August 5, 2009
Chisso Corp.
Asahi Kasei Chemicals Corp.
Mitsubishi Chemical Corp.

Joint venture agreement for consolidation of fertilizer operations
Chisso (Head office, Tokyo; President, Shun'ichi Okada), Asahi Kasei Chemicals (Head office, Tokyo; President, Masaki Sakamoto), and Mitsubishi Chemical (Head office, Tokyo; President, Yoshimitsu Kobayashi) have reached accord regarding a consolidation of the fertilizer businesses operated by their affiliates Chisso-Asahi Fertilizer Co., Ltd. (Head office, Tokyo; President, Takeshi Sato) and Mitsubishi Chemical Agri, Inc. (Head office, Tokyo; President, Seiichiro Yoshimoto), and have concluded a joint venture agreement for this purpose. The agreement provides for JCAM Agri Co., Ltd. to begin operation on October 1, 2009, as a new joint venture for fertilizer operations.

Both Chisso-Asahi Fertilizer and Mitsubishi Chemical Agri produce a wide range of fertilizer products such as compound mineral fertilizers throughout Japan, and proactively develop specialized products which meet the various needs of the farming community. The consolidation of operations will enable significant synergies, with effective utilization of the two companies' production bases and a streamlining of the sales networks, logistical systems, and R&D functions.

Moving forward, JCAM Agri will strengthen its operational base to enhance stable supply to customers, continuing to contribute to the development and growth of agriculture in Japan.
Corporate profile of the new joint venture
Name: JCAM Agri Co., Ltd
President: Takeshi Sato (currently President of Chisso-Asahi Fertilizer)
Head office: Tokyo
Paid-in capital: ¥1.8 billion
Shareholding: Chisso Group - 42.25%,
Asahi Kasei Chemicals - 22.75%,
Mitsubishi Chemical Group - 35.00%
Number of Board Directors: 5 from Chisso, 2 from Asahi Kasei Chemicals,
3 from Mitsubishi Chemical
Corporate profile of current fertilizer affiliates*
Name: Chisso-Asahi Fertilizer Co., Ltd. Mitsubishi Chemical Agri, Inc.
President: Takeshi Sato Seiichiro Yoshimoto
Head office: Tokyo Tokyo
Establishment: July 1, 1969 April 1, 2002
Business line: Production and sale of fertilizer Production and sale of fertilizer
Sales: ¥22.9 billion ¥30.0 billion
Employees: 244 91
Plants: Fuji, Minamata, Tobata Kurosaki, Onahama, Mizushima
Laboratory: Fuji Kurosaki
Sales branches: Tokyo, Sapporo, Sendai, Fuji, Nagoya, Osaka, Fukuoka, Kumamoto Tokyo, Fukushima, Osaka, Nagoya, Fukuoka
Paid-in capital: ¥305 million ¥1,500 million
Shareholders: Chisso Group - 65%
Asahi Kasei Chemicals - 35%
Mitsubishi Chemical - 95.3%
Nippon Kasei Chemical Co., Ltd. - 4.7%
  * As of March 31, 2009.


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