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August 8, 2011

Notification of Revision to the Dividend Forecasts and Business Forecasts(Fiscal Year 2011)

DISCO Corporation ("the Company") has decided to revise the Company's business forecasts and to revise its dividend forecasts for the fiscal year ending March 31, 2012 which were announced on May 11, 2011, based on recent business performance.

1. Business Forecast Revision
Revision of consolidated business forecasts
Forecasts for interim period of fiscal year ending March 31, 2012
(April 1, 2011 –September 30, 2011) (Millions of yen,%)
Net sales Operating income Ordinary income Net income Net income per share(yen)
Previous forecast(A) 53,200 9,200 9,300 6,100 181.10
Revised forecast(B) 48,600 7,200 7,200 4,500 133.60
(B) - (A) -4,600 -2,000 -2,100 -1,600
% change -8.6% -21.7% -22.6% -26.2%
(Ref.)
Previous interim results
53,405 9,671 9,779 6,386 190.03
Forecasts for full fiscal year of fiscal year ending March 31, 2012
(April 1, 2011 - March 31, 2012) (Millions of yen,%)
Net sales Operating income Ordinary income Net income Net income per share(yen)
Previous forecast(A) 103,700 17,200 17,300 11,100 329.54
Revised forecast(B) 97,100 14,200 14,300 9,100 270.16
(B) - (A) -6,600 -3,000 -3,000 -2,000
% change -6.4% -17.4% -17.3% -18.0%
(Ref.)
Previous full year results
99,700 15,915 17,190 10,945 325.59
* Fiscal Year 2011 indicates period from April1, 2011 to March 31, 2012.
Revision of non-consolidated business forecasts
Forecasts for interim period of fiscal year ending March 31, 2012
(April 1, 2011 –September 30, 2011) (Millions of yen,%)
Net sales Operating income Ordinary income Net income Net income per share(yen)
Previous forecast(A) 45,000 6,100 7,100 4,500 133.60
Revised forecast(B) 41,000 4,900 5,900 3,800 112.82
(B) - (A) -4,000 -1,200 -1,200 -700
% change -8.9% -19.7% -16.9% -15.6%
(Ref.)
Previous interim results
45,910 7,079 7,454 4,696 139.74
Forecasts for full fiscal year of fiscal year ending March 31, 2012
(April 1, 2011 – March 31, 2012) (Millions of yen,%)
Net sales Operating income Ordinary income Net income Net income per share(yen)
Previous forecast(A) 87,000 11,000 13,300 8,400 249.38
Revised forecast(B) 81,200 9,200 11,300 7,500 222.66
(B) - (A) -5,800 -1,800 -2,000 -900
% change -6.7% -16.4% -15.0% -10.7%
(Ref.)
Previous full year results
84,570 11,220 12,773 8,034 238.99

Reason for the revisions

The Company decided to amend the DISCO group earnings forecasts announced on May 11, 2011 for the whole of the year ending March 31, 2012, taking into account the recent capital investment slowdown in the semiconductor market.

  Note: The above forecast of financial results is based on certain information available to the Company at the time of announcement, and actual operating results may differ from the forecast due to various factors.
2. Revised Dividend Forecasts
  Dividend per share
1Q-end 2Q-end 3Q-end Year-end Annual
Previous forecast(Announced on May 11, 2011) - 37 - 30 67
Revised forecast - 27 - 28 55
Results for the year ending March 31, 2012 - - -
(Ref.)
Results for the year ending March 31, 2011
- 25 - 40 65

Reason for the revision

Based on the revised earnings forecasts mentioned above, the divided payment forecast is also revised applying our dividend policy.

DISCO's dividend policy
At a meeting held on February 17, 2006, the Board of Directors adopted a performance-linked dividend policy with the aim of giving clearer priority to shareholder returns. At its meeting on February 23, 2011, the Board of Directors adopted a dividend policy designed to provide closer real-time linkage to financial performance. This new policy will be applied from the year ending March 2012. Hitherto, our target dividend payout ratio has been 20% of consolidated yearly net income. This target has now been changed to 20% of consolidated half-yearly income for each of the interim and final dividends.

Note: The total amount of the interim dividend will consist of 20% of consolidated net income for the first half of the year (April–September), and that of the final dividend, of 20% of consolidated net income for the second half of the year (October–March).

Irrespective of the level of income, we will maintain a reliable dividend of ¥10 per half-year. This means that the minimum yearly dividend will be ¥20. Except when there is a loss, if the year-end balance of cash and deposits after payment of dividends and income taxes is greater than projected funding requirements for the acquisition of technology resources (such as through patent purchases and investment in venture businesses, facility expansion, the retirement of interest-bearing debt and other purposes), one-third of that surplus will be added to dividends. The 20% payout ratio stipulated in our stable dividend policy may be reviewed if there are consolidated net losses in three consecutive years. If the four-year cumulative consolidated ratio of ordinary income to net sales is higher than 20%, a dividend payout ratio of 24% of consolidated net income will be applied. Any difference over the interim dividend will be distributed with the final dividend.

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