July 31, 2015
Company name: Tokuyama Corporation
Representative name: Hiroshi Yokota,President and Representative Director(Code No. 4043, First Section TSE)
Contact: Taro Kobayashi, General Manager,
Corporate Communications & Investor Relations Dept.
TEL: +81-3-6205-4832

Notice concerning Revision of Performance Forecast
Based on the current performance trend, Tokuyama Corporation (“the Company”) has revised theperformance forecast, announced on April 30, 2015, as described below.
1. Revised Consolidated Performance Forecast for Fiscal 2015
(1) Performance Forecast for the First Half Fiscal 2015 (consolidated)(April 1, 2015 to September 30, 2015 )(Unit: Millions of yen)
Net sales
Previous forecast : (A)(Apr. 30, 2015)
Newly revised forecast :(B)Change: (B)－(A)Rate of change (%)[Reference]First Half Fiscal 2014

OperatingincomeOrdinary
incomeProfitattributableto owners ofparent

Basic earnings
per share (yen)151,000

8,500

6,000

3,000

8.62

148,000

5,500

2,500

500

1.44

(3,000)(3,000)(3,500)(2,500)－(2.0)(35.3)(58.3)(83.3)－

143,880

10,5908,284(80,504)(231.40)(2) Performance Forecast for Fiscal 2015 (consolidated)(April 1, 2015 to March 31, 2016 )(Unit: Millions of yen)
Net sales
Previous forecast : (A)(Apr. 30, 2015)
Newly revised forecast :(B)Change: (B)－(A)Rate of change (%)[Reference]
Fiscal 2014

OperatingincomeOrdinary
incomeProfitattributableto owners ofparent

Basic earnings
per share (yen)312,000

21,00014,000

8,000

23.00

309,000

18,00012,000

6,000

17.25

(3,000)(3,000)(2,000)(2,000)－(1.0)(14.3)(14.3)(25.0)－

302,085

19,53012,920(65,349)(187.85)

2. Revised Non-consolidated Performance Forecast for Fiscal 2015
(1) Performance Forecast for the First Half Fiscal 2015 (non-consolidated)(April 1, 2015 to September 30, 2015 )(Unit: Millions of yen)
Ordinary
incomeNet sales
Previous forecast : (A)(Apr. 30, 2015)
Newly revised forecast :(B)Change: (B)－(A)Rate of change (%)[Reference]First Half Fiscal 2014

Basic earnings pershare (yen)Profit91,000

4,000

3,000

8.62

89,00000

0.00(2,000)(4,000)(3,000)－(2.2)(100.0)(100.0)－－－－－(2) Performance Forecast for Fiscal 2015 (non-consolidated)(April 1, 2015 to March 31, 2016 )(Unit: Millions of yen)
Ordinary
incomeNet sales
Previous forecast : (A)(Apr. 30, 2015)
Newly revised forecast :(B)Change: (B)－(A)Rate of change (%)[Reference]
Fiscal 2014

ProfitBasic earnings per
share (yen)189,000

8,000

5,000

14.37

191,000

5,000

2,500

7.19

2,000

(3,000)(2,500)－1.1(37.5)(50.0)－

184,043

18,665(62,950)(180.96)

3. Reasons for the revision
With regard to the non-consolidated performance forecast for first half fiscal 2015 as well as fullfiscal 2015, net sales is expected to be about level with the previous forecast.
Ordinary income and net income are expected to be worse than the previous forecast, due mainly tothe posting of a loss on valuation of stocks of subsidiaries and affiliates attributable to Tokuyama
Malaysia Sdn. Bhd..
With regard to the non-consolidated performance forecast, operating income is not disclosed.
With regard to the consolidated performance forecast for first half fiscal 2015 as well as full fiscal
2015, net sales is expected to be about level with the previous forecast.
Operating income, ordinary income and profit attributable to owners of parent are projected to fall
below forecasts. In addition to the drop in selling prices of solar-grade polycrystalline silicon, thisdownturn in earnings is largely attributable to an expected deterioration in earnings owing to lower
than anticipated operating rates at Tokuyama Malaysia Sdn. Bhd..
Therefore, the Company has revised the performance forecast, announced on April 30, 2015.
(Note) The performance forecasts contained in this material have been prepared on the basis of
information available at this point and certain assumptions which are judged to be rational, and may
be substantially different from the actual performance because of various factors that may arise
from now on.