November 11, 2010
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: +81-3-3499-8023

Tokuyama Corporation Announces Difference between Estimates in
Performance Forecast for First Half Fiscal 2010 and Actuals, and Revised
Performance Forecast for Fiscal 2010
Tokuyama Corporation (the “Company”) has announced the difference between
estimates in the performance forecast, announced on August 2, 2010, for the First HalfFiscal 2010 (April 1, 2010 to September 30, 2010) and actuals. The Company has also
revised the performance forecast, announced on May 12, 2010, for Fiscal 2010 (April 1,2010 to March 31, 2011), as described below.
1. Revised Consolidated Performance Forecast for Fiscal 2010
(1) Performance Forecast for the First Half Fiscal 2010 (consolidated)(April 1, 2010 to September 30, 2010)(Unit: Millions of yen)
Net sales

Previous forecast : (A)(August 2, 2010)
Newly revised forecast :(B)Change: (B)－(A)Rate of change (%)[Reference]First Half Fiscal 2009

OperatingOrdinary

incomeincomeNet income
Net incomeper share(yen)

140,000

8,000

6,000

3,500

10.06

139,685

8,775

5,976

2,924

8.40

(314)

775

(23)

(575)

－

(0.2)

9.7

(0.4)

(16.4)－

130,799

8,369

7,013

4,268

14.91

(2) Performance Forecast for Fiscal 2010 (consolidated)(April 1, 2010 to March 31, 2011)(Unit: Millions of yen)
Net sales

Previous forecast : (A)(August 2, 2010)
Newly revised forecast :(B)incomeincomeNet income
Net income

per share(yen)

14,00013,000

7,500

23.65

286,000

17,50014,000

7,500

21.55

0

3,500

1,000

0－0.0

25.07.70.0－

273,154

16,483

15,3557,458

23.52: (B)－(A)[Reference] Fiscal 2009

Ordinary

286,000

ChangeRate of change (%)

Operating

2. Revised Non-consolidated Performance Forecast for Fiscal 2010
(1) Performance Forecast for the First Half Fiscal 2010 (non-consolidated)(April 1, 2010 to September 30, 2010)(Unit: Millions of yen)
Net sales

Previous forecast : (A)(August 2, 2010)
Newly revised forecast :(B)Change: (B)－(A)Rate of change (%)[Reference]First Half Fiscal 2009

Operating

Ordinary

incomeincomeNet income
Net income

per share(yen)96,000

6,500

4,500

2,000

5.71

94,454

6,437

3,591

425

1.22

(1,545)

(62)

(908)

(1,574)－(1.6)(1.0)(20.2)(78.8)－89,909

7,992

5,611

3,162

11.04

(2) Performance Forecast for Fiscal 2010 (non-consolidated)(April 1, 2010 to March 31, 2011)(Unit: Millions of yen)
Net sales

Previous forecast : (A)(August 2, 2010)
Newly revised forecast :(B)Change: (B)－(A)Rate of change (%)[Reference] Fiscal 2009

Operating

Ordinary

incomeincomeNet income
Net income

per share(yen)

192,000

11,00010,000

6,000

18.92

194,50013,500

9,500

4,000

11.49

2,500

2,500(500)(2,000)

－

1.3

22.7

(5.0)

(33.3)－

187,91114,805

12,745

5,510

17.38

3. Reasons for the revision
Performance Forecast for First Half Fiscal 2010 (Apr. 1, 2010 – Sept. 30, 2010)
With regard to the non-consolidated performance forecast, ordinary income is expected tobe below what was estimated in the previous forecast, due chiefly to an increase in aforeign exchange loss. Net income also is expected to fall short of the previous forecast,owing mainly to an increase in allowance for doubtful accounts as well as the negative
effect of lower-than-expected ordinary income.
With regard to the consolidated performance forecast, operating income is expected toincrease compared with the previous forecast, due to good results of the Company’s
consolidated subsidiaries including A&T Corporation and Figaro Engineering Inc.
However, this positive factor will not be sufficient to offset lower-than-expected
non-consolidated net income, with the result that consolidated net income is expected todecrease.
Performance Forecast for Fiscal 2010 (Apr. 1, 2010 – Mar. 31, 2011)
With regard to the non-consolidated performance forecast, operating income is expected
to increase compared with the previous forecast, due mainly to an increase inpolycrystalline silicon shipment volume and rationalization effects of cement operations.
However, due mainly to the factors mentioned above in the Performance Forecast for theFirst Half Fiscal 2010, ordinary income is estimated to fall short of the previous forecast.
Net income also is estimated to fall short of the previous forecast.

With regard to the consolidated performance forecast, due to good earnings ofconsolidated subsidiaries, both operating income and ordinary income are expected to be
above what was estimated in the previous forecast, and net income is expected to be levelwith the figure in the previous forecast.

※ 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.