NYSE: NP

Boston September 12, 2012

2012 KEYBANC Basic Materials & Packaging Conference

Company Overview

Fine Paper

Premium textured and colored papers

End markets: high-end 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.

Pro Forma Net Sales $800 million

2

Strategy Summary

Grow business platform with filtration as an important foundation

Improve margins to double digit levels

Pursue growth in niches that value image:

Premium label, luxury packaging, retail, international

Maintain superior financial returns

Technical Products

Fine Paper

Lead in profitable, specialty niche markets

Increase portfolio growth rate & diversification

Deliver consistent attractive returns

3

Investment/Value Drivers

Leading positions in profitable markets with opportunity to expand into new geographies and adjacencies

Pricing power to counter input cost variability

Recent brand acquisition providing step change in returns and a catalyst for future growth

Sizeable cash flow generation and financial strength to pursue new opportunities and deliver shareholder returns

Successful track record of execution

4

Financial Momentum

$ millions 2010 2011 2011 2012

Sales $ 658 $ 696 $ 356 $ 410

EBIT1 52 59 33 46

E.P.S.1 $ 1.47 $ 1.91 $ 1.03 $ 1.62

Return on Capital 8% 9% 8% 11%

(1) Excludes one-time items for divestitures, integration and other costs as noted in appendix

Top line growth via share gains, new products, price/mix and 2012 acquisition

Faster bottom line growth with margin improvement and lower debt costs

Return on Capital now surpassing double-digit levels

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

5

6%

13%

30%

Sales EBIT E.P.S.

% Change 2011 vs. 2010

15%

40%

57%

Sales EBIT E.P.S.

% Change 1H 11 vs.12

First Half

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

6

Filtration

Tape

Abrasives

Specialties

Europe

North America

Asia

RoW

A Diversified Global Portfolio

Strategic

Priorities

Key

Customers/

Competitors

Est.

Market

Growth

Filtration

• Higher value products

• Internationalization

• New Adjacencies

• Lead in innovation

Mann & Hummel,

Mahle, Hengst 2x

GDP Ahlstrom,

H&V

Specialties

• Grow in performance

labels

• Focus on high end

NW wall cover

Avery Dennison,

3M, Saint-Gobain

GDP+

Multiple based on

markets

Industrial

Backing- Tape

• Differentiate in tape

via saturating/coating

• Optimize costs

3M, Shurtape, IPG,

Alpha Beta, Tesa GDP

Wausau, Ahlstrom

Industrial

Backing-

Abrasives

• New adjacencies

• Emerging markets

3M, St. Gobain,

Hangzhou Star,

Starcke GDP

Ahlstrom, Munksjo

Sales by

Product Group

Sales by

Geography

7

Key NP technologies :

Multi-fiber forming capabilities

Saturation, coating and surface treatments

Polymer chemistries

Success Factors

Specialized Performance

Requirements

Strong Barriers to Entry

8

Customer Intimacy

and Qualification

Long-standing relationships

Global market-leading customers

Intricate qualification requirements

Ongoing joint product development

Innovative new products

Life Science

Process & Food

Water

Transpo/H. Duty

Gas Turbine

Dust Control

HVAC /Air

2003 2004 2005 2006 2007 2008 2009 2010 2011

Neenah Net Sales

Transp. Filtration

CAGR 8%

Filtration: A Key Platform for Growth

NAFTA Asia Europe So. Amer. RoW

Other

NP

H&V

Ahlstrom

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)

Known for innovation, quality and customer support

Growth in higher value products and new adjacencies supporting recently approved third melt blown line

Entry into New Adjacencies

Ability to leverage our technologies and assets to enter into other attractive filtration markets

Recent entry into beverage filtration (coffee capsule)

Specialty

filtration

media markets

> $4 billion

Geographic Expansion Opportunities

Global engine filter requirements continue to become more demanding

Existing global customers would like us to have an expanded geographic presence

9

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

Brights Deep , rich, vivid colors and textures for flyers, posters, school supplies, crafting, direct mail advertising and promotions

Graphic Imaging Unique colors, textures and finishes for identity, print collateral, invitations, advertising, and envelopes

Fine Paper

10

Success Factors

NP Leading brands specified by designers and printers with selective distribution and strong pricing power

Highest quality with a wide palette of colors and textures to serve specialized high-end print needs

Supply chain and technology tools to help customers optimize performance and grow share with Neenah

Leading cost position with purpose-built assets that are efficiently utilized

11

Neenah 60

Mohawk 30

Others 10

Value Share- Premium Papers $650 million market

Clear leader in a consolidated market

Source: company estimates

Evolving & Extending Portfolio

Neenah has outperformed the market by evolving our mix and extending our reach…

Leading industry consolidation

Entry into growing niches (luxury packaging, premium label, scrapbooking)

Supply chain extension (Crane, envelopes, electronic consumer print applications)

New products (brights, digital)

New channels (retail)

New geographies

…..while continuing to gain share in our core markets

12

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

NP Fine Paper Sales Mix Evolution

1996 2004 Today

Writing Text & Cover Pkg/Label/Oth

$292

$221

$375

Creating Value Wausau Brand Purchase (Jan-12)

Increased share in core markets and provided entry into new category (brights) and channel (retail)

Ability to utilize existing assets/infrastructure to drive manufacturing and SG&A efficiencies

Future growth opportunities through retail

Compelling financial returns

Strategic Rationale and Value Drivers

Transaction Summary

13

Paid ~$20 million for selected brands Acquired sales of over $100 million/yr

No dilution in attractive mid-teen EBIT margins

One-time 2012 cash integration costs of $7 million

NP WTC 40%

Other WTC 35%

Other Brights 5%

WP

Brights

14%

WP

WTC

6%

Premium Fine Papers Market Size & Shares

(~$650 mm)

New Category (Brights)

Source: company estimates

$0

$10

$20

$30

$40

$50

$60

Brights Craft Resume Stationary

Other NP

Retail: A New Platform for Growth

Source: company estimates

Represents only 15% of sales, with meaningful positions at large customers like Office Max, Staples, Michaels and Target

Specialty retail papers (excluding

copy paper) represents a market of approximately $150 million

Neenah today sells primarily brights, but has capability to produce other specialty retail paper products

Retail Paper

Niche Markets

> $150 million

14

Merchant Direct

Retail

NP Sales By Channel

Key Financial Objectives

Consistent profitable growth

14 consecutive quarters ahead of expectations

Increasing Return on Capital

Averaging over 150 bps per year since 2009

Efficient capital structure

Debt/EBITDA of approximately 2x

Attractive shareholder returns

NP returns in top quartile of Russell 2000 Value in 2010 and 2011

15

$318 $384

$421 $415

4.6%

7.6% 8.0% 9.3%

2009 2010 2011 TTM Q2

Net Sales

OP%$425

Profitable Growth

Fine Paper

Third consecutive year of sales growth; with boost in 2012 from acquisition

Consistent and attractive profits, cash flow and return on capital

Delivering promised value from WP purchase

Technical Products

Growth led by filtration, labels and other higher growth categories

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

Moving to targeted double-digit margins

16

$256 $273 $275

$322

14.2% 13.7% 14.4% 14.7%

2009 2010 2011 TTM Q2

Net Sales

OP%

Pricing power in both business to mitigate input cost variations and deliver consistent returns

Currency Impact

Return on Capital

6%

8% 9%

11%

2009 2010 2011 Q212TTM

% 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, WP purchase)

Exceeding double-digit levels

0.9

1.2 1.3 1.3

2009 2010 2011 TTM Q2

Sales/Assets

17

$245

$186

$203 4.6x

2.8x 1.9x

Dec 10 Dec 11 June 12

Debt and Debt/EBITDA

Target Range

1.5 – 2.5x

Capital Structure

$ millions

Dec

2010

Dec

2011

June

2012

Bonds 7 3/8%

(due Nov. 2014) $ 223 $ 158 $ 148

ABL (due Nov. 2015)

- - 43

Germany 22 28 12

Debt $ 245 $ 186 $ 203

Bond calls in Mar-11 and Apr-12 reducing debt and interest expense

Now well within targeted capital structure range

No short term liquidity events; adequate flexibility for additional borrowing

Credit rating Ba3/BB

18

Pro Forma Cash Flow $ millions

EBITDA (pre WP brand purchase) $ 95

Addtl w/brands ($100 mm x 15%) 15

Interest Expense (15)

Other (tax, wkg cap, pension, etc..) (20)

Cash From Operations $ 75

Capital Expenditures (30)

Free Cash Flow $ 45

FCF per share ~ $3.00

Cash Deployment & Shareholder Returns

Substantial free cash flow generation

Moderate capital spending with available capacity for growth

Favorable cash tax position (NOLs = $80 mm)

$10 million stock repurchase plan (May 2012)

Competitive dividend with room to grow

$0.40

$0.44

$0.48

2010 2011 2012

Annual Dividend per share

19

Double-digit cash flow yields

Investment Conclusions

Leading positions in profitable specialty markets with barriers to entry

Momentum in sales and profits reflecting successful execution of plans

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

$68 $70

$86

$93

$107

2008 2009 2010 2011 2012TTM

Sound capital structure and financial flexibility

Wausau brand acquisition increasing results and providing opportunities for future growth

Strategic focus on continued expansion in defensible specialty markets further from historical “pulp & paper” positioning

Consolidated EBITDA (U$ millions)

20

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

21

GAAP Reconciliation

Continuing Operations

$ millions 2009 2010 2011 1H 2012

EBIT (Operating Income) $ 16.4 $ 55.1 $ 56.6 $ 38.2

Ripon Mill Closure/(Gain on Sale) 17.1 (3.4)

Integration Costs 4.4

Other1 2.4 3.5

Adjusted EBIT $ 33.5 $ 51.7 $ 59.0 $ 46.1

Depreciation & Amortization 31.9 29.7 30.0

14.6

Amort. Equity-Based Compensation 4.7 4.9 4.3 3.0

EBITDA $ 70.1 $ 86.3 $ 93.3 $ 63.7

Earnings (Loss) per Share $ (0.12) $ 1.61 $ 1.82 $ 1.32

Ripon Mill Closure/(Gain on Sale) 0.76 (0.14) - -

Integration Costs - - - 0.17

Other1 0.12 - 0.09 0.14

Adjusted Earnings per Share $ 0.76 $ 1.47 $ 1.91 $ 1.63

22 1 Includes refinancing and tax costs in 2009-11 and pension settlement charge in 2012

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

23