Summary of Consolidated Financial Statements for the First Quarter of theFiscal Year Ending March 31, 2005
These financial statements have been prepared for reference only in accordancewith accounting principles and practices generally accepted in Japan.

August 2, 2004

Mitsubishi Gas Chemical Co., Inc.
Stock exchange listings: Tokyo (1st section), Osaka
Mitsubishi Bldg., 5-2 Marunouchi 2-chome,(1st section), Nagoya
Chiyoda-ku, Tokyo 100-8324, Japan
Code number:4182
http://www.mgc.co.jp
Representative: Hideki Odaka, President and Representative Director
Contact:
Yasuhiro Sato, General Manager, General Affairs & Corporate Communications
Phone: +81-3-3283-5041
1. Preparation of Quarterly Financial Information(1) Adoption of simplified accounting methods:
Tax accounting and others(2) Changes in accounting methods from previous fiscal year:(3) Changes in scope of consolidation and equity method application:

YesNo
No

2. Results for First Quarter of the Fiscal Year Ending March 31, 2005
(April 1, 2004 - June 30, 2004)(1) Sales and Income(Rounded down to the nearest million yen)
Net sales(¥ million)

Three months ended 6/30/04
Three months ended 6/30/03(Ref.) Year ended 3/31/04

91,907
79,113
340,710Year-onyearchange(%)

16.2—

Earnings per share(¥)

Operatingincome(¥ million)

Year-onyearchange(%)

Ordinaryincome(¥ million)

Year-onyearchange
(%)

5,773
1,713
14,934

236.9
—

8,127
3,545
18,879129.3—

Net income(¥ million)

5,713—
10,622Year-onyearchange(%)——

Diluted earnings
per share(¥)———

Three months ended 6/30/04
12.35
Three months ended 6/30/03—(Ref.) Year ended 3/31/04
22.91
Notes:
1. Year-on-year changes for net sales, operating income etc. are based on the same quarter in the previous fiscal year. The Company
has begun disclosing quarterly net income and earnings per share from the first quarter of this fiscal year. Therefore, results fromthe same quarter in the previous fiscal year and year-on-year comparisons of net income are not stated.
2. Profit on equity investment:¥2,758 million (Three months ended 6/30/04)¥2,030 million (Three months ended 6/30/03)¥9,156 million (Year ended 3/31/04)

3. Average number of shares outstanding:

462,551,768 shares (Three months ended 6/30/04)
462,788,325 shares (Year ended 3/31/04)

4. Residual securities including convertible bond are not outstanding. Therefore, diluted earnings per share are not stated.

Qualitative Information on Results
In the first quarter (April 1, 2004 to June 30, 2004), the MGC Group’s performance improved. Despite high prices ofmethanol and petrochemical raw materials, sales were solid overall, supported by factors including economic recovery
in Japan and increased exports.
[Chemical Products]
Sales of methanol products were favorable due to increased demand both in Japan and overseas, following the pickup in the market after the previous year-end’s low, although costs rose. Sales of xylene products improved, despite
the impact of higher raw material costs, as demand for paraxylene was vigorous and selling prices rose. Firm sales ofspecialty chemicals continued. In the industrial chemicals sector, sales of hydrogen peroxide for pulp production andnew industrial applications increased.
-1-[Advanced Materials]
Demand for engineering plastics remained solid in the electric and electronics, automobile and other markets. Sales
volume of materials for printed circuit boards increased with the recovery in the market for semiconductors. Inaddition, concentration of production bases contributed to increased efficiency, which helped to increase profits.
Results of overseas methanol companies and other affiliates accounted for using the equity method were favorableoverall.
Due to the above factors, net sales for the first quarter were ¥91,907 million, operating income was ¥5,773 million,
ordinary income was ¥8,127 million and net income was ¥5,713 million.

(2) Financial Position

June 30, 2004
June 30, 2003
(Ref.) March 31,2004Total assets(¥ million)

Shareholders' equity(¥ million)

487,664—
475,116

185,222—
180,523

Shareholders' equity
ratio
(%)
38.0
—
38.0

Shareholders' equity
per share(¥)
400.44—390.23

Notes:
1. The Company has begun disclosing financial position from the first quarter of this fiscal year. Therefore, the position on the samequarter in the previous fiscal year is not stated.
2. Number of shares outstanding at the end of period: 462,542,864 shares (Ended 6/30/04)
462,561,149 shares (Ended 3/31/04)

Qualitative Information on Financial Position
At the end of the first quarter, total assets were ¥487,664 million, an increase of ¥12,547 million compared to theprevious fiscal year-end, due to factors including an increase in accounts receivable and an increase in the fair value ofinvestments in securities.
Total liabilities were ¥295,973 million, an increase of ¥7,709 million compared to the previous fiscal year-end, due tofactors including an increase in accounts payable and short-term debt.
Stockholders’ equity was ¥185,222 million, an increase of ¥4,699 million compared to the previous fiscal year-end, due
to factors including net income for the quarter and an increase in net unrealized gain on other securities. Consequently,
stockholders’ equity per share rose from ¥390.23 to ¥400.44.

Supplementary Materials: (Summary) Consolidated Balance Sheets(Summary) Consolidated Statements of Operations

Consolidated Projections
Projections for the interim period and the full fiscal year are currently being revised.

-2-

[Supplementary Materials]（Summary） Consolidated Balance Sheets(¥ million)（Assets）
Current Assets
Cash
Trade notes andaccounts receivable

June 30,
2004(Ref.)March 31,2004

201,291
28,915

191,775
24,625

107,415

97,028Inventories

51,19049,359Other current assets
Less allowancefor doubtful receivables

14,25521,212

(485)

(450)

Fixed Assets
Tangible fixed assets
Intangible fixed assets
Investments in securities
Other fixed assets
Less allowancefor doubtful receivables

Total Assets

286,372
160,640
3,547
109,704
13,227283,341
161,900
3,590
105,626
12,941

(747)

(717)

487,664

475,116(Liabilities)
Current Liabilities
Trade notes and accounts payable
Short-term debt
Current installments oflong-term debt
Other current liabilities

Non-current Liabilities
Debentures
Long-term debt
Reserve for retirement allowance
Other non-current liabilities
Total Liabilities(Minority interests)
Minority interests(Stockholders' Equity)
Common stock
Additional pail-in capital
Retained earnings
Surplus on revaluation of land
Net unrealized gain on othersecurities
Foreign currency translation
adjustments
Treasury stock
Total Stockholders' Equity
Total Liabilities, minority interests andstockholders' equity（Summary) Consolidated Statements of Operations(¥ million)

Net sales
Cost of sales
Gross profit
Selling, general andadministrative expenses
Operating income
Non-operating income
Non-operating expenses
Ordinary income
Extraordinary profit
Extraordinary loss
Income before taxes andminority interests
Income taxes
Minority interests
Net income for the period

Three months
ended 6/30/04

Year
ended 3/31/04

91,90774,991
16,916

340,710
284,999
55,71011,143

40,776

5,773
3,515
1,161
8,127
－
145

14,934
11,722
7,777
18,879
1,295
5,155

7,981

15,019

2,019
248
5,713

3,615
782
10,622-3-

June 30,2004(Ref.)March 31,
2004

207,758
71,221

199,885
69,025

105,615

98,536

10,00010,00020,921

22,323

88,215
11,00063,91010,7542,550
295,973

88,37911,00064,762
10,624
1,992
288,264

6,468

6,329

41,97035,538108,497
192

41,97035,538104,649
192

10,245

9,084(7,378)(7,077)(3,843)
185,222(3,835)
180,523487,664

475,116