Profile For more than 50 years, Chiyoda Corporation has constantly evolved to meet the fast- changing needs of its diverse customers around the world. As an integrated engineering and construction company with a solid foundation in the hydrocarbon processing industry, Chiyoda has leveraged its extensive experience and far-reaching global network to give it an unrivalled advantage in today’s challenging times. The Company will continue its engineering, procurement and construction (EPC) business, while innovating an expanded business model that includes plant lifecycle engineering (PLE). This will enable Chiyoda to participate in project planning, maintenance, operation, revamping, and business planning for future investment. The objective is to become a one-stop provider of everything Chiyoda customers need in the way of plant development and operations. The trust Chiyoda has earned over the past five decades, combined with its vast global network of personal contacts and deep reservoir of know-how, makes it the engineering company of choice for customers worldwide. An important cultural asset residing at Hofu-Tenmangu Shrine, Yamaguchi Prefecture. The scroll portrays the building of the Kitano Tenmangu Shrine in 959 A.D. The man standing with a long staff over his left shoulder is the Toryo, a man with great knowledge and experience who had the responsibility to complete the project on time and within the budget while maintaining workers safety and work quality. In Japan, the Toryo is the origin of today’s project managers. The Matsuzaki Tenjin Engi Emaki Picture Scroll Cover: CONTENTS 1 Profile 2 Consolidated Financial Highlights 3A  Message from the President 5 Management Policies 7 The Chiyoda Group Operations Initiative 9 Highlights 13 Review of Operations 23 Technology 25 FINANCIAL SECTION Consolidated Five-Year Financial Summary 26 Consolidated Financial Review 27 Consolidated Balance Sheets 29 Consolidated Statements of Income 30 Consolidated Statements of Shareholders’ Equity 31 Consolidated Statements of Cash Flows 32 Notes to Consolidated Financial Statements 45 Board of Directors, Corporate Auditors, and Executive Officers 46 Corporate Information 47 Worldwide Network Plant Lifecycle Engineering Time Cost Accumulate the information in the common database Future Investment  Plan Lifecycle Cost Operation Construction 1