SUMMARY OF FINANCIAL STATEMENTS (Consolidated)
Results for the fiscal year ended March 31, 2007
MITSUBISHI GAS CHEMICAL COMPANY, INC.
Stock Code:4182
http://www.mgc.co.jp
President:
Hideki Odaka
Scheduled date of general shareholders’ meeting: June 28, 2007
Scheduled date of payment of dividend: June 11, 2007
Planned date of filing of Yukashokenhokokusho (financialreport): June 28, 2007

May 11, 2007

Tokyo, Osaka, Nagoya 1st sections
Yasuhiro Sato
General ManagerCorporate Communications Division+81 3 3283-5041

Listed exchanges:
Inquiries:

Telephone:

1. Consolidated financial results for the fiscal year ended March 31, 2007
1) Consolidated Operating Results

Millions of yen, rounded down
Percentage figures for sales, operating income, etc. represent changes compared to the previous fiscal year

Fiscal year ended
March 31, 2007

Fiscal year ended
March 31, 2006(% change)

Sales ..............................................................................
Operating income...........................................................
Ordinary income.............................................................
Net income .....................................................................
Earnings per share (¥) ...................................................
Fully diluted earnings per share (¥)................................
Return on equity (%) ......................................................
Ratio of ordinary income to total assets (%)...................
Ratio of operating income to sales (%) ..........................

482,608
42,22061,72340,044
86.63
85.64
15.0
10.5
8.7

(% change)

9.7
8.3
22.4
21.6

439,829
38,97050,41032,944
70.98
-14.5
9.5
8.9

13.2
26.2
33.6
41.1

Note: Equity in earnings of affiliates: FY ended March 2007: ¥ 23,200 million; FY ended March 2006: ¥ 15,122 million2)Consolidated Financial PositionMillions of yen, rounded down

Total assets....................................................................
Net assets ......................................................................
Shareholders’ equity ratio (%) ........................................
Net assets per share (¥).................................................

As of March 31, 2007
609,965
292,69646.5
613.64As of March 31, 2006
564,483
251,20244.5
543.12

Note: Shareholders’ equity at end of period: FY ended March 2007: ¥ 283,631 million; FY ended March 2006: ¥ --- million
3) Consolidated cash flows
Millions of yen, rounded down

Cash flow from operating activities.................................
Cash flow from investing activities .................................
Cash flow from financing activities .................................
Cash and cash equivalents at end of period ..................
2. Dividends

Interim dividend per share (¥) ...........................
Year-end dividend per share (¥)........................
Annual dividend per share (¥) ...........................
Total dividend payment (millions of yen) ...........
Dividend payout ratio (%)..................................
Dividend to net assets ratio (%) ........................

Fiscal year ended
March 31, 2007
21,797(14,039)(8,819)41,266

Fiscal year ended
March 31, 2006
36,055(15,195)(9,924)40,590Fiscal year ended
March 31, 2006

Fiscal year ended
March 31, 2007

4.00
6.00
10.00
4,623
14.1
2.0

6.00
8.00
14.00
6,471
16.2
2.4

3. Forecasts for the fiscal year ending March 31, 2008 (April 1, 2007 to March 31, 2008)

Fiscal year ending
March 31, 2008
(forecast)
7.00
7.00
14.00
-16.2
-Millions of yen, rounded down

Percentage figures for sales, operating income, etc. represent changes compared to the previous interim period or fiscal year

Interim period ending
September 30, 2007

FY endingMarch 31, 2008(% change)

Sales .................................................................
Operating income..............................................
Ordinary income................................................
Net Income........................................................
Earnings per share (¥) ......................................

251,000
18,00026,50019,500
42.19

8.4
(9.3)
(9.9)
(11.7)(% change)

510,000
40,00055,00040,00086.54

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5.7
(5.3)
(10.9)(0.1)

4. Other1) Transfer of important subsidiaries during the period (Transfers of certain subsidiaries resulting in changes in the scope ofconsolidation): No
2) Changes in accounting methods, procedures and presentation in the making of these financial statements (Key items mentioned inMaterial Items Forming the Basis for the Preparation of the Consolidated Financial Statements for the Fiscal Year)
1. Changes following revisions to accounting standards: Yes
2. Other changes: Yes
3) Number of shares outstanding (ordinary shares)
1. Number of shares outstanding at end of the fiscal year (including treasury shares):
March 31, 2007: 483,478,398 shares

March 31, 2006: 483,478,398 shares

2. Number of treasury shares at end of the fiscal year:
March 31, 2007: 21,268,505 shares

March 31, 2006: 21,187,397 shares

Reference: Outline of Non-Consolidated financial results
1. Non-Consolidated Operating Results for the fiscal year ended March 31, 2007
1) Non-Consolidated Operating Results
Millions of yen, rounded down
Percentage figures for sales, operating income, etc. represent changes compared to the previous fiscal year

Fiscal year ended
March 31, 2007

Fiscal year ended
March 31, 2006(% change)

Sales ......................................................................
Operating income...................................................
Ordinary income.....................................................
Net income .............................................................
Earnings per share (¥) ...........................................
Fully diluted earnings per share (¥)........................
2) Non-Consolidated Financial Position

Total assets...........................................................
Net assets .............................................................
Equity ratio (%)......................................................
Net assets per share (¥)........................................

355,235
19,692
31,47820,280
43.87
43.37

8.8
(11.3)
22.1
37.6

As of March 31, 2007
389,722
175,75745.1
380.26(% change)

326,523
22,212
25,777
14,73831.66--15.9
20.8
28.1
41.1

As of March 31, 2006
379,102
165,08243.5
356.88

Note: Shareholders’ equity: FY ended March 2007: ¥ 175,757 million FY ended March 2006: ¥ -- million

2. Forecasts for the fiscal year ending March 31, 2008 (April 1, 2007 to March 31, 2008)

Millions of yen, rounded down

Percentage figures for sales, operating income, etc. represent changes compared to the previous interim period or fiscal year

Interim period ending
September 30, 2007

Fiscal year ending March 31, 2008(% change)

Sales ......................................................................
Operating income...................................................
Ordinary income.....................................................
Net income .............................................................
Earnings per share.................................................

182,000
8,000
15,00012,00025.96

7.2(17.8)
13.3
19.0(% change)

370,000
19,00033,00026,500
57.33

4.2
(3.5)
4.8
30.7

This document has been translated from the original Japanese as a guide for non-Japanese investors. It contains forward-looking statements basedon a number of assumptions and beliefs made by management in light of information currently available. Actual financial results may differ
materially depending 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.

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COMMENTARY ON RESULTS
Note: All comparisons are with the previous fiscal year unless stated otherwise.

(1) Overview of results for this period
The domestic economy continued to recover during the fiscal year under review, with strong capital expenditureand exports. Although some weakness became apparent in consumer consumption, the overall economic trend
remained positive.

The operating environment for the Mitsubishi Gas Chemical Company, Inc. group of companies (“MGC Group”)
was also favorable, with continued domestic economic recovery and solid exports supporting growth despite afurther increase in costs for fuel and other raw materials.

The strategic focus of MGC Group in this environment was to strengthen business fundamentals and pursue
further growth in line with the aims of Kyoso 2008, the Group’s new medium-term management plan that began in
the fiscal year under review, while endeavoring to improve profitability by reducing costs, increasing sales volumes,
revising prices and other such measures.

Consolidated net sales for MGC Group for the fiscal year ended March 31, 2007 rose ¥42.77 billion to ¥482.6 billion.
Consolidated operating income rose ¥3.24 billion to ¥42.22 billion, and consolidated ordinary income rose ¥11.31
billion to ¥61.72 billion.

On a non-consolidated basis, net sales rose ¥28.71 billion to ¥355.23 billion. Non-consolidated operating income
decreased ¥2.52 billion to ¥19.69 billion, and non-consolidated ordinary income rose ¥5.7 billion to ¥31.47 billion.

Revisions to the depreciation of fixed assets meant that extraordinary losses were recorded amounting to ¥8.79
billion on a consolidated basis and ¥6.94 billion on a non-consolidated basis. Including the impact of these
extraordinary losses, consolidated net income for the fiscal year increased ¥7.09 billion to ¥40.04 billion, andnon-consolidated net income increased ¥5.54 billion to ¥20.28 billion.

Results by business segment

Natural Gas Chemicals Company
In the methanol business, revenues grew substantially due to a continuation of the tight supply and demandconditions of the previous period and higher prices arising from problems at the manufacturing sites of various
industry participants worldwide. Equity in earnings of overseas methanol companies also increased substantially.

Overall demand for methanol and ammonia derivatives was strong, although results were lower due to lower
profitability on certain products and increased fixed costs arising from periodic maintenance and repair, which offset
revenue gains arising from price increases in methanol and other raw materials and fuels.
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Revenue and earnings from sales of enzymes and coenzymes decreased, reflecting a significant fall in unit prices
for CoenzymeQ10 because of expanded production by competitors and downward pricing pressure from productmade in China. The Group’s new plant commenced commercial production in October.

In natural gas and other energy products, revenue and earnings both increased on the back of the continued highcrude oil price.

In a change to accounting treatment, costs incurred in developing natural gas and other such resources that werepreviously recorded as extraordinary losses have from the fiscal year under review been recorded as operatingexpenses, amounting to ¥1.1 billion in the year ended March 31, 2007.

Performance at subsidiary JAPAN PIONICS CO., LTD. improved, supported by improved sales of gas purifiers.

Consolidated net sales in the Natural Gas Chemicals Company for the year ended March 31, 2007 increased¥18.45 billion to ¥136.08 billion, and operating income decreased ¥2.88 billion to ¥2.47 billion.
Aromatic Chemicals Company
Revenue from sales of commodity aromatic chemicals declined, due to lower sales volumes of para-xylene andphthalic anhydride resulting from operational reorganization and other factors, which was only partiallycompensated for by price increases for mixed xylene.

Results in specialty aromatic chemicals were lower than in the previous year, due to an overall worsening of
profitability because of higher raw material prices, which offset gains from higher sales volumes ofmeta-xylenediamine (MXDA) and MX nylon and good sales of pyromellitic dianhydride for use in polymide film.

At A.G. International Chemical Co., Inc., a subsidiary that produces and sells isophthalic acid, revenue andearnings increased, with strong demand for PET bottle and other applications. At MGC ADVANCED POLYMERS,INC., a subsidiary in the United States that manufactures MX Nylon, the product approval process with corecustomers was completed and production increased as planned.

Consolidated net sales in the Aromatic Chemicals Company for the year ended March 31, 2007 increased ¥4.06
billion to ¥133.16 billion, and operating income increased ¥1.69 billion to ¥7.4 billion.

Specialty Chemicals Company
Earnings from sales of inorganic chemicals for industrial applications decreased due to higher raw material and fuelcosts, despite higher sales volumes of hydrogen peroxide for use in non-clorine bleaching in the paper pulp
industry. Revenue and earnings from lens monomers increased on higher sales volumes.

Revenue and earnings from sales of electronic chemicals, including at overseas subsidiaries, increased on theback of solid demand from wafer makers and device manufacturers, along with continued strength in exports.
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In engineering plastics, revenues increased, supported by continued solid demand from major customers in theelectronic and automotive industries, despite a slight worsening in profitability due to higher raw material prices forpolycarbonate and polyacetal.

Revenue and earnings increased at consolidated subsidiary MGC Filsheet Co., Ltd., which manufacturespolycarbonate sheets and films, , driven by higher sales for use in flat panel displays, game consoles, mobilephones and other such applications.

Revenue and earnings also increased at equity-method affiliate Mitsubishi Engineering Plastics Corporation,
contributed to by a special dividend from a polycarbonate manufacturing company in Thailand.

Consolidated net sales in the Specialty Chemicals Company for the year ended March 31, 2007 increased ¥17.9billion to ¥141.21 billion, and operating income increased ¥3.55 billion to ¥17.2 billion.

Information & Advanced Materials Company
Sales of materials for printed circuit boards were affected by large increases in the cost of copper foil and other raw
materials, while inventory adjustments by customers in the second half of the year reduced sales volumes of BT
materials used in semiconductor packaging. However, the high level of orders received in the early first half of theyear led to a small year-on-year increase in total results. Sales revenues and earnings from LE sheets, entry sheets
for mechanical drilling, also increased, supported by strong sales for use in motherboards, mobile phones andother such items.

Performance at printed circuit board manufacturing subsidiary JAPAN CIRCUIT INDUSTRIAL CO., LTD. was lower
than in the previous year, with products such as CSP impacted by customers’ production adjustments.
Revenues and earnings from sales of AGELESS® and other oxygen absorbers increased, supported by higher
exports to the United States and continued strength in sales of AnaeroPack and other such products to thenon-food sector, which compensated for weakness in a domestic market affected by price competition and a warmwinter.

Consolidated net sales in the Information & Advanced Materials segment for the year ended March 31, 2007
increased ¥2.67 billion to ¥71.07 billion, and operating income increased ¥0.97 billion to ¥14.45 billion.
Other
Consolidated net sales in the Other business segment for the year ended March 31, 2007 decreased ¥0.33 billion
to ¥1.06 billion, and operating income increased ¥0.08 billion to ¥0.48 billion.

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(2) Consolidated Forecasts for the Fiscal Year Ending March 31, 2008
The overall economic outlook remains favorable, despite concerns about the U.S. economy and a cyclicalslowdown in capital spending, along with high oil and other raw material prices, exchange rate risk, and thepotential emergence of inflation.

Taking this economic situation into consideration, MGC Group intends to continue implementing the basic
strategies outlined in the Group’s medium-term management plan Kyoso 2008, namely to deploy an in-depth
differentiation strategy for further growth and to strengthen the management infrastructure, with the aim ofachieving sustainable growth as a highly profitable, R&D-driven corporate group.

Consolidated full-year forecasts for the year ending March 31, 2008 are for net sales of ¥510 billion, operating
income of ¥40 billion, ordinary income of ¥55 billion, and net income of ¥40 billion. Non-consolidated forecasts arefor net sales of ¥370 billion, operating income of ¥19 billion, ordinary income of ¥33 billion, and net income of ¥26.5billion.

The ¥/US$ exchange rate envisaged for the fiscal year is ¥115/US$1.

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