John ODonnell - President and Chief Executive Officer Bonnie Lind - PowerPoint PPT Presentation

 John O’Donnell - President and Chief Executive Officer  Bonnie Lind - Senior Vice President, Chief Financial Officer and Treasurer  Bill McCarthy - Vice President, Financial Analysis and Investor Relations 2

Performance -based Image-oriented TECHNICAL FINE PAPER & PRODUCTS PACKAGING ~$1 billion sales 3

Enhancing strong leadership positions in high value, core categories Investing capital-efficiently in defensible and growing niche markets Maintaining a strong financial position and 350.00 Stock Price + 281% 12/12 – 10/31 300.00 providing consistent, attractive returns with a 250.00 200.00 + 134% growing dividend 150.00 100.00 NP R2000 50.00 0.00 4

Performance Filtration Materials 45% 55% ~ $500 million net sales 5

 High value specialty markets Leading Positions  Long customer qualifications- strong barrier in Defensible Growing Markets  Media a key performance driver  Multiple technologies and chemistries Broad Technical  Proprietary formulations & strong “dark” IP Abilities  Leading performance and innovation  Global offering and expanding footprint Strong Customer  Joint development relationships Relationships & Support  Technical support and service 6

Backings (55%) Specialties (45%)  Sizeable global category primarily  Smaller, specialized markets including media used in tapes and abrasives labels, security, medical packaging, décor, and others  Focused on performance niches  Utilize saturating and coating to requiring downstream applications impart unique characteristics  Markets generally growing with global GDP  Markets generally growing at GDP+ 7

Long Runway for Future Growth Transportation Media (75%)  After gaining lead share in Europe,  Global market growing ~4%, now investing to grow share in US 80% of sales in aftermarket  Asia remains a future opportunity  Neenah organic growth 8%/yr  More demanding engine needs Global Transportation Filtration Market/Shares requiring higher performing filters ~ US $1 billion Other Neenah 135 H&V Net Sales Ahlstrom Organic 115 CAGR 8% 95 Asia NAFTA Europe RoW 75 Other Filtration Media (25%) 55  Expanding in other fast-growing markets 35 including water, industrial, and beverage '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 8

Growing top line $514 Net Sales  growth market participation $470 Adjusted EBIT % $429 $464  share gains through performance 17% characteristics $404 $414 $353  investments in organic and $336 $364 acquired growth 14% 13% 13% 13% $314 Expanding margins 12% $264 11%  scale and cost efficiencies 9% $214  mix enhancements, helped by $164 faster growing filtration products  R&D investments where valued by $114 5% 2012 2013 2014 2015 LTM market 2016 9

Premium Packaging 15% Graphic Imaging Specialty 78% Board 7% ~ $450 million net sales 10

 Brand equity helps pull demand Leading, well- known brands  Ability to recoup changes in input costs  Highly-utilized purpose built assets providing leading cost position and technology to Manufacturing accommodate market driven changes Capabilities  Highest quality products with a variety of colors and textures  Prototyping capabilities allowing for faster Supply Chain commercialization Innovation  Able to meet short lead times with outstanding service 11

Premium Fine Paper Market by Channel/Market Share ~ $650 mm Neenah 65% Mohawk Consolidated niche market (<1% End uses include high-end Fine Papers 25% of UFS), premium textured and commercial printing, marketing colored papers collateral and retail products Others 10% Commercial Channel ~$500 million Neenah 55% Others 45% Traditional market pressured by Neenah the clear leader in both electronic substitution commercial and retail channels Retail Channel ~$150 million 12

Attractive Market Opportunity  Targeted premium niche <1% of global market and growing 3-5% annually  Fragmented with no clear market leader  FiberMark acquisition significantly expanded our presence and capabilities Award Winning Products  Utilizing our traditional asset base  Custom beater-dyed Neenah Folding Board eliminates white edges while saving on printing costs Retail/ Other 22% Beauty  Rigid board eliminates need for cellophane 49% window, saving on costs while increasing Alcohol 29% consumer interaction with the brand  Green options allow customers to customize Highly $450 million their environmental footprint Fragmented Target Market Growth in packaging to offset secular pressures on traditional business 13

40.0% 494 38.0% 486 36.0% 478 34.0% Strong financial results 470 Net Sales 32.0% 462 $453 30.0% Adjusted EBIT %  Stable mid-teen EBIT margins 454 28.0% $443 446 $436 26.0%  Capital efficient, substantial 438 $428 24.0% cash generation 430 22.0% 422 20.0%  Brand equity supports pricing 414 18.0% $402 406 16.0% 398 15% 15% 14.0% 14% 14% 14% 390 12.0% Countering top-line pressures 382 10.0% 374 8.0%  Consolidating acquisitions 366 6.0% 358 4.0%  Packaging growth 350 2.0% 2012 2013 2014 2015 LTM  Share gains and price optimization 2016 14

 Consistent, profitable growth  High Return on Capital/Return on Equity  Flexible and prudent capital structure  Attractive shareholder returns 15

Our businesses generate …that we’ve deployed to result in: substantial cash flows…  Double digit earnings growth Return to Shareholders $75mm  High Return on Capital  Increased cash returns to Value-Adding Acquisitions shareholders Organic $225mm Capital  Low debt and a strong $100mm balance sheet  Market-beating shareholder returns Five-year cash generation ~$450 million 16

$951 1000 Net Sales 15.0% % Annual Adjusted EBIT % 950 Growth $888 14.0% 2011- 2015 900 19% $840 20.0% 17% 850 $782 13.0% 18.0% 800 $738 13% 16.0% 750 12.0% 14.0% 12% 700 12.0% 9% 11.0% 10.0% 650 11% 11% 8.0% 600 10% 10.0% 6.0% 550 4.0% 500 9.0% 2.0% 2012 2013 2014 2015 LTM 2016 0.0% Sales Adj. EBIT Adj. E.P.S $4.34 Adjusted  Five-year growth reflecting share gains, $3.70 E.P.S. new products, price/mix improvement $3.21 $2.87 and acquisitions $2.63  Margin improvement through focus on market-back pricing, cost control and efficiencies, and mix shift to higher value products 2012 2013 2014 2015 LTM 2016 17

Delivering attractive ROIC through:  Profitable growth 13% 13% 12% 12% 11%  Focus on asset efficiency WACC ~ 8-10%  Disciplined organic capital spending  Good returning projects  Value-adding acquisitions (and 2012 2013 2014 2015 LTM divestitures) 2016 Primary measure to evaluate investment decisions and judge business performance - and a key compensation plan measure 18

Debt Dec Dec Sep ($ millions) 250 3.8 2014 2015 2016 $ millions 3.3 $229 $228 Bonds (5.25% due 2021) 200 $ 175 $ 175 $ 175 $211 $207 2.8 $180 Global ABL (Libor + 125) 49 51 33 2.3 150 1.8 Other 10 8 7 1.8 1.7 100 1.6 1.6 1.3 Debt/ 1.3 EBITDA Gross Debt * $ 234 $ 234 $215 0.8 50 0.3 Cash $ 73 $ 4 $ 7 0 -0.2 Dec 12 Dec 13 Dec 14 Dec 15 Sept 16 * Excludes net credit of ~$5 mm for debt issuance costs  Debt/EBITDA well below targeted range of 2 to 3x  Bonds with debt rating of Ba3/BB and low coupon rate  Global ABL sized at $200 million; significant borrowing capacity 19

Cash Generation Cash Deployment Strong business cash Pro Forma Cash Flow  Priority on highest  flows, compounded returning investments ($ millions) with acquisitions  Organic initiatives EBITDA $ 155 - $170  Value-adding M&A Efficient asset base;  Interest Expense (10)  Committed to cash maintenance cap-ex returns via attractive Other (tax, wkg cap, pension, etc.) < $15 mm/year (25 - 30) and growing dividend Cash From Operations $ 115 – 135 Significant US R&D   Authorized $25 mm tax credits; well- Total Capital Spend (3-5% sales) (30 - 50) stock repurchase plan funded pension plan Free Cash Flow $ 65 – 105 Cash From $1.32 $129 Dividends 140 Operations 1.4 $1.20 $111 per share 120 $1.02 1.2 $95 $84 100 1 $66 * $0.70 80 0.8 $0.48 60 0.6 40 0.4 20 0.2 0 0 2012 2013 2014 2015 LTM 2012 2013 2014 2015 2016 2016 * excludes one-time costs for 20 acquisition accounting and other items

 All incentive plans are tied to performance Return on Capital Revenue Improvement Growth achievement  Management required to hold a multiple of salary in stock (CEO = 6x)  Incentive split:  50% cash, based on growth in Total Shareholder Return business profit/EBITDA (vs. Russell 2000 index)  50% equity-based (options Performance Share Metrics and performance shares) Performance-based and aligned with shareholders 21

 Active and disciplined process with Strategic Growth dedicated resources Touch points  Targeting growing, profitable and defensible niche technical products markets Products/ Technologies End Markets  Strategic fit and linkage to deliver synergies Customers Geographies  Targets generally sized between $50 and $250 million of sales  Demonstrated track record in execution and integration to capture value 22