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Investor Relations

Reliability No.1 Your Partner for Success
To Our Stakeholders

Thank you for your exceptional support over this past fiscal year.

I also wish to express our condolences to all of those affected by the Great East Japan Earthquake and the ensuing tsunami, a tragedy that has deeply touched us all.

I would like to present the Chiyoda Group corporate report for the fiscal year ended March 31, 2011.

With the completion of the final two of six LNG trains in Qatar, the country is now capable of producing an annual 77 million tonnes of liquefied natural gas. We are proud to say that Chiyoda was instrumental in engineering and constructing almost all of the LNG plants in Qatar. Such experience in large- scale LNG plant will be invaluable to our ongoing projects in Papua New Guinea and Australia.

A number of plants and related facilities constructed by Chiyoda in Japan were damaged during the Great East Japan Earthquake. We have set up a Reconstruction Support Task Team headquarters to respond to the needs of our clients to resume their operations, putting the expertise and experience of the entire Chiyoda Group to work for the recovery.

Demand for energy and resources around the world remains high, with investment responding in kind. However, we still face the challenge of a strong yen and intense competition from international contractors including Koreans.

This past fiscal year marked the second of our mid-term business plan, "Engineering Excellence, Value Creation 2012." It was a year in which we worked hard on the execution of projects in Qatar and other regions, and won bids in new fields such as renewable energy and non-ferrous metal plants in Southeast Asia. It also was a year in which we set in motion a number of initiatives that will be the foundation for future growth. I can say with confidence that the entire Chiyoda Group management team and staff are united and eager to pursue the goal of creating long-term, stable profit growth.

I ask all of our shareholders for your continued support in our ongoing efforts.

Sincerely yours,

Takashi Kubota
President &CEO
Chiyoda Corporation

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