As part of constant efforts to promote its corporate social responsibility (CSR), the Japan Pulp and Paper Group has established the Japan Pulp and Paper Group Charter of Corporate Behavior. Since its inauguration, Japan Pulp and Paper has contributed to the development of society through its extensive business undertakings related to the supply of paper. Although the Company's business motto, "Jiririta" (by helping others, you ultimately help yourself) is based on the Buddhist teaching that only by devoting oneself to serve others will one find true personal gain, this spirit also forms the fundamental thinking behind the concept of CSR. The Japan Pulp and Paper Group will continue to foster this way of thinking. As a means of guiding the Group's entire managerial and regular workforce to be aware of the values that the Group has always held dear, and to put these values into practice themselves, the Company has created the Japan Pulp and Paper Group Charter of Corporate Behavior. Nowadays, enterprises can no longer be concerned with purely economically motivated activities, but must also give due consideration to tackling issues affecting the environment and society. In its Charter of Corporate Behavior, the Japan Pulp and Paper Group publicly discloses its actions as set out in 10 action guidelines based on principles including the upholding of laws, corporate ethics, and social norms to activities guided by free and fair business practices, and further commits itself and its employees to the pursuit of these principles both internally and when interacting with society. Furthermore, in order to affect this Charter of Corporate Behavior, the Group has established the Japan Pulp and Paper Group Code of Conduct, which sets out the correct behavior that management and staff should undertake in performing their day-to-day business duties. Through its CSR activities the Japan Pulp and Paper Group is increasing its corporate value and further solidifying the confidence that society, shareholders, business partners, and all of its stakeholders have in the Group, and striving toward its ultimate goal of realizing a sustainable society. June 29, 2010 Kenzo Noguchi President Japan Pulp and Paper Company Limited Since its establishment, Japan Pulp and Paper Company Limited has earned society’s trust as a stable and reliable supplier of fine paper products. Driven by a corporate ethos based on the principle that “by helping others, you ultimately help yourself”, the Group has contributed to the development of society through its paper-related activities. Now the Japan Pulp and Paper Group must once again raise its awareness of and strive to further increase the trust that society has placed in it. To this end, the Japan Pulp and Paper Group has established and put into practice the following Charter of Corporate Behavior in the pursuit of further gains in trust and confidence from society through business activities that conform to corporate social responsibilities. The Japan Pulp and Paper Group shall endeavor to comply with laws and regulations, obey national and international rules and social norms, and will always conduct its activities in accordance with its established corporate ethics. The Japan Pulp and Paper Group shall conduct transparent and appropriate business activities based on principles of free and fair competition. Furthermore, the Group shall maintain sound and proper relationships with government agencies and political bodies. The Japan Pulp and Paper Group shall act with integrity to not only ensure the safety of its products, but while giving due consideration to the protection of customer and supplier-related information, the Group will strive to increase the level of satisfaction that it provides its suppliers and consumers and also the level of trust that society vests in it. The Japan Pulp and Paper Group shall ensure the provision of a healthy and safe, work-conducive environment for all its employees. The Group will also seek to realize the mental and physical well-being of its workforce while giving due respect to the personal characteristics and individualities of each employee. The Japan Pulp and Paper Group shall work to preserve the global environment and conserve natural resources, and contribute to the creation of a prosperous Earth and pleasant society in which to live. The Japan Pulp and Paper Group shall strive to provide its shareholders and all other stakeholders with the proactive and fair disclosure of corporate information as part of its continuing efforts to promote close communication with society. The Japan Pulp and Paper Group will proactively conduct social contribution activities in the local community and society at large as part of its commitment to be a good corporate citizen. The Japan Pulp and Paper Group will respect the cultures and customs of the countries in which it conducts business, and will conduct business activities that will contribute to the development of local communities. The Japan Pulp and Paper Group shall reject any involvement or contact with any anti-social forces or groups that wish to threaten the order and security of civil society. All managerial staff and employees of the Group shall make themselves aware of their individual roles as set out in this Charter and shall make every effort to put the principles of the Charter into practice. Should an event that contradicts the principles of the Charter occur, management shall take the lead and move swiftly to investigate the cause and publicly disclose any information including clarification of those responsible to the highest level of management if necessary. Those to be reprimanded shall then be dealt with strictly and fairly, and suitable preventative measures taken. * The Japan Pulp and Paper Group refers to the corporate organization comprising Japan Pulp and Paper Company Limited and its subsidiaries, together with all affiliated companies over which Japan Pulp and Paper Company Limited has actual managerial authority. Established: Revised: Revised: April 1, 2005 April 1, 2008 June 29, 2010 Kenzo Noguchi President Japan Pulp and Paper Company Limited June 29, 2010