May 28, 2019
Mitsubishi Paper Mills, Ltd.
New Mid-Term Management Plan
Mitsubishi Paper Mills established the Mid-Term Management Plan for FY2019 to FY2021
and put it into practice in April 2019.

1. Name of the Plan: New Mid-Term Management Plan
2. Period of the Plan: April 2019 to March 2022 (3 years)
3. Basic Principles
Fortification and diversification of the business foundation on its new stage
4. Fundamental Policies(1) Establish a sound business foundation through alliance with Oji Groupa) Expand and enhance the effects brought by the capital and business alliance with Oji
Group:Establish a firm cooperative relationship between Oji Group and our group through theutilization of management resources and expertise possessed by both of the companies.
Then, in order to improve competitiveness, streamline and reduce costs as soon as
possible in all business fields such as production, sales, raw material procurement,logistics, engineering, capital investment and R&D as well as indirect departments.
Also, by fortifying the financial foundation, further stabilize the management base andcurtail interest-bearing debts.

b) Stabilize earnings in Paper Division:
Paper Division endeavors to stabilize earnings by reducing supply and logistics costs
through strengthened OEM with Oji Group, change in sales strategies and mutual
usage of warehouses and distribution means, formulation of production systems that
foresee demand trends, increase of production efficiency and cutdown of raw materials
and fuels costs.
(2) Reconstruct and strengthen our existing businessesa) Reconstruct and Imaging Division:
Imaging Division strives to expand sales areas of its maturing existing products byactively conducting promotional activities overseas, while reinforcing businessfoundation through alliance with Fujifilm with respect to photographic materials basepaper.
b) Reconstruct and strengthen Speciality Materials Division:Speciality Materials Division strives to expand business related to water treatment
membrane supporting bodies and other non-woven fabric, Thermo Rewrite, decorative
laminate base paper and tape substrate in a steady manner, while securing more sales
opportunities in Asian countries, particularly China, Europe and U.S by utilizing its
unique technology.

(3) Diversify our business foundation by forming new pillars of earningsa) Achieve a stable positive figure in the collaborative business with Oji Group:Household and consumer paper business and biomass power generation business havebeen started at Hachinohe Mill in collaboration with Oji Group. Achieve a stable
positive figure while transforming the business structure.
b) Form new pillars of earnings and diversify them:Promote activities to expand business in growing areas, including functional films andInkjet transfer paper with our imaging technology, battery separators and inorganic
fiber paper which are superior in quality, various types of barrier paper to replace
plastics, etc. as well as to establish diverse new businesses.
5. Consolidated Numerical Management Targets(¥ Billion)
IndexTarget (FY2021)
Net sales
220.0
Operating income
5.5
Ordinary income
6.0Interest-bearing debt
98.0
D/E ratio
1.3*Assumed conditions:Exchange rate: ¥110/USD, ¥130/€
Crude oil price (Dubai): 65USD/bbl