CREDIT SUISSE INVESTOR CONFERENCE

NYSE : NP

New York City February 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

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Neenah is a leader in performance-based technical products

and high-end printing papers used where image matters.

Company Overview

Fine Paper Premium textured and colored papers

End markets: high-end communications and

printing, packaging, crafting and labels

Manufacturing in the U.S.

Technical Products Specialized, performance-based products

End markets: filtration, industrial backings,

labels, graphics & identification and others

Manufacturing in the U.S. and Germany Fine

Paper

Technical

Products

Pro Forma Net Sales

$800 million 3

A History of Strategic Execution

Successful execution of transformation strategy following company formation in 2004

Leading positions in profitable specialty markets with meaningful barriers to entry

Positioned to pursue new opportunities with sound capital structure and strong cash flows

Recent catalyst for growth and value creation following January 2012 purchase of premium brands from Wausau Paper Corp.

Timeline of

Activities

2005 2006 2007 2008 2009 2010 2011

Pulp

Fine Paper

Technical Products

2004 2005 2006 2007 2008 2009 2010 2011

Sales Mix Evolution

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2012

Financial Momentum

$ millions 2009 2010 2011

Revenue $574 $658 $696

Operating Income1 34 52 59

E.P.S.1 $0.76 $1.47 $1.91

EBITDA1 $73 $87 $93

Debt $319 $245 $186

Return on Capital 6% 8% 9%

(1) Excludes one-time items for closure/sale of Ripon mill, debt refinancing and tax adjustments

Top line growth via share gains, new products and pricing power Bottom line reflecting sales growth, improving margins and lower debt costs Cash generation used for debt reduction and dividend increases Return on Capital approaching desired double-digit levels

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6%

14%

30%

Sales EBIT E.P.S.

% Change 2011 vs. 2010

$0.76

$1.47

$1.91

2009 2010 2011

E.P.S.1 2009-2011

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

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Filtration

Tape

Abrasives

Specialties

Europe

North

America

Asia

RoW

A Diversified Global Portfolio

Segment Selected

Competitors

Key

Customers

Est.

Market

Growth

Filtration Ahlstrom,

H&V

Mann &

Hummel,

Mahle, Hengst

2x

GDP

Specialties

(Label, Medical

Pkg, Image

Transfer,

Decorative,

Tag…)

Variety of

competitors with

limited

concentration

Avery

Dennison, 3M,

Saint-Gobain

GDP+

Industrial

Backing- Tape

Wausau,

Ahlstrom

3M, Shurtape,

IPG, Tesa,

Alpha Beta,

GDP

Industrial

Backing-

Abrasives

Ahlstrom,

Munksjo

3M, St. Gobain,

Hangzhou Star,

Starcke

GDP

Sales by

Product Group

Sales by

Geography 7

Ability to meet customer performance needs with specialized technologies:

Multi-fiber technologies and forming capabilities

Saturation, coating and surface treatments

Polymer chemistries

Longstanding relationships and ongoing joint product development with global blue chip customers who are leaders in their markets

Specialized know-how supported by R&D centers in Germany and the U.S.

Success Factors

Customer Intimacy and Qualification

Specialized Performance Requirements

Strong Barriers to Entry

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Key Priorities: Technical Products

Grow share by developing and commercializing innovative new products

Drive growth in higher value specialty products (e.g. melt blown filtration, super smooth abrasives, and specialized labels)

Expand international presence in filtration and other areas by growing with and following our global customers

Enter adjacent markets that are growing and profitable and value technical know-how and performance

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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 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

Organic Growth

• Historically, Neenah has focused in the European auto filtration market (fuel, oil, engine & cabin air)

• The business has grown at a compound annual rate of 8% from 2003-11

Market Adjacencies Other filter applications and markets share similar technologies and represent areas of potential growth

Specialty

filtration

media markets

> $4 billion

Internationalization

Global engine performance and filter requirements continue to become more demanding

Alignment with leading global filter customers can lead to an expanded geographic presence

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Packaging & 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

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NP

60%

Finch 5%

Other 5%

Extending our Reach

Premium

Value Share

Source: company estimates

Premium fine papers represents a sliver of the uncoated free sheet (UFS) market. UFS has declined 3-4 percent per year over the past ten years

Neenah is the clear leader in what is essentially a two-player market for premium fine papers and has gained share as the market consolidates

We are successfully identifying and pursuing new areas of growth to help offset market challenges

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Uncoated

Free Sheet

Premium ~3%

What We Sell

Where We Sell

How We Sell

Where We Compete

Premium Labels

Envelopes

Core

Writing,

Text &

Cover

Retail

Middle East

Europe

China

South America

Luxury Packaging

Brights Digital Papers

Electronic Printing

Applications

Crane

Color Copy

Crafts Scrapbooking

100% PCW Packaging

Durable Papers

Mohawk 30%

Success Factors

NP Leading brands that are often specified by designers and printers and that provide pricing power

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

Technology and supply chain tools to help customers optimize performance and grow share with Neenah

Purpose-built assets providing an effective cost position and barrier to entry

Selective distribution resulting in brand pull and encouraging strong merchant performance

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Key Priorities: Fine Paper

Gain share in a consolidating market with programs and information that encourages growth with Neenah

Expand in targeted areas: luxury packaging, label, international, envelopes and national accounts

Develop new revenue streams – including expansion in retail, photo cards and books, and digital papers

Opportunistically consolidate- integrate recently acquired Wausau brands in 2012

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Wausau Transaction

Expands market participation with entry into new category (brights)

Increases share in core writing, text & cover

Fills existing asset base with minimal added costs and no dilution in EBIT margins

Provides presence in new channel (retail) with future growth opportunities

Delivers substantial value and compelling returns

Strategic Rationale

$21million cash payment for: • Astrobright, Astroparche, and Royal brands • Perpetual license for Exact TM bright, index, tag, and

bristol papers • One-month finished inventory and selected assets

Acquired sales of over $100 million/yr One-time integration costs of $10 million in 2012

Transaction Overview

NP 60%

Others 40%

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NP 50%

WP 7%

Others 43% WP

75%

Others 25%

Premium WTC Market (~$450 mm)

Brights Market (~$100 mm)

Bigger share of a bigger market!

Consolidated Strategy

Grow size of business through: Geographic expansion with global customers New products/innovation Entry into market adjacencies

Improve margins to double digit levels

Counter challenging market through: Growing share in consolidating market Expanding in targeted growth areas

Maintain attractive financial returns Deliver value by successful integration of

acquired Wausau brands in 2012

Technical Products

Fine Paper

Corporate

Ge

ne

rate

Att

ract

ive

Ret

urn

s to

Sh

are

ho

lde

rs b

y:

Allocate cash flows effectively to: Increase Return on Capital Maintain prudent capital structure Provide attractive shareholder returns

Ensure scalability of corporate costs Pursue M&As where strategic fit and

financial returns are compelling 16

Financial Objectives

Deliver consistent profitable growth while:

Increasing Return on Capital through growth in operating income, margin expansion and asset efficiencies

Maintaining a prudent capital structure Rewarding shareholders through cash generation and

meaningful dividend yield

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Profitable Growth

$256

$273 $275

14.2% 13.6% 14.4%

2009 2010 2011

Net Sales

OP %

Fine Paper

Delivering consistent and attractive profits , cash flows and return on capital

Growing share and in targeted niches to offset challenging market conditions

$318

$384 $421

4.6%

7.6% 8.0%

2009 2010 2011

Net Sales

OP%

Technical Products

Volume growth focused on filtration, labels and higher growth categories

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

Targeting sustainable double-digit margins

Pricing power and cost control in both businesses has offset almost $50 million of input cost increases since 2009 18

Return on Capital

6%

8%

9%

2009 2010 2011

% Return on Invested Capital

Primary metric used to measure business performance and evaluate investment opportunities

Increasing ROIC a primary component of management compensation plans

Improving with

Profitable growth

Careful control of assets and capital investments

Divestiture of pulp

Nearing desired double-digit levels

0.9

1.1 1.3

2009 2010 2011

Sales/Assets

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Capital Structure

$ millions Dec

2009

Dec

2010

Dec

2011

Bonds 7 3/8%

(due Nov. 2014) $225 $223 $158

ABL (due Nov. 2015)

28 0 0

Other U.S. 41 0 0

Germany 25 22 28

Total Debt $319 $245 $186

Total Cash $5 $48 $20

$95 million North American revolving credit facility expires in late 2015

Completed call of $65 million bonds in March 2011 (saving $5 million/year in interest)

Credit rating upgraded to Ba3/BB- in 2010

Recent $21 million purchase of Wausau brands funded by low cost ABL borrowing

$319

$245

$186

4.4x

2.8x

2.0x

Dec 09 Dec 10 Dec 11

Debt and Debt/EBITDA

20

Pro Forma (excl. WP purchase) $ millions

EBITDA $95

Interest Expense (14)

Other (tax, wkg cap, pension, etc..) (21)

Cash From Operations $60

Capital Expenditures (25)

Free Cash Flow $35

FCF/share $2.35

FCF Yield 1 9%

(1) Based on $27 NP stock price

Attractive cash flows and returns

Strong cash flow base

Ability to grow efficiently with scalable infrastructure

Moderate capital spending with capacity available for growth

Efficient N. America cash tax position (NOLs = $80 million)

Competitive dividend yield (approx. 2%), with consecutive annual increases

$0.40

$0.44

$0.48

2010 2011 2012

Annual Dividend per share

21

Attractive cash flows and yield

even before including returns from

Wausau brand purchase

Investment Conclusions

Leading positions in profitable specialty markets with barriers to entry

Momentum in sales and profits reflecting successful execution of plans

Deleveraging has resulting in sound capital structure and financial flexibility

$69 $73

$87

$93

2008 2009 2010 2011

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

Recent Wausau brand acquisition expected to provide compelling value creation

Strategic focus on continued expansion in specialty markets and evolution away from historical “pulp & paper” positioning

Consolidated EBITDA (U$ millions)

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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

5460 Preston Ridge Rd. Suite 600

Alpharetta, GA 30005

Phone: (678) 518-3278

Email: bill.mccarthy@neenahpaper.com

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GAAP Reconciliation

Continuing Operations

$ millions 2009 2010 2011 EBIT (Operating Income) $ 16 $ 55 $57 Ripon Mill Closure/(Gain on Sale) 17 (3) Loss on retirement of bonds - - 2 Adjusted EBIT $ 34 $ 52 $ 59 Depreciation & Amortization 34 32 31 Amort. Equity-Based Compensation 5 3 3

EBITDA $ 73 $ 87 $ 93 Earnings (Loss) per Share $ (0.12) $ 1.61 $1.82 Ripon Closure/(Gain on Sale) 0.75 (0.14) Refinancing Costs/Tax Items 0.13 0.09 Adjusted Earnings per Share $ 0.76 $ 1.47 $1.91

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