• John O’Donnell Chief Executive Officer

• Bonnie Lind Chief Financial Officer

• Bill McCarthy VP - Financial Analysis/IR

2

3

Image-oriented

FINE PAPER & PACKAGING

Performance-based

TECHNICAL

PRODUCTS

End markets: filtration media, tape and abrasive

backings, labels, and other specialized products

End markets: premium packaging and print

communications, and crafting

Portfolio evolution prompts dropping “paper” from name

4

Sales of over US$ 1 billion in more than 80 countries

Global manufacturing footprint:

U.S. (10 sites, plus Atlanta HQ)

Europe & U.K. (4 sites)

India (small JV)

>2,600 employees worldwide

Spun off from Kimberly-Clark in 2004

Enhance our leading positions in high

value core categories

Accelerate growth through capital efficient investments in growing

and defensible niche markets

Maintain a strong financial position

and provide shareholders with attractive returns

5

2010 2011 2012 2013 2014 2015 2016 Q317

Total Shareholder Return2010-17

NP

R2000 Value

S&P 500

89%

87%

87%

82%

Credible management

Strong focus on ROIC

Effective business strategy

Effective strategy execution

Describes Neenah

Top Drivers of Value2017 Independent Perception Study

Filtration45%

> $550 million

net sales

6

Performance Materials

55%

7

Strong customer

relationships with

long qualification periods

Leading Positions

in Defensible Niche Markets

Broad Range of Technical Abilities

Innovative offerings from a global footprint

Long-term joint development relationships

Strong technical support and service

High value, growing specialty markets

Long customer qualifications - strong barrier

Our media a key performance driver, but small part of final product cost

Multiple technologies and chemistries

Proprietary formulations & strong “dark” IP

Leading performance and innovation

Europe NAFTA Asia RoW

Other

Neenah

H&V

Ahlstrom

Transportation Media (75%)

Consolidated global market growing

~4%, with >80% of sales in aftermarket

Products include air, fuel, oil and

cabin air filters for cars and trucks

More demanding engines requiring

higher performing filters

Global capacity remains tight

Other Filtration Media (25%)

Expanding in other fast-growing markets

including water, industrial, and beverage

8

35

55

75

95

115

135

'03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 16

Net Sales

Organic

CAGR 8%

Long Runway for Future Growth

After becoming leaders in Europe and

consuming available capacity there, we

started up best in class US asset in 2017

Five year ramp up to $80 mm EOC sales

Asia an exciting future opportunity

Global Transportation Filtration Market/Shares

~ US $1 billion

Impressive organic growth trend!

Backings (50%)

Sizeable global category with media

primarily used in tapes and abrasives

Focused on performance niches

requiring downstream applications

Markets generally grow with global GDP

Specialties (50%)

Smaller, specialty markets include digital

transfer, labels, security, décor, others

Saturating and coating know-how used

to impart unique characteristics

Markets generally growing at GDP+

9

10

Strong Strategic Fit

Coldenhove (sales of $45 million) is a leading global producer of dye sublimation

media used for digital image transfer for clothing, sportswear, and other materials

Combined with heat transfer, represents a fast-growing

~$200 million digital transfer market

Complementary performance-based products that expands our ourour existing digital transfer technology platform and geographic

base, with the ability to leverage complementary customer and

market access and combine technologies

Provides Neenah leading market position

Attractive Purchase Price & Returns

Acquired EBITDA of $6 mm and immediately accretive

Purchase price of ~$45 million representing a EBITDA 7.5x multiple

Synergies (purchasing, sales, manufacturing, new products) to further grow returns

Neenah28%

Others72%

Digital Transfer Market ~$200 million

$353

$404 $429

$466 $479

11%

12%

13%

14%

12%

14%

6%

8%

10%

12%

14%

16%

18%

20%

$114

$164

$214

$264

$314

$364

$414

$464

$514

2013 2014 2015 2016 LTM

Q317Net SalesAdjusted EBIT %Excluding US Filtration Start-Up

Increasing top line

present in growing markets

gaining share with performance,

innovation and geographic expansion

investing organically and through M&A

11

Expanding margins

cost efficiencies and scale

mix enhancement, led by profitable and

fast growing filtration products

R&D investments leading to new or

improved products valued by customers

~ $450 million

net sales

12

Graphic Imaging 80%

Premium Packaging

15%

Specialty5%

LeadingBrands

13

Go To MarketInnovation

Best in Class Manufacturing

Capabilities

Creating image and leading brand equity pulls demand

Demonstrated ability to recoup changes in input costs

Highest quality products with a variety of colors and textures

Unique purpose-built assets able to provide fast, flexible and low cost offerings

Specialty coating, saturation, colors and textures allow creation of a unique and customized breadth of portfolio

Design and rapid prototyping, provides customers a more holistic solution and create barriers for competitors

Able to replicate short lead times with outstanding service

14

Consolidated $650 million niche market of premium textured and colored papers

Neenah is the clear market leader in both commercial and consumer channels

Uses include high-end commercial print, marketing collateral and well-known brands at retail

Market pressured by electronic substitution

Neenah63%

Mohawk Fine Papers

19%

Others18%

Market Size

~$650 million

15

Premium niche market growing 3-5% annually

Products include spirit & wine labels, premium folding board, luxury box wrap, and others

Targeting beauty, alcohol and retail categories; largest opportunity in beauty (cosmetics, fragrance, etc..)

Paper (gift) cards growing as “green” alternative to plastic. Recent investment able to accelerate growth.

Utilizes Fine Paper assets with their high quality and breadth of texture/color capabilities to provide customer-preferred products unique to their brands

Neenah design center helps customers visualize final products , allowing us to more quickly commercialize

Beauty49%

Alcohol29%

Retail/ Other22%

$450 million addressable market is < 1% of total packaging market

$428$436

$443

$452$455

14% 14%15% 16% 16%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

20.0%

22.0%

24.0%

26.0%

28.0%

30.0%

32.0%

34.0%

36.0%

38.0%

40.0%

350

358

366

374

382

390

398

406

414

422

430

438

446

454

462

470

478

486

494

2013 2014 2015 2016 LTM

Q317

Net Sales

Adjusted EBIT %

16

Consistently strong financial results

stable mid-teen EBIT margins with brand equity that

supports pricing through input costs

efficient cost position and high ROIC

substantial cash generation

price optimization and realization

Packaging growth/other initiatives help to

offset secular pressures in print

Gaining share in fragmented packaging market

and in growing digital and wide format categories

Recent investments in capabilities to accelerate

growth rate

potential for small, consolidating acquisitions

Consistent, profitable growth

High Return on Capital/Return on Equity

Flexible and prudent capital structure

Attractive shareholder returns

17

Double digit earnings growth

High Return on Capital

Increasing cash returns to shareholders

Strong balance sheet

Market-beating shareholder returns

Return to Shareholders

$125mm

Value-Adding Organic Capital

$150mm

Acquisitions $220mm

Our businesses provide substantial cash flowsthat we’ve deployed in a balanced manner to result in:

Five-year key cash deployment

18

$2.87 $3.21$3.70

$4.54

$4.37

$4.86

2013 2014 2015 2016 LTM

Q317

Adjusted

E.P.S.

Five-year sales growth reflecting share

gains, new products, price/mix

improvement and acquisitions

Faster earnings growth with focus on

market-back pricing, cost control and

efficiencies, and mix shift to higher

value products

8%

16%

20%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

Sales Adj. EBIT Adj. E.P.S

% Annual

Growth

2011- 2016$782

$840$888

$942 $956

11%11%

12%

13%

11%

13%

9.0%

10.0%

11.0%

12.0%

13.0%

14.0%

15.0%

500

550

600

650

700

750

800

850

900

950

1000

2013 2014 2015 2016 LTM

Q317Net Sales

Adjusted EBIT %

Excl. U.S. Filtration Start-Up

19

*adjusted to exclude U.S. Filtration start-up

12%13%

12%13%

11%

14%

2013 2014 2015 2016 LTM

2017*

WACC~ 7-10%

Delivering double-digit ROIC through:

Profitable growth

Focus on asset efficiency

Disciplined organic capital spending

Good returning projects

Value-adding acquisitions (and divestitures)

Primary measure to evaluate investment decisions and judge business performance and a key compensation plan metric

20

*2017 excluding U.S. Filtration start-up

175 175 175 175 175

3253 54 46 48

1.7x1.8x

1.6x1.4x

1.5x

0

0.5

1

1.5

2

2.5

3

0

50

100

150

200

250

Dec 13 Dec 14 Dec 15 Dec 16 Sept 17

Bonds S-T Debt

$207

$229$228$221 $223

Debt/EBITDA below targeted range

of 2 to 3x (even after Coldenhove,

ratio remains well below 2x)

$175 mm bond due in 2021with

attractive 5.25% rate and rating of

Ba3/BB

Short-term debt primarily ABL (currently sized at $200 million)

Capital structure and availability

provides significant flexibility to act

on opportunities

Debt

($ millions)

21

Debt/

EBITDA

Pro Forma Cash Flow ($ millions)

EBITDA $ 150 - $175

Interest Expense (10 - 15)

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

Cash From Operations $ 105 – 140

Total Capital Spend (3-5% sales) ~(40)

Free Cash Flow $ 65 – 100

Cash Deployment

Priority on highest returning investments Organic initiatives

Value-adding M&A

Committed to cash returns via attractive and growing dividend

Authorized $25 mm stock repurchase plan

Cash Generation

Strong business cash flows, compounded with acquisitions

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

Efficient asset base; maintenance cap-ex < $20 mm/year

$0.48

$0.70

$1.02$1.20

$1.32$1.48

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

2012 2013 2014 2015 2016 2017

Dividends

per share

22

$84$95

$111 $116$100

0

20

40

60

80

100

120

140

2013 2014 2015 2016 LTM2017*

Cash From

Operations

*2017 includes losses from US filtration asset start up

All employees have a

component of pay that is

performance-based

Management is required to hold

a multiple of their salary in stock

(CEO = 6x, NEO = 4x)

Majority of pay is performance-

based (CEO = 70%) that is split:

Cash: based on growth in

business profit/EBITDA

Equity: stock options and

performance shares

Performance-based and aligned with shareholders

23

Return on

Capital

Total

Shareholder

Return

(vs. Russell 2000)

Revenue

Growth

Performance Share Metrics

Earnings

per Share

Active and disciplined process with

dedicated resources

Ideas come from robust network of

sources

Focused on growing, profitable and

defensible niche markets, with bias to

performance-based technical products

Most targets sized between $50 and

$250 million of sales

Expect strategic fit to unlock synergies

Strategic Touch Points

Geographies

TechnologiesProducts/

End Markets

Customers

24

Effective process leading to demonstrated record of value-adding deal execution and integration and a continued strong pipeline of targets

Leading positions in defensible and profitable core categories generating cash and double digit Return on Capital

Catalysts to enhance organic growth Transp. Filtration geographic share gains

Adjacent technical product markets

Premium packaging expansion

Financial strength and flexibility to act on attractive opportunities

Track record of value-adding capital deployment and execution

25

Fine Paper &

Packaging

Technical Products

Neenah Today

Fine Packaging & PaperTechnical

Products

Neenah Future

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

26

Continuing Operations

$ millions 2013 2014 2015 2016LTM

2017

GAAP Operating Income $ 82.6 $ 86.6 $ 101.4 $ 114.1 $ 107.1

Acquisition/Integration/Restructuring Costs 0.4 2.3 6.5 7.0 4.2

Pension/Insurance Settlement/Other 0.7 3.7 0.8 (2.4)

Adjusted Operating Income $ 83.7 $ 92.6 $ 107.9 $ 121.9 $ 108.9

Depreciation & Amortization 25.1 25.0 27.5 30.1 30.6

Amort. Equity-Based Compensation 4.9 6.0 6.5 5.8 5.7

Adjusted EBITDA $ 113.7 $ 123.6 $ 141.9 $ 157.8 $ 145.2

Earnings (Loss) per Share $ 2.91 $ 3.99 $ 3.53 $ 4.26 $ 4.53

Acquisition/Integration/Restructuring Costs 0.01 0.08 0.24 0.25 0.16

Prior Period R&D Tax Credits (0.08) (1.00) (0.07)

Prior Period Tax Adjustment (0.24)

Pension/Insurance Settlement/Other 0.03 0.14 0.03 (0.09)

Adjusted Earnings per Share $ 2.87 $ 3.21 $ 3.70 $ 4.54 $ 4.36

Results for year ended 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. Results for the year ended December 31, 2016,

include integration and restructuring costs of $7.0 million and a pension plan settlement charge of $0.8 million.

27

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

28