$1.32

0

0.2

0.4

0.6

0.8

1

1.2

1.4

2011 2012 2013 2014 2015 2016

Dividends per share

21 * excludes one-time costs for acquisition accounting and other items

$57 $66 $84

$95 $111

$123

0

20

40

60

80

100

120

140

2011 2012 2013 2014 2015 LTM2016

Cash From Operations

*

Cash generation and deployment

Compensation philosophy

Performance-based and aligned with shareholders All incentive plans are tied to performance achievement

50% cash, based on growth in business profit/EBITDA

50% equity, based (options and performance shares)

Performance shares based on:

Management required to hold a multiple of salary in stock (CEO = 6x)

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Return on Capital Improvement

Total Shareholder Return (vs. Russell 2000 index)

Revenue 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

M&A - a component of growth

Strategic Growth Touch points

Geographies

Technologies Products/

End Markets

Customers

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FiberMark Germany

2006 (TP)

Fox River 2007

(FP&P)

Wausau brands 2012

(FP&P)

Southworth brand 2013

(FP&P)

Crane Filtration

2014 (TP)

FiberMark US

2015 (TP/FP)

Divested Lahnstein

Oct-15

Divested Pulp Mills

1996-98

Well-positioned to continue profitable grow in specialty niche markets

Leading positions in defensible and profitable core categories

Catalysts to enhance growth

Financial strength and double-digit Return on Invested Capital

Clear track record of value-adding capital deployment

Transportation filtration - Europe Performance Materials Fine Paper

Transportation Filtration geographies Added premium packaging capabilities Adjacent filtration markets

Strong cash flow generation Low debt w/ financial flexibility

Double-digit growth and ROIC Top quartile shareholder returns Dividend tripled over last 5 years

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contact

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

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GAAP Reconciliation Continuing Operations

$ millions

2012

2013

2014 2015 Q215 Q216 EBIT (Operating Income) $ 66.9 $ 82.6 $ 86.6 $ 101.4 $ 27.7 $ 33.9 Integration/Restructuring Costs 5.8 0.4 2.3 6.5 1.4 Other 4.1 0.7 3.7 Adjusted EBIT $ 76.8 $ 83.7 $ 92.6 $ 107.9 $ 27.7 $ 35.3

Depreciation & Amortization 24.3 25.1 25.0 27.5 6.2 7.7 Amort. Equity-Based Compensation 4.9 4.9 6.0 6.5 1.5 1.7 Adjusted EBITDA $ 106.0 $ 113.7 $ 123.6 $ 141.9 $ 35.4 $ 44.7 Earnings (Loss) per Share $ 2.26 $ 2.91 $ 3.99 $ 3.53 $ 0.96 $ 1.21 Integration/Restructuring Costs 0.22 0.01 0.08 0.24 0.05 Prior Period R&D Tax Credits (0.08) (1.00) (0.07) Other 0.15 0.03 0.14 Adjusted Earnings per Share $ 2.63 $ 2.87 $ 3.21 $ 3.70 $ 0.96 $ 1.26

Results for year ended December 31, 2012, include integration and restructuring costs of $5.8 million, a pension settlement charge of $3.5 million and costs related to the early extinguishment of debt of $0.6 million. December 31, 2013, include integration and restructuring costs of $0.4 million, a post-retirement benefit plan settlement charge of $0.2 million and costs related to the early extinguishment of debt of $0.5 million. Results for the year ended December 31, 2014, include integration and restructuring costs of $2.3 million, a pension plan settlement charge of $3.5 million and costs related to the early extinguishment of debt of $0.2 million. Results for the year ended December 31, 2015, include integration and restructuring costs of $6.5 million.

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GAAP Reconciliation 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.

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Forward Looking Statements

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.

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