TOYO TANSOFirst Half Results for the Fiscal Year Ending May 31, 2009

January 2009
Toyo Tanso Co., Ltd.
Copyright © Toyo Tanso Co., Ltd. All Rights Reserved

Table of Contents

1. Overview of First Half Results for the Fiscal Year Ending May 31, 2009
1-1.
1-2.
1-3.
1-4.
1-5.
1-6.

Business Results
Results for the First Half of the Fiscal Year Ending May 31, 2009
Overview of Operations by Product and Segment
Overview of Net Sales by Region
Balance Sheet for the First Half of the Fiscal Year Ending May 31, 2009
Statement of Cash Flows for the First Half of the Fiscal Year Ending May 31, 2009

2. Forecasts for the Fiscal Year Ending May 31, 2009
2-1.
2-2.
2-3.
2-4.

Forecast for the Fiscal Year Ending May 31, 2009
Investments in the Future
Major Business Indexes
Return to Shareholders

3. Topics
3-1. Nuclear Power Application with High Growth Potential
3-2. Establishment of a Joint Research Section with Osaka University/
Presentation at International Photovoltaic Power Generation Expo PVEXPO2009

Copyright © Toyo Tanso Co., Ltd. All Rights Reserved

P. 3
P. 4
P. 5
P. 6
P. 9
P. 10
P. 11

P. 12
P. 13
P. 14
P. 15
P. 16

P. 17
P. 18
P. 21

2

Overview of First Half Results for the
Fiscal Year Ending May 31, 2009

Copyright © Toyo Tanso Co., Ltd. All Rights Reserved31-1. Business Results(Unit: Yen, millions)

Net sales

Recurring profit

40,00034,53135,00012,00033,00031,381

10,00030,00025,49225,00023,003

7,795

20,1796,000

20,000

6,000

4,961
17,372

15,000

8,000

7,123

3,724

14,866
12,227

10,000
1,828

2,280

4,000
4,100

3,369

5,000

17,979(First Half)(First Half)

3,754(First Half
Actual)2,000(First Half)

0

04/5

05/5

06/5

07/5

08/5

09/5

0

(Forecast)
Copyright © Toyo Tanso Co., Ltd. All Rights Reserved41-2. Results for the First Half of the Fiscal Year Ending May 31, 2009

(Unit: Yen, millions)

08/5
First Half

09/5
First Half

Change%ChangeNet sales

17,372

17,979606

3.5%

Operatingprofit

4,343

4,154

(189)

(4.4%)(Ratio of operating profit
to net sales)(25.0%)(23.1%)

Recurringprofit

4,100

3,754

(Ratio of recurring profit
to net sales)(23.6%)(20.9%)

Profit before
income taxes

4,085

3,747

(338)

(8.3%)Net income

2,491

2,379

(111)

(4.5%)

Pointszz(346)(8.5%)zz

Net income
per share

119.75 yen

Copyright © Toyo Tanso Co., Ltd. All Rights Reserved

114.76 yen

Pursued high added value and ashift to high growth areas andregions
centeringontheenvironment and energy, including
products for solar cells, despite adecelerating economy as evidenced
in the lackluster performance ofsemiconductor and automobile
applications.
Achieved a figure almost in linewith the plan, as a rapid expansionof demand for products for solar
cells in Asia centering on China
offset the sluggish performance ofother applications.
Achieved profits that were almost
in line with forecasts by focusing on
the shift to profitable products,
responding to number of factorsthat pushed costs higher, including
the rising cost of raw materials andfuels and supplies, and higher
depreciation expenses (up 284
million yen).
Recorded a loss on currency
options of 437 million yen centeringon the write-down of foreign
currency-denominated receivables
associated
with
the
rapid
appreciation of the yen.
5

1-3. Overview of Operations by Product and Segment(1) Net Sales(Unit: Yen, millions)% change

20,00017,37218,00016,00014,00014,866
13,26512,00010,000

2,776

7,426

7,426

7,173

3,897

9,066
9,066
4,219

5,048

9,451
9,451
3,793

3,695
950

8,000

17,979

954

4,000
2,000
0

1,115

2,005

1,453

1,502

2,487

2,377

1,979

2,758
2,758
242

06/5
First Half
Copyright © Toyo Tanso Co., Ltd. All Rights Reserved

3,395

2,671

3,086
3,780
3,780

4,198
4,198

1,057
440

694
584

803
450

07/5
First Half

08/5
First Half

09/5
First Half

3,728
3,728

(+ 29.5%)

Special Graphite Products[General Industries
Applications](-10.1%)

Special Graphite Products[Others](-35.9%)Carbon Products for
General Industries[Carbon Products for
Mechanical Applications](+ 3.4%)

609

1,266

6,000

Special Graphite Products[Electronics Applications]

Carbon Products for
General Industries[Carbon Products
for Electrical Applications](-4.4%)

Compound materials andOther Products[Three Major Products](+ 10.0%)

Compound materials andOther Products[Other Products](+ 15.7%)[Related goods](-22.9%)6

1-3. Overview of Operations by Product and Segment(2) Summary and Market Conditions (1/2)

Special Graphite Products[Electronics Applications]zApplication to the manufacture of solar cells: Increased more than 50% year on year. Growth in China,
Korea and Taiwan was particularly noticeable. The growth trend continued, aided by policy developments ineach country in addition to rising awareness of the environment and energy saving orientation around theworld. However, with growth driver China rapidly losing momentum since December, a correction will be
unavoidable in the short-term. Meanwhile, demand in Europe and Japan remained firm, and demand in the
United States, which had been lagging, quickly took off. Given these positive factors, and including the
support of increased production of material polysilicon, demand is expected to continue to rise in the medium
and long term. Demand for special graphite products (including C/C composites) for not only silicon crystal
system but also thin film and compound systems is also anticipated.
z Application to the manufacture of single crystal silicon: Demand was generally weakening as the correction
strengthened in not only small wafers but also 300mm wafers, a reflection of the deteriorated semiconductor
market conditions. It is expected to take some time before demand fully recovers.
z Demand for products for the manufacture of polysilicon is expected to continue to increase in conjunction
with the medium and long-term growth prospect of solar cells.

Crucible

Heater[General Industries Applications]zApplication to electrical discharge machining (EDM) electrode: Demand declined, mainly because of aworldwide fall in demand for EDM electrode in the automobile industry. The Company is focusing on therecovery by taking away the share in overseas markets.
z Against the backdrop of curbed capital investment associated with the economic
slowdown, demand for products for metallurgy, including continuous casting andindustrial furnace-related products turned weak. Although there was no significant
decline in demand, it is difficult to anticipate a recovery in the foreseeable future.
z Nuclear power-related applications: A large order for high temperature gas reactors
in China was determined. Delivery of C/C composite products for a nuclear fusion
EDM electrodereactor was also confirmed. As such, the presence in nuclear power applications has
been strengthened (described later).
Copyright © Toyo Tanso Co., Ltd. All Rights Reserved

Continuous
casting dies7

1-3. Overview of Operations by Product and Segment(2) Summary and Market Conditions (2/2)
Carbon Products for General Industries[Carbon Products for Mechanical Applications]zGeneral industries applications: Despite the effect of the economic slowdown, demand for bearings andseals for petrochemical plants, air-conditioners and ecology-cable water heaters remained firm. However,uncertainty loomed over the second half. Demand for pantograph sliders remained solid and is expected tobe firm in the future, as it does not move in tandem with economic conditions.

Bearings

Pantograph sliders[Carbon Products for Electrical Applications]z

Small carbon brushes for home electronics motors: Demand in China, a production base, was weakening withthe decline in economic conditions in Europe and the United States. The correction looks certain to continue
in general. Sales of products for the automobile fuel pump, which is a new application in Japan, expands.

Small brushes

Compound Materials and Other Productsz

SiC coated graphite: Demand for products for semiconductors (epi process) was weakbecause of the deterioration in market conditions. Demand for products for compound
semiconductors, including suceptors for the manufacture of LED elements, was relatively
firm. Products for the manufacture of polysilicon and solar cells grew to slightly surpassthe level of the previous year. Growth is expected to be lackluster for the foreseeable
future, but should be strong in the medium term backed by the expansion of the market
related to optical devices and power devices.
z C/C composite products: Grew more than 30% year on year. Although demand for large
crucibles for the manufacture of 300mm wafers turned downward, this was offset byproducts for solar cells, resulting in an increase in demand for C/C composite products. In
products related to solar cells, sales channels are expanding with new applications,
including the thin-film type and industrial furnace-related products. Sales of products fornuclear fusion reactors are also expected to increase, boosted by recent orders.
z Graphite sheets: Although products for automobiles and semiconductors will continue toexperience difficulties, demand for graphite sheets remained unchanged from the previous
year, thanks to growing sales of a variety of applications, including a heat sink (heatrelease) application.
Copyright © Toyo Tanso Co., Ltd. All Rights Reserved

SiC coated graphite C/C composite
products

Graphitesheets8

1-4. Overview of Net Sales by Region
Overseas Sales Growth Ratios, Particularly in Asia, with Progress in Globalization(44.7% in the first half of FY06/5 ⇒ 56.8% in the first half of FY09/5)(Unit: Yen, millions)Composition ratio

20,00017,372

17,97918,000Asia

14,000(43.2%)

Sales contracted, mainly because of sluggish
demand for products for semiconductor andautomobile applications

14,866

16,000Japan(34.8%)

7,774

12,227

Sales continued to grow, primarily thanks to the
expansion of products for solar cells in China
and Korea

8,627

12,0007,965Europe10,000(11.3%)

6,756

8,000
6,253
4,855

6,000
4,000
2,000
0

Weak sales of products for brushes was offset bysales of products for solar cells

North America

3,195(9.3%)

2,208
1,612

1,747

2,093

2,021

1,474
175

1,863
95

1,657
139

1,675
255

0 6 /06/5
5月期
２Q累計

0 707/5/5月期
２Q累計

0 8 08/5/5月期
２Q累計

0 909/5/5月期
２Q累計

First Half

Copyright © Toyo Tanso Co., Ltd. All Rights ReservedFirst HalfFirst Half

Sales of products for semiconductors declined,
but products for solar cells took off

Other regions(1.4%)First Half9

1-5. Balance Sheet for the First Half of the Fiscal YearEnding May 31, 2009

Remarks(Unit: Yen, millions)

07/11

08/05

08/11

Total
Total assets
assets56,431

57,70660,097

Trade
Trade notes
notes and
andaccounts
receivableaccounts receivable

10,755

10,992

10,731Inventory
Inventory

6,989

7,224

8,496

Tangible
Tangible fixed
fixed assets
assets

20,736

21,26921,547

Total
Total liabilities
liabilities andandnet
net assets
assets56,431

57,70660,097

Interest-bearing
Interest-bearing debt
debt

2,748

1,701

1,604

Paid-in
Paid-in capital
capital

7,692

7,692

7,692

Net
Net assets
assets43,983

46,52348,641EquityEquity ratio
ratio

76.7%

79.0%

79.0%

Copyright © Toyo Tanso Co., Ltd. All Rights ReservedzRose 1,272 million yen fromthe end of FY08/5, mainly
because of the recovery ofintermediate stock, which
had been too small.

z

Increased with a rise in net
income for the first half of
2,379 million yen.

10

1-6. Statement of Cash Flows for the First Half of the Fiscal YearEnding May 31, 2009

(Unit: Yen, millions)

08/5
First Half

09/5
First Half

Cash and cash equivalents at
the end of the period

5,732

7,770

Changes in cash and cash
equivalents(5,903)(2,721)

Cash and cash equivalents atthe beginning of the period

11,558

10,491

CF from operating
activities

3,007

4,384

CF from investing
activities(8,157)(6,687)

CF from financing
activities

(743)

(369)

Copyright © Toyo Tanso Co., Ltd. All Rights Reserved

Remarksz

Profit before income taxes anddepreciation expenses increased.

z

Mainly expenditures for theacquisition of tangible fixed assets
because of a large investment in theprevious year.

11Forecasts for the Fiscal YearEnding May 31, 2009

Copyright © Toyo Tanso Co., Ltd. All Rights Reserved122-1. Forecast for the Fiscal Year Ending May 31, 2009
Remarks(Unit: Yen, millions)

08/5

08/5
(Forecast)

Change%ChangeNet
Net sales
sales

34,53133,000(1,531)(4.4%)

OperatingOperatingprofitprofit

8,031

6,400

(1,631)(20.3%)(Ratio of operating profit
to net sales)(23.3%)(19.4%)

Recurring
Recurringprofitprofit

7,795

6,000

(1,795)(23.0%)(Ratio of recurring profit
to net sales)(22.6%)(18.2%)Net
Net income
income

5,143

3,700

Net
Net income
incomeperper shareshare

247.33 yen

178.44 yenzFull-year forecasts are revised by factoringin the revision of the assumed exchange rate
associated with the rapid appreciation of the
yen and the weaker current market
conditions since December.

z

It is difficult to anticipate a recovery indemand, which has been weakening
particularlyinsemiconductor
andautomobile applications associated with theglobal recession. Demand for high-growth
products for solar cells is solid in the UnitedStates, Europe and Japan, but a correction
will inevitably result in China in the shortrun. It is therefore difficult to offset a fall indemand in other applications. Forecast net
sales have been revised downward by 4.4
billion yen (11.8%), including the erosion
associated with the stronger yen.
Although the outlook is uncertain at the
moment, demand for high-performancecarbon products is expected to increase in
the medium and long term, particularly inenvironmental and energy applications,
including products for solar cells, nuclear
power and LED. We will steadily pursue ourstrategies for growth, as we look to the
future.

z(1,443)(28.1%)z

Exchange rate assumed for FY09/5 (third and fourth quarters)
100⇒90 yen/US$, 150⇒120 yen/EUR
Copyright © Toyo Tanso Co., Ltd. All Rights Reserved

Although raw fuel prices are calming, thecost of material coke remains high. While
price
increasesare
beingsought,negotiations are difficult because of theradical change of market conditions.
Forecast recurring profit has been revised
downward by 1.9 billion yen (24.1%),
including the effect of the stronger yen,although we will aim to achieve profit
through cost cutting.
13

2-2. Investments in the Future(Capital Investment, Depreciation Cost, R&D Cost)
Large investments and expanded R&D for the future.
(Unit: Yen, millions) Increase in depreciation costs including the effect from the

12,000(Unit: Yen, millions)

1,300

revision of the tax system (more than 400 million yen).
1,130

1,129

1,100

10,000

10,133

941
8,000

1,000

R&D cost (right axis)

900

731

800

672

2,000

1,684

Depreciation cost(left axis)

4,000

Capital investment(left axis)

6,000

1,200

1,306

700
5,437

600
4,300

4,255

500
3,335

2,755
1,392

400
300

1,709

200
100

0

0

05/5
Copyright © Toyo Tanso Co., Ltd. All Rights Reserved

06/5

07/5

08/5

09/5
(Forecast)14

2-3. Major Business Indexes

Recurring profit ratio

25%

ROE

22.7%

ROA

22.6%

19.5%

20%

18.2%

16.2%

15%

14.2%
12.4%

11.9%

8.9%

9.1%

07/5

08/5

11.3%
10%

7.7%

7.1%

05/5

06/5

5%

0%

Copyright © Toyo Tanso Co., Ltd. All Rights Reserved

09/5(Forecast)15

2-4. Return to Shareholders Changes in Dividend
Dividend

Dividend payout ratio

35 yenDividend per share
Dividend per share(Figures take stock split into
consideration.)
Dividend payout ratio(consolidated)

30 yen25 yen

(30)

14%
12%

(22.5)

11.2%

20

20 yen10%
8%

15
15 yen12
10

10 yen

4%
4.1%

5 yen

6%
6.1%

4

3.6%
2%

1.8%
0 yen

0%
05/5

06/5

07/5

08/5

09/5
(Forecast)* The Company conducted a 1.5-for-one stock split on June 1, 2007
Copyright © Toyo Tanso Co., Ltd. All Rights Reserved

16Topics

Copyright © Toyo Tanso Co., Ltd. All Rights Reserved173-1. Nuclear Power Application with High Growth Potential(1) High Temperature Gas Reactor Project in China
Planned construction site and the completiondrawing of the project

Overview of the project
Project owner: Huaneng Shandong Shidaobay Nuclear Power Co., Ltd. *1
Location: Rongcheng city, Shandong province, China (230km northwest from
Tsingtao city)
Size: Output 200,000KW, one unit
Schedule: Construction starts in September 2009, Operation starts in November
2013
Overall plan: Total output 4MKW, 19 units in total (by 2020)*1 A joint venture to pursue a project established by Huaneng Group Company(the largest utility company in China), Tsinghua University and China
National Nuclear Corporation

Details of the order

Characteristics
Characteristics ofof thethe highhigh temperaturetemperature gas
gas reactor
reactor(1) High thermal efficiency

Product: Structural material for reactor core made using high purified isotropic
graphite IG-110
Form: Processed product (raw material: TOYO TANSO, Processing andinstallation: Shanghai TOYO TANSO
Size: Billions of yen in total (necessary volume: over a thousand tons)
Schedule: Product shipment: mid 2010 to the end of 2011
(Recording of sales: FY2012/5)

Background to the order and strengths of TOYO TANSO・ Extremely high thermal and mechanical characteristics and radiation resistanceof high purified isotropic graphite IG-110 of TOYO TANSO
・ Accumulation of data and know-how through efforts (including joint research)
for more than 25 years with Japan Atomic Energy Agency (JAEA) andachievements of JAEA at a test reactor (HTTR)
・ Achievements of Tsinghua University in China at a test reactor (HTR-10)
・ Processing history of Shanghai TOYO TANSO in China for more than 10
years and the total power of the Group・ Total power of the Sumitomo Corporation Group
Copyright © Toyo Tanso Co., Ltd. All Rights Reserved

Test reactor “HTR-10” at Tsinghua University in China

・ Thermal efficiency is extremely high since it
can take out heat of around 900ºC using
helium gas(2) Unique safety

・ The reactor core will not melt even in theworst case as graphite is used as the
structural material for the reactor core.
Changesin the temperature in the reactor
・
core are moderate as the thermal capacity islarge.
(3) Effective use of high heat・ High heat can be used effectively forthe manufacture of hydrogen and the liquefaction andgasification of coal in addition to power generation.
(4) High economic efficiency through downsizing and modularizationRole of graphite
・ Graphite not only reduces the speed of high-speed neutrons but also has the characteristics ofa reflective material that confines radiation.

・ It is the best suited and indeed only material for use as a structural material for reactor cores,
because it has a high degree of heat resistance, heat conductivity, corrosion resistance andsafety, among other features.
18

3-1. Nuclear Power Application with High Growth Potential(2) Case Studies Involving Our Products in Nuclear Power Application

Application

Hightemperaturegas reactor

Used members(materials)

Necessary
property

Examples of adoption

Graphite for reactor core(isotropic graphite)

Radiation resistanceHigh strength
High purity
Corrosion resistance

Adopted- Atomic Energy Agency *1, test reactor“HTTR”- Tsinghua University in China, test reactor“HTR-10”
Decided to be adopted- Demonstrator reactor “HTR-PM” in
China

Wall tile for fusion reactor(isotropic graphite)(C/C composite material)

High-temperature
resistance
Plasma durability
Thermal shock
durability

Adopted- Atomic Energy Agency, test reactor “JT60U”- National Institute for Fusion Science, test
reactor “LHD”

Adopted in the world-leading JT-60U reactor of the Atomic Energy Agency and the helical-type
reactor using superconductive coils of the National Institute for Fusion Science, because of its
high heat conductivity and thermal shock durability
Also, adopted as a limiter tile in the TEXTOR test reactor in Europe

Reactor wall material fordiverter(C/C composite material)

High-temperature
resistance
Plasma durability
Thermal shock
durability

Adopted- Atomic Energy Agency, test reactor “JT60U”
Decided to be adopted- Test reactor “JT-60SA” of a wide range
of approaches to support the ITER

Has earned high marks as a diverter material for a fusion reactor used in a state of high heat load,
and its performance makes it a strong candidate material for the ITER
As research activities centering on the ITER plan are accelerate in a bid to find practicalapplications for clean energy, operations are being strengthened, building on the strong trackrecord and excellent characteristics of our products.

Sealing for control rod of lightwater reactor(carbon for machinery)

Sliding property
Sealing property
High strength

Adopted- Control rod sealing of BWR-type lightwater reactor

Adopted in the sealing of control rod of the BWR-type light-water reactor for more than 20
years.

Radiation resistanceHigh purity

Adopted- Atomic Energy Agency, JRR-4 neutron
capture therapy (BNCT). Renewal ofreflective material for the manufacture ofsemiconductor has also been decided.

Used in medical field for more than 20 years, this product is also expected to find application as areflective material and as a moderating material for irradiating tumors with thermal neutrons andepithermal neutrons.
In addition to medical applications, it is used as a reflective material and as a moderating
material for neutron transmutation doping, as a product for the manufacture of high-performanceand high-temperature semiconductors.

NuclearfusionreactorOthersLow energy reflective material
for medical purposes
Reflective material for the
manufacture of semiconductors(isotropic graphite)

Copyright © Toyo Tanso Co., Ltd. All Rights Reserved

Our advantages, recent developments and other topics, etc.
Responds to a range or requirements for advanced properties
The only material in the world adopted in high-temperature gas reactors currently in operation
Plans for a commercial reactor are underway in South Africa, the United States, and elsewhere,
in addition to China.
As demonstrated by the recent conclusion of an agreement between Japan and Kazakhstan tocooperate in the construction high-temperature gas reactor, Kazakhstan has begun to build
reactors.

*1 Atomic Energy Agency: Japan Atomic Energy Agency

19

3-1. Nuclear Power Application with High Growth Potential(3) Future Potential(1) Nuclear power renaissance(Source: Data published by Japan Atomic Industrial Forum, Inc., Tepia Research Institute and others)

・Global nuclear power generation: 31 countries, 435 units, installed capacity 392GW (on an installation basis as of the beginning of 2008)
・With the rethinking of nuclear power generation gaining momentum as the world seeks to reduce carbon dioxide and combat global warming, about 30 reactors in the
United States and more than 150 reactors worldwide are expected to be constructed over the next 20 years.
・According to other statistics, an ambitious plan to increase the number and capacity of reactors from 11 units and 9GW currently in operation to a total of 164 units and
167GW, including those under construction, has been put forward in China. (In its medium-term nuclear power development plan, the Chinese government plans toconstruct 40 units and 40GW by 2020.)(2) Dawn of the era of high-temperature gas reactors
・While light-water reactors presently dominate, expectations are rising worldwide for the next-generation of small, high-temperature gas reactors, featuring highefficiency and economic potential.
・A number of projects are underway or have been proposed, not only China, but also in the United States (NGNP), South Africa (PBMR), Japan, Kazakhstan, andelsewhere.
・There is a very good chance that construction of commercial reactors will surge after the commencement of operation (2013) of the first (demonstration) reactor in
China.
・The high-temperature gas reactor is also expected to lead the new energy cycle in the future if the environment for use as energy such as hydrogen and high heat is inplace.
・We will actively make proposals for each project, calling on our strong track record in the adoption and accumulation of data and expertise in Japan and China.

(3) The ITER plan: creating the Sun on Earth・In the Fusion Test Reactor Remodeling Plan (JT-60SA) of the Japan Atomic Energy Agency, which supports the ITER plan, delivery of our C/C composite material has
been confirmed (a total of 500 million yen, over three years).
・Our high-performance carbons, including isotropic graphite and C/C composite materials, are expected to be adopted in not only the ITER plan, but will also be used ina broad array of major projects over the next 10 to 20 years, including projects (KSTAR of Korea) and prototype reactors in a number of countries that support the
ITER plan and conduct complementary research.

International Thermonuclear Experimental Reactor (ITER)
・A large international project to “create the Sun on Earth” that aims to construct a fusion experimental reactor by demonstrating thescientific and technological feasibility of using fusion energy, said to be the ultimate energy, for peaceful purposes
・ The ITER is being constructed in Cadarache, France and is expected to be completed in ten years. Seven countries and regions are
involved: Japan, the European Union, Russia, the United States, China, Korea and India.
・Japan leads the world in high-temperature plasma and fusion technologies and plays a central role in promoting and supporting the ITER
plan.
Copyright © Toyo Tanso Co., Ltd. All Rights Reserved203-2. Establishment of a Joint Research Section with Osaka University/
Presentation at International Photovoltaic Power Generation
Expo PVEXPO2009
Establishment of a Joint Research Section with Osaka University
z On October 1, 2008, TOYO TANSO’s Joint Research Section for “advanced

carbon design” was established at Osaka University in cooperation with that
university and began a program of comprehensive research and development
seeking practical applications for advanced carbon materials, including thecompounding of ceramics and metals at the nano-level.
z On December 9, a symposium commemorating the establishment of the Joint

Research Section was held at Osaka University to introduce the work of thesection and to encourage an alliance between industry and academia, as well asinteraction among researchers and other key players in different fields.

Lecture at the symposium

Presentation at International Photovoltaic Power Generation Expo PVEXPO2009z We will be presenting at the Second International Photovoltaic Power

Generation Expo PVEXPO2009 (February 25-27, 2009; Tokyo Big Sight). As
one of Asia’s largest expositions in the solar cell industry, world-leading
companies from Asia, including Japan, China, Taiwan and South Korea, as
well as Germany and the United States all come together and participate.
z We will exhibit real graphite products (for the manufacture of single crystal

silicon, polycrystal silicon, and polysilicon) used in different production
processes for solar cell and solar panel manufacturing to highlight our many
years of achievement and experience as well as the competitive advantage ofour products and technologies.
Copyright © Toyo Tanso Co., Ltd. All Rights Reserved

Our booth at last year’s exposition21

At the end

Note: This presentation contains “forward-looking statements” and forecasts of business results. Thesestatements are not historical facts but instead represent the Company’s beliefs regarding future
events, many of which, by their nature, are inherently uncertain and out of the Company’scontrol. It is possible that the Company’s actual results may differ, possibly materially, from theanticipated results and financial condition indicated in these forward-looking statements.
IR Contact
E-mail: ir@toyotanso.co.jp

Copyright © Toyo Tanso Co., Ltd. All Rights Reserved

22