Disclosure

Disclosure Policy

1. Basic Disclosure Policy
   In accordance with the “Code of Conduct of the Mitsubishi Paper Mills Group,” we will disclose relevant and appropriate corporate information in a timely manner to press organizations and stakeholders including customers, shareholders and local communities. We endeavor to disclose information in a way that it can be obtained fairly.
2. Disclosure Standards
   The Mitsubishi Paper Mills Group (MPM) shall disclose information in accordance with the Companies Act, the Financial Instruments and Exchange Act, other Acts, and the “Timely Disclosure Rules” stipulated by the financial exchanges where MPM’s shares are listed. Even if the information does not fall under the disclosure required according to the timely disclosure regulations, information related to decisions, events and performance trends that may influence investors’ decisions shall be disclosed as quickly and fairly as possible. Information believed to be effective for public perception and understanding of the MPM Group shall also be disclosed.
3. Disclosure Methods
   (i) Information falling under disclosure required by the timely disclosure regulations shall be disclosed to the Timely Disclosure Network (TDNet) provided by the Tokyo Stock Exchange and to press organizations.
   (ii) Even if the information does not fall under the disclosure required according to the timely disclosure regulations, information related to decisions, events and performance trends that may influence investors’ decisions shall be disclosed to the Timely Disclosure Network (TDNet) provided by the Tokyo Stock Exchange and to press organizations. At the same time, the disclosure in (i) and (ii) above shall also be promptly published on MPM’s website.
   (iii) Information believed to be effective for increasing the social recognition and understanding of MPM shall also be disclosed to press organizations and, if necessary, to government organizations and local communities. Information disclosed to press organizations shall be promptly published on MPM’s website as for (i) and (ii).
4. Quiet Period
   In order to prevent leaks and ensure fairness of earnings information, there shall be a “quiet period” from the day after the last day of each quarter to the date of the announcement of earnings for that quarter. As a general rule, responses to questions and comments on earnings shall not be made during this period. However, if an event occurs that changes the existing performance forecasts during the quiet period, the appropriate information shall be suitably disclosed.
5. Forward-looking Statements
   Performance forecasts and management indicators other than historical facts are judgments based on currently available information and contain many uncertain elements. Actual performance may greatly differ from these forecasts. Therefore, we ask that you refrain from making investment decisions solely reliantly upon performance forecasts, etc.

(March 2009)

Below you will find the contents of the Declaration on Timely Disclosure and the Summary of Timely Disclosure System submitted to the Tokyo Stock Exchange.