JGC GroupFY2021–2025

Medium-Term Business Plan (BSP 2025)
Building a Sustainable Planetary Infrastructure 2025

May 12, 2021

JGC Holdings Corporation

Meaning of new medium-term business plan in the 2040 VisionFirst phase toward 2040 vision: Five years of challenge

Present● Advancing into renewable energy
infrastructure● Further developing our functional materials
manufacturing capabilities● Sowing the seeds for businesses promoting
sustainability

Five years of challenge

Five years of harvest(2021–2025)(2026–2030)● Expanding in the energy transition
segment● Actively investing in growth businesses● Laying the groundwork for future businessLow-carbon / decarbonized
Oil & Gas

Ten years of rapid growth(2031–2040)● Harvesting the fruit of efforts for growthbusiness (High-performance functional
materials, Healthcare / Life science)● Making future business profitable● Developing
business(Circular
Developingthe
thefuture
futurebusiness(Circular
economy,&&Urban
infrastructure)
economy,Industrial
Industrial
Urban
infrastructure)
into
into pillars
pillarsofofbusinessbusiness● Establishing diversified portfolio management

Clean energyCorebusiness

Futurebusiness
Growthbusiness

Oil & Gas

RenewableenergyEnergytransition

High-performance
functional materials

Healthcare /Life sciences

Circular economy

Industrial & Urban
infrastructure

Timeline

2

Executive Summary
PurposeA corporate group that
contributes to enhancing
planetary health in five businessareas

2040 Vision

Enhancing planetary health

Toward net-zero CO2 emissions from business activities in Japan and overseas by 2050
First phase

Medium-term business plan (BSP 2025): Five years of challenge

Key strategies¥200 billion

1. Transformation of EPC operations
2. Expansion of manufacturing business for highperformance functional materials
3. Establishment of future engines of growth● Net sales of ¥800 billion● Operating income of ¥60 billion● Net profit of ¥45 billion● ROE of 10%

FY2025targets

in strategic investment

Shareholder
return● Dividend payout ratio of 30% or more
● Minimum dividend of ¥15 per share

3

Contents

Review of previous medium-term business plan (FY2016–FY2020)

P.5

Awareness of business environment

P.8

Key strategies

P.12

•

Transformation of EPC operations

P.14

•

Expansion of manufacturing business for high-performance functional materials

P.18

•

Establishment of future engines of growth

P.25

Investment strategy

P.30

Talent and organization

P.32

Financial targets

P.35

Capital and shareholder return policies

P.37

ESG initiatives

P.41

JGC Group commitment to carbon neutrality by 2050

P.43

4

Review of previous medium-term business plan (FY2016–FY2020)

5

Review of previous medium-term business plan (FY2016–FY2020)

Summary
Financial targets missed, but EPC operations stabilized and groundwork for growth laid

HigheroperatingincomeLessons learned from FY2016 loss
applied to strengthening EPC risk
management
Achieved higher operating income
ratio(3.0% in FY2017 → 5.3% in FY2020)

Groundwork for
growthPositioned functional materials
manufacturing as one of corebusinesses
Achieved a fuller EPC track record
in infrastructure
Established a framework forcommercializing clean energy andrecycling technologies

Holdingcompany
structure

Strengthened portfolio
management
Accelerated decision-making
through delegation of authority
to operating companies

6

Review of previous medium-term business plan (FY2016–FY2020)

Business results
Firmer business footing, pursuit of strategies and measures for growth

Strengthening of project
execution capabilities

Total Engineering● Strengthened project risk management● Established construction methods for large-scale modules(as used in Australia, Russia, and Canada)

Executed multiple offshore LNG projects
Expansion of business regions and ●● Expanded into new market such as Canada, Russia, East
Oil & Gas EPC
Africa, and Iraq

Diversification of business areas● Actively pursued renewable energy projects in Japan● Conducted EPC for solar power in Vietnam and Mongolia● Ventured into SMRs*1 through investment in NuScale Power, LLC

Digitalization(Digital transformation)● Established and promoted IT Grand Plan 2030
● Focused on digital transformation of EPC (EPC DX) utilizing AWP*2
and data-centric approach● Invested in and worked with UK-based software company, MODS

Growth investment, sales
expansion● Expanded fine chemicals business● Enlarged chemical catalyst sales channels● Started production at new high thermal conductivity silicon
nitride substrate factories

High-performance
functional materials
manufacturing
Strengthening of frameworks
to develop new products● Integrated catalyst and fine chemical R&D centers● Joint development with overseas customers● Expanded human resources for sales and development● Improved development efficiency by intra-group collaboration*1 SMRs: Small Modular Reactors for nuclear power generation*2 AWP: Advanced Work Packaging

7

Awareness of business environment

8

Awareness of business environment

Energy transition
Higher LNG demand is expected, with the market set to remain robust
Growing business opportunities in energy transition segments
Market growth rate

Segment

LNG

Renewable energy

Renewable energy market such as solar power,
energy storage, and biomass power generation
will remain robust

Carbonmanagement

Need for CCS* and other programs are expected to
grow rapidly

Offshore wind
power

Domestic market is expected to take off in thefirst half of 2020s

Hydrogen / fuelammonia

Formation of value chains will be progressed in
anticipation of significant market growth in2030 and later

Existing

New

Projected global LNG
supply and demandMarket awarenessTight supply and demand is expected to be balancedin the late 2020s➡ New projects on the scale of tens of millions oftons are expected in 2022 and later（MTPA)
800

600

400

200

0

* CCS: Carbon Capture & Storage

Very highHigh

Fairly high

2015

2020

2025

2030

2035

2040

Demand forecast range
LNG Supply in Operation
LNG Supply under construction

9

Source: Shell LNG Outlook 2021

Flat

Awareness of business environment

High-performance functional materials manufacturing
Existing segments:

Market expansion in segments involving semiconductors, telecommunications,and chemical / environmental applications

Market growth rate

Existing

New

Market expansion for materials used in electric vehicles and semiconductor applications
Segment

Market awareness

Catalysts

Oil refining catalyst market will contract
Demand for chemical / environmental catalysts is
expected to growFine chemicals

Demand for materials for cosmetics, displays,
and semiconductor applications is expected to
expandFine ceramics

Demand for materials for semiconductor
manufacturing equipment and telecommunications/sensor products is expected to expand

High thermal
conductivity
silicon nitride
substrate

Worldwide market growth is expected as EVs
are adopted

Nanoparticles for
CMP*

Worldwide market growth is expected as thesemiconductor industry grows*CMP: Chemical mechanical polishing

Very highHigh

Fairly highGlobal semiconductor
market forecast(billion dollars)

700

Semiconductor market scale

New segments:

600

CAGR (compound
annual growth rate) of

500

6.7%

400
300
200
100
0
2015

2020

2025
Source: SEMI

Flat

10

Awareness of business environment

Healthcare / Life sciences, Circular economy, Industrial & Urban infrastructure
Healthcare / Life sciences:

Market expansion from higher standards of living, aging population

Circular economy:

Progress in formation of recycling value chains

Industrial & Urban infrastructure:

Market expansion in Asia driven by economic growthMarket growth rate

Segment

Market awarenessPharmaceuticals, Domestic capital investment will be recoveredin pharmaceuticals, greater medical needs
hospitals(domestic)arising from aging populations

既存
Existing
Healthcare /Life sciences
New
新規

Pharmaceuticals,
Demand is expected to grow due to higher
hospitals
standards of living and aging populations

Circular economy

New
新規

Waste plastic
recycling

Technology development and commercial
demonstration will be in progress. Market
formation will be in 2025 and beyond

Industrial & Urban
infrastructure

New

Water
treatment,
railwaysMarket expansion is expected in Asia driven by
economic growth

Very high(outside of Japan)

High

Fairly high

Flat

11

Key strategies

12Key strategies

Three key strategies pursued over five years of challenge

Transformation of
EPC operations

Expansion of
manufacturing business forhigh-performance
functional materials

Establishment of
future enginesof growth● Increase competitiveness and profitability in mega-sized EPC projects● Take on EPC growth markets and segments● Offer more product line-ups in existing business for increased
revenue● Expand sales of strategic products● Explore and develop next-generation business● Offshore wind power● "Blue" hydrogen / fuel ammonia● Chemical recycling, etc.

13

Key strategies

Transformation of EPC operations

14

Transformation of EPC operations

Increasing competitiveness and profitability in mega-sized EPC projects
Business Strategy

Improveproject grossprofit ratios

Improvecompetitivenessin securing
ordersStrategy indicators

Risk
management● Formulate and implement execution plans with abalance of risk avoidance, mitigation, transfer, andretention

Projects● Improve business management skills of engineers● Appoint qualified global leaders for managerial roles

Joint venture
strategies● Optimize joint-venture partnering for projects oralliances

Digitaltechnologies● Accelerate deliveries and improve quality of designand execution utilizing AI for design and AWP for
project execution

Optimalconstruction
methods● Automated welding robots● Digital RT*, AI judgment of welding quality

Gross profit ratio

Ensure steadygross profit ratio of 10%

Net sales

Mega-sized
overseas EPC projects:¥350 billion(FY2025)● High-frequency induction bending for pipes● Remote management of site activities

15* RT: Radiographic testing

Transformation of EPC operations

ExamplePromoting EPC DX utilizing AI for design and AWP for project execution

Enable 1) visual representation of plan and progress for project execution and 2) remote management of site activity
Also, apply EPC DX technology for project simulation in forecasting

Project operation systems

Asia region
Engineering
Systems

Data collection platform

Project Dashboard

Project Simulator

Analysis, visual presentation

Automatedcollection

Database foranalysis

Procurement
Systems

Collection,
storage

Investigation, decision-making

Database forcollection/storage

Construction
Systems

16

Transformation of EPC operations

Taking on EPC growth markets and segments
Strategic segments

Expandinginto growthmarkets

Business strategies

Strategy indicators

Asian offices:
Asia region● Establish coordinating office for operating centers in
Asian region● Strengthen business development and project
execution capabilities● Centralize engineering functions

Expandinginto growth
segments

LNG receiving
terminals
Gas-fired
power
Solar power
Biomass power
Pharmaceuticals
hospitals

Chemicals

Net sales

Number of people assigned in Asian offices

2,600

3,100

Domestic offices:● Enlarge our pharmaceutical EPC workforce● Establish a business unit focused on chemical¥300 billion
in growth markets
and segments (FY2025)(Asia + Domestic)

projects
Number of people assigned to domestic businesses

1,200

1,500

17

Key strategies

Expansion of manufacturing business forhigh-performance functional materials

18Expansion of manufacturing business for high-performance functional materials

Offering more product line-ups in existing business to increase our revenue baseStrategic segments

Strategy indicators

Business strategies● Develop catalysts offering high bottom cracking performance(high bottom cracking catalysts, high-performance additives)

Catalysts● Increase joint development with clients● Develop catalysts for chemical refineries● Expand development of original chemical catalysts

Offering
more
productFineline-ups inchemicals
existing corebusinessFine
ceramics● Develop low-temperature denitration catalysts

Net sales● Expand offers of nanoparticles for hard disk polishing● Expand offers of cosmetics materials (micro bead alternatives),
optical materials● Develop optical film materials for automotive display application¥50 billion● Expand product offerings of materials for semiconductor / high-(FY2025)

speed telecom applications (fine materials with low/high dielectric
constants)● Expand offerings of products used in semiconductor
manufacturing equipment● Expand business from contract manufacturing of thin-film circuit
substrate to design and supply of original products

19

Expansion of manufacturing business for high-performance functional materials

ExampleJGC Catalysts and Chemicals: Expansion of core business
FCC catalysts for chemical refineries(FCC catalysts to improve propylene yield: PMC catalysts)•••

Development of PMC catalysts supporting both conventional FCC and chemical FCC processes
Offering high propylene yield in conjunction with additive for propylene conversion
Meeting refinery needs for production of petrochemical raw materials

Propylene yield (wt%)
measured by JGCʼs instrument

280%

increase

20

PMC catalysts

High activity, high selectivity

140%● Optimal active ingredients● Hydrogen transfer reaction control

increase
10High C5–C10 olefin yield

0

Additives
Conventional
FCC

Conventional
FCC+
PMC catalyst/
additive

Chemical FCC
process+
PMC catalyst/
additive

High propylene (C3 olefin) yield

20

Expansion of manufacturing business for high-performance functional materials

Expanding sales of strategic products
Strategic segments

Catalysts,
finechemicals

Business strategies

Strategy indicators● Develop technologies for new chemical
catalysts and fine chemicals products (such as
nanoparticles for CMP), and rapidly develop
this market
Net sales

Expand salesof strategic
products¥10 billion(FY2025)

Fine
ceramics● Invest in production facilities and technology
development for higher performance of highthermal conductivity silicon nitride substrates
for power semiconductors

21

Expansion of manufacturing business for high-performance functional materials

JGC Catalysts and Chemicals, Japan Fine Ceramics:
Expanding sales of strategic products

ExampleSemiconductor CMP(chemical mechanical polishing)
Offer ceria-silica composite particles and variant silica particles as
low-defect, high-speed polishing slurry for STI*1 and ILD*2
applications developed using control techniques of morphology,
composite and impurities of nanoparticles.

High thermal conductivity silicon nitride
substrates for power semiconductors
Expand production capacity of high thermal conductivity silicon
nitride substrates that improve heat dissipation (indispensable forhigher performance in power semiconductors) to meet increasing
demand as electric vehicles become more widespread.

Variant silica particles

Factory 1

Cross-section
Factory 3 (SN building)MetalwiringInsulating
film
Element
Siliconwafer*1 STI: Shallow trench isolation*2 ILD: Inter-layer dielectrics

Factory 2 (SN building)

Ceria-silica
composite particles

New silicon nitride factories(SN buildings)

Start of Production in January 2021

22

Expansion of manufacturing business for high-performance functional materials

Exploration and development of next-generation business
Strategic segment

Development of new product portfolio

Catalysts, finechemicals

Exploration
anddevelopment ofnextgeneration
business

Catalysts,
fineFine ceramics
chemicalsFineceramics● Catalysts for carbon recycling and, chemical recycling● Materials for high-speed communications (balloon silica low dielectric constantmaterials, high dielectric constant nanomaterials)● From antibacterial and dental materials to materials used in the life sciences
segment (such as diagnostic agents and sustained release materials)● All-solid-state battery / Li recovery electrolytes● CMC*1 for engineering ceramic parts● OCP*2 for bone regeneration

23*1 CMC: Ceramic Matrix Composites*2 OCP: Octacalcium phosphate

Expansion of manufacturing business for high-performance functional materials

ExampleJapan Fine Ceramics:
Exploration and development of next-generation business
Bone regeneration materials / OCP
Greater demand is expected for highly biocompatible bone regeneration material
such as this very effective OCP developed by Tohoku University.
Venture into orthopedics by applying technical expertise for commercial viability.
OCP powder produced by
Japan Fine Ceramics

Comparison of biocompatibility (OCP, HAp*)
OCP
Granulation

HAp
Granulation

Source: Data of Professor Suzuki of Tohoku University*HAp: Hydroxyapatite

24

Key strategies

Establishment of future engines of growth25

Establishment of future engines of growthEstablishing new business as primary sources of future revenue
Business areas

Energy transition

2040 Vision

Healthcare /Life sciences

Growth engines● Smart hospitals● Smart factories● Digital healthcare

High-performance
functional materials● Catalysts for carbon recycling,chemical recycling● Bone regeneration materials / OCP, etc.

Circular economy● Recycling of plastic and fiber waste● SAF*2

Industrial & Urban
infrastructure● Water treatment● Railways*1 SMRs: Small modular reactors for nuclear power generation*2 SAF: Sustainable aviation fuelStrategy indicators● Carbon management● Offshore wind power● Hydrogen / fuel ammonia● SMRs*1● Smart O&M

Sales¥50 billion (FY2025)(¥500 billion in FY2030)

26

Establishment of future engines of growth

Offshore wind power
Five-year vision

Awarded and executed domestic offshore wind power EPC
projects, becoming a leading contractor in the sector

Business models

EPC
O&M
Businessparticipation

Strengthen partnerships
with other companies
in the EPC sector

Serve as business partner

Make capital investment
to realize EPC

Unique qualifications
Expertise in design andinstallation of offshore
structures for FLNG

Venture into more technically challenging floating facilities in medium to long term
Target sales ¥30 billion in 2025 and ¥100 billion in 2030

Networks of partners andvendors in Japan andoverseas
Management capabilities
proven in large EPC projects

27

Establishment of future engines of growthBlue hydrogen / fuel ammonia*1
Five-year vision

Acquired relevant technologies and participated inconstruction of blue hydrogen / fuel ammonia value chains

Business models

EPC
Licensing
Consulting

Develop / Acquire relevant
technologies (including
licenses), demonstrate thetechnologies in Japan andoverseas

Engage in business
partnerships for blue andgreen hydrogen / fuelammonia projects

Businessparticipation

Conduct M&As, engage instrategic partnerships

Target sales ¥50 billion in 2030
Participate in green hydrogen / fuel ammonia*2 toward 2040
*1: Blue hydrogen / fuel ammonia: Hydrogen /fuel ammonia derived from low-carbonized fossil fuels by CCS, etc.
*2: Green hydrogen / fuel ammonia: Hydrogen / fuel ammonia derived from renewable energy

Unique qualifications
Process engineering
capabilities from refining
and petrochemicals
Record of CCS facility
design and construction(for blue hydrogen)
Facility expansion expertise
gained from LNG plants

28

Establishment of future engines of growth

Chemical recycling
Five-year vision

Attained standing as technology licensor and operator inthis segment, formed new markets around the world

Business models

EPC
Licensing
Consulting

Partner withcompanies positioned
upstream anddownstream ofrecycling facilities

Businessparticipation

Identify / Acquire
licensed technologies
in Japan and overseas

Acquire operational
knowledge throughcommercial
demonstrations

Cultivate
entrepreneurial
human resources

Achieve widespread adoption and commercialization by 2025,
target sales ¥50 billion in 2030

Unique qualifications
Process engineering
capabilities from refining
and petrochemicals
Networks of clients andpartners in Japan andoverseas
Record of executing
projects in Japan andoverseas

29

Investment strategy

30

Investment strategy

Investment for the three key strategies

DigitalTransformation

Businessdevelopment

Transformation of EPC operations¥70 billion● EPC DX
● Acquire business capabilities in
Asian region● Pharmaceutical engineering
technologies, etc.

M&As

Commercial
demonstrations

Expansion of
manufacturing businessfor high-performance
functional materials¥50 billion● Investment to develop new
product technologies (such as forlife science materials)● Facility investment related to highthermal conductivity silicon nitride
substrates, etc.

Production
facilities

R&D

Establishment of
future engines of growth¥80 billion● Carbon management● Offshore wind power● Hydrogen / fuel ammonia● Chemical recycling, etc.

Over five years, make strategic investments
totaling ¥200 billion

31

Talent and organization

32

Talent and organization

Accelerating personnel realignment and expansion

Attaining goals of medium-term business plan will call for
realignment and expansion of human resources within the Group•••

Allocation focused on establishing EPC growth market and segments,
expansion of high-performance functional materials, and future
growth engine segments
Expansion of human resources with diverse expertise in areas suchas digital technologies, business development, and management
Promotion of diverse working styles

Total workforce of the Group:*

From 10,800 in 2021 to 12,000 in 2025
*Total of the holding company, EPC operating companies, high-performancematerial manufacturing companies, and Japan NUS (JANUS)

33

Talent and organizationJGC Group innovation organization
Promoting innovation

Segments for commercialization in
short term

Organization

Segments for commercialization in mid- or long-term

Process

Establish specialized business units at eachcompany to accelerate commercialization

Organization

Establish Technology Commercialization
Council in JGC Holdings, with the TCO
providing innovation process oversight

SystemIntroduce a new personnel system toCollaborate relevant organization
support autonomy in delivering inwith SC Dept. for business development
Establish CVC for closer external collaboration current and new areas

JGC Group innovation organization (overview)
JGC Holdings

JGC Corporation
Facility infrastructure
Nuclear energy
Carbon reduction, CCS

ESC

JGC Japan Corporation(domestic business)

Wind power
Next factory
Strategic Planning
OfficeOrganizations forcommercialization in short term

Technology
Commercialization
Council

JGC Catalysts andChemicalsJapan Fine Ceramics

TCO

SC Dept.

Sustainable new
business development

Japan NUS

(environmental consulting)

Silicon nitride
business

JGC MIRAI
Innovation Fund (CVC)

Organizations for commercialization in
mid- or long-term

TCO: Technology Commercialization Officer
SC Dept.: Sustainability Co-Creation Department
ESC: Engineering Solutions Center
CVC: Corporate Venture Capital

34

Financial targets

35

Financial targets

Expanding and diversifying revenue by FY2025

Net salesby business area
(Billion yen)

1,000

FY2020 (record)¥800 billion
800

Net sales

600

Operating income¥433.9 billion

400
200
0

Energytransition

Oil & Gas,
renewableenergy

600

351.3
FY20

Net salesby business model

Financial targets

Net profit

ROE(Billion yen)

FY20251,000¥800 billion¥800 billion

800¥60 billion

600¥5.1 billion¥45 billion

400

1.3 %

10 %

200

¥433.9 billion¥22.8 billion

150¥433.9 billion
96.2
650
337.7

0
FY25

FY20

Oil & Gas, renewable energy

EPC

Energy transition

Non-EPC

FY25

36

Capital and shareholder return policies

37

Capital and shareholder return policies

Basic capital policy: Strategic investments while maintaining sound finances

The period of this medium-term business plan is the first phase for transformation andgrowth toward our vision for 2040, positioned as “five years of challenge”.
Strategic investments will aim at expanding future revenue

Disciplined investment and fund allocation will help
the Group reach an ROE of 10%
Greater corporate and shareholder value to be sought by taking a balanced
approach to attaining the following objectives● Maintain sound finances for the EPC of mega-sized projects● Remain flexible in strategic investment● Provide steady shareholder return38

Capital and shareholder return policies

Financial strategy: Secure strategic investment funds
by effective use of cash in hand

Maintain sound finances

Anticipated fund allocation● Maintain stable equity ratio of 50% or higher
Operating cash
flow+
Debt financing● Secure liquidity in hand for business continuity even during market turmoil● Reduce effective tax rates

Strategic
investment¥200 billion

Remain flexible in strategic investment● Allocate around ¥100 billion of cash in hand for strategic investment● Use debt financing

Cash in hand¥100 billion● Optimize cash management

Shareholder
returnWorking capital

Provide steady shareholder return
39

Capital and shareholder return policies

Shareholder return policy: Newly introducing a minimum dividend
Cash dividends (illustrative)

Dividend Policy

Basic policy is for annual cash dividends
Performance-based
dividends

aimed at payout ratio of 30%
Additionally, introduce minimum ¥15
dividend per share

Share buybacks¥15

Minimum
dividend

Share buyback will be considered as necessary
in light of business situation

40

ESG initiatives

41

ESG initiatives

Transforming and expanding in business areas that enhance planetary healthEnhancing planetary healthPurposeJGC Groupmateriality

2040 Vision
five (5) business areas

Key strategies of
BSP 2025

Environmental

E

SocialSocieties in harmony
with the environment

S

Energy accessQuality of life
Working with local communities
around the world
Human rights, employee
motivation

GovernanceG

Corporate governanceRisk management

HighEnergy transition

Healthcare /Life sciences

performance
functional
materials

Transformation of
EPC operations

Expansion of
manufacturing businessfor high-performance
functional materials

Circular economy

Industrial &Urban
infrastructure

Establishment of
future enginesof growth

42

JGC Group commitment to carbon neutrality by 2050

43

JGC Group commitment to carbon neutrality by 2050

Toward net-zero CO2 emissions by 2050

Contributing to planetary health, the JGC Group will commit to ambitious target toward net-zero CO2 emissions frombusiness activities by 2050 aiming at balancing energy stability with decarbonization

Target2050
Net-zero CO2 emissions

Net-zero initiatives

Disclosure

For Scope 1 and 2 reductions, adopt low-carbon / decarbonizedpractices such as by reducing energy consumed in business

2030
30% reduction in CO2 emissions
per unit of production

activities, by use of renewable energy and by other means

For Scope 3 reductions, leverage technologies cultivated by
the JGC Group to provide energy transition solutions tostakeholders
Reduction as determined inconsultation with stakeholders● Reduction of plant energy consumption through smart O&M● CCS technology● Construction of environmentally conscious facilities such as solar power,
biomass power, offshore wind power, and small modular reactors● Hydrogen / fuel ammonia operations● Chemical recycling (plastic and fiber waste, SAF, etc.)

In responding to climatechange, disclose relevant
information in line with
TCFD recommendations

44

Enhancing planetary health45

Cautionary Statement

This presentation may contain forward-looking statements that reflect JGCʼs plans and expectations.
Such statements are based on currently available information and current assumptions of future events
which may not prove to be accurate. Such statements are also subject to various risks anduncertainties that could cause actual results to differ materially from those forward-looking statements.
JGC Holdings Corporation undertakes no obligation to update any forward-looking statements after thedate of this presentation. These potential risks and uncertainties include, but are not limited to:•Changes in general economic conditions, including foreign currency exchange rates, interest rates
and other factors that could affect our profitability•

Changes in government regulations or tax laws in jurisdictions where we conduct business

For questions concerning this material please contact:JGC HOLDINGS CORPORATIONGroup Management Development Department
Tel︓81-45-682-8026 Fax︓81-45-682-1112 E-mail︓ir@jgc.com

46