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February 15, 2008

Summary of Business Results for the
First Three Quarters of Fiscal 2007
(on a consolidated basis)

1. Outline of business operations for the first three quarters (April 1 to December
31, 2007)

(1) Operating results
(Amounts less than ¥1 million are omitted.)
Net sales
Operating
profit
Recurring
profit

Net income

(¥ million)
(YoY
change)
(¥ million)
(YoY
change)
(¥ million)
(YoY
change)
(¥ million)
(YoY
change)
First 3 quarters of fiscal 2007
370,869
12.8%
30,522
10.0%
30,805
9.3%
17,412
27.7%
First 3 quarters of fiscal 2006
328,680
16.0%
27,753
47.3%
28,181
51.7%
13,632
39.2%
FY2006 full term 458,587
-
36,488
-
37,067
-
20,094
-
Earnings per
share
(Yen)
First 3 quarters of fiscal 2007
43.25
First 3 quarters of fiscal 2006
33.87
FY2006 full term
49.93
(2) Financial position (¥ million)
(As of end of terms; amounts less than ¥1 million are omitted.)

Total assets
(¥ million)
Net assets
(¥ million)
Equity ratio (%)
Net assets
per share (¥)
First 3 quarters of fiscal 2007 (Dec. 31, 2007)
566,901
219,839
36.4
512.27
First 3 quarters of fiscal 2006 (Dec. 31, 2006)
545,289
204,174
34.9
472.44
FY2006 full term (March 31, 2007)
547,791
216,068
36.7
500.28

(3) Cash flows
(¥ million; Amounts less than ¥1 million are omitted.)

Net cash provided by
operating activities
Net cash used
in investing activities
Net cash provided by
financing activities
Cash and cash equivalents
at end of first 3 quarters
First 3 quarters of fiscal 2007
17,308
(28,250)
16,070
19,964
First 3 quarters of fiscal 2006
24,739
(64,457)
41,524
19,622
FY2006 full term
40,061
(66,286)
(22,451)
14,404




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1. Explanation of business performance

In the nine-month period under review, TNSC reported net sales of ¥370,869 million,
an increase of 12.8% over the same period of the previous year. Operating profit rose
10.0% to ¥30,522 million, recurring profit grew 9.3% to ¥30,805 million, and net
income soared 27.7% to ¥17,412 million. The rise in both revenues and earnings is due
largely to the inclusion in consolidated performance results the figures of Linweld Inc.
and the helium operations of Linde BOC, both of which were purchased in the previous
term.
Breakdown by Segment
The Company’s Gas Business benefited from steady shipments to domestic and
overseas customers, supported by firm demand in our principal customer industries, and
our U.S. subsidi
ary also posted a favorable performance in line with our expectations. In the Machinery
and Equipment Business, sales of equipment to semiconductor manufacturers both in
Japan and overseas remained strong. There was also a growth in sales of medium-sized
and large cutting and welding machines. In the Housewares Business, an increase in
shipments of sports bottles contributed to a favorable performance in line with our
initial projections.

2. Supplemental disclosure on financial position
Total assets increased by ¥19,110 million during the nine-month reporting period, to
reach ¥566,901 million at the end of the third quarter. Net assets stood at ¥219,839
million, with an equity ratio of 36.4%.

Cash and cash equivalents at the end of the third quarter increased ¥5,559
million over the previous term-end, to ¥19,964 million.

Net cash provided by operating activities amounted to ¥17,308 million. Income
before income taxes of ¥30,619 million and depreciation expenses of ¥18,466 million
more than offset income tax expenditure of ¥14,026 million and a ¥11,041 million
increase in trade receivables, which is attributable to a partial discontinuation of the
securitization of trade receivables to maximize utilization of loans and other procured
funds.

Net cash used in investing activities amounted to ¥28,250 million. This was due
mainly to an outlay of ¥24,554 million for the acquisition of property, plant and
equipment, as well as an expenditure of ¥2,747 million for the purchase of investment
securities, which far exceeded ¥1,411 million in proceeds from the sale of investment
securities.

Net cash provided by financing activities came to ¥16,070 million. A net
increase in commercial paper totaling ¥13,000 million and long-term loans of ¥14,188
million more than offset an outlay of ¥9,537 million to repay long-term loans and a
¥5,233 million dividend payment.

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3. Full-term Outlook
The Company is expected to post net sales in the amount of approximately ¥497,000
million on a consolidated basis, operating income of ¥39,600 million, recurring profit of
¥39,200 million, and net income of ¥21,800 million for the current term. No change has
been made in our full-term business performance forecasts of November 14, 2007. In
addition, no change has been recognized in the premises on which our forecasts have
been made.

First Three Quarters of Fiscal 2007 (April 1 to December 31, 2007)
(Millions of yen)

Gas Business
Machinery and Equipment Business
Housewares Business and Others
Total
Eliminations or Corporate
Consolidated
I. Sales and Operating Profit
Sales
(1) Sales to customers
251,519
106,122
13,227
370,869
-
370,869
(2) Sales from inter-segment transactions and transfers
75
6,796
107
6,978
(6,978)
-
Total
251,594
112,919
13,334
377,848
(6,978)
370,869
Operating Expenses
226,327
105,733
11,921
343,982
(3,635)
340,347
Operating Profit
25,267
7,185
1,413
33,865
(3,343)
30,522

Note 1:
Methods of segmentation and lists of principal products under each segment:
1. Segmentation Method
Products (whether developed and/or made in-house or by other companies [i.e. bought-in
merchandise]) are allocated to one of the three segments of the Gas Business, the Machinery
and Equipment Business, and the Housewares Business and Others.
2. The principal products and services included in the three segments are shown in the table
below.

Business segment

Main Products

Gas Business
Oxygen, nitrogen, argon, carbon dioxide, helium, rare gases such as xenon and neon, hydrogen, medical gases(oxygen, dinitrogen monoxide), specialty gases (semiconductor materials gases, standard reference gas), dissolved acetylene, liquid petroleum gas (LPG), other gases, stable isotopes, equipment lease
Machinery and Equipment Business
Cutting and welding equipment, welding materials, cylinders, semiconductor related engineering/equipment, semiconductor manufacturing equipment, medical equipment, air separation plants (oxygen, nitrogen, argon, rare gases), cryogenic air separation plants, ultra-low-temperature equipment, high-vacuum equipment, pressure swing adsorption (PSA) gas generators, hydrogen generators, gas compressors, gas

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expanders, liquefied gas storage/pumps, vacuum brazing, atomic power/space development equipment and other related equipment,
air-conditioning equipment, drainage treatment
systems

Housewares Business and Others
Stainless steel vacuum bottles(household,
laboratory
), vacuum
thermal insulation cooking pans, assembly, processing and inspection of electronic components, maintenance of facilities, other outsourced business


Note 2:
The operating expenses of “Eliminations or corporate” that cannot be allocated to any particular
segment comes to ¥1,609 million for the previous first three quarter period on a consolidated
basis, ¥1,694 million for the reporting first three quarter period, and ¥2,724 million for the
previous business term. The majority of these items consist of expenses incurred by the
Company’s administrative divisions.
Note 3:
Changes in accounting standards for depreciation
In line with revisions to the Corporate Income Tax Law, the Company has adopted the new
accounting standards for the depreciation of tangible fixed assets acquired on and after April 1,
2007 for the first three-quarter period (April 1 to December 31, 2007) of the current term. This
change has caused operating expenses to increase by ¥132 million for the Gas Business, ¥34
million for the Machinery and Equipment Business, and ¥6 million for the Housewares
Business and Others. The operating income of each segment has decreased by the same amount.

First Three Quarters of Fiscal 2007 (April 1 to December 31, 2007)
(Amounts less than ¥1 million are omitted)

Japan
North
America
Other
countries
Total
Eliminations or
corporate
Consolidated
I. Sales and Operating Profit
Sales
(1) Sales to customers
286,387
64,788
19,694
370,869
-
370,869
(2) Sales from inter-segment transactions and transfers
3,573
8,732
2,370
14,676
(14,676)
-
Total
289,960
73,521
22,064
385,546
(14,676)
370,869
Operating Expenses
267,409
64,972
20,491
352,873
(12,526)
340,347
Operating Profit
22,551
8,548
1,572
32,672
(2,150)
30,522

Notes:
1. Principal countries in the North America and Other Countries segments are as follows:
(1) North America: The United States of America
(2) Other countries: Singapore, Malaysia, Philippines, China, Taiwan
2. The operating expenses of “Eliminations or corporate” that cannot be allocated to any
particular segment comes to ¥1,609 million for the previous first three quarter period on a

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consolidated basis, ¥1,694 million for the reporting first three quarter period, and ¥2,724 million
for the previous business term. The majority of these items consist of expenses incurred by the
Company’s administrative divisions.
3. Changes in accounting standards for depreciation
In line with revisions to the Corporate Income Tax Law, the Company has adopted the new
accounting standards for the depreciation of tangible fixed assets acquired on and after April 1,
2007 for the first three-quarter period (April 1 to December 31, 2007) of the current term. This
change has caused operating expenses to increase by ¥172 million for the business in Japan. The
operating income of each segment has decreased by the same amount.