A Message from the President As our shareholders are well aware, during the two years I have been president of Chiyoda Corporation, I have done everything in my power to ensure our success. And, thanks to the unstinting cooperation I have received from within and without the company, we are now stronger than we were two years ago, and we have the capabilities necessary to face the challenges posed by today’s ever-changing busi- ness environs.  At this moment, Chiyoda is steadily improving revenue and profits, and increasing new orders. Our customers give us positive feedback concerning the quality of our work, and often choose Chiyoda for a job instead of the lowest bidder. Our earnings have shown strong recovery, and we will continue renewed efforts to meet the expectations of our shareholders. In the past, Chiyoda Corporation has been through tough economic times. Perhaps the current challenges include a mentality problem as we struggle to overcome pessimism caused by underachievement. This will require awareness that both operations and management, at every level, must be executed carefully while adhering to the basics. And, with this in mind, employees and manage- ment must be cognizant of and embrace change. Chiyoda’s recent improvements in performance are due to our “Project Super X” program. It aims at achieving the goals of our five-year restructuring plan ahead of schedule. Implementation of “Project Super X” has strengthened our technological base and added immensely to our pro- ject and risk management expertise. This in turn has done wonders for both customer relations and employee morale.  The establishment of long-term bonds with our clients is vital to our future growth. We will especially work with those clients who need our technological strength and our New goals Improved performance Nobuo Seki President and CEO 3