Neenah Paper Board Approves Reverse-Forward Stock Split



    ALPHARETTA, Ga., Jan. 31 /CNW/ -- Neenah Paper, Inc. (NYSE:   NP) ("Neenah
Paper") announced today that its Board of Directors approved a reverse/forward
split of the issued and outstanding shares of Neenah Paper common stock.  If
approved by Neenah Paper stockholders, the reverse/forward split will consist
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 prior to the split would be converted into fractional
shares, which will 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.  As part of the transaction, Neenah Paper expects to
utilize up to $9 million to repurchase shares.  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. 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.
    Stockholders will be asked to approve the transaction at a special
stockholders' meeting expected to be held on March 5, 2008. If approved, the
transaction would be completed shortly thereafter. The record date for the
special stockholders' meeting is February 6, 2008. Neenah Paper has filed a
preliminary proxy statement containing details regarding the reverse/forward
split proposal with the Securities and Exchange Commission and will mail a
definitive proxy statement regarding this proposal to its stockholders. All
stockholders are advised to carefully read the proxy statement as such
document will contain important information about the upcoming special meeting
and the proposed reverse/forward stock 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. Products
are marketed under well-known brands such as CLASSIC(R), ENVIRONMENT(R),
STARWHITE(R), Gessner(R), JET-PRO(R) SofStretch(TM) and varitess(R). 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 the company's web site,
www.neenah.com .
    
    Cautionary Note Regarding Forward-Looking Statements
    
    Certain statements in this press release may constitute "forward-looking"
statements as defined in Section 27A of the Securities Act of 1933 (the
"Securities Act"), Section 21E of the Securities Exchange Act of 1934 (the
"Exchange Act"), the Private Securities Litigation Reform Act of 1995 (the
"PSLRA"), or in releases made by the Securities and Exchange Commission, all
as may be amended from time to time. Statements contained in this press
release that are not historical facts may be forward-looking statements within
the meaning of the PSLRA. Any such forward-looking statements reflect our
beliefs and assumptions and are based on information currently available to us
and are subject to risks and uncertainties that could cause actual results to
differ materially including, but not limited to, changes in U.S./Canadian
dollar, U.S./Euro and other currency exchange rates, changes in pulp prices,
the cost or availability of raw materials, unanticipated expenditures related
to the cost of compliance with environmental and other governmental
regulations, the ability of the company to realize anticipated cost savings,
and the successful integrations of the former Fox River business and Neenah
Germany operations. Forward-looking statements are only predictions and
involve known and unknown risks, uncertainties and other factors that may
cause our actual results, performance or achievements, or industry results, to
be materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements. We undertake no
obligation to publicly update any forward-looking statements, whether as a
result of new information, future events or otherwise.  These cautionary
statements are being made pursuant to the Securities Act, the Exchange Act and
the PSLRA with the intention of obtaining the benefits of the "safe harbor"
provisions of such laws. Neenah Paper, Inc. cautions investors that any
forward-looking statements we make are not guarantees or indicative of future
performance.




For further information:

For further information: Financial Analysis and Investor Relations, Bill
 McCarthy, Vice President of Neenah Paper, Inc., +1-678-518-3278 Web Site:
http://www.neenah.com

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NEENAH PAPER, INC.

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