PROJECT HIGHLIGHTS RasGas Train 4 LNG Onshore Expansion in Qatar Qalhat LNG Project in Oman President Nobuo Seki expresses appreciation to U.H (Paul) Jones, venture manager of Ras Laffan Liquefied Natural Gas Company Limited (II), for the RasGas Train 4 option contract awarded to Chiyoda. President Nobuo Seki signs a parent company guarantee in the presence of H.E. Mohammed Hamad Saif Al Rumhi, Minster of Oil and Gas, at the contract signing ceremonies for the Qalhat LNG train. 14 The new LNG train aims for improved production capacity and is expected to be on stream by the end of 2005. Chiyoda’s rich experience and proven performance in fast-track base-load LNG projects worldwide help Chiyoda-Foster Wheeler meet the challenging delivery schedule and enable Qalhat LNG S.A.O.C. to supply LNG supply in early 2006. Through excellent performance in EPC for the existing plants, as well as for the Project Specification Work on the new LNG train, Chiyoda-Foster Wheeler demonstrated its expertise as a reliable and competent engineering contractor and earned the confidence of Shell Global Solutions International B.V., which has been involved in the Oman LNG project as Technical Advisor from the outset.  The new LNG train will be built adjacent to the existing Oman LNG Complex at Qalhat, where two identical LNG trains, each with a capacity of 3.3 million tons per year, have been operating since early 2000. During the completion of the existing trains for Oman LNG LLC, Chiyoda-Foster Wheeler achieved highest quality and an outstanding safety record while performing within budget and on a fast project schedule. Chiyoda-Foster Wheeler and Co. LLC was awarded a contract by Qalhat LNG S.A.O.C. for the detailed engineering, procurement and construction (EPC) of a liquefied natural gas (LNG) train at Qalhat, near Sur, the Sultanate of Oman. The contract includes construction of additional LNG storage facilities as an option. This option for Train 4 work means successive awards of EPC contracts to Chiyoda, beginning with the Qatargas LNG Train 1/2/3 contracts (completed in 1998) and continuing with the RasGas Train 3 contract (under execution). We believe this track record confirms Chiyoda’s competitive strength in the LNG plant business of the Middle East region. We believe that the notice to proceed with this contract option is largely attributable to our JV's superb capability as proven in Train 3 project execution, and in successful track records in other Qatar projects, which result in a synergistic effect with the ongoing Train 3 project. This contract for the LNG Train 4 project includes an installation of the world's currently largest LNG Train, which will be identical with that of the Train 3 Project, and will produce approximately 4.7 million tons of LNG per annum. The LNG Train 4 plant will start delivering LNG cargoes by the end of 2005. The Joint Venture of Chiyoda, Mitsui & Co., Ltd. and Snamprogetti S.p.A received at the end of September, 2002, the notice to proceed with execution of the option for the detailed engineering, procurement and construction (EPC) of LNG Train 4 plant, LNG tank, berth, and condensate load- ing facilities from Ras Laffan Liquefied Natural Gas Company Limited (II) (RasGas II: Qatar Petroleum and Mobil QM Gas Inc.) in the State of Qatar, in addition to the contract for its LNG Train 3 plant currently under execution since April 1, 2001.