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To Our Stakeholders

On behalf of the Chiyoda Group, I highly appreciate your continued support over the past 12 months. I am pleased to present our corporate overview for the fiscal year 2015 which is in the latter stage of the current Medium-Term Management Plan, "Seize the moment, Open up new frontiers.”

While implementing various measures in accordance with the growth strategies and corporate system defined in the Plan, we have reached some milestones which lead to sustained growth in various fields.

In the field of LNG, a core segment of our business, in addition to ongoing large projects in Australia, Russia and North America, we expanded our business into new areas like Mozambique, to make our position more stable. In the fields of petroleum refineries, petrochemicals and metals, we have won large projects in Saudi Arabia and Indonesia. In the pharmaceutical and life science industries, we made steady progress by receiving an order for a development project on regenerative medicine which has the potential for further orders.

In addition, the Group established EMAS CHIYODA Subsea Ltd. to perform Engineering, Procurement, Construction and Installation (EPCI) for subsea projects. Hereby, the Group is able to provide services for all phases in the subsea value chain development from planning to commissioning. This joint venture is one of our strategic actions to expand our business portfolio.

We have implemented systems for data management and human resource training, which were established as part of the plan to strengthen our core business operations. We will continue to take on new challenges for our further growth by making the best use of such systems.

Our financial results, however, deteriorated as a result of an increase in construction costs for some petroleum related projects and the worsening performance of overseas group companies; especially our affiliate in the U.K., which was affected by a prolonged drop in oil prices. In order to recognize the management’s responsibility, the Group resolved to cut management compensation. In addition, to regain the trust of stakeholders, we will make every effort to improve profitability through the sound implementation of each project, as well as implementing effective management measures in projects and group companies’ operations.

Consequently, we have decided to pay a dividend of JPY 10 per share, in line with our earnings excluding impairment loss for the fiscal year 2015.

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

June 2016

Sincerely yours,

Shogo Shibuya, President & CEO
Chiyoda Corporation

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