Reverse/Forward Stock Split Approved by Shareholders

    ALPHARETTA, Ga., March 13 /CNW/ -- Neenah Paper, Inc. (NYSE:   NP) ("Neenah
Paper") announced today that the Company's proposed reverse/forward stock
split was approved by shareholders in a special stockholders' meeting held on
March 12. The effective date of the split is March 13, 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 prior
to 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
    As part of the transaction, Neenah Paper expects to utilize up to $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 March 13 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. 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,
    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

For further information:

For further information: Bill McCarthy, Vice President of Financial 
Analysis and Investor Relations for Neenah Paper, Inc., +1-678-518-3278 Web

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