DisclosureDisclosure Policy

1. Basic Disclosure Stance
Nippon Paper Group (the Group) pursues a fundamental policy of disclosing corporate information proactively and fairly to all Group stakeholders, and raising the level of management transparency in accordance with its Action Charter and Codes of Conduct.
2. Criteria for Disclosure
  1. 1.The Group conducts expeditious disclosure based on the principles of transparency, fairness and consistency, in line with the Japanese Corporate Law, Securities and Exchange Law and other relevant laws, as well as the Rules on Timely Disclosure of Corporate Information by Issuer of Listed Security (the Rules on Timely Disclosure) stipulated by securities exchanges.
  2. 2.Even for information that does not fall under the categories stipulated in the relevant laws and the Rules on Timely Disclosure, the Group carries out rapid and accurate disclosure of information useful to stakeholders and the broader society, to the fullest extent possible, regardless of any advantages or disadvantages that may accrue to the Group as a result of such information disclosure.
3. Methods of Disclosure
  1. 1.Information disclosure pursuant to the Rules on Timely Disclosure is conducted through the Timely Disclosure network (TDnet) operated by the Tokyo Stock Exchange (TSE) and media organizations such as press clubs affiliated with these securities exchanges.
  2. 2.For information that does not fall under the categories stipulated in the Rules on Timely Disclosure, depending on the importance and urgency of the information in question, the Group carries out disclosure through an appropriate method or methods, including the issuing of press releases and the holding of press conferences.
  3. 3.The information disclosed in accordance with the two methods outlined above is posted promptly on the Group's Web site.
4. Silent Period
To prevent unauthorized release of earnings information and ensure fairness, the Group observes a "silent period" from the day following the closing date of each fiscal period until the date on which each set of financial results is announced. During the silent period, as a rule, the Group refrains from responding to questions regarding its financial results and from making related comments. However, in the event that during the silent period it becomes clear to Group management that results are likely to differ substantially from forecasts previously disclosed, the Group will effect an information disclosure in the appropriate manner.
5. Disclaimers
  1. 1.Any information disclosed by the Group that is not historical fact comprises forward-looking statements, which have been made based on judgments and assumptions using the best information available at the time of disclosure. Actual results may differ materially from forecasts due to a range of contingencies, including, but not limited to, macroeconomic conditions and other external factors.
  2. 2.While the Group endeavors to ensure the accuracy of the information it discloses, the Group does not guarantee or give any warranty as to the accuracy, timeliness or completeness of the information or material it discloses, or of any information provided by external Web sites linked from the Group's Web site. Furthermore, the Group assumes no liability or responsibility for any damage to users of this Web site, or to users' computers or other property, arising from users' access, use or downloading of any information or materials provided on this Web site.
  3. 3.Information disclosed by the Group is provided solely for the purpose of facilitating greater understanding of the Group. No information is disclosed for the purpose of soliciting investments. Any investment decisions made by users of this information are made at the user's own discretion and risk.
6. Changes to Information Disclosed and Disclosure Policy
  1. 1.Any information disclosed by the Group is subject to change without notice.
  2. 2.The Group may, without notice, amend or change this disclosure policy, as it deems appropriate.