Neenah Paper Announces 9% Dividend Increase to $0.48

Neenah Paper, Inc.

announced today that its Board of Directors approved a nine percent increase in the dividend on the Company's common stock. The annual dividend will increase from $0.44 to $0.48 per share and will continue to be paid in four equal quarterly installments. The next installment, at the new higher rate of $0.12 per share, is scheduled to be paid in March 2012 to shareholders of record as of February 2012.