Neenah Paper Completes Sale of Pictou Pulp Mill and Transformation to Premium and Specialty Paper Company

    ALPHARETTA, Ga., June 24 /CNW/ -- Neenah Paper, Inc. (NYSE:   NP) announced
today that it had completed the sale of its Pictou pulp mill to Northern Pulp
Nova Scotia Corporation ("Northern Pulp"), a new operating company of Atlas
Holdings LLC ("Atlas") and Blue Wolf Capital Management LLC ("Blue Wolf"). The
intended transaction was originally communicated in a press release on May 15,
2008; and terms of the sale are consistent with this earlier release.
    As part of the agreement, Neenah Paper paid an initial $1.8 million to
Northern Pulp at closing.  A second and final payment of $10 million will be
made in the third quarter. In return, Northern Pulp has assumed all assets and
liabilities associated with the Pictou operations, as well as existing
customer contracts, supply agreements, labor agreements and pension
obligations. As previously indicated, the transaction is expected to be
significantly cash positive to Neenah Paper as a result of tax benefits that
would be realized over the next one to three years.
    Following this sale, Neenah Paper will become a pure premium paper and
specialty products company and no longer own any pulp mills. The company will
continue to own 500,000 acres of timberlands in Nova Scotia and has announced
its intent to sell these timberlands within the next 12 months.
    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). Based in
Alpharetta, Georgia, the company has paper manufacturing operations in the
United States and Germany and approximately 500,000 acres of timberlands in
Nova Scotia, Canada. Additional information about Neenah Paper can be found at
the company's web site, .
    About Northern Pulp Nova Scotia Corporation
    Northern Pulp Nova Scotia Corporation is a new operating company of Atlas
Holdings LLC and Blue Wolf Capital Management LLC to own and operate the
Pictou pulp mill.  Northern Pulp will be owned by Blue Wolf and Atlas,
experienced operators of industrial facilities throughout North America.
Northern Pulp Nova Scotia Corporation can be contacted through Caroline Luz at
Owen Blicksilver Public Relations by calling 203-656-2829 or via e-mail at
    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, the cost or availability of
raw materials, changes in U.S./Euro and other currency exchange rates,
unanticipated expenditures related to the cost of compliance with
environmental and other governmental regulations, and the ability of the
company to realize anticipated cost savings and benefits from 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: Bill McCarthy, Vice President - Financial 
Analysis and Investor Relations, Neenah Paper, Inc., +1-678-518-3278 Web Site:

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