December 2, 20—

Mr. Marshall Austin
President
Neenah Paper
Neenah, Wisconsin 54956

Dear Mr. Austin,

I recently noticed Neenah Paper's first quarter earnings. But despite this significant improvement, I also noted Neenah's common stock is selling far below book value on the NASD-OTC market.

I would like to share a few ideas I developed while working for Hill and Knowlton in financial relations. Many of our clients had a problem apparently similar to Neenah's. I think a brief meeting could benefit Neenah Paper and its investors.

I will call Monday or Tuesday of next week to determine when a brief meeting would be appropriate.

With best regards,

Richard H. Greene