October 7, 2009

1. October 7, 2009

2. Agenda • Introductions (Meet at 1725 Roe Crest Drive building at 8:20 a.m.) • Tour - Fine Impressions (8:30 a.m. to 9:15 a.m.) • Tour - Navitor (9:20 a.m. to 10:00 a.m.) • Meeting (10:15 a.m. to 12:15 p.m.) - Please refer to agenda details on page 4 - Lunch will be served during the meeting • Summary / Wrap-up (12:45 p.m. ) • Departure from North Mankato (1:00 p.m.)

3. Introductions • Taylor Corporation • Colleen Willhite (Executive V.P. - Taylor Corporation) Dave Gahn (CGI – President) • Tom Ninneman (Director – Navitor Group) Bill Bohning (President – Navitor) • Bill Berkner (TOG – VP Operations) Trudie Gustafson (VP – The Occasions Group) • Mike Schmitt (GM – Fine Impressions - TOG) Jay Parker (VP – Strategic Sourcing)   • Jeff Nessler (Director - Strategic Sourcing) Dave Bundy (Category Manager - Strategic Sourcing) • Neenah Paper • John O’ Donnell (President) • Julie Schertell (V.P. – Sales & Sales Operations) • Marjorie Pond (V.P. of Sales – North America) • Fred Lotthammer (Area Sales Director) • Brad Cannaday (National Accounts - Sales Manager)

4. Meeting Agenda • General Business Review • Neenah Paper overview – NPTA messages • Taylor Corp/Neenah Paper 2009 updates • Challenges/Opportunities • Summary

5. UFS Category OverviewCurrent Market Point of View • UFS demand declined the last 4 yrs. • 2008 & 2009 were particularly harsh • Decline anticipated to slow in future • Printing grades were impacted more severely than digital, cut-sheet products • Supplier capacity sized to align with changing market requirements • Consolidation of supply continues. Source: RISI, PPPC & Domtar Investor presentations Pulp and Paper Product Council; 2009 Pulp and Paper Product Council; 2009

6. New Product Categories Grow share in product categories where our quality and product advantages will be rewarded with price or base load volume Premium Category 560,000 Tons Commodity Category 8,720,000 Tons UFS = 9,280,000 Tons * = Desired

7. A declining market does not prevent growth • The Fallacy of subscribing to the Product Life Cycle Theory • There is no proof that products must die – can be a self fulfilling prophecy • The theory emphasizes individual products instead of taking larger brands into account. • Brands that start from a stronger user position will outperform those that don’t • The theory does not adequately account for product redesign and/or reinvention. Brand Strength & the Product Life Cycle Growth Maturity Decline Introduction Innovation SALES High Brand Loyalty High Brand Recognition Low Brand Recognition Low Brand Loyalty TIME

8. The Fine Paper Business Strategy “To grow market share of the highest value paper solutions by uniquely solving the needs of our customers” To be successful we believe we need to focus on two key objectives: 1. Protect the Brands Brand strength is the leading indicator for who will SURVIVEin a consolidating segment 2. Execute Efficiently Manufacturing cost reduction and supply chain performance is a clear indicator of who will be PROFITABLE. • “We’re well positioned to be a PROFITABLE SURVIVOR.”

9. Neenah PaperCustomer Centric Strategic Imperatives • Improve profitability • Invest in strong brands that pull demand pull through the merchant • Deliver the highest quality product solution that the user values • Practice distribution scarcity where it is valued and earned • Minimize capital investment • Enhance working capital efficiency for our partners • Demonstrate supply chain leadership by innovatively improving capabilities and performance • Lead the change required to prosper • Think “Desired not required” - demonstrate a “market first” focus vs. an asset solution • Change the conversation to building power brands & improving category performance vs. simply YOY total product sales

10. The WTC Market Today Value WTC A balance of price & function “This product meets both my needs” Premium WTC The very best quality “When I print, I want the best” • The WTC market is facing challenging times as there are fewer jobs printing and some being downgraded out of the WTC category. • Half the volume of ten years ago with a similar number of brands offered. • The challenging market is accelerating a two tiered structure within WTC. • Important to have strong, focused offerings in both areas of the business to meet the market’s evolving needs

11. Portfolio LeadershipEnsure existence of strong brands in all price and quality tiers Quality and Price Tiers Finish or Texture • Each WTC category finish has clear market leading brand solutions • Neenah has historically owned premium portion of WTC; with Sundance ® revision and Conservation launch an opportunity to own value portion as well Brand and quality perception based on custom research fielded by Neenah Paper Q3-2008

12. Our Ongoing Focus Premium Brand Leadership • Our focus on leading Premium WTC brands remains strong and will continue • CLASSIC CREST®, CLASSIC® Linen and Environment® brand revisions in the last twelve months

13. + Expanding Our Premium Brand Leadership Neenah Paper and Crane & Co. have signed an exclusive partnership agreement for Neenah Paper to manufacture, market and distribute Crane’s business paper brands Agreement an extension of a partnership Neenah and Crane launched in early 2007 when Neenah began manufacturing paper for Crane Together we offer the pre-eminent corporate identity and business stationery Neenah Paper is now the destination for 100% Cotton!

14. Our Renewed Focus: When Premium Doesn’t Meet The Need Same great quality Most Competitive WTC Price: $1071 Low Portfolio Complexity Sundance® Revision – Fall 2009 • Introduction of 100% PCW- FSC Certified items in all 3 finishes (smooth, felt, linen) 2. Addition of a Felt finish to digital portfolio 3.11-17% price reduction across brand to provide more value 1Pricing of smooth text weights, linen and felt slightly higher. Price vs. competition may vary by market

15. Driving demand by inspiring the use of paper Connect Inspire Understand Neenah Personal ProofSM Market Research Twitter iPhone Blackberry Facebook Neenah Insights

16. A cadence of news and investment • Promotions • “Virtual” swatchbooks / file cabinets • Think Ink improvements, new iPhone and a non iPhone version • Website revision…. consistent with Neenah printed pieces • iPhone and Blackberry applications • Helping designers showcase their work • Expand breadth/depth of social media following • Printed pieces that continue to inspire “Innovation distinguishes between a leader and a follower” – Steve Jobs, CEO Apple; our goal is to increase accelerate our pace of innovation Products End user/designer driven brand revisions Improved digital offerings with expanded colors, weights, textures Next generation papers for emerging inkjet printing technology New textures and surfaces Heavier weight single ply products Greener packaging and label products Non traditional fibers

17. Superior Supply Chain Performance “Service that Differentiates Neenah Paper …and we guarantee it” • Technology • Proprietary Tools • Best in Class Practices

18. Taylor Corp Supply Chain Scorecard

19. Fine Impressions Supply Chain Scorecard

20. Navitor Supply Chain Scorecard

21. Supply Chain Management

22. Guaranteed Performance Effective Q4 2009: Guaranteed Performance on Classic® and Environment® Brands! On Our Most Premium Brands

23. New Neenah Online Tools • Live Chat – Chat with a Neenah Customer Service Representative for questions about our products or services at neenahpaper.com • Dr. Paper – Ask our paper scientists the most technical question you have about paper at neenahpaper.com • Neenah Online Complaint – Initiate any paper quality complaint online through neenah.com with a guaranteed 24 hour response and a 1 week resolution Neenah eAssist – Online stock check and product selector

24. Strategic Alliance with Schneider Logistics • Partnering with one of the nation’s largest transportation companies with significant investments in distribution network design, load and mode optimization capabilities and reporting structure • Benefits to you • Real time order tracking (Track & Trace) • Improved customer scorecard reports down to the ship-to level • Automated processes and on going investments in technology Coming Q1 2010

25. From market overviews to category management, SPOT continues to evolve Chapter 1 Chapter 2 Chapter 3 • Customer vs. Market Trends • Customer share vs. Market • Fair Share Analysis – Market Specific • SKU Specific Stock Guidance • Distribution Performance • Points of Distribution • Item Velocity • Portfolio Health • Inventory Turns Optimization • New Item Launch Tracking by Market • Derived Market Share • SKU Rationalization • Velocity measurement on marketing programs or new items launched • Price or marketing program velocity and volume impacts • Competitive Insights

26. Discussion and Review • Taylor Corporation/Neenah Paper – discussion topics • Digital (Trials in process for Taylor Corporation) • Corporate Identity project / Curtis 1000 • Pricing Stabilization • Lead times / back orders • Quality • Flexibility • Entry to market / risk on new products • Innovation and technology • Brand alignment to division needs • Inventory Programs • Incentive Plans • Mill Tours • Training

27. Summary of 2009 Initiatives (Supplement) In ProcessCompleted The Occasions Group - Pumpernickel Press (Willow Tree) - “Green” Paper Initiative (C) - Digital Papers Transtion - Translucent Grades (C) - NuArt – Luxury Packaging / New Equipment - Jean M Line – Expansion of Products (C) - New Report Format For Taylor Divisions - Starwhite Pearlized C1S Greeting Cards (C) - Transition Of Metallic Stocks - Esse Pearlized White C1S Smooth Cover (C) - Blotter Paper - Arcana (Taylor Laid Dandy Roll Pattern) (C) - Black Felt Cover - Flash Blue” Pearlized Seals (C) Guardian / Navitor - Curtis 1000 Sample Kit - Corporate Identity Paper (C) - Key Account Targeting (Guardian) - Linens / Laids / Woves (C) - Scurry Press (Navitor) - Combined Folder / Translucent Pocket (C) - “Green” Product Positioning (P) - Sales Training (C) - Product Updates / Training - BC Cover Stock – Like Size Transition - New Catalog - Navitor- Transition from Special Make to Stock Grades - Scurry Press – Navitor - Large Format Posters (KIMDURA & CLASSIC) Caracal / Montenegro MBE - Working With National Accounts All Taylor Corporation Divisions - Program Inventory Review / Streamlining - Education / Market Trend Updates - Need Area Surveys / Idea Gathering - Operations Documentation (Sharing of Information) - Labels / Tags / Inserts - Travel Tags Gifts Cards / Stored Value Cards - R & D Development with R. Bice - Environment Platform

28. Taylor Corporation Results I. 2005 Sales: $18,300,000 II. 2006 Sales: $16,600,000 III. 2007 Sales: $16,502,244 IV. 2008 Sales: $14,794,974 V. 2009 Sales YTD through September 2009: $7,814,414 Note: Annualized rate for 2009 is: $10,419,219

29. Thank you for your business Neenah Paper looks forward to meeting and exceeding the goals of the Taylor Corporation