Announcement of Revised Performance Forecast (October 30, 2008) | PRESS RELEASE

Announcement of Revised Performance Forecast
(October 30, 2008)

OSAKA, JAPAN - October 30, 2008 - TOYO TIRE & RUBBER CO., LTD. has made the following revisions to its consolidated and non-consolidated performance forecasts for the first half period (April 1, 2008 to September 30, 2008) of the fiscal year ending March 31, 2009, which were released on August 12, 2008 and May 13, 2008 respectively.

1. Revisions to the consolidated performance forecast (April 1, 2008 to September 30, 2008) of the fiscal year ending March 31, 2009

(Unit: Millions of yen)

	Net sales	Operating income	Ordinary income	Net income (loss)	Net income per share (yen)
Previously announced forecast (A) (Released on August12, 2008)	172,000	1,200	300	(500)	(2.39)
Revised forecast (B)	172,800	1,170	270	(2,200)	(10.62)
Difference (B-A)	800	(30)	(30)	(1,720)	-
Percentage change	0.5%	(2.5%)	(10.0%)	-	-
(Ref.) Results from the first half ended March 31, 2008	169,778	7,086	6,194	637	3.05

2. Revisions to the non-consolidated performance forecast (April 1, 2008 to September 30, 2008) of the fiscal year ending March 31, 2009

(Unit: Millions of yen)

	Net sales	Operating income	Ordinary income	Net income (loss)	Net income per share (yen)
Previously announced forecast (A) (Released on August12, 2008)	120,000	(2,300)	(800)	(500)	(2.39)
Revised forecast (B)	119,200	(1,930)	(590)	(1,370)	(6.55)
Difference (B-A)	(800)	370	210	(870)	-
Percentage change	(0.7%)	-	-	-	-
(Ref.) Results from the first half ended March 31, 2008	119,464	3,226	4,266	(1,086)	(5.20)

3. Reasons for the revisions

(The consolidated performance forecast)

Operating income and ordinary income are almost same as our forecast. However, net income (loss) is expected to fell below its previously announced (August 12, 2008) forecast, mainly due to additional transfer of provision for product warranty and decrease of estimated extraordinary gain.

(The non-consolidated performance forecast)

Operating income and ordinary income are almost same as our forecast. However, net income (loss) is expected to fell below its previously announced (May 13, 2008) forecast, due to the same reason for the revision of the consolidated performance forecast.

Also, the Company is formulating its full-year performance forecast and will announce it at the time of release of first half financial results for fiscal 2008.

Note: The above earnings estimates are forward-looking statements, which are based on our current assumptions in light of the information currently available to us and involve potential risks, uncertainties and other factors. Such risk, uncertainties and other factors may cause our actual results to be materially different from these estimates.