Supplemental Data – Q2 2014 Earnings Call

1. 1
Net Sales Q113 Q114 Q213 Q214 Q313 Q314 Q413 Q414
% Change
Q2
% Change
YTD
Fine Paper $99.4 $101.5 $100.0 $106.6 $102.6 $ $99.8 7% 4%
Technical Products 107.0 117.5 105.8 116.9 104.4 98.9 10% 10%
Other 6.8 6.1 6.5 6.9 7.1 6.2 6% (2%)
Consolidated $213.2 $225.1 $212.3 $230.4 $214.1 $204.9 9% 7%
Adj. EBIT
Fine Paper $16.4 $13.3 $15.6 $17.3 $13.5 $14.7 11% (4%)
Technical Products 9.7 14.0 11.9 13.6 6.9 10.3 14% 28%
Unallocated Corp./Other (3.8) (4.0) (4.1) (4.3) (3.6) (2.4) (5%) (5%)
Consolidated $22.3 $23.3 $23.4 $26.6 $16.8 $22.6 14% 9%
Reported E.P.S. $0.73 $0.78 $0.77 $0.88 $0.68 $0.78 14% 10%
Adjusted E.P.S. $0.74 $0.79 $0.80 $0.90 $0.61 $0.78 13% 9%
Financial Overview –
Quarterly Comparison

2. $45.7
$4.5
$3.9 $1.1 $0.2
($4.6) ($0.9)
$49.9
2013 Volume Price/
Mix
SG&A/
Other
Mfg Energy Other
Input
Costs
2014
2
 YTD EBIT growth driven by increased volumes,
price and cost performance
 Input costs higher primarily due to Q1 spike in
US energy prices
Change in Adjusted EBIT
 Profit increase led by strong topline performance
across all businesses
$23.4
$3.4
$2.2
($0.9)
($0.7) ($0.7) ($0.1)
$26.6
2013 Volume Price/ Mix Mfg SG&A/
Other
Energy Other
Input
Costs
2014
Q2 YTD

3. Net Sales 2010 2011 2012 2013
LTM
Q2-14
2010-2014
CAGR
Fine Paper $273.4 $274.9 $372.7 $401.8 $410.5 11%
Technical Products 384.3 421.1 406.6 416.1 437.7 3%
Other 0.0 0.0 29.5 26.6 26.3 NM
Consolidated $657.7 $696.0 $808.8 $844.5 $874.5 7%
Adj. EBIT
Fine Paper $37.1 $39.7 $55.8 $60.2 $58.8 12%
Technical Products 29.2 33.8 37.6 38.8 44.8 11%
Unallocated Corp./Other (14.6) (14.5) (13.1) (13.9) (14.3) NM
Consolidated $51.7 $59.0 $80.3 $85.1 $89.3 15%
Reported E.P.S. $1.61 $1.82 $2.41 $2.96 $3.12 18%
Adjusted E.P.S. $1.47 $1.91 $2.78 $2.93 $3.08 20%
Financial Overview – Annual Trends
3

4. External Information
Q1 Q2 Q3 Q4 Average
2010 1.39 1.28 1.29 1.36 1.33
2011 1.37 1.44 1.42 1.35 1.39
2012 1.31 1.29 1.25 1.30 1.29
2013 1.32 1.31 1.32 1.36 1.33
2014 1.37 1.37 1.37
Q1 Q2 Q3 Q4 Average
NBSK 2010 880 993 1,000 967 960
2011 970 1,025 998 917 978
2012 870 900 853 863 872
2013 897 937 947 983 941
2014 1,017 1,030
NBHK 2010 787 947 913 838 871
2011 825 855 828 745 813
2012 720 793 768 753 759
2013 792 853 870 860 844
2014 872 873
Q1 Q2 Q3 Q4 Full Year
US 2010 1.6 3.9 2.8 2.8 2.5
2011 (1.3) 3.2 1.4 4.9 1.8
2012 3.7 1.2 2.8 0.1 2.8
2013 1.1 2.5 4.1 2.6 1.9
2014 (2.9) 3.2 1.6
EURO Zone 2010 1.7 3.7 1.4 2.2 1.9
2011 3.7 0.2 0.1 (0.9) 1.7
2012 (0.3) (1.1) (0.6) (2.1) (0.6)
2013 (0.8) 1.3 0.4 1.2 (0.4)
2014 0.8 1.6 1.1
Q1 Q2 Q3 Q4 Full Year
2010 3.4 2.8 (1.3) (3.4) (0.3)
2011 (3.8) (4.9) (2.1) (2.9) (3.4)
2012 (0.9) (5.0) (7.1) (4.4) (4.5)
2013 (7.6) (2.5) 0.3 2.5 (1.9)
2014 (2.9) (3.3)
Source: Bank of America Merrill Lynch – July 3, 2014
Source: PPPC UNCOATED WOODFREE PAPERS STATISTICS – June 2014
N.A. Uncoated Free Sheet Market % Change Demand
Source: Average (Bank of America/JPMorgan/Goldman Sachs/Commerzbank) – June 2014
4
Source: RISI – July, 2014
% GDP Growth
Exchange Rate (EURO/US)
Pulp Market List Price $/MT

5. Quarterly GAAP Reconciliation Table
5
Continuing Operations
$ millions
Q113 Q114 Q213 Q214 Q313 Q314 Q413 Q413
GAAP Operating Income $ 22.2 $ 23.0 $ 22.6 $ 25.9 $ 16.4 $ $ 22.6 $
Pension settlement charge - - 0.2 - - -
Integration/Restructuring costs 0.1 0.3 0.1 0.7 0.4 -
Early extinguishment of debt - - 0.5 - - -
Adjusted Operating Income $ 22.3 $ 23.3 $ 23.4 $ 26.6 $ 16.8 $ $ 22.6 $
GAAP Income $ 12.1 $ 13.2 $ 12.8 $ 15.0 $ 11.4 $ $ 13.1 $
Pension settlement charge - - 0.1 - - -
Integration/Restructuring costs 0.1 0.2 0.1 0.4 0.2 -
Early extinguishment of debt - - 0.3 - - -
R&D tax credit - - - - (1.4) -
Adjusted Income $ 12.2 $ 13.4 $ 13.3 $15.4 $ 10.2 $ $ 13.1 $
GAAP Earnings per Diluted Common Share $ 0.73 $ 0.78 $ 0.77 $ 0.88 $ 0.68 $ $ 0.78 $
Pension settlement charge - - 0.01 - - -
Integration/Restructuring costs 0.01 0.01 - 0.02 0.01 -
Early extinguishment of debt - - 0.02 - - -
R&D tax credit - - - - (0.08) -
Adjusted Earnings per Share $ 0.74 $ 0.79 $ 0.80 $ 0.90 $ 0.61 $ $ 0.78 $

6. Annual GAAP Reconciliation Table
6
Continuing Operations
$ millions
2010 2011 2012 2013
LTM
2014
GAAP Operating Income $ 55.1 $ 56.6 $ 70.4 $ 83.8 $87.9
Gain on Ripon Sale (3.4) - - - -
Pension settlement charge - - 3.5 0.2 -
Integration/Restructuring costs - - 5.8 0.6 1.4
Early extinguishment of debt - 2.4 0.6 0.5 -
Adjusted Operating Income $ 51.7 $ 59.0 $ 80.3 $ 85.1 $ 89.3
GAAP Income $ 25.0 $ 29.3 $ 39.9 $ 49.4 $ 52.7
Gain on Ripon Sale (2.1) - - - -
Pension settlement charge - - 2.2 0.1 -
Integration costs - - 3.5 0.4 0.8
Early extinguishment of debt - 1.4 0.4 0.3 -
R&D tax credit - - - (1.4) (1.4)
Adjusted Income $ 22.9 $ 30.7 $ 46.0 $ 48.8 $ 52.1
GAAP Earnings per Diluted Common Share $ 1.61 $ 1.82 $ 2.41 $ 2.96 $ 3.12
Gain on Ripon Sale (0.14) - - - -
Pension settlement charge - - 0.13 0.01 -
Integration costs - - 0.22 0.02 0.04
Early extinguishment of debt - 0.09 0.02 0.02 -
R&D tax credit - - - (0.08) (0.08)
Adjusted Earnings per Share $1.47 $ 1.91 $ 2.78 $ 2.93 $ 3.08