v

60% 40%

Other Performance Materials

2

3

Profitable growth in core businesses where we have defensible, leading market positions

Disciplined M&A to add value and increase Neenah’s underlying organic growth rate

Capital deployment to maintain a high ROIC, strong balance sheet and attractive dividend

Five Year Shareholder Return (2012-17)

Neenah

R2000 Value

318

167

4

Investment in US filtration capacity supporting geographic share gains and $80 million end of curve sales (by 2021)

Double-digit growth in premium packaging helping to offset pressures in fine paper market

Digital transfer media acquisition providing synergies and a leading position in growing global market

Footprint optimization in fine paper & packaging to increase efficiencies

Steep and prolonged input cost increases temporarily outpacing selling price recovery

Added impact of higher freight rates following U.S. regulatory change

New filtration asset generating losses in early ramp up years; expected to turn profitable in 2019

Recent Q3 results include added planned downtime as well as operational inefficiencies

5

Growing and profitable performance-based markets

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 capacity

More demanding engines requiring higher performing filters

Products include air, fuel, oil and cabin air filters for both cars and trucks/heavy duty

> 80% of sales to after-market (replacement)

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

7

Net Sales

Organic CAGR 7%

First asset in U.S. started up in 2017 after capacity in European base was consumed

Global customers support expansion and looking for added choice in No. America

New asset capabilities/costs best in class

Five year ramp up to $80 mm EOC sales with significant profit turnaround

Asia share growth a future opportunity

Global Transportation

Filtration Market/Shares

~ US $1.3 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 labels, digital transfer, security, décor, and others

Markets generally growing at GDP+

Saturating and coating know-how used to impart unique characteristics

8

9

Coldenhove a leader in digital image transfer media for clothing, sportswear, and other material

European operations and dye sublimation technology complemented and expanded our digital transfer platform and customer base

Provides leadership in a ~$200 million digital transfer market growing high single digits

Neenah

28%

Others

72%

$45 million purchase price represented pre-synergy EBITDA multiple of 7.5x

Added sales of $45 million with EBITDA of $6 million and immediately accretive to earnings

Delivering $1-2 mm of projected annual synergies ahead of plan

$404

$429

$466

$502

$564

12%13% 14%

11% 10%

14%13%

4%

9%

14%

19%

24%

29%

34%

$250

$300

$350

$400

$450

$500

$550

$600

2014 2015 2016 2017 LTM

Q318*

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

Markets growing GDP+ Share gains through performance,

innovation and geographic expansion Investing organically and through M&A

10

*Recent results challenged by filtration start up and $8 mm of temporarily unrecovered input costs

Exclusive of recent results, margin gains supported by: 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

5 Yr CAGR> 9%/yr

11

Generating high returns and cash flows while repositioning portfolio for growth

LeadingBrands

12

Go To MarketInnovation

Best in Class Manufacturing

Capabilities

Creating image and leading brand equity pulls demand

Proven pricing ability to recoup input costs over time

Unique purpose-built assets 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 $600 million niche market of premium textured and colored papers

Uses include high-end commercial printing and consumer applications

Market continues to face pressures by electronic substitution

Neenah is the clear market leader in both the commercial and consumer channels with our well-known brands

Neenah

60%

Mohawk

Fine Papers

19%

Others

21%

14

Premium market growing 3-5% annually; Neenah growing at a double-digit pace

Products include spirit & wine labels, premium folding board, luxury box wrap, and paper gift cards (a “green” alternative to plastic), and others

Efficiently uses Fine Paper assets and their texture & color capabilities to provide customers with 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%

$436$443

$452 $455 $452

14% 16%16%

15%13%

-3.0%

-1.0%

1.0%

3.0%

5.0%

7.0%

9.0%

11.0%

13.0%

15.0%

17.0%

19.0%

21.0%

23.0%

25.0%

27.0%

29.0%

31.0%

33.0%

35.0%

37.0%

39.0%

41.0%

43.0%

45.0%

47.0%

49.0%

340

348

356

364

372

380

388

396

404

412

420

428

436

444

452

460

468

476

484

492

500

2014 2015 2016 2017 LTM

Q318Net Sales

Adjusted EBIT %

15

Outperforming market with double-digit packaging growth, gains in digital and wide format categories and other initiatives, including M&A

Potential for other small, consolidating acquisitions

Historical mid-teen EBIT margins as brand equity supports pricing through input cost cycles

Recent headwinds from combined double impact of input cost/freight increases

Planned footprint and portfolio optimization efforts to increase efficiencies and profitability

High return on capital and substantial cash generation available for redeployment

5 Yr CAGR> 1%/yr

Consistent strategy execution to drive profitable growth

Focus on Return on Capital

Flexible and prudent capital structure

Attractive shareholder returns

16

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

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

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

Return on

Capital

Shareholder

Return (vs. Russell

2000)

Revenue

Growth

Performance Share Metrics

Earnings

per Share

Performance-based and aligned with shareholders

17

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

Substantial cash flows and balanced capital deployment has resulted in:

18

$3.21$3.70

$4.54 $4.32 $4.03

2014 2015 2016 2017 LTM

Q318

Adjusted

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

2017-18 results reflect temporary impacts of filtration capacity ramp-up and unrecovered input costs following a period of rapid increases

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

$840$888

$942$980

$1,038

11% 12% 13% 11% 9%

-3.0%

2.0%

7.0%

12.0%

17.0%

22.0%

27.0%

32.0%

510

610

710

810

910

1010

1110

2014 2015 2016 2017 LTM

Q318

Net Sales

Adjusted EBIT %

19

13%12%

13%

10%10%

2014 2015 2016 2017 LTM

Q318

% ROIC

WACC

~ 7-9%

Profitable growth leveraging asset base

Disciplined organic capital spending

Continual focus on asset efficiency and footprint optimization

Value-adding acquisitions -and divestitures of non-returning assets

20

175 175 175 175 175

53 54 4680 75

1.8x1.6x

1.4x

1.8x 1.9x

0

0.5

1

1.5

2

2.5

3

3.5

0

50

100

150

200

250

300

Dec 14 Dec 15 Dec 16 Dec 17 LTM Q318

Bonds S-T Debt

$229$228$221

$255

Capital structure with significant flexibility to act on future opportunities

• $175 million bond due 2021; 5.25% Ba3/BB

• Short-term debt primarily from ABL (sized at $200 million, current draw only $66 million)

Strong cash generation keeping Debt to EBITDA ratio below target 2-3x range

Willing to go up to 4x Debt/EBITDA for right opportunity

Debt($ millions)

21

Debt/EBITDA

$250

Prioritize highest return investments

Organic initiatives

Value-adding M&A

Committed to an attractive dividend, with a five-year CAGR of ~20%/yr

Authorized $25 mm/yr buyback plan

Strong business cash flows, compounded with acquisitions

Efficient assets; capital spend 3-5% of sales (maintenance spend < $20 mm)

Cash tax rate < 10% as we consume prior period R&D tax credits

Recent results w/filtration start up

$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

2014 2015 2016 2017 2018

Dividends

per share

22

$95$111 $116

$100$82

0

20

40

60

80

100

120

140

2014 2015 2016 2017 LTM Q318

Cash From

Operations

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 $50 - $250 million of sales

Seek strategic fit to unlock synergiesStrategic Touch Points

Geographies

TechnologiesProducts/

End Markets

Customers

23

2014Crane

(Filtration)

2015FiberMark

(Packaging, Other)

2017Hazen

(Packaging)

2017Coldenhove

(Perf. Materials)

2013Southworth

(Fine Paper)

Strong track record of value-adding acquisitions

Leading positions in defensible and profitable core categories, with ROIC focus

Catalysts to increase organic growth

Complete US filtration ramp up

Additional filtration geographic share gains

Premium packaging growth

Fast-growing adjacent technical product markets

Strong cash flows and balance sheet provide flexibility to act on attractive opportunities

Proven record of value-adding capital deployment

24

Fine Paper &

PackagingTechnical

Products

Premium

Packaging &

Fine PaperTechnical

Products

v

100

150

212 219

299318

283

132 135122

157 167 160

Neenah vs Russell 2000

NP

R2000

$28

$43

$60 $62

$85$91

$80

15

25

35

45

55

65

75

85

95

Neenah Stock Price

(Year End 2012-2017)

26

Top 10 Shareholders (13-F)Shares

6/30/18

BlackRock Institutional Trust Company 2,2201,633

Wells Capital Mgmt 1,071,752

The Vanguard Group 992,959

Wellington Mgmt Company 924,302

Macquarie Investment Mgmt 827,972

Dimensional Fund Advisors 737,050

Aberdeen Asset Mgmt 731,379

Daruma Capital Mgmt 492,972

State Street Global Advisors 484,932

Fidelity Mgmt & Research Company 401,525

$1.7$2.3

$3.0$3.5

$5.0$4.5

$4.9

$2.6 $2.6

$4.1

$4.8

$6.5 $6.4

$6.6

$5.0

$3.3

$5.3

$6.6

$8.4 $8.5 $8.5

2012 2013 2014 2015 2016 2017 2018

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

NP Trading Liquidity

$/day millions

27

Continuing Operations

$ millions 2014 2015 2016 2017LTM

Q318

GAAP Operating Income $ 86.6 $ 101.4 $ 114.1 $ 104.3 $ 55.4

Impairment loss 34.0

Acquisition/Integration/Restructuring Costs 2.3 6.5 7.0 1.3

Pension/Insurance Settlement/Other 3.7 0.8 (2.6) 1.8

Adjusted Operating Income $ 92.6 $ 107.9 $ 121.9 $ 103.0 $91.2

Depreciation & Amortization 25.0 27.5 30.1 32.1 35.0

Amort. Equity-Based Compensation 6.0 6.5 5.8 6.4 5.8

Adjusted EBITDA $ 123.6 $ 141.9 $ 157.8 $ 141.5 $ 132.0

Earnings (Loss) per Share $ 3.99 $ 3.53 $ 4.26 $ 4.68 $2.51

Impairment loss 1.49

Acquisition/Integration/Restructuring Costs 0.08 0.24 0.25 0.06 (0.02)

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

Tax Adjustment for Indefinite Reinvestment (0.24)

TCJA and Other Tax Adjustments (0.08) (0.03)

Pension/Insurance Settlement/Other 0.14 0.03 (0.10) 0.08

Adjusted Earnings per Share $ 3.21 $ 3.70 $ 4.54 $ 4.32 $4.03

Results for 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)

28

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

29

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

30