The catch phrase on the cover, “Further growth through collaborative expertise” expresses the core concept behind our medium-term management plan for fiscal 2011 . 2013. It was printed using ink made from our popular UV-curable acrylic product Aronix. Contents 2 Our Business Activities and Major Products 6 Interview with the President 10 Overview by Business Segment 10 Commodity Chemicals 12 Acrylic Products 14 Specialty Chemicals 18 Plastics 20 Research & Development 22 Corporate Social Responsibility 26 Board of Directors and Corporate Auditors 27 Financial Section 27 Five-Year Selected Data 28 Management’s Discussion & Analysis 32 Consolidated Balance Sheets 34 Consolidated Statements of Income and Consolidated Statements of Comprehensive income 35 Consolidated Statements of Changes in Net Assets 37 Consolidated Statements of Cash Flows 38 Notes to Consolidated Financial Statements 50 Report of Independent Auditors 51 Corporate Data 51 Organization 52 Directory 52 Principal Subsidiaries and Affiliates 53 Investor Information Commodity Chemicals P2, P10 P4, P14 P5, P18 Acrylic Products P3, P12 Specialty Chemicals Plastics Futoshi Hashimoto, President Toagosei Co., Ltd. 1