SUMMARY OF FINANCIAL STATEMENTS (Consolidated)
Third quarter results for the year ending March 31, 2008
February 4, 2008

MITSUBISHI GAS CHEMICAL COMPANY, INC.
Stock Code: 4182
http://www.mgc.co.jp
President:
Kazuo Sakai

Listed exchanges:
Inquiries:

Telephone:Tokyo, Osaka, Nagoya 1st sections
Yasuhiro Sato
General Manager
Corporate Communications Division+81 3 3283-5041

1. Third quarter results (April 1, 2007 to December 31, 2007) for the fiscal year ending March 31, 2008
Note: Percentage figures for sales, operating income, etc. represent changes compared to the same period of the previous fiscal year.

1) Consolidated operating results

Net sales .........................................................
Operating income............................................
Ordinary income..............................................
Net income ....................................................
Earnings per share (¥).....................................
Fully diluted earnings per share (¥) .................

Millions of yen, rounded downNine months ended
December 31, 2007
Change %383,296
7.1
37,597
13.4
49,535
7.3
32,526
(0.7)
70.38
68.86

Nine months ended
December 31, 2006
Change %357,744
11.3
33,15521.3
46,18527.0
32,75327.570.86
70.28

FY ended
March 31, 2007
482,608
42,22061,72340,04486.63
85.64

Note: Equity in earnings of affiliates.
Nine months ended December 31, 2007:¥14,918 million

Nine months ended December 31, 2006:¥14,546 million

Fiscal year ended March 31, 2007:¥23,200 million

2) Consolidated financial position

Total assets.......................................................
Net assets .........................................................
Shareholders’ equity ratio (%) ...........................
Net assets per share (¥)....................................

Millions of yen, rounded down

As of December 31, 2007

As of December 31, 2006

616,294
312,69749.2
656.32604,224
284,50545.5
595.273) Consolidated cash flows

Operating activity cash flow...............................
Investing activity cash flow ................................
Financing activity cash flow...............................
Cash and cash equivalents at end of period .....

As of March 31,
2007
609,965
292,69646.5
613.64

Millions of yen, rounded downNine months ended
December 31, 2007
32,529(22,027)(22,639)
29,092Nine months ended
December 31, 2006
10,320(11,444)(7,756)
33,799FY ended
March 31, 2007
21,797(14,039)(8,819)41,266

2. Consolidated forecasts for the fiscal year ending March 31, 2008
Consolidated performance has been in accordance with forecasts; full-year forecasts for the year ending
March 31, 2008 are unchanged from the forecasts announced on November 9, 2007.
3. Other matters(1) Important changes to subsidiaries during the nine-month period under review (changes tospecific subsidiary companies within the scope of consolidation): None
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(2) Adoption of simplified accounting methods: Yes(3) Changes in accounting methods since the previous consolidated fiscal year: Yes
Note: For further details, see note 3 on page 3 of Summary of Financial Statements

COMMENTARY ON RESULTS
Note: Comparisons in the following section of the report are with the first nine months of the previous fiscal year, unless stated otherwise.

1. Overview of results for this period
Consolidated net sales for the Mitsubishi Gas Chemical Company, Inc. group of companies (“MGC Group”) for
the third quarter period (April 1, 2007 to December 31, 2007) of the fiscal year ending March 31, 2008 rose
7.1%, or ¥25.5 billion, to ¥383.2 billion. Consolidated operating income rose 13.4%, or ¥4.4 billion, to ¥37.5billion. Consolidated ordinary income rose 7.3%, or ¥3.3 billion, to ¥49.5 billion. However, due to extraordinary
losses resulting from the impairment of fixed assets in Coenzyme Q10 production facilities and others,
consolidated net income for the nine months maintained a level close to the same period in the previous year,
decreasing 0.7%, or ¥0.2 billion, to ¥32.5 billion.

Results by business segment
Natural Gas Chemicals Company
Net sales in this business segment rose 4.2%, or ¥4.1 billion, to ¥101.7 billion, with operating income falling
7.2%, or ¥0.1 billion, to ¥2.5 billion.
In the methanol business, MGC Group (including its overseas companies) recorded increased revenues due
to a substantial renewed surge in the market at the start of the third quarter, which was prompted by adecrease in operations at the overseas manufacturing plants of numerous industry participants. This offset themarket decline that occurred at the start of the fiscal period under review, when supply and demand hadsoftened due to stable operation at manufacturing plants globally. Earnings also increased at overseas
methanol producing companies accounted for by the equity method, as a result of higher prices compared withthe previous nine-month period.
Methanol and ammonia derivatives performed steadily due to firm overall demand and a successful passing
on of increased raw materials costs to sales prices.
Enzymes and coenzymes decreased significantly due to a slowing in the market, mainly in exports; this wasdespite increased sales volumes of coenzyme Q10.
Aromatic Chemicals CompanyNet sales in this business segment rose 7.5%, or ¥7.5 billion, to ¥108.8 billion, while operating profits
increased 83.0%, or ¥4.8 billion, to ¥10.6 billion.
Revenues from commodity aromatic chemical products decreased slightly as the sales volume for paraxylene
declined, despite higher product prices driven by the surge in prices for the raw material xylene. Specialty
aromatic chemical products saw substantial increases in revenues and earnings due to strong sales ofproducts such as meta-xylenediamine and MX Nylon, as well as robust sales in purified isophthalic acid on theback of tight supply and demand worldwide.
Specialty Chemicals Company
Net sales in this business segment increased 8.1%, or ¥8.3 billion, to ¥112.3 billion, and operating income
decreased by 9.8%, or ¥1.2 billion, to ¥11.4 billion.
Inorganic chemicals for industrial use recorded steady performance, led by hydrogen peroxide for paper andpulp. Earnings of chemicals for the electronics industry declined as some high-value added products wereaffected by inventory adjustments at user companies.
The engineering plastics business also declined, impacted by soaring raw materials prices. This was despiteongoing firm demand mainly for polycarbonates for electronic and automotive applications. Polycarbonate
sheet and film maintained a level close to the previous nine-month period due to lower unit prices, which offset
the effects of continued strong demand for flat panel display applications.
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Information & Advanced Materials Company
Net sales in this business segment rose 10.4%, or ¥5.6 billion, to ¥59.6 billion, and operating profit increasedby 12.5%, or ¥1.4 billion, to ¥12.9 billion.
Revenue and earnings increased from materials for printed circuit boards, with strong orders early in the firsthalf of the year compensating for the sustained high prices of raw materials such as copper. Earnings of LEsheets, entry sheets for mechanical drilling, also increased due to cost reductions achieved by increased
in-house production and other measures. Revenues also increased at subsidiary Japan Circuit Industrial Co.,
Ltd., which handles products for printed circuit boards, due to steady orders, mainly of its core CSP products.
Despite high demand, earnings of oxygen absorbers such as AGELESS® decreased on the previous year due
to strong competition in the domestic food industry.
2. Consolidated financial position
Assets, liabilities and owners’ equity
Total consolidated assets as of December 31, 2007 were ¥616.2 billion, ¥6.3 billion higher than at the end of
the previous fiscal year. This was primarily because of increases in fixed assets and investment securities,
which offset a decrease in cash and cash equivalents. Total liabilities had decreased ¥13.6 billion to ¥303.5billion, due to a decrease in long-term debt and deferred income taxes. Net assets had increased by ¥20.0
billion to ¥312.6 billion, due to third quarter net income and other factors, and net assets per share was¥656.32.
Consolidated cash flows
Net cash provided by operating activities was ¥32.5 billion, with the negative impact on operating cash flow ofincreases in accounts receivables more than compensated for by net income before tax for the third quarter
period along with depreciation and amortization. Investing activities resulted in a net cash outflow of ¥22.0
billion, primarily because of the acquisition of fixed assets and investment securities. Financing activities
produced net cash outflow of ¥22.6 billion due to cash outflows for the repayment of long-term debt anddividend payments.
As a result of the above, total cash and cash equivalents at the end of the third quarter period was ¥29.0 billion.

3. Other matters(1) Important changes to subsidiaries during the period (changes to specific subsidiary companies within
the scope of consolidation):
None(2) Adoption of simplified accounting methods:
A simplified accounting method was adopted for a portion of the accounting standards for corporate
tax accounting.
(3) Changes in accounting methods since the previous consolidated fiscal year:
From the first quarter of the current consolidated fiscal year, the method of depreciation of tangible
fixed assets acquired on or after April 1, 2007 has been changed to a method of depreciation based on
the revised Corporation Tax Law.
From the first quarter of the consolidated fiscal year under review, the method of depreciation of MGC
tangible fixed assets (excluding buildings, but not the facilities attached to those buildings) has beenchanged from the straight-line method to the declining-balance method.
Due to these changes, operating income, ordinary income and net income before tax for the thirdquarter period under review have each declined by ¥1,861 million.
Until now, income and expenses of overseas subsidiaries have been converted into yen at theexchange rate of the day of settlement of the accounts of each subsidiary. From the first quarter of theconsolidated fiscal year under review, the exchange rate has been changed to the average yen
exchange rate during the period.
As a result of this change, net sales has increased ¥1,356 million, operating income has increased ¥42
million, and ordinary income and net income before tax for the third quarter period under review have eachincreased by ¥430 million.
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This document has been translated from the original Japanese as a guide for non-Japanese investors. It contains forward-looking statements
based on a number of assumptions and beliefs made by management in light of information currently available. Actual financial results may
differ materially depending on a number of factors, including changing economic conditions, legislative and regulatory developments, delay innew product launches, and pricing and product initiatives of competitors.

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