November 4, 2011
Company name: Tokuyama Corporation
Representative name: Kazuhisa Kogo,President and Representative Director(Code No. 4043, First Section TSE)
Contact: Yoshifumi Matsumoto, General Manager
Corporate Communications & Investor Relations Dept.
TEL: +81-3-6205-4832

Tokuyama Corporation Announces Revised Performance Forecast

Based on the current performance trend, Tokuyama Corporation has revised theperformance forecast, announced on May 12, 2011, for the First Half Fiscal 2011 (April 1,2011 to September 30, 2011) and Fiscal 2011 (April 1, 2011 to March 31, 2012), asdescribed below.

1. Revised Consolidated Performance Forecast for Fiscal 2011
(1) Performance Forecast for the First Half Fiscal 2011 (consolidated)(April 1, 2011 to September 30, 2011)(Unit: Millions of yen)
Net sales

Previous forecast : (A)(May 12, 2011)
Newly revised forecast :(B)Change: (B)－(A)Rate of change (%)[Reference]First Half Fiscal 2010

Operating

Ordinary

incomeincomeNet income
Net income

per share(yen)

151,000

9,500

8,500

4,500

12.93

141,900

8,100

5,600

2,700

7.76

(9,100)(1,400)(2,900)(1,800)－(6.0)(14.7)(34.1)(40.0)－

139,685

8,7755,976

2,924

8.40

(2) Performance Forecast for Fiscal 2011 (consolidated)(April 1, 2011 to March 31, 2012)(Unit: Millions of yen)
Net sales

Previous forecast : (A)(May 12, 2011)
Newly revised forecast :(B)Change: (B)－(A)Rate of change (%)[Reference] Fiscal 2010

Operating

Ordinary

incomeincomeNet income
Net income

per share(yen)

310,000

20,00018,00010,00028.74

292,500

16,00012,000

7,500

21.55

(17,500)(4,000)(6,000)(2,500)－(5.6)(20.0)(33.3)(25.0)－

289,786

20,144

17,341

9,765

28.06

2. Revised Non-consolidated Performance Forecast for Fiscal 2011
(1) Performance Forecast for the First Half Fiscal 2011 (non-consolidated)(April 1, 2011 to September 30, 2011)(Unit: Millions of yen)
Net sales

Previous forecast : (A)(May 12, 2011)
Newly revised forecast :(B)Change: (B)－(A)Rate of change (%)[Reference]First Half Fiscal 2010

Operating

Ordinary

incomeincomeNet income
Net income

per share(yen)

103,500

7,000

6,500

4,000

11.50

95,900

5,800

3,600

2,100

6.04

(7,600)(1,200)(2,900)(1,900)－(7.3)(17.1)(44.6)(47.5)－94,4546,437

3,591

425

1.22

(2) Performance Forecast for Fiscal 2011 (non-consolidated)(April 1, 2011 to March 31, 2012)(Unit: Millions of yen)
Net sales

Previous forecast : (A)(May 12, 2011)
Newly revised forecast :(B)Change: (B)－(A)Rate of change (%)[Reference] Fiscal 2010

Operating

Ordinary

incomeincomeNet income
Net income

per share(yen)

213,000

16,00014,000

8,000

22.99

198,500

12,500

9,000

6,000

17.24

(14,500)(3,500)(5,000)(2,000)－(6.8)(21.9)(35.7)(25.0)－

197,766

15,955

13,635

6,726

19.33

3. Reasons for the revision
Performance Forecast for First Half Fiscal 2011 (Apr. 1, 2011 – Sept. 30, 2011)
With regard to the non-consolidated performance forecast, net sales are expected to be
below what was estimated in the previous forecast, due chiefly to a decrease inpolycrystalline silicon sales volume in the first quarter arising from the Great East Japan
Earthquake and lower-than-expected petrochemicals selling prices as a result oflower-than-expected prices of naphtha used as a raw material for petrochemicals.
Operating income is expected to fall short of the previous forecast, due mainly to adecrease in polycrystalline silicon sales volume.
Ordinary income is expected to fall short of the previous forecast, due chiefly to a foreignexchange loss as well as the abovementioned factors.
With regard to the consolidated performance forecast, net sales are expected to be below
what was estimated in the previous forecast, due chiefly to lower-than-expected vinyl
chloride resin selling prices as well as the factors mentioned in the non-consolidated
performance forecast.
Profits on the consolidated basis have been revised downward, basically for the samereasons as the non-consolidated performance forecast.
Based on these factors, the Company has revised the performance forecast, announced onMay 12, 2011, for the First Half Fiscal 2011.

Performance Forecast for Fiscal 2011 (Apr. 1, 2011 – Mar. 31, 2012)
With regard to the non-consolidated performance forecast, net sales and operating income
are expected to fall short of what was estimated in the previous forecast, due chiefly to afall in vinyl chloride monomer export market prices arising from the rapid slowdown in theworld economy and a decrease in sales volume of most of the Specialty Products segment’sproducts used in the semiconductor and LCD industries as well as the reasons for therevision to the performance forecast for the First Half Fiscal 2011.
The consolidated performance forecast for Fiscal 2011 has been revised, basically for thesame reasons as the non-consolidated performance forecast.
Based on these factors, the Company has revised the performance forecast, announced on
May 12, 2011, for Fiscal 2011.

※ The performance forecasts contained in this material have been prepared on the basisof information available at this point and certain assumptions which are judged to berational, and may be substantially different from the actual performance because of various
factors that may arise from now on.