TOKYO OHKA KOGYO CO., LTD.
Business Results― Fiscal Year ended March 2016―

May 11, 2016

Contents
1. Consolidated Business Results for
FY2016p.2

2. Consolidated Performance Forecasts for
FY2017p.12

1

Consolidated Business Resultsfor FY2016

Summary(Millions of yen)

FY2015FY2016
Change%Net sales

88,08689,969+1,882+2.1

Operating income

13,253

12,438(814)(6.1)

Ordinary income

14,443

12,684(1,759)(12.2)

Profit attributable toowners of parent

8,818

7,716

(1,101)(12.5)

Average exchange rate (US$): ¥109.7/$ (FY2015) ⇒ ¥119.3/$ (FY2016)
Net Sales: Began to decline in the fourth quarter and did not achieve the revised
forecast (announced Nov. 5, 2015); however, net sales increased.
Operating Income: Decreased due to the impact of performance decline in theEquipment Business, etc.
Profit attributable to owners of parent: Decreased due to the decline in operating
income and foreign exchange losses.

3Non-operating Expenses or Income/Extraordinary Losses or Income(Millions of yen)

FY2015FY2016

1,190246(944)+229+287+58(+999)+1,459(460)(△371)(642)+270(1,370)(2,101)
+731

(496)

―+496

―(339)(339)

Extraordinary losses or income

(141)

(906)

(764)

Gain on revision of retirement benefit plan
Gain on sale of investment securities+622――+50(622)+50

Impairment loss
Loss on valuation of investment securities(622)－(752)
(108)

(87)
(108)

Non-operating expenses or income
Interest and dividend income(Foreign exchange related losses/gains)
Foreign exchange (loss) gain
Loss(gain) on valuation of derivatives
New plant related expenses
Operating preparation expenses

YoY4Results by Business Segment(Millions of yen)

FY2015FY2016
ChangeNet sales%

88,08689,969+1,882+2.1

84,611

87,280+2,668+3.2

Electronic functional materials

49,81851,134+1,315+2.6

High purity chemicals

34,84435,931+1,086

+3.1

(52)

214

266－

3,475

2,689(786)(22.6)

13,253

12,438(814)(6.1)

16,355

16,203(152)(0.9)

20(423)(443)－(3,122)(3,342)(219)－

Material business

Other
Equipment business
Operating income
Material business
Equipment businessEliminations and corporate(Note) Net sales of the Equipment Business are the figures after elimination of inter-segment sales.

5Breakdown of the Change in Operating Income(Material Business)
FY2015 result vs FY2016 resultExpenses increase(¥2.2billion)

Impact ofsales increases, etc.
＋¥1.5billion¥16.4billion

FY2015ResultImpact ofexchange rate changes
anddiscounted selling prices＋¥0.5billion(¥0.2 billion)¥16.2billion

FY2016Result6

Sales Breakdown of Material Business
Net Sales

21,804

22,24821,987

21,84822,182(267)

89115(9)

46

9,198

9,341

9,268

9,041

9,175

8,446

12,873

12,81712,603

12,817

12,96012,753

2015/3Q

2015/4Q

2016/1Q

2016/2Q

2016/3Q

2016/4Q

High purity chemicals

Other(Millions of yen)

21,261
62

20,00015,00010,0005,000

0Electronic functional materials

7(Reference)
Electronic Functional Materials Division
Sales Composition of Electronic Functional Materials by Type
Other
High-density
integration

Other

g+i11%

High-density
integration

17%

9%

FY2015LCD Full-year
result
18%

KrF
22%

11%

g+i

17%
12% FY2016
KrF
Full-year
LCD
22%
13% result
ArF
26%

ArF
23%

Sales Composition of Semiconductor Photoresist by Region

15%Japan
20%
Asia FY2016
Full-year
North America
57%result
18%5%5%Japan
20%
FY2015Full-year
60% result

Asia

North AmericaEuropeEurope8

Equipment BusinessNet sales/Order backlog(Millions of yen)

1,975
1,870

2,000

1,500

1,719

1,629
1,499
1,210
969

1,000

955
Netsales500
Orderbacklog
02015/1H

2015/2H

2016/1H

2016/2H(Millions of yen)

2015/1H

2015/2H

2016/1 H

2016/2H

Year-endorder backlog

1,180

1,072

1,440

1,140(Note) The net sales of the equipment business is the figure after elimination of inter-segment sales.

9Balance Sheets(Millions of yen)As ofMarch 31,2016
Current assets

YoY

87,114(3,939)Cash and deposits

50,876(3,090)Notes and accounts receivable

17,921(1,500)Inventories

12,999+1,444

47,913(1,458)

749

(185)

Investments and other assets

31,523(1,979)Current liabilities

17,130(2,164)

7,787(2,010)

2,899

(670)

Total net assets

147,270(4,728)

Total assets

167,300(7,563)

Property, plant and equipment
Intangible assets

Notes and accounts payableNon-current liabilities

Buildings and structures
Machinery and equipment
Tools, furniture and fixtures
LandConstruction in progress+2,190(2,354)+1,057(107)(2,243)Retained earnings+858
Treasury stock(2,056)
Valuation difference on
available-for-sale securities(1,043)Remeasurements of defined benefit
plans(1,844)10

Cash FlowsFY2015 FY2016
Cash flows from operating activities+13,577+11,902

Income before income taxes and minority
interests+14,301+11,777

Depreciation+4,276+5,631(94)(18)(2,119)+1,200(368)(1,755)Decrease (increase) in trade notes andaccounts payable+3,121(1,522)

Increase (decrease) in advances received
Income taxes paid

(692)
(3,935)(5)(4,157)

Cash flows from investing activities(10,197)(4,385)

Cash flows from financing activities(2,110)(9,268)Translation adjustments
Net increase (decrease) in cash and cash
equivalents+1,138(298)+2,408(2,049)

Increase (decrease) in allowance for doubtful
accounts
Decrease (increase) in trade notes andaccounts receivable
Decrease (increase) in inventories(Millions of yen)

Major breakdown:
Purchase of property, plant andequipment(5,335)Major breakdown:
Purchases of treasury stock(6,304)
Cash dividends paid(2,849)(incl. minority shareholders)

11Consolidated Performance
Forecasts for FY2017

Earnings Forecasts (Full-year)(Millions of yen)

Net sales

FY2016
Results
89,969FY2017 Forecasts
Change%87,100(2,869)(3.2)

Operating income

12,4387,700(4,738)(38.1)

Ordinary income

12,6848,300(4,384)(34.6)

Profit attributable toowners of parent

7,716

5,300

(2,416)(31.3)

Exchange rate assumptions(US$): ¥119.3/$ (FY2016) ⇒ ¥105.0/$ (FY2017)
Net sales: Expected to decrease 3.2% due to a decline in Material Business sales affected bya slowdown in semiconductor and LCD markets and the yen’s appreciation, despite anincrease in Equipment Business sales.
Operating income: Expected to decrease 38.1% assuming $1=¥105, partly due to increase indepreciation following aggressive capital investment.
Profit attributable to owners of parent：Expected to decrease 31.3% due to the decline inoperating income.

13

Capital Investments/Depreciation/R&D(Millions of yen)
14,577

15,00012,50011,70010,000
8,100
7,500

6,157

6,211

6,3894,038
3,162

7,276
6,903

5,332
5,000

7,015
6,200

5,919 5,631

4,276

3,758
2,672

2,500

0
12/3

13/3
Capital investments

14/3

15/3
Depreciation

16/3

17/3 (Forecast)
R&D

14Performance Forecasts by Business Segment(Millions of yen, %)FY2016FY2016 Full-year forecasts

Full-year results

Change%89,96987,100(2,869)(3.2)

87,28082,400(4,880)(5.6)

Electronic functional
materials

51,13450,800

(334)

(0.7)

High purity chemicals

35,931

31,500(4,431)(12.3)

2,689

4,700

+2,010+74.8

12,4387,700(4,738)(38.1)

Material business

16,203

11,400(4,803)(29.6)

Equipment business

(423)

0+423

－

(3,342)(3,700)(357)－Net sales
Material business

Equipment business
Operating income

Eliminations and corporate(Note) The net sales of the equipment business is the figure after elimination of inter-segment sales.

15

Breakdown of the Change in Operating Income (Material Business)
FY2016 Result vs FY 2017 Forecast
Expenses increase(¥1.3 billion)

Impact ofsales increases, etc.
＋¥0.8 billion¥16.4billion

FY2016/3
Full-year result

Impact ofExchange rate changes
anddiscounted selling prices ¥11.4(¥4.3 billion)
billion(¥¥4.8 billion)

FY2017/3
Full-year forecast

16

Sales Breakdown of Material Business (Forecast)
Net Sales(Millions of yen)

50,00044,05340,557△177

40,00030,00043,835105

43,44440,80041,600100

015,70015,800108

125
18,53918,30917,621

24,127

25,69025,42025,71425,00025,8002015/1H

2015/2H

2016/1H

2016/2H

2017/1H(Forecast)

2017/2H(Forecast)

16,30420,00010,0000Electronic functional materials

High purity chemicals

Other(Note) The second half forecast is obtained by subtracting first-half results from the full-year forecast.

17(Reference) Electronic Functional Materials Division
Sales Composition of Electronic Functional Materials by Type
Other
High-density
integration 12%

g+i
17%

10%

FY2015Full-year
LCD
13% result

Other
High-density
integration

KrF
22%

g+i

10%

17%

15% FY2016
Full-year KrF
LCD forecast 23%
10%

ArF
26%

ArF
25%

Sales Composition of Semiconductor Photoresist by Region
JapanJapan

20%

24%

Asia

FY2015Full-year North America
57%
result18%
5%EuropeFY2016Full-year
56% forecast
Asia

North America

15%5%Europe18http://www.tok.co.jp/eng(Note)
This presentation material contains forward-looking statements that describe future prospects ofTOKYO OHKA KOGYO CO., LTD. (the Company) in terms of business planning, earnings andmanagement strategies. Such statements are based on management’s judgement, derived frominformation available to it at the time such information was prepared. Readers are cautioned not to rely
solely on these forward-looking statements, as actual results and strategies may differ substantiallyaccording to changes in the Company’s business environment.