The list of main analysts in charge of Nippon Paper Group, Inc. is as follows:

Firm (Alphabetical order) Analyst CLSA Calyon Capital Markets Asia B.V. Mr. Makoto Kurosawa Mr. Jeremie Capron Daiwa Institute of Research Ltd. Mr. Yusuke Ando Deutsche Securities Inc. Mr. Katsuhiko Ishibashi Mitsubishi UFJ Securities Co., Ltd. Mr. Hiroyuki Okaseri Mizuho Investors Securities Co., Ltd. Mr. Morio Oshima Morgan Stanley Japan Securities Co., Ltd. Ms. Akiko Kuwahara NOMURA SECURITIES CO., LTD. Mr. Takaomi Kono OKASAN SECURITIES CO., LTD. Mr. Masao Yoshida UBS Securities Japan Ltd. Mr. Kazuya Hisataka (As of July 2008) Please note that this list may be modified upon any changes (such as a change in analyst coverage) and may not contain the names of all analysts covering Nippon Paper Group, Inc. Any opinions, estimates or forecasts regarding Nippon Paper Group, Inc.’s performance made by these analysts or analyst organizations are theirs alone and do not represent opinions, forecasts or predictions of Nippon Paper Group, Inc. or its management. Nippon Paper Group, Inc. does not by its reference above or distribution imply its endorsement of or concurrence with their information, conclusions or recommendations.