NYSE : NP

New York June 20, 2012

Neenah Paper

MARCUM MICROCAP CONFERENCE

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

2

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, luxury packaging, crafting and labels

Manufacturing in the U.S.

Technical Products Specialized, performance-based products

End markets: filtration, industrial backings,

labels, and other specialties

Manufacturing in Germany and the U.S. Fine

Paper

Technical

Products

Pro Forma Net Sales

$800 million 3

Sold Pictou pulp mill

Sold Terrace Bay pulp mill

Sold half of timberlands

Purchased Germany

Tech. Prod.

Purchased Fox River Paper

Sold remaining timberlands

Purchase premium brands

from Wausau

2005 2006 2007 2008 2009 2010 2011

Successful Strategic Evolution

Successful execution of transformation strategy

Leading positions in profitable markets with strong cash flows

Positioned to pursue new opportunities

Recent acquisition a catalyst for growth and value creation

Timeline of Strategic Activities

Pulp

Fine Paper

Technical Products

2004 2005 2006 2007 2008 2009 2010 2011

Sales Mix Evolution

2012 Nov-04

Spun off

From K-C

4

Financial Momentum

$ millions 2009 2010 2011 2011 2012

Sales $574 $658 $696 $173 $198

EBIT1 34 52 59 17 22

E.P.S.1 $0.76 $1.47 $1.91 $0.54 $0.77

Oper. Margin 5.9% 7.9% 8.5% 9.8% 11.1%

Return on Capital

6% 8% 9% 8% 10%

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

Top line growth via share gains, new products, pricing power and acquisition (Jan-12)

Faster bottom line growth with improving margins and lower debt costs

Return on Capital approaching desired double-digit levels

Strong cash generation used for debt reduction and dividend increases

5

6%

13%

30%

Sales EBIT E.P.S.

% Change 2011 vs. 2010

14%

29%

43%

Sales EBIT E.P.S.

% Change Q1 11 vs.12

First Quarter

“Lucky” 13 consecutive quarters of beating expectations!

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

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

Specialized technologies supported by R&D centers to meet demanding customer performance needs :

Multi-fiber 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

Success Factors

Specialized Performance

Requirements

Strong Barriers to Entry

8

Customer Intimacy and Qualification

Strategic Priorities: Technical Products

Grow in existing markets by:

Increasing mix of higher-value, specialized products (e.g.

melt blown filtration, super smooth abrasives, and specialized labels)

Gaining share with innovative new products with above average margins

Expanding international presence in filtration and other areas as we grow with and follow our global customers

Increase margins with mix improvements, volume growth and optimizing base

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

9

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

OtherNPH&VAhlstrom

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 Ability to leverage our melt blown technologies to enter into other attractive filtration markets that are growing and require performance

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

10

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

11

Countering Market by Extending our Reach

Source: company estimates

With high-end colors and textures, premium fine papers represents a small, specialized sliver of an uncoated free sheet market that has been in decline

Neenah has outperformed the market by:

Gaining share as clear market leader

Finding new areas of growth through expanded products, geographies, technologies and customer channels

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

Premium

Value Share

Uncoated

Free Sheet

Premium ~< 3%

Mohawk 30%

NP

60%

Other (10%)

Success Factors

NP Leading brands specified by designers and printers with 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 and programs to help customers optimize performance and grow share with Neenah

An effective cost position and barrier to entry with purpose-built assets that are efficiently utilized

Selective distribution resulting in brand pull and encouraging strong merchant performance

13

Wausau Brand Purchase (Jan-12)

Compelling and attractive returns

Increased share in core writing, text & cover while expanding market presence with entry into brights

Filled existing asset base with minimal added costs Provided presence in new channel (retail) with

future growth opportunities

Strategic Rationale

$21 million cash for selected premium brands, finished inventory and converting equipment.

Transaction Overview

NP 60%

Others 40%

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! 14

Financial Returns

Acquired sales of over $100 million/yr

No dilution in attractive mid-teen EBIT margins

One-time 2012 cash integration costs of $7 million

Strategic Priorities: Fine Paper

Deliver value in 2012 through successful integration of acquired Wausau brands

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

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

Gain share as market leader with programs and services that encourage growth with Neenah

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Strategy Summary

Grow business through: Gaining share with innovative products and

geographic expansion with global customers Entry into attractive new market adjacencies

Improve margins to double digit levels

Counter a challenging market through: Expanding in targeted markets and with new

revenue streams Growing share in existing markets

Maintain attractive financial returns and cash flow

Technical Products

Fine Paper

Corporate

Increase overall sustainable growth rate through organic initiatives and compelling M&As

Improve efficiency with scalable infrastructure Deploy cash flows to:

Increase Return on Capital Maintain effective capital structure Provide attractive shareholder returns

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Key Financial Objectives

Deliver consistent profitable growth

Increase Return on Capital Maintain a prudent and efficient capital structure Reward shareholders through effective cash generation

and deployment, including a meaningful dividend

17

Profitable Growth

Fine Paper

Consistent and attractive profits, cash flows and return on capital

Delivering value from Wausau brand purchase

$318

$384 $421 $424

4.6%

7.6% 8.0%

11.8%

2009 2010 2011 Q112Annualized

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

$256 $273 $275

$346

14.2% 13.7% 14.4% 15.5%

2009 2010 2011 Q112Annualized

Net Sales

OP%

Return on Capital

6%

8% 9%

10%

2009 2010 2011 Q112 TTM

% Return on Invested Capital

Primary metric to evaluate investment opportunities and measure business performance

A key component in management incentive plans

Improving with:

Profitable growth/margin improvement

Carefully managed assets/investments

Strategic moves (divest pulp, WP purchase)

Nearing desired double-digit levels

0.9

1.1 1.3

1.4

2009 2010 2011 Q112 Annualized

Sales/Assets

19

$319

$245

$186 $200

4.6x

2.8x

2.0x 2.0x

Dec 09 Dec 10 Dec 11 Mar 12

Debt and Debt/EBITDA

Target Range

1.5 – 2.5x

Capital Structure

$ millions Dec

2009

Dec

2010

Dec

2011

Mar

2012

Bonds 7 3/8%

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

ABL (due Nov. 2015)

28 - - 23

Other U.S. 41 - - -

Germany 25 22 28 19

Total Debt $319 $245 $186 $200

Total Cash $5 $48 $20 $3

Recent approved $10 million Stock Repurchase Plan (May 2012)

Purchase of Wausau brands funded by low cost ABL borrowing (Jan 2012)

Called $65 million of bonds in March 2011 and additional $10 million in April 2012

Credit rating upgrade to Ba3/BB- in 2010 20

Pro Forma Cash Flow $ millions

EBITDA (pre-Wausau purchase) $95

Interest Expense (14)

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

Cash From Operations $60

Capital Expenditures (25)

Free Cash Flow $35

+ Added Cash Flow From Acquisition

Strong cash flow generation to support shareholder returns

Strong cash flow from businesses

Moderate capital spending needs with available capacity for growth

Scalable infrastructure to grow efficiently

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

Competitive dividend yield/room to grow

$0.40

$0.44

$0.48

2010 2011 2012

Annual Dividend per share

21

Attractive double-digit cash flow

yields result as base cash flows are

boosted by 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

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

$68 $70

$86

$93

2008 2009 2010 2011

Deleveraging has resulted in sound capital structure and financial flexibility

Recent Wausau brand acquisition expected to provide compelling value creation

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

Consolidated EBITDA (U$ millions)

22

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

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GAAP Reconciliation

Continuing Operations

$ millions 2009 2010 2011 Q1 2012

EBIT (Operating Income) $ 16.4 $ 55.1 $ 56.6 $ 16.2

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

Integration Costs 2.5

Other 1 2.4 3.5

Adjusted EBIT $ 33.5 $ 51.7 $ 59.0 $ 22.2

Depreciation & Amortization 31.9 29.7 30.0 7.3

Amort. Equity-Based Compensation 4.7 4.9 4.3 1.6

EBITDA $ 70.1 $ 86.3 $ 93.3 $ 31.1

Earnings (Loss) per Share $ (0.12) $ 1.61 $ 1.82 $0.54

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

Integration Costs 0.09

Other1 0.12 - 0.09 0.14

Adjusted Earnings per Share $ 0.76 $ 1.47 $ 1.91 $ 0.77

24 1 Includes refinancing and tax costs in 2009-11 and pension settlement charge in 2012