（Updated） Partial Revision to Consolidated Financial Results for the Six Months Ended September 30, 2021

November 11, 2021

To all who are concerned:

Company name: SHIKOKU CHEMICALS CORPORATION

Representative: Naoto Tanaka, President and C.E.O.

(Code number: 4099, Tokyo Stock Exchange)

Contact: Yoshinori Manabe, Director,

Executive Officer, Head of Business Promotion Division (Phone: [phone])

（Updated） Partial Revision to Consolidated Financial Results

for the Six Months Ended September 30, 2021 [Japanese GAAP]

This is to announce that the above-mentioned financial results disclosed on October 26, 2021, were revised as shown below.

The revision was made only to the English version, and there was no change in the Japanese version.

1. Reason for Revision

After the announcement of the Consolidated Financial Results for the Six Months Ended September 30, 2021 [Japanese GAAP], the Company identified some misstatements therein that should be corrected.

2. Details of Revision

The revised parts are underlined.

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Page 2 of Attached Document

1. Qualitative Information on Quarterly Financial Results for the Period under Review

(1) Explanation of Operating Results

[Before Revision]

Under these circumstances, for the six months ended September 30, 2021 (from April 1, 2021 to September 30, 2021), the Group posted net sales of ¥25,266 million (up 7.9% year-on-year), operating profit of ¥3,795 million (up 45.5% year-on-year), ordinary profit of ¥4,116 million (up 45.9% year-on- year) and profit attributable to owners of parent of ¥2,943 million (up 52.9% year-on-year), all of which increased from the previous year's results. In addition, when compared with periods before the novel coronavirus disease (COVID-19) pandemic, net sales recorded the second-highest number following that at the corresponding period of the year before last, and in terms of profits, results wereat a high level as profit hit a record high.

[After Revision]

Under these circumstances, for the six months ended September 30, 2021 (from April 1, 2021 to September 30, 2021), the Group posted net sales of ¥25,266 million (up 7.9% year-on-year), operating profit of ¥3,795 million (up 45.5% year-on-year), ordinary profit of ¥4,116 million (up 45.9% year-on-year) and profit attributable to owners of parent of ¥2,943 million (up 52.9% year-on-year), all of which increased from the previous year's results. In addition, when compared with periods before the novel coronavirus disease (COVID-19) pandemic, net sales recorded the second-highest number following that at the corresponding period of the year before last, and in terms of profits, profit attributable to owners of parent wasat a high level as profit hit a record high.

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Page 2 of Attached Document

1. Qualitative Information on Quarterly Financial Results for the Period under Review

(1) Explanation of Operating Results

1. Chemicals operations

[Before Revision]

(Organic chemicals)

Regarding chlorinated isocyanuric acid for disinfectants, sales of agents for swimming pools recovered in domestic market, thanks to the resumption of swimming lessons at schools. Sales of agents for plumbing systems (sanitary devices) remained strong with increased demand for sterilization and cleaning as a result of rising awareness of hygiene at homes. Sales remained strong in the U.S. market, backed by the growing

home swimming pool market due to a recovery in economic conditions and stay-at-home demand. (Fine chemicals)

Regarding Glicoat-SMD, a heat-resistant soluble OSP (Organic Solderability Preservative) for printed wiring boards, sales remained solid, against a backdrop of the growth of electronics markets worldwide. Sales of advanced & specialty chemicals such as epoxy resin curing agent (imidazoles) increased year on year, backed by a recovery in demand for use in electronic components and automobiles as well as the steady sales expansion in newly developed products.

[After Revision]

(Organic chemicals)

Regarding chlorinated isocyanuric acid for disinfectants, sales of agents for swimming pools recovered in domestic market, thanks to the partialresumption of swimming lessons at schools. Sales of agents for plumbing systems (sanitary devices) remained strong with increased demand for sterilization and cleaning as a result of rising awareness of hygiene at homes. Sales remained strong in the U.S. market, backed by the

growing home swimming pool market due to a recovery in economic conditions and stay-at-home demand. (Fine chemicals)

Regarding Glicoat-SMD, a heat-resistant soluble OSP (Organic Solderability Preservative) for printed wiring boards, sales remained solid, against a backdrop of the growth of electronics markets worldwide. Sales of advanced & specialty chemicals such as epoxy resin curing agent (imidazoles) and resin modifier (glycoluril derivatives)increased year on year, backed by a recovery in demand for use in electronic components and automobiles.

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Page 3 of Attached Document

1. Qualitative Information on Quarterly Financial Results for the Period under Review

(1) Explanation of Operating Results

Reference information [Overseas net sales]

[Before Revision]

	Six months ended September 30, 2020	Six months ended September 30, 2021
	(from April 1, 2020 to September 30, 2020)	(from April 1, 2021 to September 30, 2021)
	Net sales	Overseas net sales to	Net sales	Overseas net sales to
	(Million yen)	consolidated net sales (%)	(Million yen)	consolidated net sales (%)
Asia	3,094	13.2	3,798	15.0
North America	3,279	14.0	3,746	14.8
Other regions	907	3.9	1,009	4.0
Total	7,281	31.1	8,554	33.9
Consolidated net sales	23,408		25,272

[After Revision]

	Six months ended September 30, 2020	Six months ended September 30, 2021
	(from April 1, 2020 to September 30, 2020)	(from April 1, 2021 to September 30, 2021)
	Net sales	Overseas net sales to	Net sales	Overseas net sales to
	(Million yen)	consolidated net sales (%)	(Million yen)	consolidated net sales (%)
Asia	3,094	13.2	3,798	15.0
North America	3,279	14.0	3,746	14.8
Other regions	907	3.9	1,009	4.0
Total	7,281	31.1	8,554	33.9
Consolidated net sales	23,408		25,266

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Page 3 of Attached Document

1. Qualitative Information on Quarterly Financial Results for the Period under Review

(2) Explanation of Financial Position

(Status of Cash Flows)

[Before Revision]

Cash flows provided by operating activities totaled ¥2,267million (a decrease of ¥825million year-on- year). Major cash inflows were profit before income taxes of ¥4,135 million, decrease in trade receivables of ¥1,632 million and depreciation of ¥942 million, while major cash outflows were contribution to employees' retirement benefits trust of ¥1,500 million and income taxes paid of ¥1,415 million.

Cash flows used in investing activities totaled ¥626 million (a decrease of ¥417 million year-on-year). A major cash inflow was proceeds from redemption of securities of ¥2,000 million, while major cash outflows were purchase of property, plant and equipment of ¥1,681 million and purchase of investment securities of ¥510 million.

Cash flows used in financing activities totaled ¥1,920million (a decrease of ¥369million year-on-year). The major component was purchase of treasury shares of ¥1,290 million.

As a result, cash and cash equivalents totaled ¥36,977 million (a decrease of ¥230 million from the end of the previous fiscal year).

[After Revision]

Cash flows provided by operating activities totaled ¥2,275million (a decrease of ¥817million year-on- year). Major cash inflows were profit before income taxes of ¥4,135 million, decrease in trade receivables of ¥1,632 million and depreciation of ¥942 million, while major cash outflows were contribution to employees' retirement benefits trust of ¥1,500 million and income taxes paid of ¥1,415 million.

Cash flows used in investing activities totaled ¥626 million (a decrease of ¥417 million year-on-year). A major cash inflow was proceeds from redemption of securities of ¥2,000 million, while major cash outflows were purchase of property, plant and equipment of ¥1,681 million and purchase of investment securities of ¥510 million.

Cash flows used in financing activities totaled ¥1,928million (a decrease of ¥361million year-on-year). The major component was purchase of treasury shares of ¥1,290 million.

As a result, cash and cash equivalents totaled ¥36,977 million (a decrease of ¥230 million from the end of the previous fiscal year).

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