v

Paper Gift

Cards & Packaging

Filtration

Digital

Transfer

Media

Backings

(Tape &

Abrasives)

Commercial

and Consumer

Fine Papers

High End

Spirits Labels

Premium

Packaging

Other Specialty

Materials (Labels,

Coated Covers, etc…)

2

3

Sound financial position and

attractive shareholder returns

Enhance leadership in core categories

Capital-efficient investments in

growing markets

Strong balance sheet

Increasing dividends

Transportation filtration

Coated backings

Fine papers

Organic and M&A• Filtration• Premium Packaging• Digital transfer

29%

13%16%

NP R2000 S&P500

Total Shareholder Return

% CAGR (2012-2017)

• North American transportation filtration capacity expansion

• U.S. laminating acquisition adding to premium packaging capabilities

• European digital transfer media acquisition

4

5

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 is a key performance driver, but a small part of product cost

Multiple technologies and chemistries

Proprietary formulations & strong “dark” IP

Leading performance and innovation

6

35

55

75

95

115

135

'03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 16 17

Europe NAFTA Asia RoW

Other

Neenah

H&V

Ahlstrom

Consolidated global market growing ~4%, with tight global capacity

Products include air, fuel, oil and cabin air filters for cars and trucks, with >80% of sales to after-market

More demanding engines requiring higher performing filters

Present in fast-growing markets including water, industrial, and beverage filters

7

Net Sales

Organic CAGR 7%

Growth consumed European capacity; world class US asset started up in 2017

Common global customers and competitors

Five-year ramp up to $80 mm EOC sales supports historic growth rate

Asia an exciting future opportunity

Global Transp. Filtration Market/Shares

~ US $1 billion

Sizeable global category with media primarily used in tapes and abrasives

Markets generally grow with GDP

Focused on performance niches requiring downstream applications, opportunity to gain share overseas

Smaller, specialty markets include digital transfer, labels, security, décor, and others

Markets generally growing at GDP+

Saturating and coating know-how used to impart unique characteristics

8

9

Based in the Netherlands, Coldenhove is a leading producer of dye sublimation media used for digital image transfer for clothing, sportswear, and other materials

Complementary technologies and geographies that expand our digital transfer platform and customer base

Combined with our existing business, provides Neenah leadership in fast-growing ~$200 million digital transfer market

Neenah

28%Others

72%

Digital Transfer Market ~$200 million

Immediately accretive, with added sales of $45 mm and EBITDA of $6 mm

Purchase price of $45 million equivalent to pre-synergy EBITDA multiple of 7.5x

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

$353

$404 $429

$466

$502

11%

12%

13%14%

11%

14%

6%

8%

10%

12%

14%

16%

18%

20%

$114

$164

$214

$264

$314

$364

$414

$464

$514

2013 2014 2015 2016 2017

Net SalesAdjusted EBIT %Excluding U.S. Filtration start-up

present in growth markets

gaining share through performance, innovation and geographic expansion

investing organically and through M&A

10

mix enhancement, led by profitable and faster growing filtration products

cost efficiencies and scale

R&D investments driving new or improved products valued by customers

2017 reflects temporary impact of US filtration start-up

5 Yr CAGR> 8%/yr

11

LeadingBrands

12

Go To MarketInnovation

Best in Class Manufacturing

Capabilities

Creating image and leading brand equity pulls demand

Demonstrated pricing ability to recoup input costs over time

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

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

13

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 applications, marketing collateral and well-known brands at retail

Market is pressured by electronic substitution

Neenah

63%

Mohawk

Fine

Papers

19%

Others

18%

Market Size~$650 million

14

Premium niche market growing 3-5% annually, Neenah growing at double-digit pace

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

Targeting beauty, alcohol and retail categories; largest opportunity in beauty products

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

Shares Fine Paper asset base and high quality texture/color capabilities that provide customers preferred products unique to their brands

Neenah Design Center helping customers visualize final products more quickly and accelerate time to commercialization

Beauty

49%

Alcohol

29%

Retail/

Other

22%

$450 million

addressable market

$428$436

$443

$452$455

14% 14%16% 16%

15%

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 2017

Net Sales

Adjusted EBIT %

15

strong growth in fragmented packaging market and in digital and wide format categories with recent investments in capabilities

potential for small, consolidating acquisitions

mid-teen EBIT margins with brand equity that supports pricing through input cost cycles

efficient cost position and high ROIC

substantial cash generation

5 Yr CAGR> 2%/yr

Consistent, profitable growth

Return on Capital Focused

Flexible and prudent capital structure

Attractive shareholder returns

16

Double digit earnings growth

High Return on Capital

Increasing cash returns to shareholders

Strong balance sheet

Market-beating shareholder returns

Return to

Shareholders

$140mm

Value-Adding

Organic Capital

$150mm

Acquisitions

$250mm

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

Five-year key cash deployment

17

$2.87 $3.21$3.70

$4.54

$4.32

2013 2014 2015 2016 2017

Adjusted

E.P.S. Five-year sales growth driven by share gains, new products, price/mix improvement and acquisitions

2017 results reflect impact of U.S. filtration start up

6% 6%

10%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

Sales Adj. EBIT Adj. E.P.S

% Annual

Growth

2012- 2017

$782

$840

$888

$942$980

11% 11%

12%

13%

11%

7.0%

9.0%

11.0%

13.0%

15.0%

17.0%

19.0%

500

600

700

800

900

1000

1100

2013 2014 2015 2016 2017

Net Sales

Adjusted EBIT %

18

*U.S. Filtration start-up impact

*

*

12%13%

12%13%

10%

2013 2014 2015 2016 2017*

WACC~ 7-9%

Profitable growth

Continual focus on asset efficiency and footprint optimization

Disciplined organic capital spending

Value-adding acquisitions (and divestitures)

Component of compensation metrics

19

*2017 U.S. Filtration start-up impact

175 175 175 175 175

3253 54 46

80

1.7x1.8x

1.6x1.4x

1.8x

0

0.5

1

1.5

2

2.5

3

3.5

0

50

100

150

200

250

300

Dec 13 Dec 14 Dec 15 Dec 16 Dec 17

Bonds S-T Debt

$207$229$228

$221

$255

Strong cash generation keeping Debt/EBITDA below targeted range of 2 to 3x (even with organic capital investments and acquisitions)

$175 mm bond due in 2021; 5.25% rate and Ba3/BB rating

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

Capital structure and credit availability provides significant flexibility to act on opportunities

Debt

($ millions)

20

Debt/EBITDA

Priority on highest returning investments

Organic initiatives

Value-adding M&A

Committed to cash returns via attractive dividend. Five-year compound growth rate of ~20%

Authorized $25 mm stock buyback plan

Strong business cash flows, compounded with acquisitions

Favorable cash tax position with prior period R&D tax credits, US tax changes to provide future $3-5 mm/yr benefit

Well-funded pension plan

Efficient asset base; capital spend 3-5% of sales; maintenance spend < $20 mm

$0.70

$1.02$1.20

$1.32$1.48

$1.64

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

2013 2014 2015 2016 2017 2018

Dividends

per share

21

$84$95

$111 $116$100

0

20

40

60

80

100

120

140

2013 2014 2015 2016 2017*

Cash From

Operations

*2017 includes US filtration asset start up

All employees have a component of pay that is performance-based

Management required to hold a multiple of salary in stock (4-6 times)

Majority of pay is performance-based (CEO = 70%)

22

Return on Capital

Total Shareholder

Return (vs. Russell

2000)

Revenue Growth

Performance Share Metrics

Earnings per

Share

Focused on growing, profitable and

defensible niche markets, with bias to

performance-based technical products

Active and disciplined process with

dedicated resources. Ideas come from

robust network of sources

Most targets sized between $50 and

$250 million of sales

Expect strategic fit to unlock synergies

Strategic Touch Points

Geographies

TechnologiesProducts/

End Markets

Customers

23

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

2014Crane

(Filtration)

2015FiberMark

(Packaging, Other)

2017Hazen

(Packaging)

2017Coldenhove(Perf. Matls)

2013Southworth(Fine Paper)

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 additional attractive opportunities

Track record of value-adding capital deployment

24

Fine Paper &

PackagingTechnical

Products

Neenah Today

Fine

Packaging

& PaperTechnical

Products

Neenah Future

v

Continuing Operations

$ millions 2013 2014 2015 2016 2017

GAAP Operating Income $ 82.6 $ 86.6 $ 101.4 $ 114.1 $ 104.3

Acquisition/Integration/Restructuring Costs 0.4 2.3 6.5 7.0 1.3

Pension/Insurance Settlement/Other 0.7 3.7 0.8 (2.6)

Adjusted Operating Income $ 83.7 $ 92.6 $ 107.9 $ 121.9 $ 103.0

Depreciation & Amortization 25.1 25.0 27.5 30.1 32.1

Amort. Equity-Based Compensation 4.9 6.0 6.5 5.8 6.4

Adjusted EBITDA $ 113.7 $ 123.6 $ 141.9 $ 157.8 $ 141.5

Earnings (Loss) per Share $ 2.91 $ 3.99 $ 3.53 $ 4.26 $ 4.68

Acquisition/Integration/Restructuring Costs 0.01 0.08 0.24 0.25 0.06

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

Tax Adjustment for Indefinite Reinvestment (0.24)

TCJA and Other Tax Adjustments (0.08)

Pension/Insurance Settlement/Other 0.03 0.14 0.03 (0.10)

Adjusted Earnings per Share $ 2.87 $ 3.21 $ 3.70 $ 4.54 $ 4.32

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. Results for the year ended December 31,

2017, include integration and restructuring costs of $1.3 million, a pension plan settlement charge of $0.6 million and Insurance Settlement of ($3.2).

26

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

27

Visit Our Website: www.neenah.com

Email: investors@neenah.com

Bill McCarthyVP Investor Relations and Corporate Analysis

3460 Preston Ridge Road

Suite 600

Alpharetta, GA 30005

Phone: (678) 518-3278

Email: bill.mccarthy@neenah.com

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