Neenah Paper, Inc. Reverse/Forward Stock Split Approved by Shareholders

Alpharetta, Georgia, USA, 13 March 2008 -- /PRNewswire/ -- Neenah Paper, Inc. (NYSE:NP) announced today that the company's proposed reverse/forward stock split was approved by shareholders in a special stockholders' meeting on 12 March. The effective date of the split is 13 March 2008.

As previously announced, the reverse/forward split consists of a 1-for-50 reverse split of common stock followed immediately by a 50-for-1 forward split of the common stock. Holdings of stockholders with less than 50 shares of common stock before the split would be converted into fractional shares to be purchased by Neenah Paper at a price based on the average closing price per share on the New York Stock Exchange for the five days preceding the split. Stockholders holding 50 or more shares of common stock will continue to hold the same number of shares after the forward stock split, and will not receive any cash payment.

As part of the transaction, Neenah Paper expects to use up to USD 9 million to repurchase shares. The reverse/forward split is expected to result in significantly reduced stockholder record keeping and mailing expenses and will provide small stockholders with a cost-effective way to cash out their investments. Payments to stockholders with less than 50 shares are expected to be mailed within two weeks of the 13 March effective date of the split.

About Neenah Paper, Inc.

Neenah Paper is a leading global manufacturer of premium, performance-based papers and specialty products used in a variety of applications, including filtration, printing and writing, and as backing and component materials for many specialized industrial and consumer applications. The company also produces and sells bleached pulp, primarily for use in the manufacture of tissue and printing papers. Based in Alpharetta, Georgia, the company has paper manufacturing operations in the United States and Germany and a pulp mill and related timberlands in Nova Scotia, Canada. Additional information about Neenah Paper can be found at www.neenah.com.

Source: Neenah Paper, Inc.