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To Our Stakeholders

It is my pleasure to present an overview of the operating results of the Chiyoda Group for fiscal year 2016 (April 1, 2016 to March 31, 2017).

Under the previous medium-term management plan, we worked to advance into the offshore and upstream business field. In fiscal 2016, however, we made a loss for the first time in 16 years, reflecting a downturn in the business of EMAS CHIYODA Subsea (ECS), which we established to perform subsea engineering, procurement, construction and installation (EPCI) projects.

I regret that this has caused considerable trouble for our stakeholders, but we will make every effort to improve our business performance and restore your confidence by further strengthening our management control system. We will also soon announce a new medium-term management plan starting from fiscal 2017.

The loss this time, which was related to our investment activities, was made in an area separate from our core capabilities in engineering and project execution that form the basis of the Group, and our expertise in executing large-scale projects in many parts of the world is not impaired in the least.

We are currently engaged in a number of projects across the globe, including five major LNG projects. All managements and employees of the Group are working diligently in Australia, the United States, Russia, Indonesia and other parts of the world to meet the expectations of our customers and other stakeholders and complete all the projects successfully.

As an integrated engineering company that operates on a corporate philosophy of harmony between energy and the environment, we will make a further contribution to the sustainable development of society and aim to enhance our corporate value by striving to increase our earnings power. As we pursue these initiatives, we ask for your continued understanding and support for our business.

June 2017

Sincerely yours,

Masaji Santo,
President & CEO
Chiyoda Corporation

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