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Long-Term Corporate Vision

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Introduction

In April 2002, Toray Industries, Inc. established the long-term corporate vision, “AP-New TORAY 21,” as a roadmap for our transformation into a New Toray for the 21st Century. This effort was based on a new vision which incorporated changes in the business environment and management reforms as well as a thorough review of the long-term corporate vision “AP-G2000” (established in 1991 and revised in 1997), the roadmap that has served Toray until then.

From that point until today, through management reforms under the auspices of the mid-term management issues, “Project NT21,” and the subsequent “Project NT-II” (“NT Reforms”), Toray has aggressively pursued initiatives such as strengthening corporate structure through radical steps, further reform of the business structure, expanding advanced materials businesses, expanding global No. 1 businesses and strategically expanding businesses outside Japan. The entire Toray Group has continually put forth its utmost efforts over the four years we have been implementing the “NT Reforms.” Thanks to these efforts, Toray Group has achieved a solid improvement in performance, and our management reforms are continuing to produce positive results.

On the other hand, major shifts in the global society are bringing forth changes at an unexpected pace, and the management environment we face is increasingly uncertain and unstable. To maintain sustainable growth while quickly adapting to this dynamic environment, it is becoming more and more essential that we evolve and create new value while building a more stable management foundation. In April of this year, Toray celebrates its 80th year anniversary in business. We took this opportunity to review our long-term corporate vision with a view to achieving sustainable growth and rapid advancements for the entire Toray Group.

Following the roadmap set forth in “AP-New TORAY 21,” our new long-term corporate vision includes the corporate slogan, “Innovation by Chemistry.” Under this effort, Toray Group will aim to be a global top business group of the advanced materials by pursuing technological innovation in chemistry. In addition to technological innovation, Toray Group will strive for innovation in every aspect of its operations in an effort to create new value. Through these efforts, Toray Group will aggressively carry out its role in contributing to the development of society, environmental protection and harmonious coexistence, while at the same time achieving dynamic evolution and sustainable growth and remaining a high-value corporate group for all stakeholders.

In the new long-term corporate vision, Toray Group reviewed and reconfirmed the Corporate Philosophy set forth in April 1995. We aim to realize our Corporate Philosophy of “Contributing to society through the creation of new value with innovative ideas, technologies and products” by striving to innovate in all aspects of our operations.

With these thoughts, I submit to you “AP-Innovation TORAY 21,” the long-term corporate vision that will guide Toray Group’s collective management activities in efforts to achieve further advances and development for Toray Group in the 21st century.

Toray Industries, Inc.
April 1, 2006

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