October 30, 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 Difference between Performance Forecast and Actual Resultsfor First Half Fiscal 2015, and Revision of Performance Forecast for Full Fiscal 2015
Tokuyama Corporation (hereinafter referred to as “Tokuyama” or “the Company”) announces thedifference between the performance forecast, previously disclosed on July 31, 2015, and actualresults for the first half fiscal 2015 (April 1, 2015 to September 30, 2015), as described below.
The Company has also revised the performance forecast for full fiscal 2015 (April 1, 2015 to March31, 2016), announced on July 31, 2015, as described below.
1. Difference between Performance Forecast and Actual Results for First Half Fiscal 2015
(1) Difference between Performance Forecast and Actual Results (consolidated)(April 1, 2015 to September 30, 2015 )(Unit: Millions of yen)
Net sales
Previous forecast : (A)(July 31, 2015)
Actual results : (B)Difference: (B)－(A)Rate of change (%)[Reference]First Half Fiscal 2014

Operatingincome

Ordinary
incomeProfitattributableto owners ofparent

Basic earnings
per share (yen)148,000

5,500

2,500500

1.44

149,128

7,549

5,262

2,783

8.00

1,128

2,049

2,762

2,283

－

0.8

37.3

110.5

456.6

－

143,880

10,5908,284(80,504)(231.40)(2) Reasons for the difference
Net sales were almost level with the previous forecast. Operating income was better than theprevious forecast on the back of profitability improvement of petroleum chemicals due tolower-than-expected domestic naphtha prices. Ordinary income and profit attributable to owners ofparent exceeded the previous forecast, owing to the above-mentioned reasons.

2. Revision of Performance Forecast for Full Fiscal 2015 (April 1, 2015 to March 31, 2016)(1) Non-consolidated(Unit: Millions of yen)
Net sales
Previous forecast : (A)(July 31, 2015)
Newly revised forecast :(B)Change: (B)－(A)Rate of change (%)[Reference]
Fiscal 2014

Ordinaryincome

Basic earnings per
share (yen)Profit191,000

5,000

2,500

7.19

185,000

8,000

8,500

24.44

(6,000)3,000

6,000－(3.1)

60.0

240.0－

184,043

18,665(62,950)(180.96)(2) Consolidated(Unit: Millions of yen)
Net sales
Previous forecast : (A)(July 31, 2015)
Newly revised forecast :(B)Change: (B)－(A)Rate of change (%)[Reference]
Fiscal 2014

OperatingincomeOrdinary
incomeProfitattributableto owners ofparent

Basic earnings
per share (yen)309,000

18,00012,000

6,000

17.25

306,000

20,00014,00014,00040.25(3,000)

2,000

2,000

8,000

－

(1.0)

11.1

16.7

133.3－

302,085

19,53012,920(65,349)(187.85)(3) Reasons for the revision
With regard to the non-consolidated performance forecast for the full fiscal year ending March 31,
2016, net sales are expected to fall below the previous forecast, due mainly to weaker selling pricesof petroleum chemicals on the back of a downturn in domestic naphtha prices.
Ordinary income is expected to exceed the previous forecast. In addition to profitability
improvement of petroleum chemicals due to the drop in domestic naphtha prices, this is attributable
to a decrease in the estimated amount of allowance for investment loss on Tokuyama Malaysia Sdn.
Bhd. mainly impacted by the exchange rate.
Profit is expected to be better than the previous forecast, due to the posting of gains from the saleof non-current assets as extraordinary income in line with the transfer of the Company’s
non-current assets as well as the above-mentioned reasons.
With regard to the consolidated performance forecast for the full fiscal year ending March 31, 2016,
net sales are expected to fall below the previous forecast, due to the reasons mentioned in thenon-consolidated performance forecast.
Operating income is expected to be above the previous forecast, due to profitability improvementof petroleum chemicals on the back of the drop in domestic naphtha prices.
Ordinary income is expected to exceed the previous forecast, due to the above-mentioned reasons.
Profit attributable to owners of parent is projected to be better than the previous forecast. In
addition to the above-mentioned reasons, this upturn is attributable to the posting of gains from thesale of non-current assets as extraordinary income in line with the transfer of the Company’s
non-current assets.

For its interim dividend and year-end dividend forecast, Tokuyama plans to forgo the payment ofdividends to shareholders, based on its recognition that the second plant (PS-2) of Tokuyama
Malaysia Sdn. Bhd. is larger than the Tokuyama Group’s other existing plants and that in case thebusiness project for the PS-2 cannot be carried out as planned, it may heavily affect the TokuyamaGroup’s performance and financial condition.

(Note) The performance forecast and other forward-looking statements 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.