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1. Qualitative Information and Financial Statements

Qualitative Information on Results of Operations

Analysis of Consolidated Results of Operations

Sales and Income

Economic conditions remained generally fragile worldwide in fiscal 2012, ended March 31, 2013. With the real economy

in Europe continuing to deteriorate, hindered by the lingering stress of structural adjustments dictated by austerity

measures, growth in the People’s Republic of China (PRC) and other emerging economies decelerated visibly, while

recovery in the United States lacked strength. Japan’s economy stalled, despite the positive impact of demand related to

reconstruction in areas devastated by the Great East Japan Earthquake of March 11, 2011, against a backdrop

characterized by the slowing economic growth overseas, a strong yen and changes that included the elimination of

subsidies for the purchase of environment-friendly cars.

In this setting, consolidated net sales amounted to ¥745.7 billion, down 12.7% from fiscal 2011, or a contraction of 5.7%

excluding the impact of the standardization of accounting periods on the results of some consolidated subsidiaries.

Operating income fell 63.7%, to ¥12.4 billion, significantly short of our initial forecast of May 2012, as a worsening market

environment hampered results in our materials businesses. Ordinary income tumbled 71.5%, to ¥9.8 billion, reflecting

the drop in operating income, as well as a decline in equity in earnings of affiliates, among others. We reported a net loss

of ¥29.1 billion, compared with net income of ¥12.0 billion in fiscal 2011, owing to extraordinary losses, including losses

on impairment of goodwill and other factors. Net loss per share was ¥29.61.

Business Segment Results Advanced Fibers and Composites

Sales in the Advanced Fibers and Composites segment totaled ¥111.2 billion. The segment posted an operating loss of

¥4.7 billion.

High-Performance Fibers

Results were weak, owing to flagging demand in overseas markets.

Demand for Twaron para-aramid fibers for use in ballistic protection products and protective clothing remained lethargic

throughout fiscal 2012, while demand for automotive applications in Europe and North America—firm in the first half of

the period—remained in an adjustment phase during the third and fourth quarters. Demand for Technora para-aramid

fibers was solid for automotive applications in Japan, but faltered overseas. Despite steady domestic demand for use in

protective clothing, Teijinconex meta-aramid fibers continued to be negatively impacted overseas by drooping demand

for general industrial applications and for use in filters, as well as by increasingly intense competition.

In polyester fibers for industrial applications, sales were slack overall, notably for automotive applications, export to

Europe and yarn spinning, a consequence of such factors as limp economic conditions in Japan and Europe, reaction to

the elimination of subsidies for the purchase of environment-friendly cars in Japan and protests against Japan in the

PRC. In contrast, sales were firm for use in personal hygiene products, as well as for civil engineering and

construction-related applications.

- 1 -

To counter these myriad circumstances, we pushed ahead with active efforts to enhance profitability by reducing costs

and cultivating new applications for all high-performance fibers products.

Carbon Fibers and Composites

We focused on shifting to a solutions-based business model.

Shipments of TENAX carbon fibers remained favorable for use in aircraft, while among general industrial applications

demand was steady for use in pressure vessels for natural gas–related applications, supported by the expansion of

shale gas development in North America. However, demand for other applications languished, owing to the uncertain

economic outlook in Europe and the PRC. Sales prices—which had fallen as a result of moves by manufacturers across

the industry to boost production capacity, thereby weakening the supply–demand balance—showed signs of bottoming

out.

In this environment, we sought to capitalize on rising demand, particularly for high-performance products. We also

focused on shifting to a solutions-based business model that emphasizes responding to customer and market needs. To

this end, we continued to actively promote meticulous measures aimed at improving the performance of our composites

products through technological advances at all stages of the production process, from raw materials and carbon fibers

through to intermediate products and molded composites.

Electronics Materials and Performance Polymer Products

The Electronics Materials and Performance Polymer Products segment reported sales of ¥175.5 billion and an operating

loss of ¥1.9 billion.

Resin and Plastics Processing

The business was adversely affected by wilting market conditions.

Mainstay polycarbonate resin labored, owing to the impact of the prolonged economic stagnation in Europe and

decelerating economic growth in the PRC, as Japan’s electrical and electronics equipment manufacturers, our principal

customers, continued to struggle, while prices for key raw materials remained high. In this environment, efforts focused

on maintaining operating rates by increasing sales of general-purpose products, particularly in the PRC and other Asian

markets, correcting break-even levels and reducing costs. Despite these actions, profitability was severely undermined.

In the area of processed plastics products, sales of ELECLEAR transparent electroconductive film were steady for use in

capacitive touch screens for smartphones and tablet computers and resistive touch screens for handheld video game

machines. In addition to bringing new film fabrication facilities on line at our Matsuyama Plant for a high-value added film,

we began promoting collaborative development efforts with customers aimed at launching and expanding sales of this

product in promising growth markets. Sales of specialty polycarbonate resin for smartphone and tablet computer camera

lenses were brisk.

- 2 -

Films

With demand sluggish, we focused on efforts to develop new products.

We have a number of polyester films joint ventures with E.I. du Pont de Nemours and Company (DuPont) of the United

States around the world. Owing to listless conditions in the electronics market, a consequence of the global economic

slowdown, demand has been generally slack since the second half of fiscal 2011. In Japan, demand for certain

applications showed signs of picking up, buoyed by, among others, demand for use in smartphones and tablet

computers, as well as in solar cells, the latter attributable to such factors as the introduction of a feed-in tariff scheme

obliging electric power companies to purchase electricity generated from renewable energy sources. Nonetheless,

profitability sank, as pricing competition increased for mainstay applications, including liquid crystal display televisions

(LCD TVs). Overseas, profits were impeded by the impact of a delayed recovery in the solar cell market and by

increasingly intense competition. In this environment, we endeavored to fortify our earnings base by implementing

cost-cutting measures, focusing particularly on reducing production costs.

During the period, we pushed ahead with efforts to develop and foster demand for new products. These include Teonex

polyethylene naphthalate (PEN) film, which was adopted for use in the world’s largest flexible display, a

high-performance polyethylene terephthalate (PET) film offering one of the highest ultraviolet (UV) light resistances

currently available and an innovative transparent piezoelectric material made with multilayered polylactic acid (PLA) film.

Healthcare

Sales in the Healthcare segment came to ¥138.3 billion, while operating income was ¥24.8 billion.

Pharmaceuticals

We worked to expand sales of our novel treatment for hyperuricemia and gout worldwide.

The operating environment in Japan was challenging, owing to the revision of drug reimbursement prices under the

National Health Insurance (NHI) scheme, as well as to increasingly intense competition as a result of the launch of rival

products and rising sales of newly released generic drugs in the market for osteoporosis treatments. Despite this

background, sales of Feburic (febuxostat), our novel tablet-form treatment for hyperuricemia and gout, continued to

expand steadily, bolstered by regulatory approval for long-term prescription, obtained in April 2012. New products in

Japan in the period under review included Bonalon®* Bag for I.V. Infusion 900 µg, launched in May 2012, and Bonalon®

Jelly 35 mg, the world’s first osteoporosis treatment in an oral jelly form, released in March 2013, two drugs that

significantly enhanced our osteoporosis portfolio, which also includes the original Bonalon® (tablet form) and Onealfa, an

active vitamin D3 preparation. In January 2013, we also launched Somatuline®† subcutaneous injection, a treatment for

acromegaly and pituitary gigantism.

Overseas, sales of febuxostat continued to strengthen. We have secured exclusive distributorship agreements for

febuxostat covering 117 countries and territories, in 28 of which the drug is currently being sold. We are in the process of

obtaining regulatory approval to sell the drug in the remaining 89 countries and territories.

* Bonalon® is the registered trademark of Merck Sharp & Dohme Corp., Whitehouse Station, NJ, U.S.A.

† Somatuline® is a registered trademark of Ipsen Pharma S.A.S., Paris, France.

- 3 -

Home Healthcare

Highlights included the launch of new models.

We currently provide home healthcare services to approximately 400,000 individuals in Japan and overseas. In Japan,

rental volume for mainstay therapeutic oxygen concentrators for home oxygen therapy (HOT) remained high, thanks to

the release of our latest therapeutic oxygen concentrator models, Hi-Sanso 3S and Hi-Sanso Portable α (alpha). Rental

volume for continuous positive airway pressure (CPAP) ventilators for the treatment of sleep apnea syndrome (SAS)

rose encouragingly, augmented by the launch of NemLink, a monitoring system for CPAP ventilators that uses mobile

phone networks and which also provides pertinent data to medical care facilities to enhance the effectiveness of

treatment. The rental markets for our noninvasive positive pressure ventilators (NPPVs) (the NIP NASAL series and

AutoSet CS) and for SAFHS (Sonic Accelerated Fracture Healing System) also expanded favorably.

Trading and Retail

The Trading and Retail segment yielded sales of ¥237.2 billion, while operating income was ¥4.7 billion. During the

period, we worked to ensure a stable supply framework by enhancing sewing facilities in the ASEAN region.

In October 2012, we integrated Group trading subsidiary N.I. Teijin Co., Ltd., with the polyester fibers for apparel

business of Teijin Fibers Limited to form a new company, Teijin Frontier Co., Ltd.

In the apparel business, consumption in Japan was sluggish overall, owing to a variety of factors, including

unseasonable weather. Nonetheless, sales were steady, thanks to decisive efforts to reinforce our production network,

particularly sewing facilities in the Association of Southeast Asian Nations (ASEAN) region, to better respond to the

demands of customers, mainly retailers of sportswear and men’s business and casual attire, by ensuring stable supplies.

In polyester filaments and textiles, we expanded collaborative efforts with major apparel manufacturers, including the

Delta sportswear series. Sales of such distinctive products as Super Extar, a flame-resistant polyester curtain material,

increased, but fashion textiles struggled, obstructed by worsening market conditions both in Japan and overseas.

In the area of industrial textiles and materials, sales of materials for automotive applications—including belts, hoses, tires,

airbags and vehicle seats—rose, supported by robust conditions in the automobile industry. Sales of heavy-duty fabrics,

nonwoven fabrics and materials for agricultural and civil engineering–related applications remained solid. In contrast,

shipments of films and plastics flagged, a consequence of the deteriorating electronics market.

Others

This segment, which does not qualify as a reportable operating segment, generated sales of ¥83.5 billion and operating

income of ¥4.2 billion.

In the IT business, revenues in net services were firm from smartphone-based services. With the aim of entering the

social gaming market, we acquired a 63.8% stake in Japanese social application provider Istpika Co., Ltd., which thus

became an equity method affiliate. In IT services, we took steps to reform our business structure, including withdrawing

from unprofitable businesses.

- 4 -

Outlook for Operating Results in Fiscal 2013

Forecast for Operating Results

(Billions of yen/%)

Net sales Operating

income Ordinary income

Net income (loss)

Fiscal 2013 (forecast) ¥830.0 ¥25.0 ¥23.0 ¥8.0

Fiscal 2012 745.7 12.4 9.8 (29.1)

Change +84.3 +12.6 +13.2 +37.1

Percentage change +11% +102% +135% —

With fiscal difficulties persisting worldwide, central banks have been pushed to adopt economic stimulus packages that

focus on easing monetary restrictions. Despite such moves, economic recovery, with an attendant full-scale increase in

demand, will likely take time to materialize. While an upturn in consumer spending in the United States—attributable to a

housing market revival and improved employment rates—is expected to drive global economic recovery, the positive

impact of such developments has been slow to take hold. In Japan, the new government’s economic policies—dubbed

“Abenomics” after Prime Minister Shinzo Abe—have succeeded in correcting the excessive appreciation of the yen,

thereby bolstering business confidence, but a significant improvement in economic fundamentals remains elusive.

Given this outlook, and having acknowledged the exigency of enhancing our profit structure through our own initiatives,

rather than by relying on a favorable turn in the general operating environment, we will press forward with measures

aimed at swiftly rebuilding our earnings base. Of particular note, we will work to enhance cost competitiveness by

realigning and restructuring production configurations in our materials businesses and will slash costs for support

functions through the reorganization of our head offices. We will also promote ongoing Groupwide efforts to reduce

costs.

In line with our new medium- to long-term management vision, CHANGE for 2016, announced in February 2012, we will

continue working to secure profitable sustainable growth by implementing essential basic strategies designed to

transform our four fundamental portfolios while ensuring effective risk management, as well as by taking prompt,

decisive steps to strengthen our R&D and sales capabilities.

Owing to these and other factors, we currently forecast consolidated net sales of ¥830.0 billion, operating income of

¥25.0 billion and ordinary income of ¥23.0 billion, representing increases of 11%, 102% and 135%, respectively. We also

forecast net income of ¥8.0 billion, compared with a net loss of ¥29.1 billion in fiscal 2012. Our new forecasts for fiscal

2013 assume exchange rates of ¥95 to US$1.00 and ¥125 to €1.00, with a Dubai crude oil price of US$110 per barrel.

- 5 -

Forecast for Segment Results for Fiscal 2013

(Billions of yen)

Net sales Operating income

First half (Forecast)

Full term (Forecast)

First half (Forecast)

Full term (Forecast)

Advanced Fibers and Composites ¥ 55.0 ¥ 120.0 ¥ 1.0 ¥ 3.5

Electronics Materials and Performance Polymer Products 100.0 200.0 (0.5) 1.0

Healthcare 70.0 145.0 9.5 25.0

Trading and Retail 125.0 260.0 2.0 5.0

Total 350.0 725.0 12.0 34.5

Others 50.0 105.0 1.0 4.0

Elimination and corporate — — (6.5) (13.5)

Consolidated total ¥400.0 ¥830.0 ¥ 6.5 ¥ 25.0

Qualitative Information on Financial Position and Cash Flows

Analysis of Assets, Liabilities, Net Assets and Cash Flows

Assets, Liabilities and Net Assets

Total assets as of March 31, 2013, amounted to ¥762.4 billion, up ¥0.3 billion from the end of fiscal 2011, reflecting

declines in intangible fixed assets and other categories, a consequence of impairment losses, while a weaker yen

pushed up the value of assets denominated in other currencies and higher share price increases pushed up the value of

investments securities.

Total liabilities, at ¥470.3 billion, were up ¥20.4 billion from the fiscal 2011 year-end. Interest-bearing debt, which

includes commercial paper, short-term loans payable, bonds payable and long-term loans payable, rose ¥9.7 billion, to

¥270.8 billion, mainly a result of increases in the yen value of liabilities denominated in other currencies, owing to a

weaker yen.

Total net assets were ¥292.1 billion, a decrease of ¥20.1 billion. Shareholders’ equity and total valuation and translation

adjustments together represented ¥271.3 billion of the total, down ¥20.8 billion. This result was attributable to, among

others, a net loss of ¥29.1 billion for the period under review and a decline in the deduction for foreign currency

translation adjustments.

Cash Flows

Net cash and cash equivalents provided by operating activities in fiscal 2012 amounted to ¥64.3 billion. Contributing

factors included a net loss for the period, the impact of impairment losses, depreciation and amortization and the

amortization of goodwill.

Net cash and cash equivalents used in investing activities amounted to ¥37.9 billion. This result was primarily a

- 6 -

consequence of outlays for the purchase of property, plant and equipment.

Free cash flow—net cash and cash equivalents from operating and investing activities combined—in fiscal 2012 thus

totaled ¥26.4 billion.

Net cash and cash equivalents used in financing activities amounted to ¥12.6 billion. This reflected the issue and

redemption of bonds and commercial paper, the net result of proceeds from short- and long-term debt and the

repayment thereof and the payment of dividends, among others.

After factoring in the impact of exchange rate fluctuations, operating, investing and financing activities in the period under

review resulted in a net increase in cash and cash equivalents of ¥15.4 billion as of March 31, 2013.

Outlook for Financial Position

In fiscal 2013, we will press forward with efforts to first maintain, and then enhance, financial soundness. At the same

time, we will actively promote promising investments and projects with the potential to contribute to future growth, in line

with our new medium-term management plan. Our forecasts for fiscal 2013 are for an ROA of 3.4%, ROE of 3.2% and a

debt-to-equity ratio of 1.1 times.

- 7 -

Key Indicators

Fiscal 2008

(As of March 31, 2009)

Fiscal 2009 (As of March

31, 2010)

Fiscal 2010 (As of March

31, 2011)

Fiscal 2011 (As of March

31, 2012)

Fiscal 2012 (As of March

31, 2013)

Fiscal 2013 (As of March

31, 2014) (Forecast)

ROA (%) 1.9 1.6 6.1 4.5 1.6 3.4

ROE (%) –12.3 –12.4 9.1 4.2 –10.3 3.2

Debt-to-equity ratio (times) 1.18 1.18 0.94 0.89 1.00 1.1

Equity ratio (%) 35.0 33.0 37.3 38.3 35.6 35

Equity ratio (market value basis) (%) 27.8 36.9 44.7 37.8 31.3 —

Debt payback period (years) 8.9 4.0 3.5 4.9 4.2 —

Interest coverage ratio (times) 4.0 13.1 17.2 10.9 18.4 —

Note: Calculations are based on consolidated figures.

Return on assets (ROA) Operating income Average* total assets

* ([Beginning balance + Ending balance] 2)

Return on equity (ROE) Net income Average* total shareholders’ equity

* ([Beginning balance + Ending balance] 2)

Debt-to-equity ratio Interest-bearing debt Total shareholders’ equity

Equity ratio [Total net assets (ending balance) – Stock acquisition rights (ending balance) – Minority interest in

consolidated subsidiaries (ending balance)] Total assets

Equity ratio (market value basis) Market value of equity* Market value of total assets**

* Ending price Number of shares issued at end of period (excluding treasury stock)

** Total shareholders’ equity recalculated at market value

Debt payback period (years) Interest-bearing debt Cash provided by operating activities*

* As in Consolidated Statements of Cash Flows

Interest coverage ratio Cash provided by operating activities Interest paid*

* As in Consolidated Statements of Cash Flows

- 8 -

Policy Regarding the Payment of Dividends, Dividends Declared for Fiscal 2012 and Dividend Forecast for Fiscal 2013

Policy Regarding the Payment of Dividends

Our basic policy for profit sharing is to ensure dividends are in line with consolidated operating results. We also give

consideration to the need to ensure financial soundness, to our ability to maintain stable dividend payments over the

medium to long term and to securing sufficient internal reserves to fund strategic investments aimed at ensuring future

growth.

Dividends Declared for Fiscal 2012 and Dividend Forecast for Fiscal 2013

Our year-end dividend for fiscal 2012 was declared at ¥2.0 per share, bringing dividends for the full term, including the

interim dividend, to ¥4.0 per share. Taking into account our operating results forecasts, we currently expect to declare an

interim dividend of ¥2.0 per share and a year-end dividend of ¥2.0 per share for fiscal 2013, for full-term dividends of

¥4.0 per share.

Risk Factors

The Teijin Group recognizes certain risks as having the potential to affect its operating results and/or financial position. As

of the date of this document, these risks included, but were not limited to, the risks listed below.

Market-Related Risk

The Teijin Group manufactures and sells products, the sales of which may be affected by market conditions and

competition with other companies, and by market price fluctuations arising thereof. Businesses involving commoditized

materials—notably polyester fibers, polyester films and polycarbonate resin—are particularly vulnerable to fluctuations in

shipments, sales prices and procurement costs for raw materials and fuel related to market conditions and competition

with other companies. Because the cost of raw materials and fuel accounts for a major portion of production costs in

these businesses, fluctuations in the price of crude oil may have a significant impact on the Group’s income

performance.

The majority of products in the Teijin Group’s materials businesses are intermediates. Owing to inventory adjustments at

each stage of production and sales, the rate of expansion or contraction of end-user demand for such products may

exceed that of the real economy.

The Teijin Group’s Healthcare segment is vulnerable to changes in drug reimbursement prices under Japan’s National

Health Insurance (NHI) scheme, as well as to increasingly intense competition, both of which may have a negative

impact on sales prices.

Fluctuations in foreign exchange and interest rates also have the potential to affect the Teijin Group’s operating results

and/or financial position.

Product Quality Risk

Teijin Pharma Limited, the principal subsidiary in the Teijin Group’s Healthcare segment, has established its own product

- 9 -

reliability assurance function in the form of a compliance division. This division, which functions independently of other

Group businesses, is charged with quality assurance in all aspects of our healthcare businesses. The Group maintains

insurance coverage against product liability.

Nonetheless, as the pharmaceuticals business involves products that may affect the lives of users, quality issues have

the potential to negatively affect, among others, the Group’s operating results, financial position and public reputation.

R&D-Related Risk in the Pharmaceuticals Business

R&D in the pharmaceuticals business is characterized by significant investments of funds and time. Pharmaceuticals

discovery research has a high incidence of failure. In the initial stages, there is a high risk that researchers will fail to

discover a promising drug. Even if a promising drug is discovered, clinical trials may prove it not to be as effective as

anticipated, or to have unexpected adverse side effects, thereby forcing the abandonment of plans to apply for approval.

There is also a risk that a new drug candidate may not receive regulatory approval as a result of the examination

process that follows application, or that approval may be rescinded based on the outcome of research conducted

subsequent to launch.

Risks Related to Overseas Operations

The Teijin Group has operations in the PRC, Southeast Asia (including Thailand and Singapore), Europe (including

Germany and the Netherlands) and the United States. These operations are vulnerable to the impact of fluctuations in

foreign exchange and interest rates. Our operations in the PRC and Southeast Asia, in particular, may also be affected

by such factors as the enforcement of new—or unexpected changes to existing—laws, regulations or tax systems that

exert an adverse impact on the Group; economic fluctuations; or by social unrest triggered by, among others, changes of

government or acts of terror or war. The manifestation of such risks has the potential to adversely affect the Group’s

operating results and/or financial position.

Risks Related to Accidents and Disasters

The Teijin Group has prepared common disaster prevention guidelines for use by all Group companies and is an active

proponent of efforts to prevent and/or alleviate the impact of disasters through disaster prevention diagnostics,

earthquake response measures, fire prevention and other advance prevention strategies, disaster prevention education

and training and post-disaster impact mitigation measures.

Nonetheless, in the event of a major natural disaster or unforeseen accident that results in damage to the Group’s

production facilities or significantly impedes the Group’s supply chain, such developments may have a negative impact

on the Group’s operating results and/or financial position.

- 10 -

2. Management Policies

Basic Management Policies of the Teijin Group

As declared in one of the Teijin Group’s three corporate philosophies,* we are committed to enhancing the quality of life of

people everywhere through our deep insight into human nature and the application of our creative abilities. Accordingly, we

as a Group pledge to continue advancing chemical technologies that are friendly to both people and the global environment

and to keep providing solutions that resonate with our customers and society at large. Guided by this philosophy, we aim to

achieve sustainable growth in corporate value by pursuing an integrated management approach based on three core

elements: Business strategies, corporate governance and corporate social responsibility (CSR).† Through these efforts, we

will endeavor to build solid relationships, based on trust, with all of our stakeholders.‡

* The Teijin Group has three corporate philosophies: “Enhance the quality of life,” “Grow in harmony with society,” and “Empower our people.”

† CSR: A form of corporate self-regulation encompassing commitment to the environment, safety and health; compliance, i.e., adherence to

social norms, ethical standards and the law; and responsibility to society.

‡ Stakeholders include shareholders, employees, creditors, business partners (customers and suppliers), consumers and local communities.

Principal Performance Targets

The Teijin Group has identified ROA, ROE and debt-to-equity ratio as key performance indicators.

Tasks Ahead

Groupwide Challenges

In fiscal 2012, stagnation at the macroeconomic level and an attendant upheaval in our market environment had a

significant negative impact on our profit structure, with damage particularly evident in our materials businesses. Despite

some signs of an upturn in the global economy, the outlook remains uncertain with a lurking risk of relapse.

Given this outlook, our priority in fiscal 2013 will be to implement measures aimed at facilitating a self-driven recovery in

profitability and at improving our ability to generate cash—measures that don’t depend on a timely upswing in the

general operating environment. We will focus on restructuring our materials businesses through the realignment of

production configurations and the reduction of fixed costs, as well as on revamping product mixes based on effective

market analysis. In addition to shaving head office staff costs by streamlining and integrating our corporate organization,

thereby bolstering work efficiency, we will strive to achieve further cost reductions by addressing this challenge on a

Groupwide basis from a variety of perspectives.

We will also take a variety of steps in line with the growth strategies set forth in our medium- to long-term management

vision. We will continue to concentrate investment in core strategic businesses, notably advanced fibers and composites

and healthcare, as well as new businesses for incubation, while geographically our emphasis will be on accelerating the

expansion of our operations in promising Asian markets and in emerging economies. To ensure our ability to provide

optimal solutions to our customers, we will emphasize strengthening our sales and R&D capabilities through

collaborative development with customers—especially automakers—in our carbon fibers business, as well as through

efforts to advance our mid- and downstream businesses, one example of which is our project with Nitori Co., Ltd.

- 11 -

Challenges in Individual Business Segments

Advanced Fibers and Composites

We will continue to focus on reinforcing the cost structure of our aramid fibers business by reducing costs and enhancing

productivity, as well as by augmenting sales for promising applications such as hoses for oil drilling and conveyor belts

for mining in Europe and the Americas. We will also expedite efforts to foster new applications for aramid fibers in the

PRC, a particularly promising market, as well as to expand sales in the PRC and elsewhere in Asia, by maximizing the

capabilities of our new Technical Center Asia, a development and technical service facility opened recently in Shanghai,

in the PRC. We will capitalize on the capabilities of Teijin Product Development China Co., Ltd., in Nantong, to advance

our polyester fibers recycling business in the PRC and to develop new applications. Initiatives in the area of

high-performance polyethylene will focus on cultivating markets in Europe, the Americas and India.

In carbon fibers and composites, we will work to expand sales for use in aircraft, the principal market for these products,

as well as in pressure vessels. We will also endeavor to build a stable earnings base by cultivating new applications and

boosting the efficiency of our production configurations. At a new pilot plant built to facilitate the continuous integrated

production of thermoplastic carbon fiber–reinforced plastic (CFRP), which began operating in December 2012, we

established a framework that has improved responsiveness at all stages of the production process, from prototype

creation through to performance evaluation testing. We also embarked on the final stage of verification testing for mass

production procedures. The Teijin Composites Application Center, located in Metro Detroit, Michigan, in the United States,

is working with the pilot plant to foster new applications for thermoplastic composites.

Electronics Materials and Performance Polymer Products

In our resin and plastics processing business, our efforts will center on growth markets, notably the interior provinces of

the PRC and key ASEAN economies, as well as on revamping our product portfolio to improve our profit structure. Of

particular note, we will expand sales of such promising products as a specialty polycarbonate resin for use in

smartphone and tablet computer camera lenses. On another front, in line with our medium- to long-term management

vision, we signed an agreement with SK Chemicals Ltd. of the Republic of Korea (ROK) to establish a joint venture to

develop, produce and distribute polyphenylene sulfide (PPS) resin, a super-engineering plastic. Work on a production

facility for the new company is proceeding apace, with operations scheduled to begin in 2015. In our films business, we

will concentrate on nurturing new applications and expanding sales in promising Asian markets. We will take steps in

both resin and plastics processing and films to reinforce our competitiveness by making production configurations more

efficient and by further reducing costs.

Healthcare

In our pharmaceuticals business, our focus will continue to be on further expanding sales of febuxostat, our fast-growing

treatment for hyperuricemia and gout, and on increasing the drug’s availability in markets outside of Japan, North

America and Europe. In R&D, we commenced clinical trials in Japan for TMG-123, a novel drug for Type 2 diabetes, and

in the United States for KTP-001,* a treatment for lumbar disc herniation, both in August 2012. In September 2012, we

* KTP-001 was discovered and is under development by Teijin Pharma Limited and Kaketsuken (The

Chemo-Sero-Therapeutic Research Institute), a general incorporated foundation, based on an enzyme engineered by

Professor Hirotaka Haro of the University of Yamanashi’s Graduate School of Medicine and Engineering Advanced

Medical Science and Dr. Hiromichi Komori, assistant head of the Department of Orthopaedic Surgery at Yokohama

City Minato Red Cross Hospital.

- 12 -

signed an exclusive licensing agreement with Pulmagen Therapeutics (Asthma) Limited of the United Kingdom, granting

us development, manufacturing and marketing rights in Japan for ADC3680, a treatment for bronchial asthma discovered

by that company. In November 2012, we commenced clinical trials in the PRC for TMX-67 (febuxostat), for treating

hyperuricemia and gout, in collaboration with Astellas Pharma China, Inc., while the following month clinical trials began

in Japan for Venilon for the treatment of optic neuritis, a new indication. With the aim of advancing global sales of our

pharmaceuticals products and accelerating the development of promising new drugs, we resolved to expand clinical

testing facilities at our Pharmaceutical Products Research Laboratories in Iwakuni, Yamaguchi.

In home healthcare, we will emphasize expanding rentals of CPAP ventilators for the treatment of SAS, the market for

which is growing rapidly. In Japan, we will endeavor to expand rentals of our WalkAide® System, a recently launched

neuromuscular electrical stimulation device for the treatment of gait impairment resulting from stroke, among other

causes, which we currently market to medical institutions in the Tokyo metropolitan area. In our overseas markets—the

United States, Spain and the ROK—we will continue taking steps to improve the efficiency of operations and reinforce

our earnings base.

Trading and Retail

In response to increasingly diverse customer needs and the rapid globalization of our principal markets, we will work to

fortify our operating foundation by strengthening collaboration between businesses in this segment and our materials

businesses. We will also expand our production network in Asia.

IT Business

We will take decisive steps in this business to develop innovative solutions that respond to the needs of customers,

primarily in the net services and healthcare fields.

New Business Development

We continue to promote R&D aimed at achieving the prompt commercialization of new products in four key areas,

namely, bioplastics, high-performance electronics materials, wastewater treatment and new healthcare businesses. In

July 2012, we began production of LIELSORT lithium-ion battery (LiB) separators at ROK-based Teijin CNF Korea Co.,

Ltd., a joint venture with CNF Co., Ltd. With these separators having since been adopted for use by multiple

manufacturers, Teijin CNF Korea is expected to shift to full-capacity production in fiscal 2013. In response to rapidly

increasing wastewater treatment needs in the PRC, we recently established Teijin (Shenyang) Environmental

Technologies Co., Ltd., which will anchor our wastewater treatment services business in that country. Looking ahead, we

will work to expand marketing of our innovative comprehensive wastewater treatment services, which employ

technologies that ensure outstanding energy efficiency and minimize CO2 emissions.

Italicized product names and service names in this report are trademarks or registered trademarks of the Teijin Group in Japan

and/or other countries. Where noted, other italicized product names and service names used in this document are protected as

the trademarks and/or trade names of other companies.

- 13 -

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- 24 -

(Subsequent event) Mergers Involving Subsidiaries

At the Board of Directors’ meeting held on May 9, 2012, the directors resolved to implement mergers involving the

Company and its consolidated subsidiary Teijin Chemicals Limited. The merger was implemented on April 1, 2013.

Purpose of Group realignment

The purpose of these measures was to enhance market responsiveness and integrate fundamental technologies in

a bid to evolve toward an organization that is capable of continuously creating value for customers, a key objective

of the Company’s new medium- to long-term management vision.

Agenda

Approval of the Board of Directors May 9, 2012 Date of contracts May 25, 2012 Effective date of the mergers April 1, 2013

For the Company, the merger with Teijin Chemicals Limited was simplified merger as provided for in Article 796,

Paragraph 3, of the Companies Act of Japan, with the Company as the surviving company. For Teijin Chemicals

Limited, the merger with the Company was a short-form merger as provided for in Article 784, Paragraph 1, of the

Companies Act of Japan, whereby the consolidated subsidiary was the absorbed company. Accordingly, there was

no requirement to submit these contracts for approval at the general meeting of shareholders.

Legal form of the mergers

Simple absorption-type merger in which the Company is the surviving company and Teijin Chemical Limited was

absorbed.

Allocation of shares

Because Teijin Chemicals Limited was wholly owned subsidiary, there was no issue or allocation of new shares and

no increase in capital as a result of this mergers.

Names and major businesses of the absorbed companies

Name Major business

Teijin Chemicals Limited Manufacture and sales of polycarbonate resin, other resins and resin products

Outline of accounting treatment

The transaction was implemented as a business combination under common control, in accordance with accounting

principles for business combinations.

- 25 -

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