SUMMARY OF CONSOLIDATED FINANCIAL STATEMENTS
Results for the for the nine-month period ended December 31, 2008
(April 1, 2008 - December 31, 2008)

MITSUBISHI GAS CHEMICAL COMPANY, INC.
Listed exchanges:

Tokyo, Osaka, Nagoya 1st sections

Stock Code:

4182

URL:

http://www.mgc.co.jp

President:

Kazuo Sakai

February 6, 2009
Inquiries:

Yasuhiro Sato
General Manager
Corporate Communications Division

Telephone:+81 3 3283-5041

1. Summary of Consolidated Results1) Operating results
Millions of yen, rounded down
Percentage figures represent changes compared to the previous fiscal year

Nine-month period ended
September 30, 2008

Nine-month period ended
September 30, 2007

Change %Sales............................................................................
Operating income.........................................................
Ordinary income...........................................................
Net income...................................................................
Earnings per share (¥) .................................................
Fully diluted earnings per share (¥)..............................

374,708
9,352
19,79915,74534.20
33.46

Change %-383,296
37,59749,53532,526
70.38
68.86

7.1
13.4
7.3
(0.7)

2) Financial position
Millions of yen, rounded down

As of December 31, 2008
Total assets .................................................................
Net assets ....................................................................
Shareholders’ equity ratio (%)......................................
Net assets per share (¥) ..............................................

As of March 31, 2008

586,603295,35648.8
633.12

601,386
312,02150.3
654.25

Note: Shareholders’ equity as of December 31, 2008: ¥286,210 million; as of March 31, 2008: ¥302,314 million

2. Cash Dividends

Interim dividend per share (¥) ......................................
Year-end dividend per share (¥) ..................................
Annual dividend per share (¥) ......................................

Fiscal year ending
March 31, 2009
8.00
8.00 (Forecast)
16.00 (Forecast)Fiscal year ended
March 31, 2008
8.00
8.00
16.00

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

3. Forecasts for the Fiscal Year Ending March 31, 2009
Millions of yen, rounded down
Percentage figures represent changes compared to the previous fiscal year

Fiscal year ending
March 31, 2009
Change %Sales............................................................................
Operating income.........................................................
Ordinary income...........................................................
Net Income ..................................................................
Earnings per share (¥)
Note: The full-year forecasts have been revised.

450,000
3,500
11,50010,00021.72(13.3)(92.6)(81.4)(75.1)

4. Other Information
1) Transfer of important subsidiaries during the period under review (Transfers of certain subsidiaries resulting inchanges in the scope of consolidation): None
2) Adoption of simplified accounting methods: Yes
3) Changes in accounting methods, procedures and presentation in the preparation of these financial statements*(Key items mentioned in Material 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
4)

Number of shares outstanding (ordinary shares)
Nine-month period ended
December 31, 2008

Year ended
March 31, 2008

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

483,478,398
31,415,680

21,396,891

Average shares outstanding during period ......................

460,396,858

462,146,863*

483,478,398*Nine-month period ended December 31, 2007

Notice regarding the appropriate use of the financial forecasts
1. This document contains revisions to the interim and full year business forecasts announced on November 7, 2008.
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.
3. As of the current consolidated fiscal year, Accounting Standards for Quarterly Reporting (Accounting Standards Board of Japan Article 12) andApplication Guidelines related to Accounting Standards for Quarterly Reporting (Accounting Standards Board of Japan Article 14) will beapplied. Furthermore, MGC Group prepares its quarterly consolidated financial statements in accordance with the Regulations Concerning
Quarterly Financial Statements.

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COMMENTARY ON RESULTS
Note: Comparisons in the following section of the report are with the first nine months of the previous fiscal year, unless stated otherwise.

1. Overview of results for this period
Consolidated net sales for the Mitsubishi Gas Chemical Company, Inc. group of companies (“MGC Group”) for
the third quarter period (April 1, 2008 to December 31, 2008) of the fiscal year ending March 31, 2009 fell 2.2%,or ¥8.5 billion, to ¥374.7 billion. Consolidated operating income decreased 75.1%, or ¥28.2 billion, to ¥9.3billion. Consolidated ordinary income declined 60.0%, or ¥19.7 billion, to ¥29.7 billion. Consolidated net income
for the nine months decreased 51.6%, or ¥16.7 billion, to ¥15.7 billion.
Net sales fell slightly short of the previous nine-month period due to a decline in sales volumes in the thirdquarter. This was despite higher product sales prices resulting from the rise in crude oil prices that continued
until July 2008. Operating income and ordinary income both decreased substantially due to lower sales
volumes in high-value added products such as electronic materials and specialty chemicals, combined with adecline in the purified isophthalic acid market as a result of intensifying competition, rising raw materials costs
and an increase in depreciation and amortization and other fixed costs, along with the impact of a strengthening
in the yen.

Results by business segment
Natural Gas Chemicals Segment
Net sales in this business segment rose 16.3%, or ¥16.5 billion, to ¥118.3 billion, and an operating loss of ¥0.2billion was recorded, compared to an operating income of ¥2.5 billion in the previous nine-month period.
In the methanol business, revenues were affected by a sudden fall in global demand, which caused a decreasein sales volumes and lower sales prices. However, average sales prices trended above those of the previousnine-month period, resulting in higher revenue at overseas subsidiaries, and earnings also increased atoverseas methanol producing companies accounted for by the equity method.
In methanol and ammonia derivatives, net sales were roughly on a par with the previous nine-month period dueto the price revision implemented during the second quarter. However, an increase in repair and maintenancecosts and the sharp drop in sales volumes in the third quarter resulted in a substantial decline in earnings.
Enzymes and coenzymes increased due to lower fixed costs and an increase in sales volumes of coenzyme
Q10.
In the sale of natural gas and other energy, the upward trend in crude oil prices that continued until the end of
the second quarter resulted in increased revenue and earnings.
Increased natural gas exploration costs also affected revenue and earnings in this business segment.
Aromatic Chemicals Segment
Net sales in this business segment declined 5.0%, or ¥5.4 billion, to ¥103.3 billion, while an operating loss of¥1.7 billion was recorded, compared to an operating income of ¥10.6 billion in the previous nine-month period.
In specialty aromatic chemical products, although revenue increased due to higher sales volumes of products

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such as meta-xylenediamine, a strengthening in the yen and an increase in depreciation and amortization
resulted in a decline in earnings.
At A.G. International Chemical Co., Inc., a subsidiary that produces and sells purified isophthalic acid, themarket declined as a result of intensifying industry competition, combined with a strengthening of the yen,resulting in a softening in demand and a substantial decline in revenue and earnings.
Results were also affected by write-downs of inventory based on the lower-of-cost-or-market method.
Specialty Chemicals Segment
Net sales in this business segment decreased 7.7%, or ¥8.6 billion, to ¥103.7 billion, and operating income
decreased by 40.4%, or ¥4.6 billion, to ¥6.8 billion.
Inorganic chemicals for industrial use recorded a decrease in earnings, despite upward price revisions forhydrogen peroxide in the second quarter, due to a substantial weakening in demand for oxidizing agent fororganic synthesis from October 2008 onward.
Earnings from chemicals for the electronics industry declined as a result of lower demand in the third quarter(with the exception of some products).
The engineering plastics business also recorded substantially lower revenue and earnings despite relatively
firm ongoing demand for polyacetal. This was due to a sharp decline in demand for polycarbonate and sluggish
sales in polycarbonate film for flat panel displays.
Information & Advanced Materials Segment
Net sales in this business segment decreased 18.6%, or ¥11.1 billion, to ¥48.5 billion, and operating income
decreased by 67.6%, or ¥8.7 billion, to ¥4.1 billion.
Revenue and earnings from materials for printed circuit boards decreased substantially. This was due to thefact that demand for semiconductor packaging for mobile phones and memory, which had been slow from thestart of the current fiscal year, declined during autumn 2008. Higher depreciation and amortization at subsidiary
Electrotechno Co., Ltd. also contributed to the decline. Revenues and earnings also decreased at subsidiaryJapan Circuit Industrial Co., Ltd., which handles printed circuit boards, due to a decrease in orders of its core
CSP products, combined with other factors such as a strengthening in the yen.
Sales of oxygen absorber AGELESS® were relatively firm, despite falling slightly short of the previous
nine-month period due to faltering demand and strong competition in the food industry, the main sector in which
this product is sold.

2. Consolidated financial position
Total consolidated assets as of December 31, 2008 were ¥586.6 billion, ¥14.7 billion lower than at the end of
the previous fiscal year, primarily because of a decrease in trade notes and accounts receivable. Total liabilities
had decreased ¥15.8 billion to ¥166.3 billion. Net assets had decreased by ¥16.6 billion to ¥295.3 billion, due tounrealized losses on other securities and other factors, and the shareholders’ equity ratio was 48.8%.

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3. Consolidated forecasts for the fiscal year ending March 31, 2009
In light of our recent business performance, MGC Group has revised the consolidated forecast announced on
November 7, 2008.
The global economic downturn triggered by the financial crisis that originated in the U.S. has caused a sharp
fall in the price of crude oil and other fuel and raw material prices. This has caused the rapid onset of an
expectation of a further drop in prices, mainly for chemical products, while demand has fallen substantially forspecialty chemicals in particular, as well as for electrical appliances, electronic devices, automotivecomponents and residential construction, resulting in a significant fall in sales volumes from November 2008.
As a result of these factors, we expect that full-year revenue and earnings will fall substantially short of theconsolidated and non-consolidated forecasts that were previously announced.
The revisions to the consolidated full-year forecasts announced on November 7, 2008 are shown below.

Fiscal year ending March 31, 2009

(April 1, 2008 to March 31, 2009)(Millions of yen, except net income per share)

Net sales
Previously announced forecasts(A)

OperatingincomeOrdinary
incomeNet income

Net income
per share (¥)

525,000

18,00032,00025,000

54.10

Revised forecasts (B)450,000

3,500

11,50010,00021.72

Change (B - A)

(75,000)(14,500)(20,500)(15,000)-Change (%)(14.3)(80.6)(64.1)(60.0)-Results for previous fiscal year

519,32947,36661,75940,20987.01(announced November 7, 2008)(ended March 31, 2008)

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