Mitsubishi Gas Chemical Company, Inc.
Consolidated Financial Results for 1st Q of FY2010

MITSUBISHI GAS CHEMICAL COMPANY, INC.
Consolidated Financial Results for the First Quarterof the Fiscal Year Ending March 31, 2010

This document has been translated from the original Japanese as a guide for non-Japanese investors. It
contains forward-looking statements based on a number of assumptions and beliefs made bymanagement in light of information currently available. Actual financial results may differ materiallydepending on a number of factors, including changing economic conditions, legislative and regulatory
developments, delay in new product launches, and pricing and product initiatives of competitors.

-0-Mitsubishi Gas Chemical Company, Inc.
Consolidated Financial Results for 1st Q of FY2010

SUMMARY OF CONSOLIDATED FINANCIAL STATEMENTS
Results for the first quarter ended June 30, 2009
(April 1, 2009 - June 30, 2009)

August 3, 2009

MITSUBISHI GAS CHEMICAL COMPANY, INC.
Listed exchanges:

First section of the Tokyo Stock Exchange

Stock Code:

4182

URL:

http://www.mgc.co.jp

President:

Kazuo Sakai

Inquiries:

Tomohiko Okubo
General Manager, Corporate Communications Division
Tel: +81 3 3283-5041

1. Summary of Consolidated Results for the First Quarter of the Fiscal Year Ending March 31, 2009

(The three-month period April 1, 2009 to June 30, 2009)
1) Operating results
Millions of yen, rounded down
Percentage figures denote change compared to equivalent period of previous year

April 1 - June 30, 2009

April 1 - June 30, 2008

Change %Sales............................................................................
Operating income (loss)...............................................
Ordinary income (loss).................................................
Net income (loss) .........................................................
Net income (loss) per share (¥)....................................
Fully diluted net income (loss) per share (¥) ................

85,294(2,088)(3,277)(2,386)(5.28)-(36.3)-

Change %133,907
5,245
12,690
9,185
19.88
19.45

-

2) Financial position
Millions of yen, rounded down

As of June 30, 2009
Total assets .................................................................
Net assets ....................................................................
Shareholders’ equity ratio (%)......................................
Net assets per share (¥) ..............................................

As of March 31, 2009

536,523
275,85250.1
594.13

530,592
272,08349.9
585.90Note: Shareholders’ equity as of June 30, 2009: ¥268,573 million; as of March 31, 2009: ¥264,861 million

2. Cash Dividends
April 1, 2009 - March 31, 2010
Interim dividend per share (¥) ......................................
Year-end dividend per share (¥) ..................................
Annual dividend per share (¥) ......................................

April 1, 2008 - March 31, 2009

6.00 (Forecast)
6.00 (Forecast)
12.00 (Forecast)

8.00
8.00
16.00

Note: There has been no change in the forecast dividend.

3. Consolidated Forecasts for the Fiscal Year Ending March 31, 2010 (April 1, 2009 to March 31, 2010)
Millions of yen, rounded down
Percentage figures denote change compared to equivalent period of previous year

April 1 - September 30, 2009

April 1, 2009 - March 31, 2010

Change %Sales............................................................................
Operating income (loss)...............................................
Ordinary income (loss).................................................
Net Income (loss).........................................................
Net income (loss) per share (¥)....................................

175,000(4,000)(6,000)(4,000)(8.85)(35.0)-

Note: Consolidated forecasts for the six-month period ending September 30, 2009 have been revised.

-1-

Change %380,000
8,000
7,000
6,000
13.27

(15.1)
0.4(14.5)

Mitsubishi Gas Chemical Company, Inc.
Consolidated Financial Results for 1st Q of FY2010

4. Other Information
1) Transfer of important subsidiaries during the period under review: None
(Transfers of certain subsidiaries resulting in changes in the scope of consolidation)2) Adoption of simplified accounting methods: Yes(Note: Details are available in Commentary on Results, page 6, 4.Other matters)

3) Changes in accounting methods, procedures and presentation in the preparation of these financial statements:
1. Changes following revisions to accounting standards: None
2. Other changes: None4)

Number of shares outstanding (ordinary shares)June 30, 2009

March 31, 2009

483,478,398
31,430,245

483,478,398
31,420,297

Number of shares outstanding at end of period(including treasury shares) .......................................
Number of treasury shares at end of period ..................

April 1 - June 30, 2009
Average shares outstanding during period ......................

April 1 - June 30, 2008

452,051,984

462,077,873

Reference:Non-consolidated Forecasts for the Fiscal Year Ending March 31, 2010 (April 1, 2009 to March 31, 2010)
Millions of yen, rounded down
Percentage figures denote change compared to equivalent period of previous year

April 1 - September 30, 2009

April 1, 2009 - March 31, 2010

Change %Sales..............................................................
Operating income (loss).................................
Ordinary income (loss)...................................
Net income (loss) ...........................................
Net income (loss) per share (¥) .....................

125,000(6,500)(4,500)(1,000)(2.21)(35.5)-

Change %265,000
1,000
6,000
7,000
15.48

(14.5)(52.7)(44.8)

Note: Non-consolidated forecasts for the six-month period ending September 30, 2009 have been revised.

Notice regarding the appropriate use of the financial forecasts
1. Consolidated and non-consolidated forecasts: This document contains revisions to the first-half business forecasts announced on May 8, 2009.
2. Forecasts, etc., recorded in this document contain forward-looking statements that are based on management’s estimates, assumptions andprojections at the time of publication. A number of factors could cause actual results to differ materially from expectations.

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Mitsubishi Gas Chemical Company, Inc.
Consolidated Financial Results for 1st Q of FY2010

Note: All comparisons are with the first quarter of the previous fiscal year, unless stated otherwise.

1. Commentary on results
General overview
Revenue and earnings for the Mitsubishi Gas Chemical Company, Inc. group of companies (“MGCGroup”) declined significantly for the first quarter (April 1, 2009 to June 30, 2009) of the fiscal year ending
March 31, 2010. Consolidated net sales were ¥85.2 billion (a decrease of ¥48.6 billion, or 36.3%).
Consolidated operating loss was ¥2.0 billion (a deterioration of ¥7.3 billion), and consolidated ordinary loss
was ¥3.2 billion (a decrease of ¥15.9 billion). Consolidated net loss for the first quarter was ¥2.3 billon (adecrease of ¥11.5 billion).
Sales volumes in certain products for semiconductors and LCD applications showed a marked recovery
compared with the fourth quarter of the previous year. However, sales in engineering plastics and otherspecialty chemicals continued to stagnate, while methanol market products and sales prices also faltered.

Business segment overview
Natural Gas Chemicals Company

In the methanol business, revenue and earnings, including those at overseas methanol producing
companies, fell substantially for the first quarter. Despite recording sales volumes roughly in line with theprevious year, the market failed to recover from its rapid fall at the end of 2008, resulting in significantly
lower revenue.
In methanol and ammonia derivatives, sales volumes declined due to falling domestic demand, resulting
in a major decline in performance. Results from enzymes and coenzymes weakened due to falling sales
prices, despite an increase in sales volumes of coenzyme Q10.
In the sale of natural gas and other energy, revenue and earnings both declined concomitant with lower
sales volumes of crude oil.
Consolidated net sales in the Natural Gas Chemicals Company were ¥24.6 billion (a decrease of ¥16.1
billion, or 39.6%) and operating loss was ¥3.4 billion (a deterioration of ¥2.6 billion), compared with the firstquarter of the previous year.

Aromatic Chemicals Company

Negative results were recorded in specialty aromatic chemical products, as sales volumes of leading
products such as meta-xylenediamine, Nylon-MXD6, and aromatic aldehyde declined substantially due toinventory adjustment by some customers, among other factors.
Revenue and earnings from the purified isophthalic acid business fell significantly as a result of lower
sales volumes and falling sales prices.
Consolidated net sales in the Aromatic Chemicals Company were ¥21.7 billion (a decrease of ¥16.5
billion, or 43.2%) and operating loss was ¥0.7 billion (a deterioration of ¥2.3 billion), compared with the firstquarter of the previous year.

-3-

Mitsubishi Gas Chemical Company, Inc.
Consolidated Financial Results for 1st Q of FY2010

Specialty Chemicals Company

Revenue and earnings from inorganic chemicals for industrial use declined. Hydrogen peroxide recorded
a weak performance owing to lower production in the paper pulp industry, in which the principal customers
for that product operate. Revenue and earnings from chemicals for the electronics industry declined due tolower sales volumes in products for semiconductors and LCD applications.
In the engineering plastics business, sales volumes of polycarbonate sheets and films for flat panel
display applications increased significantly. However, the core business of polycarbonate resin andpolyacetal resin was affected by faltering demand, mainly from the automotive industry, resulting in lower
revenue and earnings.
Consolidated net sales in the Specialty Chemicals Company were ¥23.7 billion (a decrease of ¥12.7
billion, or 35.0%) and operating income was ¥0.8 billion (a decrease of ¥1.5 billion, or 63.4%), comparedwith the first quarter of the previous year.

Information & Advanced Materials Company

Revenue and earnings from materials for printed circuit boards decreased. This was despite a reboundfrom the rapid inventory adjustment seen in the second half of the previous year, which, combined withrenewed demand for semiconductor packaging, caused sales volumes to recover considerably, while still
falling short of levels of performance in the first quarter of the previous year.
Sales of oxygen absorber AGELESS® decreased slightly on the previous year due to the impact offactors such as faltering demand in the domestic food industry and pressure from customers to reduce
prices.
Consolidated net sales in the Information & Advanced Materials Company were ¥14.9 billion (a decreaseof ¥3.0 billion, or 17.0%) and operating income was ¥1.1 billion (a decrease of ¥1.0 billion, or 47.3%),
compared with the first quarter of the previous year.

2. Consolidated financial position
Total consolidated assets as of June 30, 2009 were ¥536.5 billion, ¥5.9 billion higher than at the end of
the previous fiscal year. This was primarily because of increases in tangible fixed assets and investment
securities, which offset decreases in current assets.
Liabilities increased ¥2.1 billion to ¥260.6 billion, mainly due to increases in accounts payable. Net assets
increased ¥3.7 billion to ¥275.8 billion, due to gains on evaluation of other investment securities and gains
in foreign currency translation adjustments.

3. Consolidated forecasts for the fiscal year ending March 31, 2009
For the second quarter of the fiscal year ending March 31, 2010, there are concerns of overall continued
declines in sales volumes and market prices, despite expectations of comparatively firm performance in
certain products such as polycarbonate sheets and films for flat panel displays and materials for printed
circuit boards.

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Mitsubishi Gas Chemical Company, Inc.
Consolidated Financial Results for 1st Q of FY2010

Consequently, operating income and ordinary income for the first half of the fiscal year ending March 31,
2010 are expected to fall short of previous forecasts. A shift to profitability is anticipated from the third
quarter onward, with an overall recovery in sales volumes expected in specialty chemicals, in particular
those for electrical appliances, electronic devices, and automotive components. However, many variables,
including product supply, raw material costs and exchange rates, remain uncertain, and full-year forecasts
will therefore be reviewed based on observation of these trends going forward.
Revisions to the consolidated forecasts for six-month period announced on May 8, 2009 are as follows.
Revision of consolidated forecasts
Six-month period ending September 30, 2009 (April 1, 2009 to September 30, 2009)(Unit: ¥ million, %)Net sales
Previously announced forecasts (A)Operating income

Ordinary income(loss)(loss)Net income (loss)

180,000

0(1,500)0

Revised forecasts (B)175,000(4,000)(6,000)(4,000)Change (B – A)

(5,000)(4,000)(4,500)(4,000)Change (%)

(2.8)

-

-

-

269,204

9,620

19,951

14,565(announced May 8, 2009)

Results for previous six-month period(ended September 30, 2008)

4. Other matters(1) Important changes to subsidiaries during the period (changes to specific subsidiary companies within thescope of consolidation):
None(2) Adoption of simplified accounting methods and special accounting methods for presenting quarterly
consolidated financial statements:(i) Method of estimating doubtful accounts for general debtors
If the actual default rate at the end of the first quarter is recognized as not being materially different
from the rate calculated at the end of the previous fiscal year, a debt default provision is made using
the actual default rate at the end of the previous fiscal year.
(ii) Accounting standard for measurement of inventories
Assets held in inventory have been calculated primarily using the overall average of cost method
based on the assets held in inventory at the end of the previous fiscal year. In cases where theprofitability has declined, the book value is reduced accordingly.
(iii) Method of estimating corporate and other taxes, deferred tax assets and liabilities
For the estimation of corporate and other tax payments, changes and tax-deductible items in theattached financial statements are limited to material items. In assessing the recoverability of deferred
tax assets, the Company and its main consolidated subsidiaries employ the future earnings forecasts
and tax planning assumptions of the financial statements for the previous fiscal year having deemedthat there has been no marked change in the operating environment, etc., since the end of theprevious year, and that there has been no marked change with respect to the occurrence of one-timeor other such items.
(iv) Method of estimating depreciation expenses for fixed assets-5-Mitsubishi Gas Chemical Company, Inc.
Consolidated Financial Results for 1st Q of FY2010

For fixed assets depreciated using the fixed-percentage method, the Company and its main
consolidated subsidiaries adopt a method of assigning to the period under review an estimatedproportional amount of depreciation expenses for the fiscal year.
(3) Changes in principles, procedures and methods of indication of accounting methods for formulation ofquarterly financial statements:
None

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Mitsubishi Gas Chemical Company, Inc.
Consolidated Financial Results for 1st Q of FY2010

5. Consolidated Financial Statements(1) Consolidated Balance Sheets
Millions of yen, rounded down
As of June 30, 2009

As of March 31, 2009ASSETS
Current assets

Less allowance for doubtful receivables............

20,56780,283
21,71636,097
6,896
18,641
20,089(552)

23,20974,54930,84538,5998,386
18,351
21,942(585)

Total current assets......................................

203,740

215,298

Other, net ..........................................................

46,71472,292
52,92846,662
71,49548,489Total property, plant and equipment .........

171,935

166,647

Intangible assets ......................................

3,173

2,881

Less allowance for doubtful receivables............

133,515
25,814(1,656)

121,540
25,805(1,580)Total investments and other assets..............

157,673

145,765

Total fixed assets .........................................

332,782

315,293

Total assets ................................................

536,523

530,592

Cash..................................................................
Trade notes and accounts receivable................
Short-term investments .....................................
Merchandise and finished goods.......................
Work in progress ...............................................
Raw materials and supplies...............................
Other current assets..........................................

Fixed assets

Buildings and structures, net.............................
Machinery, equipment and vehicles, net

Investments and other assets

Investments in securities...................................
Other .................................................................

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Mitsubishi Gas Chemical Company, Inc.
Consolidated Financial Results for 1st Q of FY2010

Consolidated Balance Sheets (contd.)
Millions of yen, rounded down
As of June 30, 2009

As of March 31, 2009

LIABILITIESCurrent Liabilities

Other .................................................................

45,23087,043937
2,093
29,10140,301
86,974361
3,786
29,663

Total current liabilities ..................................

164,406

161,088

20,00067,457
6,282
2,524

20,00067,604
6,266
3,549

96,264
260,670

97,421
258,509

41,97035,589215,987(7,897)

41,97035,589221,990(7,891)

285,650

291,658

2,283(3,330)29
192(19,580)

29
192(23,688)(17,076)
7,278
275,852
536,523(26,797)
7,222
272,083
530,592

Trade notes and accounts payable ...................
Short-term borrowings.......................................
Accrued income taxes.......................................
Allowance..........................................................

Non-current liabilities

Corporate bonds ...............................................
Long-term borrowings .......................................
Allowance..........................................................
Other .................................................................
Total non-current liabilities ...........................
Total liabilities...............................................
NET ASSETSStockholders’ equity

Common stock ..................................................
Additional paid in capital ...................................
Retained earnings .............................................
Treasury stock, at cost ......................................
Total stockholders’ equity
Valuation and translation adjustments

Unrealized gains (loss)
on other securities .........................................
Deferred gains on hedges.................................
Surplus on revaluation of land ...........................
Foreign currency translation adjustments..........
Total valuation and translation adjustments ......
Minority interests ...............................................
Total net assets............................................
Total liabilities and net assets ..................

-8-

Mitsubishi Gas Chemical Company, Inc.
Consolidated Financial Results for 1st Q of FY2010(2) Consolidated Statements of Income
Millions of yen, rounded down
April 1 - June 30, 2009

April 1 - June 30, 2008

Cost of sales ...........................................

85,29474,724

133,907
114,558

Gross profit ...............................................

10,57019,348Selling, general and administrative
expenses ............................................

12,65914,103Operating income (loss)..............................

(2,088)

5,245

Other .......................................................

59
529
488
529

82
720
6,124
1,983

Total non-operating income .................

1,606

8,910

Interest expense......................................
Personnel expenses for seconded
employees...............................................

594

530

411

394

Other .......................................................

1,789

539

Total non-operating expenses .............

2,795

1,464

Ordinary income (loss)................................

(3,277)

12,690Loss on change of equity in affiliates ..........

-

10

Total extraordinary losses....................

-

10

Net income (loss) before income taxes
and minority interests ..............................

(3,277)

12,679Minority interests in income (loss)...............

(853)
(37)

3,168
325

Net income (loss)........................................

(2,386)

9,185

Net sales.....................................................

Non-operating income

nterest income.........................................
Dividend income......................................
Equity in earnings of affiliates..................

Non-operating expenses

Extraordinary losses

Income taxes, etc..............................................

-9-Mitsubishi Gas Chemical Company, Inc.
Consolidated Financial Results for 1st Q of FY2010(3) Consolidated Statements of Cash Flows
Millions of yen, rounded down
April 1 - June 30, 2009
April 1 - June 30, 2008
Cash flows from operating activities

Net income before income taxes and minority interests.........
Depreciation and amortization................................................
(Gain) loss on disposal of property and equipment ................
Amortization of goodwill .........................................................
Equity in earnings of affiliates.................................................
Increase (decrease) in allowance for doubtful receivables.....
Increase (decrease) in reserve for retirement andseverance benefits .............................................................
Interest income and dividend income.....................................
Interest expenses...................................................................
(Gain) loss on change of equity in affiliates............................
(Increase) decrease in notes and accounts receivable ..........
(Increase) decrease in inventories .........................................
Increase (decrease) in trade notes and accounts payable .....
Increase (decrease) in consumer tax, etc. .............................
Increase (decrease) in reserve for bonuses to directors andauditors...............................................................................
Other ......................................................................................
Sub-total ...........................................................................
Interest and dividends received..............................................
Dividends received from equity method affiliates ...................
Interest paid ...........................................................................
Income taxes paid ..................................................................
Net cash provided by operating activities........................

(3,277)
6,612
57
(7)
(488)
42

12,6796,492
71
41(6,124)
(5)

167

35

(588)
594
(5,656)
4,084
4,012
162

(802)
530
10
5,510
(3,772)
6,190
112

(180)
(4,305)
1,227
596
291
(490)
115
1,741

(149)
(2,910)17,911
802
1,089
(519)
(6,328)
12,955(66)
190(8,848)
8
(847)
28
68
(9,466)110(9,138)53(424)
1(9,398)

(222)
550
(859)
(6)
(3,616)(79)(42)(4,277)

289
150
(922)
(17)
(3,696)(273)
54(4,415)309(1,199)(11,692)
53,065(2,058)37,235-

117

41,37235,294

Cash flows from investing activities

Purchase of short-term investments.......................................
Proceeds from sale of short-term investments .....................
Purchase of fixed assets ........................................................
Proceeds from sale of fixed assets.........................................
Purchase of investments in securities ....................................
Proceeds from sale of investments in securities...................
Other ....................................................................................
Net cash used in investing activities ...............................
Cash flows from financing activities

Increase (decrease) in short-term borrowings........................
Proceeds from long-term debt................................................
Payments on long-term debt ..................................................
Purchase of treasury stock.....................................................
Dividends paid to stockholders...............................................
Dividends paid to minority stockholders of subsidiaries .........
Other ......................................................................................
Net cash used in financing activities .................................
Effect of exchange rate changes on cash and cash
equivalents ...............................................................................
Increase (decrease) in cash and cash equivalents ..................
Cash and cash equivalents at the beginning of period .............
Increase (decrease) in cash and cash equivalents due tochange in scope of consolidation .............................................
Cash and cash equivalents at the end of the period ................
- 10 -

Mitsubishi Gas Chemical Company, Inc.
Consolidated Financial Results for 1st Q of FY2010(4) Notes regarding going concerns
No applicable items.
(5) Segment information
a. Business segments
Three-month period ended June 30, 2009 (April 1, 2009 – June 30, 2009)
Millions of yen, rounded down
Natural gas
chemicals

Aromatic
chemicals

Specialty
chemicals

Information
chemicals
andadvancedmaterials

Sales to outside customers ........

24,674

21,76323,726

14,957

171

85,294-85,294

Inter-segment sales ....................

959

234

466

2

55

1,719

(1,719)-Total ..................................

25,634

21,99824,193

14,960227

87,014(1,719)85,294

Operating income (loss) .............

(3,495)

(781)

881

1,168

143

(2,083)(5)(2,088)

Other

Total

Elimination/
corporate

Consolidated

Three-month period ended June 30, 2008 (April 1, 2008 – June 30, 2008)
Millions of yen, rounded down

Sales to outside customers .......

Natural gas
chemicals

Aromatic
chemicals

Specialty
chemicals

Information
chemicals
andadvancedmaterials

40,81838,34336,52018,025

Elimination/
corporate

Other

Total

199

133,907-

Consolidated

133,907

Inter-segment sales ...................

2,510

468

631

3

55

3,669

(3,669)-Total .................................

43,32938,811

37,151

18,028

254

137,576(3,669)133,907

Operating income (loss) ............

(876)

1,606

2,412

2,219

110

5,472

(227)

5,245

Notes:
1. The main products of each segment are as follows:
Natural gas chemicals:
Methanol, ammonia, amines, methacrylate derivatives, polyols, enzymes and coenzymes, natural gas andcrude oilAromatic chemicals:
Xylene isomers and xylene derivatives
Specialty chemicals:
Hydrogen peroxide and other industrial inorganic chemicals, electronic chemicals and engineering plastics
Information and advanced materials:
Printed circuit board materials, printed circuit boards and oxygen absorber (AGELESS®)
Other:
Real estate business, etc
2. Inventories held for sale in the ordinary course of business were previously stated based on the lower of cost or
market method, with cost being determined by the average method, but from the first quarter of the current fiscal- 11 -

Mitsubishi Gas Chemical Company, Inc.
Consolidated Financial Results for 1st Q of FY2010

year the Company has adopted the “Accounting Standard for Measurement of Inventories” (ASBJ Statement No.
9 of July 5, 2006), and accordingly such inventories are now mainly stated using the acquisition cost method,with cost being determined by the average method (in cases where the profitability has declined, book value isreduced accordingly).
As a result of this change, operating income of each segment for the three-month period ended June 30, 2009
decreased as follows:
Millions of yen, rounded down
Natural gas chemicals(193)
Aromatic chemicals(178)
Specialty chemicals(404)
Information and advanced materials(15)

3. For this period ended June 30 2009, the Company and its domestic consolidated subsidiaries changed theestimated useful lives of machinery. As a result of this change, operating income of each segment for thethree-month period ended June 30, 2009 increased (decreased) as follows:
Millions of yen, rounded down
Natural gas chemicals
11
Aromatic chemicals(21)
Specialty chemicals
4
Information and advanced materials(104)

b. Geographic Segments
Three-month period ended June 30, 2009 (April 1, 2009 – June 30, 2009)

Other regions

Total

Millions of yen, rounded down
Corporate
Consolidated
andEliminations

Japan

Asia

Sales to outside customers .......................

74,173

6,733

4,386

85,294-85,294

Inter-segment sales and transfers ............

5,903

212

37

6,152

(6,152)-

Total .................................................

80,076

6,946

4,424

91,447(6,152)85,294

Operating income ......................................

(2,532)241(19)(2,310)221(2,088)Three-month period ended June 30, 2008 (April 1, 2008 – June 30, 2008)
Millions of yen, rounded down
Corporate
Consolidated
andEliminations

Japan

Asia

Other regions

Total

Sales to outside customers .......................

110,350

12,533

11,023

133,907-

133,907

Inter-segment sales and transfers ............

8,843

261

11

9,116

(9,116)-

Total .................................................

119,194

12,794

11,035143,024(9,116)

133,907

Operating income ......................................

4,642

728

(42)

5,328

(83)

5,245

Notes:
1. The major countries or regions in the respective divisions are as follows:- 12 -

Mitsubishi Gas Chemical Company, Inc.
Consolidated Financial Results for 1st Q of FY2010

Asia: Korea, China, Taiwan, Singapore, Thailand and Indonesia
Other: U.S.A.
2. Inventories held for sale in the ordinary course of business were previously stated based on the lower of cost or
market method, with cost being determined by the average method, but from the first quarter of the current fiscal
year the Company has adopted the “Accounting Standard for Measurement of Inventories” (ASBJ Statement No.
9 of July 5, 2006), and accordingly such inventories are now mainly stated using the acquisition cost method,with cost being determined by the average method (in cases where the profitability has declined, book value isreduced accordingly).
As a result, operating income in Japan for the first quarter decreased ¥793 million.
3. For this period ended June 30 2009, the Company and its domestic consolidated subsidiaries changed theestimated useful lives of machinery.
As a result, operating income in Japan for the first quarter decreased ¥110 million.
4. Country and regional segments other than Japan were previously categorized as “Other regions”, but from thethird quarter of the previous fiscal year, revenues from Asia accounted for more than 10% of the total, and theclassification has therefore been changed to “Asia”.
The segment information for the previous first quarter announced on May 8, 2009 is as follows.
Three-month period ended June 30, 2008 (April 1, 2008 – June 30, 2008)

Sales to outside customers .......................

Millions of yen, rounded down
Corporate
Consolidated
andEliminations

Japan

Other regions

Total

110,350

23,556

133,907-

133,907

Inter-segment sales and transfers ............

8,843

272

9,116

(9,116)-

Total .................................................

119,194

23,829143,024(9,116)

133,907

Operating income ......................................

4,642

686

5,328

(83)

5,245

c. Overseas sales
Three-month period ended June 30, 2009 (April 1, 2009 – June 30, 2009)
Millions of yen, rounded down
Asia

North andSouth America

Overseas sales .................................

28,675

Consolidated sale .............................
Percentage of overseas sales toconsolidated sales .........................

Other

Total

6,191

997

38,864------85,294

33.6

7.3

1.2

42.1

Three-month period ended June 30, 2008 (April 1, 2008 – June 30, 2008)
Millions of yen, rounded down
Asia

North andSouth America

Other

Total

Overseas sales .................................

34,86012,1303,156

50,147

Consolidated sale .............................

--

--

--

133,907

Percentage of overseas sales toconsolidated sales .........................

26.0

9.1

2.4

37.4

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Mitsubishi Gas Chemical Company, Inc.
Consolidated Financial Results for 1st Q of FY2010

Notes:
1. The major countries or regions in the respective divisions are as follows:
Asia: Thailand, Malaysia, India, Indonesia, Korea, China, Taiwan, and Singapore
North and South America: U.S.A., Mexico, and Brazil
Other: Europe, and Oceania

2. Overseas sales are based on the net sales of the Company and its consolidated subsidiaries in countries orregions other than Japan.

5. Notes on Significant Change in Stockholders' Equity
No applicable items.
6. Other information
The Tokyo Metropolitan Government issued MGC with an administrative order to pay a fine in order tofacilitate measures to prevent a public environmental hazard concomitant with dioxin soil pollution on land in
Ota Ward, Tokyo that was formerly owned by MGC. Following an appeal court decision issued in August 2008
that dismissed MGC’s appeal against the fine, MGC has submitted its appeal to the Supreme Court.
MGC has allocated the necessary reserve for the fine paid to the Tokyo Metropolitan Government.

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