November 11, 2015

Summary of Consolidated Financial Results
for the Six Months Ended September 30, 2015 (unaudited)
Company name: Mitsubishi Paper Mills Limited
Stock exchange listing: Tokyo Stock Exchange
Code number: 3864
URL: http://www.mpm.co.jp/
Representative: Kunio Suzuki, President and Chief Executive Officer
Contact: Hironori Oikawa, General Manager, Finance & Accounting Dept.
Phone: +81-3-5600-1407(Amounts of less than one million yen are rounded down.)
1. Consolidated Financial Results for the Six Months Ended September 30, 2015 (April 1, 2015 to September
30, 2015)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable toNet sales
Operating income
Ordinary income
owners of parent
Six months ended
Million yen%
Million yen%
Million yen%
Million yen%
September 30, 2015
107,046
2.0594
122(512)September 30, 2014
104,918
4.3(337)(774)(2,131)(Note) Comprehensive income: Six months ended September 30, 2015: ¥(1,719) million [-%]
Six months ended September 30, 2014: ¥(1,648) million [-%]
Diluted earnings
Earnings per shareper share
Six months ended
Yen
Yen
September 30, 2015
(1.50)
September 30, 2014(6.23)(2) Consolidated Financial Condition
Total assets

Net assets

Million yen

Equity ratio

Million yen%

As of September 30, 2015
247,394
53,574As of March 31, 2015
253,482
55,094(Reference) Equity: As of September 30, 2015: ¥50,564 million
As of March 31, 2015: ¥52,017 million

20.4
20.5

2. Dividends
1stquarter-end

Annual dividends
2nd
3rd
quarter-end
quarter-end

Yen

Yen

Fiscal year ended March 31, 2015
0.00
0.00
Fiscal year ending March 31, 2016Fiscal year ending March 31, 2016
(Forecast)(Note) Revision to the forecast for dividends announced most recently: None1Year-endTotalYenYenYen-0.00

0.00

-0.00

0.00

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2016 (April 1, 2015 toMarch 31, 2016)(% indicates changes from the previous corresponding period.)
ProfitNet sales
Operating income
Ordinary income
attributable toEarnings per shareowners of parent
Million yen%

Million yen%

Million yen%

Million yen

Full year
223,000
3.7
3,500 237.0
1,500(Note) Revision to the financial results forecast announced most recently: None

2,000%Yen-5.85* Notes:(1) Changes in significant subsidiaries during the period under review (changes in specified subsidiaries resulting
in changes in scope of consolidation): None
New: - (Company name);
Excluded: - (Company name)(2) Accounting policies adopted specially for the preparation of quarterly consolidated financial statements: None
(3) Changes in accounting policies, changes in accounting estimates and retrospective restatement
1) Changes in accounting policies due to the revision of accounting standards: Yes
2) Changes in accounting policies other than 1) above: None
3) Changes in accounting estimates: None
4) Retrospective restatement: None
(4) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):
September 30, 2015: 342,584,332 shares
March 31, 2015: 342,584,332 shares2) Total number of treasury shares at the end of the period:
September 30, 2015: 722,795 shares
March 31, 2015: 713,667 shares
3) Average number of shares during the period:Six months ended September 30, 2015: 341,866,263 shares
Six months ended September 30, 2014: 341,892,243 shares* Presentation regarding the implementation status of the quarterly review procedures
These quarterly financial results are outside the scope of quarterly review procedures under the FinancialInstruments and Exchange Act. At the time of disclosure of these quarterly financial results, review proceduresfor the quarterly financial statements have not been completed.
* Explanation of the proper use of financial results forecast and other notes
The earnings forecasts and other forward-looking statements herein are based on information currentlyacquired by the Company and certain assumptions assessed to be reasonable. Actual results may differ
significantly from these forecasts due to a wide range of factors.

23. Quarterly Consolidated Financial Statements(1) Quarterly Consolidated Balance Sheets(Million yen)
As of March 31, 2015
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Merchandise and finished goods
Work in process
Raw materials and supplies
OtherAllowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, netMachinery, equipment and vehicles, net
LandConstruction in progress
Other, net
Total property, plant and equipment
Intangible assets
Other
Total intangible assets
Investments and other assets
Investment securities
Net defined benefit asset
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

3

As of September 30, 2015

6,505
47,04530,901
8,155
10,481
6,277(149)
109,217

6,234
47,481
28,745
8,146
11,3795,737(180)
107,545

29,83560,072
22,950516
3,281
116,656

29,22058,23722,656732
3,003
113,851

284
284

251
251

21,4682,638
4,244(1,027)27,324
144,265
253,482

20,2472,630
3,659(792)
25,745
139,848247,394(Million yen)
As of March 31, 2015
Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term loans payable
Commercial papers
Income taxes payable
Other
Total current liabilities
Non-current liabilities
Long-term loans payable
Reserve for loss on dissolution of employee's fundNet defined benefit liability
Asset retirement obligations
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Capital stock
Capital surplus
Retained earnings
Treasury shares
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

4

As of September 30, 2015

24,01577,086－356
14,348115,807

25,35980,1742,000
335
13,819121,688

67,234
115
9,682
880
4,667
82,580198,388

57,906
115
9,219
882
4,007
72,131
193,819

32,756
7,523
5,147
(143)
45,28432,756
7,523
4,717
(144)
44,853

4,663
1,815
254
6,733
3,076
55,094
253,482

3,934
1,721
56
5,711
3,009
53,574
247,394

(2) Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income
Six Months Ended September 30(Million yen)

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income (loss)
Non-operating income
Interest income
Dividend income
Royalty income
Foreign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Other
Total non-operating expenses
Ordinary income (loss)
Extraordinary income
Reversal of allowance for doubtful accounts for
subsidiaries and affiliates
Gain on disposal of non-current assets
Gain on sales of investment securities
Other
Total extraordinary income
Extraordinary losses
Business restructuring cost
Loss on disposal of non-current assets
Special retirement expenses
Other
Total extraordinary losses
Loss before income taxes and minority interests
Income taxes
Loss
Profit attributable to non-controlling interests
Loss attributable to owners of parent

For the six months ended
September 30, 2014
104,918
90,954
13,963
14,301(337)

For the six months ended
September 30, 2015
107,046
92,651
14,394
13,799
594

49
299
168
169
328
1,015

27
232
180
164
281
886

1,263
189
1,452(774)

1,186
171
1,358
122

－197

1784
21
807

54
0
11
264

1,437
220
0
49
1,707
(1,675)448(2,123)7(2,131)

145
313
157
6622(235)
234(469)
42(512)

5Quarterly Consolidated Statements of Comprehensive Income
Six Months Ended September 30(Million yen)

Loss
Other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests

For the six months ended
September 30, 2014
(2,123)For the six months ended
September 30, 2015
(469)

635
(183)
64(834)
(264)
(173)

(40)

22

475
(1,648)(1,249)(1,719)(1,782)(1,691)

134(27)

6