October 31, 2012
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 andDividend Forecast

Based on the current performance trend, Tokuyama Corporation has revised theperformance forecast, announced on July 30, 2012, and the dividend forecast, announced
on August 1, 2012, as described below.

1. Revised Consolidated Performance Forecast for Fiscal 2012
(1) Performance Forecast for the First Half Fiscal 2012 (consolidated)(April 1, 2012 to September 30, 2012)(Unit: Millions of yen)
Net sales

Previous forecast : (A)(July 30, 2012)
Newly revised forecast :(B)Change: (B)－(A)Rate of change (%)[Reference]First Half Fiscal 2011

Operating

Ordinary

incomeincomeNet income
Net income

per share(yen)

128,500

3,500

1,000

0

0.00

125,900

700(1,900)(2,500)(7.19)(2,600)(2,800)(2,900)(2,500)－(2.0)(80.0)--－

141,912

8,194

5,603

2,709

7.79

(2) Performance Forecast for Fiscal 2012 (consolidated)(April 1, 2012 to March 31, 2013)(Unit: Millions of yen)
Net sales

Previous forecast : (A)(July 30, 2012)
Newly revised forecast :(B)Change: (B)－(A)Rate of change (%)[Reference] Fiscal 2011

Operating

Ordinary

incomeincomeNet income
Net income

per share(yen)272,000

10,000

6,500

2,500

7.19

260,500

3,000(1,500)(2,500)(7.19)(11,500)(7,000)(8,000)(5,000)－(4.2)(70.0)--－

282,381

13,72011,524

9,351

26.87

2. Revised Non-consolidated Performance Forecast for Fiscal 2012
(1) Performance Forecast for the First Half Fiscal 2012 (non-consolidated)(April 1, 2012 to September 30, 2012)(Unit: Millions of yen)
OrdinaryNet sales
Previous forecast : (A)(July 30, 2012)
Newly revised forecast :(B)Change: (B)－(A)Rate of change (%)[Reference]First Half Fiscal 2011

Net income per share

Net income

income(yen)

82,5000(500)(1.44)

79,900(3,500)(3,100)(8.91)(2,600)(3,500)(2,600)－(3.2)--－----

(2) Performance Forecast for Fiscal 2012 (non-consolidated)(April 1, 2011 to March 31, 2013)(Unit: Millions of yen)
Net sales
Previous forecast : (A)(July 30, 2012)
Newly revised forecast :(B)Change: (B)－(A)Rate of change (%)[Reference] Fiscal 2011

Ordinary

Net income per share

Net incomeincome(yen)

175,500

3,000

500

1.44

166,500(5,000)(5,000)(14.37)(9,000)(8,000)(5,500)

－

(5.1)

-

-－

185,099

8,538

8,497

24.42

3. Reasons for the revision
With regard to the non-consolidated performance forecast for the First Half Fiscal 2012
and Fiscal 2012, despite higher-than-expected cement sales volume, net sales are expectedto be below what was estimated in the previous forecast, mainly because of a drop in sales
prices of solar-grade polycrystalline silicon due to the weak solar cell market conditions
arising from a supply glut and decreased sales volume of semiconductor-grade
polycrystalline silicon due to inventory adjustments of wafers arising from the slumping
semiconductor market. In addition, the two factors—a decrease in sales volume of caustic
soda due to the economic slowdown and a fall in export prices of vinyl chloride monomer(VCM) due to sluggish demand for vinyl chloride resin in Asia—are also contributory tolower-than-expected net sales.
Ordinary income is expected to fall short of the previous forecast, due mainly to theabove-mentioned factors and lower profit of VCM arising from higher domestic naphtha
prices.
Net income is expected to fall short of the previous forecast, for the same reasons as thosefor the revision of ordinary income.
With regard to the non-consolidated performance forecast, operating income is notdisclosed.
With regard to the consolidated performance forecast for the First Half Fiscal 2012 andFiscal 2012, net sales have been revised downward, for the same reasons as thosementioned in the non-consolidated performance forecast. Operating income has beenrevised downward, due to the reasons for the revision of net sales in the non-consolidatedperformance forecast, lower profit of VCM arising from higher domestic naphtha prices,and other factors. Ordinary income and net income have been revised downward, for thesame reasons as those for the revision of operating income.
Based on these factors, the Company has revised the performance forecast, announced on
July 30, 2012, for the First Half Fiscal 2012 and Fiscal 2012.
※ 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.

4. Revised Dividend Forecast for Fiscal 2012

（Period）

1st quarter(yen)Previous forecast(Aug. 1, 2012)
Newly revised
forecast
Fiscal 2012
（Results）
Fiscal 2011
（Results）

Annual dividends per share
2nd quarter 3rd quarter
Year-end(yen)(yen)

Total(yen)(yen)

-

3.00

-

3.00

6.00

---------

3.00

-

3.00

6.00

5. Reasons for the revision
We regret to announce a forecast for the interim dividends (at the end of Q2) as undecided
at this present time, considering the downward revision in our performance forecast
mentioned above, while we had previously announced the forecast of 3 yen per share on
August 1, 2012.
The forecast for the year-end dividends has not yet been determined, and we will makedecisions considering the future performance trend and financial conditions in acomprehensive manner.
The interim dividends will be decided by a Board resolution at the Board meeting held on
November 5, 2012.
We would sincerely ask our shareholders to understand our current management situations.