Note:

This document has been translated from the Japanese original FOR REFERENCE PURPOSES

ONLY. In the event of any discrepancy between this translated document and the Japanese original, THE
ORIGINAL SHALL PREVAIL.

（Securities Code 3864）
June 4, 2015
To Our Shareholders
Kunio Suzuki
President and Chief Executive Officer
Mitsubishi Paper Mills Ltd.
2-10-14 Ryogoku, Sumida-ku, Tokyo, Japan

Notice of the 150th Ordinary General Meeting of Shareholders
We would like to express our appreciation for your continued support and patronage.
You are cordially invited to attend the 150th Ordinary General Meeting of Shareholders ofMitsubishi Paper Mills Ltd. (hereinafter "MPM"). The Meeting will be held for the purposes asdescribed below.
In the event you are not able to attend the meeting, you can exercise your voting rights inwriting. If exercising your voting right in writing, please review the attached Reference
Documents for the General Meeting of Shareholders, and exercise your voting rights by 5:30
p.m. on Thursday, June 25, 2015.
Friday, June 26, 2015 at 10:00 a.m.
MPM Conference Room (11th Floor, Ryogoku City Core)
2-10-14 Ryogoku, Sumida-ku, Tokyo
3. Agenda of the Meeting:
Matters to be reported: 1. The Business Report, Consolidated Financial Statements, and resultsof audits of the Consolidated Financial Statements by the
Independent Auditor and the Audit & Supervisory Board for the150th Business Term (from April 1, 2014 to March 31, 2015)
2. Non-Consolidated Financial Statements for the 150th Business Term(from April 1, 2014 to March 31, 2015)
Proposals to be resolved:
Proposal No.1: Election of Eight (8) Directors
Proposal No.2: Election of One (1) Audit & Supervisory Board Member
1. Date and Time:
2. Place:●●When attending the meeting, please submit the enclosed voting rights exercise form at thereception desk to register your attendance.
Please be advised that in the event the Reference Documents for General Meeting ofShareholders, Business Report, Non-Consolidated Financial Statements, or the Consolidated
Financial Statements require modifications, MPM will post such modifications on its
website ( http://www.mpm.co.jp/ir ).

Reference Documents for the General Meeting of Shareholders

Proposal No.1: Election of Eight (8) Directors
The terms of the offices of all eight (8) directors will expire as of the close of this Ordinary General
Meeting of Shareholders.
Consequently, we hereby propose that eight (8) Directors be elected.
The candidates are as follows:No.

1Name(Date of birth)
etc.
Kunio Suzuki(October 12, 1950)
age 64
REAPPOINTMENTCANDIDATE

2

Kazuhisa Taguchi(April 1, 1954)
age 61
REAPPOINTMENTCANDIDATE

3

Kanji Morioka(April 1, 1960)
age 55NEW CANDIDATE

Profile and position in MPM(Important positions concurrently held at other companies,etc.)
April 1974
Joined MPM
June 2005
Executive Officer, Head Hachinohe Mill
June 2006Senior Executive Officer, Head, Hachinohe
Mill
Director, Senior Executive Officer, Head,
June 2007
Hachinohe Mill
President and Chief Executive Officer
June 2009(to present)
April 1978
Joined MPM
April 2007
Executive Officer, Head, Kyoto Mill
June 2009
Senior Executive Officer, Vice President,
Imaging & Development Company
Director and Senior Executive Officer
June 2011
Director and Managing Executive Officer
June 2013
Director and Senior Managing Executive
June 2014
Officer
Director and Vice President
April 2015
Representative Director and Vice President
May 2015(to present)
April 1982
Joined The Mitsubishi Bank Ltd. (current
The Bank of Tokyo-Mitsubishi UFJ Ltd.
(hereinafter BTMU))
Executive Officer, General Manager, Retail
June 2009
Banking Base Department, BTMU
Executive Officer, General Manager,May 2010
General Affair Department, BTMU
Corporate Auditor (Full-Time), BTMU
June 2011
Advisor, BTMU (Scheduled to resign as ofJune 2015
June 25, 2015)

Number ofshares of the
MPM held

255,000

45,0000No.

4Name(Date of birth)etc.

Junji Harada(October 30, 1956)
age 58REAPPOINTMENTCANDIDATE

5

Masaki Shuto(May 4, 1956)
age 59NEW CANDIDATE

6

Tsuneaki Handa(October 21, 1954 )age 60NEW CANDIDATE

Profile and position in MPM(Important positions concurrently held at other companies,etc.)
April 1984
Joined MPM
January 2011
Executive Officer, Unit Manager, New
Business Development Unit, Imaging andDevelopment Company
Executive Officer, General Manager,
January 2012
Speciality Materials Division
Director and Executive Officer, General
June 2012Manager, Speciality Materials Division
Director and Senior Executive Officer;
January 2015
General Manager, Speciality Materials
Division (to present)
April 1979
Joined MPM
June 2006
General Manager, Finance & Accounting
Department
Executive Officer, General Manager,
June 2011
Finance & Accounting Department
SeniorExecutiveOfficer,GeneralJanuary 2015
Manager,Finance&Accounting
Department (to present)
April 1979
Joined MPM
January 2007
General Manager, Affiliated Companies
Administration Department, President’s
OfficeMay 2008
General Manager, Affiliated Companies
Administration Department and PostPhoenix Department, President’s Office
January 2009
General Manager, Affiliated Companies
Administration Department, Post-Phoenix
Department and International Business
Planning Department, President’s Office
General Manager, Planning Department,
June 2009
Imaging & Development Company
General Manager, Planning Department,
January 2010
and Inkjet Department, Imaging &Development Company
President and CEO, Diamic Co., Ltd.
June 2011
Executive Officer;
June 2012
President and CEO, Diamic Co., Ltd.
Executive Officer, Head, Hachinohe Mill;
January 2014
Deputy General Manager, Paper Division
Executive Officer;
April 2014
President and CEO, MPM Operation Co.,
Ltd.; Head of Hachinohe Mill; Deputy
General Manager, Paper Division
Senior Executive Officer;
January 2015
President and CEO, MPM Operation Co.,
Ltd.; Head, Hachinohe Mill; Deputy
General Manager, Paper Division
Senior Executive Officer, Deputy General
April 2015
Manager, Paper Division (to present)

Number ofshares of theMPM held

47,852

16,10047,000No.

7Name(Date of birth)etc.
Naoki Okawa(May 1, 1958)
age 57NEW CANDIDATE

Tomohisa Shinagawa(June 14, 1958)
age 578REAPPOINTMENTCANDIDATEOUTSIDE DIRECTORCANDIDATEINDEPENDENTDIRECTORCANDIDATEProfile and position in MPM(Important positions concurrently held at other companies,etc.)
April 1982
Joined MPM
June 2010
General Manager, General Affairs &Personnel Department
Executive Officer, General Manager,
January 2015
General Affairs & Personnel Department(to present)
April 1985
Registered as an attorney-at-law (DainiTokyo Bar Association)
Joined Mori Sogo(current Mori Hamada &Matsumoto (hereinafter "MHM"))
Partner, MHM
January 1993
June 2006
Partner, MHM;
Director, MPM (to present)
Outside Company Auditor, R&D Computer
June 2010
Co., Ltd.(to present)
Senior Counsel, MHM (to present)
January 2013
[Important positions concurrently held at other companies,etc.]
Senior Counsel, Mori Hamada & Matsumoto
Outside Company Auditor, R&D Computer Co., Ltd.

Number ofshares of theMPM held

11,000Notes:
1. No conflict of interests exists between MPM and each candidate.
2. Mr.Tomohisa Shinagawa is nominated as Outside Director candidate.
(1) Reasons for Nomination as Candidate for Outside Director
Mr.Tomohisa Shinagawa may apply his ability as the specialist in law to contribute to corporate
governance reinforcement.
(2) Limitation of Liability Agreement
MPM has executed a Limitation of Liability Agreement with Mr. Tomohisa Shinagawa,
limiting his liability pursuant to Article 427 Paragraph 1 of the Companies Act. Based on thisAgreement, liability for compensation for damages under Article 423 Paragraph 1, shall belimited to \10 million or the minimum amount stipulated by law, whichever is greater.
(3) Independent Director
MPM has notified the Tokyo Stock Exchange Mr. Tomohisa Shinagawa as an independentDirector.
(Reasons for notification as Independent Director)
Mr. Tomohisa Shinagawa, Senior Councel of Mori Hamada & Matsumoto, is a an attorney-atlaw who is familiar with corporate legal affairs. We have proposed him for Outside Director
because we believe he should contribute to corporate governance reinforcement. MPM receives
legal affairs service from MHM. The amount of the fee is ￥0.1 million (fiscal year ended
March 31, 2015) that we judge to affect the independency for none of MPM and MHM. MPM
takes the use not to ask him about the issues concerned with the duties execution at all so that
he can achieve a supervision function from an independent viewpoint in the board of directors
from those days when MPM elects him an outside director. In consideration of the abovementioned situation and the speciality that he has, MPM has notified him as an independentDirector.
(4) Terms as Outside Director
Mr. Tomohisa Shinagawa will have served as Outside Director for nine (9) years at the close ofthis Ordinary General Meeting of Shareholders.

0Proposal 2: Election of One (1) Audit & Supervisory Board MemberThe term of the office of an Audit & Supervisory Board Member (Mr. Kenji Oka) will expire as ofthe close of this Ordinary General Meeting of Shareholders.
Consequently, we hereby propose that one (1) Audit Supervisory Board Member be elected.
The submission of this Proposal has been approved by the Audit & Supervisory Board.
The candidate is as follows:
Name(Date of birth)etc.

Kenji Oka
(June 6, 1955)
age 60
REAPPOINTMENTCANDIDATEProfile and position in MPM(Important positions concurrently held at other companies,etc.)
April 1978
Joined MPMJanuary 2007 Head of Kitakami Business Unit
January 2009 Director, Photo & Base Paper Department,Digital Imaging Division
Director, Photo & Base Paper Department
April 2009and Ink Jet Media Department, Digital
Imaging Division
January 2010 Deputy General Manager, Kitakami
Division, Imaging & Development Company
Audit & Supervisory Board Member (FullJune 2011Time) (to present)

Note:
No conflict of interests exists between MPM and the candidate.

Number ofshares of theMPM held

14,000