Note : This document has been translated from a part of the Japanese original for reference purposes only. In theevent of any discrepancy between this translated document and the Japanese original, the original shall prevail.

February 14,2023

Summary of Consolidated Financial Results for theThird Quarter of the Year Ending March 2023 (unaudited)
Company name:
URL:
Representative:
Contact:
Phone:(Code No.3864 Tokyo Stock Exchange)
Mitsubishi Paper Mills Limited
https://www.mpm.co.jp/
Ryuichi Kisaka, President and Chief Executive Officer
Hiroyuki Ino,General Manager, Finance & Accounting Dept.
+81-3-5600-1407(Amounts of less than one million yen are rounded down.)
1. Results for the Third Quarter of the Year Ending March 31, 2023 (April 1, 2022 -December 31, 2022)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable toNet sales
Operating income
Ordinary income
owners of parent
First Nine Months of FY2022
First Nine Months of FY2021
Note: Comprehensive income

Million yen%

154,522
131,927

17.1
10.9

Million yen%

Million yen%

Million yen%653
1,200(45.6)-(4,818)442-(1,325)
192
First Nine Months of FY2022¥(2,880) million
First Nine Months of FY2021¥1,763 million

First Nine Months of FY2022
First Nine Months of FY2021

Profit per share

Diluted profit pershare

YenYen(109.02)
9.92-Total assets

Net assets

Million yen

Million yen%

231,333
215,879

66,53369,613¥66,508 million¥69,608 million

28.8
32.2

(2) Consolidated Financial Condition

First Nine Months of FY2022
Year ended March 2022
Note: Shareholders' equity

First Nine Months of FY2022

FY2021

Shareholders'equity ratio

2. Dividends
End of 1Q

End of 2Q

Dividend per share
End of 3Q

End of FY

YenYenYen

Yen

Yen

0.00

0.00

5.00

5.00

FY20210.00
FY20220.00
FY2022(Forecast)
Note : Revision to the forecast for dividends announced most recently … None

Annual

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2023
(April 1, 2022 to March 31, 2023)(% indicates changes from the previous corresponding period.)
Net sales
Million yen

Operating income%

Million yen

Profit attributable toowners of parent

Ordinary income%Million yen

Full year210,000 15.4500
2,500
27.3
Note : Revision to the financial results forecast announced most recently … Yes%

Million yen(2,000)

Earnings
per share%-Yen(44.99)

4. Notes(1) Changes in significant subsidiaries during the period under review(changes in specified subsidiaries resulting in changes in scope of consolidation):
New: - (Company name);
Excluded: - (Company name)

None(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:
Yes2) Changes in accounting policies other than 1) above:None3) Changes in accounting estimates:
Yes
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):First Nine Months of FY2022 44,741,433 shares
FY202144,741,433 shares2) Total number of treasury shares at the end of the period:First Nine Months of FY2022
997,190 shares
FY2021288,324 shares
3) Average number of shares during the period:First Nine Months of FY2022 44,200,630 sharesFirst Nine Months of FY2021 44,571,214 shares
Notes： The Company has adopted a BIP (Board Incentive Plan) trust, assuming the number of shares held by thetrust are included in the number of treasury stock of “(4) Total number of issued shares (common shares)”.
* This quarterly financial results report is exempt from quarterly review by Certified Public Accountants or an Audit Firm.
* 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.

Contents of Attachments
1. Qualitative Information on Quarterly Financial Results for the Period under Review ................................................. 2(1) Explanation of Operations Results ......................................................................................................................... 2(2) Explanation of Financial Position........................................................................................................................... 4(3) Explanation of Consolidated Financial Results Forecast and Other Forward-looking Information ....................... 4
2. Consolidated Financial Statements and Primary Notes ................................................................................................ 5(1) Consolidated Balance Sheets .................................................................................................................................. 5(2) Consolidated Statements of Income and Comprehensive Income .......................................................................... 7―1―

1. Qualitative Information on Quarterly Financial Results for the Period under Review(1) Explanation of Operations Results
Forward-looking statements supplied below are forecasts Mitsubishi Paper Mills Limited and its consolidated subsidiaries (the“Group”) made as of the last day of the period under review.
(1) State of Operating Results
In the nine months ended December 31, 2022, economic activities continued to recover to a certain extent, assisted by efforts toprevent COVID-19’s spread consistent with those activities. Meanwhile, uncertainties remained high over matters such as
prolongation of the situation in Ukraine and steep rises in raw material and fuel prices, as well as exchange rate fluctuations.
Sharp rises in the prices of fuels, such as crude oil, coal, natural gas, and wood chips, affected the Group significantly while theenvironment surrounding the Group shift to post-COVID-19's.
Under these circumstances, the Group worked to improve productivity by maintaining production systems in line with demand trends
in each business and, in term of sales, strived to revise product prices and expand sales of new products.
The Group also began executing the Medium-Term Management Plan (for the fiscal year ending March 31, 2023 to the fiscal year
ending March 31, 2025) in the ongoing fiscal year, adopting “Creation of a New Mitsubishi Paper Mills Group” as a slogan.
The basic policy of the Medium-Term Management Plan (for the fiscal year ending March 31, 2023 to the fiscal year ending March31, 2025) is as follows.
(i) Strengthen our revenue base through selection and concentration strategies and expansion of new business(ii) Contribution to a green society(iii) Organizational change to improve sustainability
In line with the policy of the Medium-Term Management Plan, the Group decided to sell the business it operated at the Flensburg
Mill of its Germany subsidiary on January 30, 2023.

On April 1, 2023, we plan to reorganize the group, including the integrationof our company and our subsidiaries at the Kitakami Site. Going forward, we will continue to promote selection and concentration
as a measure to improve profitability and reform the organization of the group.
As a result, consolidated net sales amounted to 154,522 million yen (up 17.1% year on year) in the first nine months under review
due to revision of product prices in response to a steep rise in the prices of raw materials and fuel.
Profitability was significantly affected by surging raw material and fuel prices, despite the effect of cost-cutting initiatives linked
mainly to product price revisions, fixed cost reduction and the improvement of carbon intensity. Consequently, consolidated
operating loss came to 1,325 million yen (compared with operating income of 192 million yen in the first nine months of the previous
fiscal year), consolidated ordinary income was 653 million yen (compared with consolidated ordinary income of 1,200 million yen
in the first nine months of the previous fiscal year) due in part to foreign exchange gains, and loss attributable to owners of parent
stood at 4,818 million yen primarily due to provision of allowance of loss on business transfer as a result of the sale of the business
operated at the Flensburg Mill of the Germany subsidiary.
Operating results by segment are as follows:
In the first three months, the Company changed reportable segments to match its internal organization. Specifically, the Company
added the warehouse and transportation business to the paper and pulp business to create the paper materials business segment andset up the functional materials business segment by integrating the imaging media business with the specialty materials business.

―2―(Million yen)
Net sales
Nine months Nine months
ended
endedDecember 31, December 31,2021
2022
Paper materials
Reportable
Functional materials
Segments
Total

Operating income (loss)
Change (%)

Nine months Nine months
ended
ended
December 31, December 31,2021
2022

Change (%)

103,644

122,89718.6(2,152)(4,258)‒36,627

43,842

19.7

2,414

2,956

22.4

140,272

166,740

18.9

262(1,301)‒Others

4,449

4,160

(6.5)

38

96

152.4

Total

144,721

170,900

18.1‒

Adjustment (Note)(12,793)(16,378)

Total

131,927

154,52217.1

300(1,205)

(107)

(120)

192

(1,325)‒(Note) Adjustment is mainly related to internal transactions.
(Paper materials business)
In Japan, the sales volume fell below the previous fiscal year’s level. However, the sales value increased given the positive effects
of price revisions. In terms of exports, sales volume also fell below the level in the previous fiscal year, although the value of sales
increased partly due to the positive effects of foreign exchange rates.
Regarding commercial pulp, the sales value increased, reflecting the implementation of selling price revisions due to a steep risein international market prices, although the sales volume remained flat.
At Germany subsidiaries, while sales volume decreased year on year, selling prices were revised in response to sharp rises in theprices of raw materials and fuel such as natural gas and pulp, which resulted in higher sales value.
However, the above price revisions could not compensate for the rises in raw materials and fuel prices, and the paper materials
business resulted in an increase in sales and a decrease in profit.
In addition to the penetration of the third price increase, optimization of the production system, and consolidation of brands that
we are currently working on, we will expand the lineup of new materials such as bleached kraft pulp, kraft paper, and barrier paper
made from 100% domestic softwood. We aim to transform our product portfolio and stabilize earnings at an early stage.
Germany subsidiaries will continue to aim to create a structure which enables stable revenue to be secured. To do this, the Groupwill continue its efforts to pass on cost increases appropriately through product prices, while simultaneously continuing to work toreduce costs by rebuilding its production systems.
(Functional materials business)
In the functional materials business, sales of water treatment membrane supporting bodies, decorative laminate base paper, tapebase paper, etc. rose steadily, however, sales fell year on year for filters and backing paper for wall paper. Sales of electronicsrelated products increased year on year, reflecting higher overseas sales for battery separators and electronics industry materials.
The Group enhanced its lineup of melt blown non-woven fabrics by providing fabrics for use in face masks and high functional
air filter filtration materials while also expanding sales of original alcohol-based sanitizer/disinfectants with a focus on educational
facilities and medical institutions.
The sales volume of imaging media-related products fell below the previous fiscal year’s level, although the value of sales remained
flat from the previous year due to the impact of sales price revisions and foreign exchange rates.
As a result, the functional materials business achieved growth in both sales and profit overall due to price revisions and theexpansion of sales of growth items, despite the impact of the sharp increase of prices of raw materials and fuel.
In the functional non-woven fabrics-related business, which is a priority business area in the Medium-term Management Plan, theGroup seeks to expand sales of items such as heat-resistant non-woven fabrics and melt blown non-woven fabrics, while also
seeking to acquire new users of water treatment membrane supporting bodies and new applications for them for special membranes
by accurately addressing demand for water-related businesses overseas. In electronics-related products, it will focus on sales ofelectronics industry materials, starting with battery separators and special dry resists for automobiles, energy-saving devices andcommunication devices. It will strive to further expand sales of decorative laminate base paper, tape base paper whose sales remainstrong.

―3―Regarding imaging media-related products, the Group will focus on expanding exports while at the same time striving to improve
profitability by continuing to review production systems for items with decreasing demand.

(2) Explanation of Financial Position
Assets at the end of the first nine months under review amounted to 231,333 million yen, up 15,454 million yen from the end of theprevious fiscal year, mainly due to increases in accounts receivable - trade and inventories.
Total liabilities came to 164,800 million yen, up 18,534 million yen from the end of the previous fiscal year, chiefly attributable to agrowth in notes and accounts payable - trade and commercial papers.
Net assets decreased 3,080 million yen from the end of the previous fiscal year, to 66,533 million yen, mainly reflecting the postingof loss attributable to owners of parent.
The equity ratio was 28.8%, down 3.4 percentage points from the end of the previous fiscal year.

(3) Explanation of Consolidated Financial Results Forecast and Other Forward-looking Information
In conjunction with consolidated results forecasts for the fiscal year ending March 31, 2023, the Group has revised the results
forecasts announced on November 14, 2022. For details, please see the Notice Regarding Revisions to Consolidated Results Forecasts
released today.

―4―Consolidated Financial Statements(1) Consolidated Balance Sheets(Million yen)First Nine Months /FY2022
Dec 31,2022

FY2021Mar 31,2022

AssetsCurrent assets
Cash and deposits
Notes receivable - trade
Accounts receivable - trade
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Machinery, 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
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

―5―

9,047
7,724
33,87923,446
6,487
10,8573,969(130)
95,2828,442
9,460
41,12525,2106,486
16,545
6,026(157)
113,140

21,33537,694
21,276
1,638
2,646
84,59020,35936,99920,786745
2,455
81,345

1,864
1,864

2,419
2,419

19,86814,343(70)
34,141
120,596
215,879

20,142
14,348(64)
34,426
118,192
231,333

(Million yen)First Nine Months /FY2022
Dce 31,2022

FY2021Mar 31,2022

Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations
Short-term loans payable
Commercial paper
Income taxes payable
Provision for loss on transfer of business
Other
Total current liabilities
Non-current liabilities
Long-term loans payable
Provision for share awards
Provision for directors' retirement benefits
Net 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―6―

24,617
3,541
56,4336,000
475－
11,652
102,720

29,273
4,506
59,15314,000163
3,312
12,492
122,900

29,960
24
69
9,277
885
3,329
43,545
146,265

29,013
58
46
7,839
885
4,056
41,899164,800

36,561
6,488
13,962(228)
56,78436,5616,524
9,110(430)
51,765

4,688
952
7,182
12,824
5
69,613215,879

4,481
1,593
8,668
14,74324
66,533
231,333

(2) Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income(Million yen)

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income(loss)
Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using equity
methodForeign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Other
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on disposal of non-current assets
Subsidy income
Gain on sales of investment securities
Gain on transfer of business
Other
Total extraordinary income
Extraordinary losses
Loss on disposal of non-current assets
Loss on tax purpose reduction entry of non-current assets
Provision for loss on transfer of business
Extra retirement payments
Inpairment loss
Loss on valuation of investment securities
Other
Total extraordinary losses
Profit (loss) before income taxes
Income taxes
Profit (loss)
Profit attributable to non-controlling interests
Profit (loss) attributable to owners of parent―7―

First Nine Months /FY2021
Apr '21 - Dec '21
131,927
112,496
19,431
19,238
192

First Nine Months /FY2022
Apr '22 - Dec '22
154,522
135,801
18,72020,046(1,325)

23
499

20
556

671

557

259
244
1,698

849
501
2,485

448
241
690
1,200

403
103
506
653

49－
690
840
633
2,214

22
347
－－
4
374

353
－
－
81
492
833
538
2,298
1,116
650
465
23
442

236
329
3,233
493
－
－
11
4,304(3,277)
1,522(4,799)19(4,818)

Consolidated quarterly statements of comprehensive income(Million yen)First Nine Months /FY2021
Apr '21 - Dec '21Profit (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―8―465First Nine Months /FY2022
Apr '22 - Dec '22(4,799)

1,008
236
51(207)
652
1,485

2(11)

1,297
1,763

1,919
(2,880)1,739(2,899)2319