III17 Wako Pure Chemicals Industries Ltd

INTRODUCTION, METHODOLOGY & PRODUCT DEFINITIONS Study Reliability and Reporting Limitations I-1 Disclaimers I-2 DataInterpretation & Reporting Level I-2 Quantitative Techniques & Analytics I-3Product Definitions and Scope of Study I-3 Packaging & Substrates I-4Photoresists & Adjuncts I-4 Electronic Gases I-4 Semiconducting Materials I-4Polycrystalline Silicon I-4 Gallium Arsenide I-4 Others I-5 Chemical MechanicalPlanarization (CMP) I-5 Low-k Dielectric Materials I-5 Solvents I-5 Acids I-5Wet Process Chemicals I-5 Thermoplastics I-5 Polyphenylene Sulfide I-6Polyethersulfone I-6 Liquid Crystal Polymers I-6 Thermosets I-6 II EXECUTIVE SUMMARY 1. Industry Overview II-1 Current and Future Analysis II-1 Trends II-1 WorldMarket for Electronic Chemicals to Witness Steady Growth II-1 CMP Slurry MarketPositioned for Strong Growth II-2 Technological Developments Drive Expansion inCMP Slurries II-2 SI GaAs Bulk Substrates - Witness Growing Demand II-2 PrintedCircuit Board Chemicals - Trends and Trade Patterns II-3 Influence ofMacroeconomic Factors II-3 Competitive Scenario in the Recent Past II-3 Table 1: World CMP Pads and Slurries Market (Recent Past Data for 2005):Percentage Market Share by Leading Companies for Rohm and Haas ElectronicMaterials, Cabot Microelectronics, and Others (includes correspondingGraph/Chart) II-3 Table 2: World Photoresists Market (Historic Data for 2000): Percentage MarketShare by Leading Companies for Toyko Ohka Kogyo, Shipley, JSR, Shin-EtsuChemical, Arch Chemicals, and Others (includes corresponding Graph/Chart) II-4 2. Product Overview II-5 Electronic Chemicals Defined II-5 Packaging &Substrates II-5 Photoresists & Adjuncts II-5 Electronic Gases II-5Semiconducting Materials II-6 Polycrystalline Silicon II-6 Gallium Arsenide II-6Others II-6 Chemical Mechanical Planarization (CMP) II-6 Low-k DielectricMaterials II-6 Solvents II-6 Acids II-6 Wet Process Chemicals II-7Thermoplastics II-7 Polyphenylene Sulfide II-7 Polyethersulfone II-7 LiquidCrystal Polymers II-7 Thermosets II-7 3. Recent Industry Activity II-8 OM Group Takes Over Electronics Operations fromRockwood Holdings II-8 Tazmo and Silecs Extend Partnership II-8 Nippon KayakuTakes Over MicroChem II-8 Rohm and Hass Inks Joint Development Agreement withIBM II-8 Toho Expands Production Capacity II-9 Tri Chemical to Expand ElectronicChemical Capacity II-9 Air Liquide Takes Over Scott Specialty Gases II-9Sigma-Aldrich Takes Over Epichem Group II-9 AZ Electronic Accomplishes Key PlantExpansion in Taiwan II-10 Dow Corning and Ohka Kogyo Announce Application forBilayer Photoresist II-10 SAFC Signs an MOU to Set Up New Facility II-10 BayerDivests Wolff Walsrode to Dow II-10 NuSil and Huntsman Quimica Enter into anAgreement II-11 Fujifilm Acquires OptiYield Developer Business II-11 FujifilmInks Exclusive License Agreement with Air Products II-11 KMG to Acquire HPPCBusiness from Air Products II-11 Bayer Divests H.C.

Starck II-12 Kanto to ExpandProduction Capacity of Electronic Chemicals II-12 Ultrapar ParticipaçoesCompletes Acquisition of Arch Quimica Andina II-12 Yoneyama Kagaku Sets UpElectronic Chemicals Facility in China II-12 OM Group Acquires PlaschemsElectronic Chemicals Business II-12 DuPont and Air Products Joint Venture ArmExpands Operations II-13 nPhase and Air Products Create Supply Chain ManagementJoint Venture II-13 TMP and BASF Team Up for Electronic Materials DevelopmentII-13 Novaled and Ciba Specialty Chemicals Sign OLED Materials CollaborationDeal II-14 BASF Buys Mercks Electronic Chemicals Business II-14 SumitomoChemical Expands Production Capacity of Electronic Materials II-14 Silecs, Inc.Expands Production Capacity of Electronic Chemicals II-15 Honeywell EstablishesNew Chemical Plant II-15 Fuji Photo Films Takes Over Arch Chemicals ElectronicsAssets II-15 Asia Union Electronic Chemicals forms Joint Venture with ShanghaiHuayi II-15 Mitsubishi Divests Stake in GEM Microelectronic Materials toHoneywell II-15 Clariant Divests Electronic Chemicals Business Unit to CarlyleII-16 4. Focus on Select Global Players II-20 Air Products and Chemicals Inc. (China)II-20 BASF SE (Germany) II-20 Eternal Chemical (Guangzhou) Co Ltd. (China)II-20 Gentek Inc (US) II-20 Kanto Chemical Co., Inc (Japan) II-21 OM Group, Inc.(US) II-21 Rohm and Haas Electronics and Electronic Devices (US) II-21 Silecs,Inc. (US) II-22 Shin-Etsu Chemical Co., Ltd (Japan) II-22 Sumitomo ChemicalCompany Limited (Japan) II-22 Tokyo Ohka Kogyo Co., Ltd (Japan) II-22 6. Global Market Perspective II-23 Table 3: World Recent Past, Current & Future Analysis for Electronic Chemicalsby Geographic Region - US, Canada, Japan, Europe, Asia-Pacific (excludingJapan), and Rest of World Markets Independently Analyzed with Annual Sales inUS$ Million for Years 2000 through 2010 (includes corresponding Graph/Chart)II-23 Table 4: World Long-term Projections for Electronic Chemicals by GeographicRegion - US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), and Rest ofWorld Markets Independently Analyzed with Annual Sales in US$ Million for Years2011 through 2015 (includes corresponding Graph/Chart) II-24 Table 5: World 10-Year Perspective for Electronic Chemicals by Geographic Region- Percentage Breakdown of Dollar Sales for US, Canada, Japan, Europe,Asia-Pacific (excluding Japan), and Rest of World Markets for Years 2003, 2008 &2012(includes corresponding Graph/Chart) II-25 Analytics by Product SegmentII-26 Table 6: World Recent Past, Current & Future Analysis for Packaging & Substratesby Geographic Region - US, Canada, Japan, Europe, Asia-Pacific and Rest of WorldMarkets Independently Analyzed with Annual Sales in US$ Million for Years 2000through 2010 (includes corresponding Graph/Chart) II-26 Table 7: World Long-term Projections for Packaging & Substrates by GeographicRegion - US, Canada, Japan, Europe, Asia-Pacific and Rest of World MarketsIndependently Analyzed with Annual Sales in US$ Million for Years 2011 through2015 (includes corresponding Graph/Chart) II-27 Table 8: World 10-Year Perspective for Packaging & Substrates by GeographicRegion - Percentage Breakdown of Dollar Sales for US, Canada, Japan, Europe,Asia-Pacific (excluding Japan), and Rest of World Markets for Years 2003, 2008 &2012 (includes corresponding Graph/Chart) II-28 Table 9: World Recent Past, Current & Future Analysis for Photoresists &Adjuncts by Geographic Region - US, Canada, Japan, Europe, Asia-Pacific and Restof World Markets Independently Analyzed with Annual Sales in US$ Million forYears 2000 through 2010 (includes corresponding Graph/Chart) II-29 Table 10: World Long-term Projections for Photoresists & Adjuncts by GeographicRegion - US, Canada, Japan, Europe, Asia-Pacific and Rest of World MarketsIndependently Analyzed with Annual Sales in US$ Million for Years 2011 through2015 (includes corresponding Graph/Chart) II-30 Table 11: World 10-Year Perspective for Photoresists & Adjuncts by GeographicRegion - Percentage Breakdown of Dollar Sales for US, Canada, Japan, Europe,Asia-Pacific (excluding Japan), and Rest of World Markets for Years 2003, 2008 &2012 (includes corresponding Graph/Chart) II-31 Table 12: World Recent Past, Current & Future Analysis for Electronic Gases byGeographic Region - US, Canada, Japan, Europe, Asia-Pacific and Rest of WorldMarkets Independently Analyzed with Annual Sales in US$ Million for Years 2000through 2010 (includes corresponding Graph/Chart) II-32 Table 13: World Long-term Projections for Electronic Gases by Geographic Region- US, Canada, Japan, Europe, Asia-Pacific and Rest of World MarketsIndependently Analyzed with Annual Sales in US$ Million for Years 2011 through2015 (includes corresponding Graph/Chart) II-33 Table 14: World 10-Year Perspective for Electronic Gases by Geographic Region -Percentage Breakdown of Dollar Sales for US, Canada, Japan, Europe, Asia-Pacific(excluding Japan), and Rest of World Markets for Years 2003, 2008 & 2012(includes corresponding Graph/Chart) II-34 Table 15: World Recent Past, Current & Future Analysis for SemiconductingMaterials by Geographic Region - US, Canada, Japan, Europe, Asia-Pacific andRest of World Markets Independently Analyzed with Annual Sales in US$ Millionfor Years 2000 through 2010 (includes corresponding Graph/Chart) II-35 Table 16: World Long-term Projections for Semiconducting Materials by GeographicRegion - US, Canada, Japan, Europe, Asia-Pacific and Rest of World MarketsIndependently Analyzed with Annual Sales in US$ Million for Years 2011 through2015 (includes corresponding Graph/Chart) II-36 Table 17: World 10-Year Perspective for Semiconducting Materials by GeographicRegion - Percentage Breakdown of Dollar Sales for US, Canada, Japan, Europe,Asia-Pacific (excluding Japan), and Rest of World Markets for Years 2003, 2008 &2012 (includes corresponding Graph/Chart) II-37 Table 18: World Recent Past, Current & Future Analysis for Other ElectronicChemicals by Geographic Region - US, Canada, Japan, Europe, Asia-Pacific andRest of World Markets Independently Analyzed with Annual Sales in US$ Millionfor Years 2000 through 2010 (includes corresponding Graph/Chart) II-38 Table 19: World Long-term Projections for Other Electronic Chemicals byGeographic Region - US, Canada, Japan, Europe, Asia-Pacific and Rest of WorldMarkets Independently Analyzed with Annual Sales in US$ Million for Years 2011through 2015 (includes corresponding Graph/Chart) II-39 Table 20: World 10-Year Perspective for Other Electronic Chemicals by GeographicRegion - Percentage Breakdown of Dollar Sales for US, Canada, Japan, Europe,Asia-Pacific (excluding Japan), and Rest of World Markets for Years 2003, 2008 &2012 (includes corresponding Graph/Chart) II-40 III MARKET 1. The United States III-1 A.Market Analysis III-1 Current and Future AnalysisIII-1 Trends & Issues III-1 US Market for Electronic Chemicals Surges III-1Advanced Chip Fabrication Drives Electronic Chemicals Market III-1 Reducing ChipSizes Propels Electronic Chemicals Market III-2 Wet Process Chemicals MarketOffers Growth Potential III-2 Market Leaders - A Recent Past Scenario III-3 Table 21: US Chemical Mechanical Planarization (CMP) Slurry Market (2006):Percentage Market Share by Leading Companies for Cabot Microelectronics Corp.,Rohm and Hass, Inc., Fujimi, Hitachi, and Others (includes correspondingGraph/Chart) III-3 Table 22: US Wet Chemicals Market (2006): Percentage Market Share by LeadingCompanies for Air Products, General Chemical Performance Products LLC,Mallinckrodt Baker, Honeywell, and Others (includes corresponding Graph/Chart)III-3 Table 23: US Photoresists Market (2006): Percentage Market Share by LeadingCompanies for JSR, Tokyo Ohka Koyga, Rohm and Haas, Fuji, Shin Etsu, and Others(includes corresponding Graph/Chart) III-4 Strategic Corporate DevelopmentsIII-4 Focus on Select Players III-6 3M III-6 Air Products and Chemicals Inc.III-7 Cabot Microelectronics III-7 Gentek Inc III-7 Hemlock SemiconductorCorporation III-8 Huntsman International LLC III-8 Macdermid Incorporated III-8Mallinckrodt Baker, Inc III-8 OM Group, Inc III-9 Praxair, Inc.

III-10 B.Market Analytics III-10 Table 24: US Recent Past, Current & Future Analysis for Electronic Chemicals byProduct Segment - Packaging & Substrates, Photoresists & Adjuncts, ElectronicGases, Semiconducting Materials and Other Markets Independently Analyzed withAnnual Sales in US$ Million for Years 2000 through 2010 (includes correspondingGraph/Chart) III-10 Table 25: US Long-term Projections for Electronic Chemicals by Product Segment -Packaging & Substrates, Photoresists & Adjuncts, Electronic Gases,Semiconducting Materials and Other Markets Independently Analyzed with AnnualSales in US$ Million for Years 2011 through 2015 (includes correspondingGraph/Chart) III-11 Table 26: US 10-Year Perspective for Electronic Chemicals by Product Segment -Percentage Breakdown of Dollar Sales for Packaging & Substrates, Photoresists &Adjuncts, Electronic Gases, Semiconducting Materials and Other Markets for 2003,2008 & 2012 (includes corresponding Graph/Chart) III-11 2. Japan III-14 A.Market Analysis III-14 Current and Future Analysis III-14Strategic Corporate Developments III-14 Focus on Select Players III-15 JSR CorpIII-15 Kanto Chemical Co., Inc III-15 Mitsui Chemicals, Inc. III-15 MitsubishiGas Chemical Company III-16 Taiyo Nippon Sanso III-16 Shin-Etsu Chemical Co.,Ltd III-16 Sumitomo Chemical Company Limited III-17 Tokyo Ohka Kogyo Co., Ltd.III-17 Wako Pure Chemicals Industries, Ltd. III-17 B.Market Analytics III-18 Table 30: Japanese Recent Past, Current & Future Analysis for ElectronicChemicals by Product Segment - Packaging & Substrates, Photoresists & Adjuncts,Electronic Gases, Semiconducting Materials and Other Markets IndependentlyAnalyzed with Annual Sales in US$ Million for Years 2000 through 2010 (includescorresponding Graph/Chart) III-18 Table 31: Japanese Long-term Projections for Electronic Chemicals by ProductSegment - Packaging & Substrates, Photoresists & Adjuncts, Electronic Gases,Semiconducting Materials and Other Markets Independently Analyzed with AnnualSales in US$ Million for Years 2011 through 2015 (includes correspondingGraph/Chart) III-19 Table 32: Japanese 10-Year Perspective for Electronic Chemicals by ProductSegment - Percentage Breakdown of Dollar Sales for Packaging & Substrates,Photoresists & Adjuncts, Electronic Gases, Semiconducting Materials and OtherMarkets for 2003, 2008 & 2012 (includes corresponding Graph/Chart) III-19 4.

Europe III-20 A.Market Analysis III-20 Current and Future Analysis III-20Strategic Developments III-20 Focus on Select Players III-22 BASF AG (Germany)III-22 BOC Gases (UK) III-22 Cookson Group Plc (UK) III-22 HC Starck Gmbh(Germany) III-22 Wacker Chemie AG (Germany) III-23 B.Market Analytics III-23 Table 33: European Recent Past, Current & Future Analysis for ElectronicChemicals by Product Segment - Packaging & Substrates, Photoresists & Adjuncts,Electronic Gases, Semiconducting Materials and Other Markets IndependentlyAnalyzed with Annual Sales in US$ Million for Years 2000 through 2010 (includescorresponding Graph/Chart) III-23 Table 34: European long-term Projections for Electronic Chemicals by ProductSegment - Packaging & Substrates, Photoresists & Adjuncts, Electronic Gases,Semiconducting Materials and Other Markets Independently Analyzed with AnnualSales in US$ Million for Years 2011 through 2015 (includes correspondingGraph/Chart) III-24 Table 35: European 10-Year Perspective for Electronic Chemicals by ProductSegment - Percentage Breakdown of Dollar Sales for Packaging & Substrates,Photoresists & Adjuncts, Electronic Gases, Semiconducting Materials and OtherMarkets for 2003, 2008 & 2012 (includes corresponding Graph/Chart) III-24 5. Asia-Pacific III-25 A.Market Analysis III-25 Current and Future AnalysisIII-25 Trends & Issues III-25 Emergence of Asia on Semiconductor LandscapeIII-25 Market for Electronic Materials and Chemicals Booming in Asia PacificIII-25 Pricing Checks Profits, Brings Down Average Selling Prices III-25Consumer Electronics to Bolster Specialty Chemicals Growth III-25 China III-26Taiwan III-26 Demand for Electronic Chemicals in Taiwan Continues to Grow III-26Outlook III-27 Strategic Corporate Developments III-27 Select Player III-28B.Market Analytics III-29 Table 36: Asia-Pacific Recent Past, Current & Future Analysis for ElectronicChemicals by Product Segment - Packaging & Substrates, Photoresists & Adjuncts,Electronic Gases, Semiconducting Materials and Other Markets IndependentlyAnalyzed with Annual Sales in US$ Million for Years 2000 through 2010 (includescorresponding Graph/Chart) III-29 Table 37: Asia-Pacific Long-term Projections for Electronic Chemicals by ProductSegment - Packaging & Substrates, Photoresists & Adjuncts, Electronic Gases,Semiconducting Materials and Other Markets Independently Analyzed with AnnualSales in US$ Million for Years 2011 through 2015 (includes correspondingGraph/Chart) III-29 Table 38: Asia-Pacific 10-Year Perspective for Electronic Chemicals by ProductSegment - Percentage Breakdown of Dollar Sales for Packaging & Substrates,Photoresists & Adjuncts, Electronic Gases, Semiconducting Materials and OtherMarkets for 2003, 2008 & 2012 (includes corresponding Graph/Chart) III-30 6. Rest of World III-31 A.Market Analysis III-31 Current and Future AnalysisIII-31 Strategic Developments III-31 B.Market Analytics III-32 Table 39: Rest of World Recent Past, Current & Future Analysis for ElectronicChemicals by Product Segment - Packaging & Substrates, Photoresists & Adjuncts,Electronic Gases, Semiconducting Materials and Other Markets IndependentlyAnalyzed with Annual Sales in US$ Million for Years 2000 through 2010 (includescorresponding Graph/Chart) III-32 Table 40: Rest of World Long-term Projections for Electronic Chemicals byProduct Segment - Packaging & Substrates, Photoresists & Adjuncts, ElectronicGases, Semiconducting Materials and Other Markets Independently Analyzed withAnnual Sales in US$ Million for Years 2011 through 2015 (includes correspondingGraph/Chart) III-32 Table 41: Rest of World 10-Year Perspective for Electronic Chemicals by ProductSegment - Percentage Breakdown of Dollar Sales for Packaging & Substrates,Photoresists & Adjuncts, Electronic Gases, Semiconducting Materials and OtherMarkets for 2003, 2008 & 2012 (includes corresponding Graph/Chart) III-33 IV. In order for the Raptors to have any chance in resigning Chris Bosh, Jose Calderon needs to go. If there's a reason why the raptors are so bad defensively, it's because we are always playing a 4 -on-5 game when the opponent has the ball.Every time a new player on the opposing team has a career or a stat filled night, it's generally the point guard of that team against the Raptors.It's PLAIN & SIMPLE.Jose at best is a $10 million backup point guard He's not starter material. Jack Armstrong must be smoking something lethal if he truly believes Jose is a top 10 PG in this league.Currently the Raptors are a below .500 team, with a record of 6-7. They got blown out by teams that they should have beaten and a majority of the games that they have won were thanks to Chris Bosh hands down the best player on this team by a long shot.