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RNS Number : 5276F

Toray Industries Inc

27 April 2011

April 27, 2011

Toray Industries, Inc.

Toray Receives Notice on Transfer Pricing Taxation

Toray Industries, Inc. (headquarters: Chuo-ku, Tokyo, Japan; President & COO: Akihiro Nikkaku; hereinafter referred to as "Toray") today announced that it received a notice of correction from the Tokyo Regional Taxation Bureau in terms of transfer pricing taxation. On April 21, 2010 Toray had announced that it was expecting to receive such a notice.

The above notice pertains to the transactions between Toray and its U.S. subsidiary in the carbon fiber business from fiscal years 2004 through 2009. Toray believes that it has been paying taxes in a proper manner in accordance with the taxation system of each country and disagrees with the bureau's judgment. Toray will promptly lodge an objection with the tax authority seeking withdrawal of the correction as well as request bilateral consultations from the standpoint of preventing double taxation.

In anticipation of the notice, Toray had posted 5.2 billion yen of corporate taxes for previous years in its financial statements for the fiscal year ended March 31, 2010. Based on the notice, however, the amount of corporate taxes is estimated at approximately 3.2 billion yen, and Toray will post approximately 2.0 billion yen of reversal of corporate taxes in its financial statements for the fiscal year ended March 31, 2011. Its earnings forecast for the fiscal year which was announced on February 3, 2011 will not be revised.

[For further information, please contact]

Ichiro Maeda

General Manager

Corporate Communications Department, Toray Industries, Inc.

Tel: +81-3-3245-5178

This information is provided by RNS

The company news service from the London Stock Exchange

END

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