Business Overview
Initiatives for Revitalization and the Future

November 2, 2023
Chiyoda Corporation（Stock code: 6366）© Chiyoda Corporation 2023, All Rights Reserved.

Presenter

Mr. Masakazu Sakakida
Chairman of the Board,
President & CEO0

AGENDA：
1. Executive Summary
2. New Orders
3. Major Ongoing
Projects
4. Business Portfolio
Transformation
5. Sustainability

Our SDGs Materiality

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This presentation outlines Chiyoda Corporation’s (Chiyoda)
business overview for the second quarter of the fiscal year
ending March 31, 2024, released on November 2, 2023.

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1 Executive Summary

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Executive Summary
Priorities for FY2023(Final year of the 5 Year Plan)

Progress of the First Half

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Strengthening financial position
through profit earnings bysteadily executing JPY 1.1 trillion
Project Backlog

 Generating stable earnings byexecuting ongoing projects asplanned2

Accelerating business portfoliotransformation via continuing
growth in new business areas Accumulating orders, mainly in thedecarbonization field Accelerating new business initiatives,
including commercialization ofhydrogen business

Revenue

Operating Profit

Steadily executes ongoing projects Further improves earnings structure[Billions of yen]

500430400▶

20030380310300

45031027220

Progress:
60%1010000

FY2019 FY2020 FY2021 FY2022 FY2023Profit
High level and stable profit[Billions of yen][Billions of yen]
202019181715151615 ▶
15201412181312111010989Progress:
81111758%
Progress:
67554% 5432100▲1(12.6)*
FY2019 FY2020 FY2021 FY2022 FY2023
FY2019 FY2020 FY2021 FY2022 FY2023

27* The figure includes Extraordinary Losses of JPY 20.4 billion related to the project losses by settlement of lawsuitwith a client.

3The following is the progress made towards achieving thepriorities of the Revitalization Plan listed below, through thefirst half of FY2023 since its launch in 2019:
1. Strengthen Chiyoda’s financial position by generating
stable profits through the planned execution of ongoingprojects.
2. Accelerate the transformation of the business portfolio,
accumulating orders mainly in the decarbonization field
and accelerate new business initiatives, includingcommercialization of the hydrogen business.

32New Orders

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New Orders / Results for 1H and Forecasts for 2H
Increasing orders, mainly in Japan’s decarbonization and life science fields,
where a strong appetite for capital spending is demonstrated, leading tobusiness portfolio transformation.
FY2023 1HBusiness

FY2023 2H

135 Billion Yen

New Orders

Full Year
Target300 Billion Yen（Progress: 45％）
 Steady growth mainly in new businessprojects

Domestic

101 Billion Yen[Major projects awarded] • Biopharmaceutical••Battery energy storage
Advanced materials•

manufacturing
Synthetic fuel(e-fuel)etc.

Overseas

33 Billion Yen

 Enhancing the Group's overall strength
through collaboration with Chiyoda XONE Engineering Corporation*• Decarbonization • Life science etc.
• Advanced materials

 Focusing on activities to generate futureorders such as strengthening
partnerships.
 Change orders from clients[Major projects awarded]• Change orders from clientsfor ongoing projects
etc.

250 Billion Yen[Projects in focus]

50 Billion Yen[Projects in focus]• LNG• Hydrogen, decarbonization etc.

* Chiyoda X-ONE Engineering Corporation was established in April 2023 from the mergerof three group companies.

5New orders in the first half of the year totaled 134.8 billion
yen. Orders received are largely as planned at 45% of thefull-year target, predominantly from increased orders inJapan’s decarbonization and life science fields which
demonstrate strong appetites for capital spending.
Chiyoda will continue to transform its business portfolio in
FY2023 2H, cultivating new business fields such as
decarbonization, life sciences and advanced materials inJapan, while securing promising projects overseas, including
related to decarbonization.

53Major Ongoing Projects

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1. Tangguh LNG Expansion, Indonesia
Handover to the client in August, 2023
 3.8 MMTPA* mega - project. Contributing to stable energy supply in Indonesia and Japan.

Courtesy of BP Berau Ltd.
* Million Metric Tonne per Annum7

The project was handed over to the client in August 2023
and the first LNG cargo was shipped in October.
With an annual LNG production capacity of 3.8 million tons,
this large-scale plant will contribute to the stable supply ofenergy in Indonesia and Japan.

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2. NFE LNG, Qatar
Construction ongoing.
Equipment installation commenced.
 Mr. Sakakida, President,
Chairman of the Board & CEOof Chiyoda Corporation,accompanied Japan’s Prime
Minister Kishida on a visit tothe Middle East Mr. Sakakida had the pleasure ofan audience with Emir Tamim at
the Royal Palace of Qatar, andwas delighted by his encouraging
sentiments regarding thecontinued steady progress of theNFE LNG project.
As of March 2023, Courtesy of Qatargas

8Construction is ongoing and equipment installation hascommenced.
As a member of an economic mission, I accompanied
Japan’s Prime Minister Kishida on his visit to three Middle
Eastern countries in July 2023.
I had an audience with Emir Tamim in Qatar, who offeredencouraging statements regarding the continued steadyprogress of the project and shared his expectations for thefuture.

83. Other Major Projects
Golden Pass LNG, USAEngineering and procurement arein the final stage.
Construction ongoing.

Courtesy of Golden Pass LNG

Copper Smelting Plant, Indonesia

Construction is at its peak.
Completion is scheduled for 2024.

Courtesy of P.T. Freeport Indonesia

9Engineering and procurement are in the final stages onGolden Pass LNG in the USA and construction is ongoing.
Construction is at its peak on the copper smelting plant
project in Indonesia, with completion scheduled for 2024.

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4 Business Portfolio Transformation

1010

1. Energy Management BusinessAwarded EPC contracts for two large-scale batteryenergy storage facilities for ENEOS Corporation
 Battery energy storage will be crucial to resolving issues in expanding the introduction of renewableenergy, such as stabilizing the power supply and demand balance and power output fluctuations.
 Contributing to the realization of a decarbonized society through the execution of these projects
by leveraging our experience in the early completion of one of the world’s largest battery energy
storage facilities in Hokkaido*1Location

Muroran City, Hokkaido
Ichihara City, Chiba
北豊富変電所蓄電池システ
Muroran Plant of ENEOS Corporation
Chiba Refinery of Osaka International Refining Co, Ltd.*2ムBattery energy
output/capacity
Construction started inOperation starts in

50 MW / 88 MWh

100 MW / 202 MWh

July 2022

August 2023

FY 2023 (planned)

FY 2025 (planned)

Exterior view ofthe energy storage
facilities*3
Left: Under construction
Right: Completion image*1 Completion of the Engineering, Procurement and Construction of a Battery Energy Storage Systemin Hokkaido Prefecture, Japan, April 14, 2023
*2 A group business of ENEOS Corporation*3 Source: ENEOS Corporation press release on August 17, 2023

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Two contracts to install large-scale battery energy storage
facilities were awarded to Chiyoda in Hokkaido and Chiba
prefectures by ENEOS Corporation and construction isongoing.
Battery energy storage will be crucial to resolving issues in
expanding the introduction of renewable energy, such asstabilizing the power supply and demand balance and power
output fluctuations.
We will continue contributing to the realization of adecarbonized society by leveraging our experience in thisfield, including the early completion of one of the world's
largest battery energy storage facilities.

112. Advanced Materials
Awarded an EPC contract for an advanced materials
production facility by Kureha Corporation
 EPC contract for the monomer process for a polyvinylidene fluoride (PVDF)
production facility. One of the largest investments ever for Kureha.
 The project enables Chiyoda to contribute to the domestic production and supply ofenergy storage batteries, vital to the electrification of automobiles, renewable energy
and the realization of a decarbonized society.

PVDF “KUREHA KF POLYMER”（Image on the left ） Key material for energy storage batteries(lithium-ion batteries, LiBs).
 Growing demand for LiBs in automotive
market due to expansion of electricvehicles in response to increasing
environmental awareness.
Source: Kureha Corporation Website

12An EPC contract for a polyvinylidene fluoride (PVDF)
production facility was awarded by Kureha Corporation, oneof their largest investments ever.
PVDF is a key material for lithium-ion energy storage
batteries and demand is expected to increase in theautomotive market.
The project enables Chiyoda to contribute to the domestic
production and supply of energy storage batteries.

123. Hydrogen BusinessAccelerating multilateral endeavors to create ahydrogen energy-based society Mr. Sakakida, Chairman of the Board, President & CEO, delivered a speech at‘Yomiuri Carbon Neutral Day’ on August 30, 2023*1.
 Promoting a multilateral approach including cost reduction initiatives to the creationof a hydrogen value chain, comprising production, storage & transportation,distribution & consumption.
Production• Production of MCH*2• Hydrogen production by methane pyrolysis
in collaboration with Chubu Electric Powerand Hazer (Australia)

Transportation/ Storage• Promoting the commercialization of aninternational supply chain utilizing
Chiyoda's expertise in transporting andstoring hydrogen in the form of MCH

Use• Hydrogen is catalytically extracted from
MCH (using Chiyoda’s proprietarydehydrogenation catalyst)• Sustainable fuels and direct MCH fuel cell

Cost reduction initiatives
 Improving dehydrogenation
catalyst performance
Demonstration plantcurrently under construction(Courtesy of Hazer)

 Exploiting waste heat fromsurrounding facilities fordehydrogenation reaction(heat integration)

北豊富変電所蓄電池システム
Dehydrogenation plant in
Keihin Refinery, TOA Oil*3

 Optimizing the entire waterelectrolysis facility*1 A video of the speech is available on the “Yomiuri Shimbun Online Carbon Neutral Project Special Site”.
*2 Methylcyclohexane is a hydrogen carrier produced by the chemical reaction of toluene and hydrogen and is liquid at room
temperature and pressure.
*3 Source: Advanced Hydrogen Energy Chain Association for Technology Development / International hydrogen supply chain(Brunei-Kawasaki) demonstration facility

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I introduced Chiyoda’s hydrogen business initiatives during aspeech at ‘Yomiuri Carbon Neutral Day’ on August 30, 2023.
Chiyoda implements cost reduction initiatives, promotes
multilateral endeavors and identifies business opportunities
at every stage of the hydrogen value chain, comprisingproduction, storage & transportation, distribution &consumption.

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4. O&M-X* Solution Business
Commencing plantOS™ Services
 Chiyoda provides hybrid Operation & Maintenance (O&M) solutions that combine cyber andphysical technologies by uniting Chiyoda’s advanced diagnosis and analysis service expertisewith the latest digital technologies and by leveraging the collective strength of the Group incollaboration with Chiyoda X-ONE Engineering Corporation.
 We contribute to ‘Business Safety’ (safe and secure business activities) by resolving problems
such as labor shortages, obsolete facilities and technical succession.
■ ImageClients
Safe and secure business activities (Business Safety)

Physical services Construction planning

Condition monitoring
Documentation and data management&Spare parts management
Partners
Purchasing & procurement

Routine maintenance
Shut Down MaintenanceConstruction process management

Digital services
Sensors, IoT solutions

Consultation

Digital twin solutions
V-SuiteSupport for upgrading facility maintenance:
analysis and diagnosis
BCP (Business Continuity Plan)

Enterprise Asset Management(EAM) solutions

Support for advanced operation: yield and efficiency
improvement
Implementation of smart factories* Operation & Maintenance – Transformation

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Chiyoda has commenced plantOSTM services.
We provide Operation & Maintenance solutions by uniting
Chiyoda’s advanced diagnosis and analysis service
expertise with the latest digital technologies, and byleveraging the collective strength of the Group incollaboration with the group company ‘Chiyoda X-ONEEngineering Corporation’.
We contribute to ‘Business Safety’ by resolving problems
such as labor shortages, obsolete facilities and technicalsuccession.

145Sustainability

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1. Reducing Supply Chain CO₂ Emissions
Promoting cleaner energy with LNG
Chiyoda continues contributing to the reduction of supply chain CO₂ emissions by focusing onthe production of more environmentally friendly LNG, a major concept during the increasing
demand for a stable energy supply and the transition towards renewable energy.
▶ NFE LNG, Qatar <EPC ongoing>▶ Freeport LNG, USA <EPC completed>【 Typical LNG Plant 】: Through a large CCS* facility and Waste Heat Recovery Units,: the LNG Trains will emit 25% less CO₂ than existing similar type: mega-trains when fully operational.
: Electric motor drives (E-Drive) are adopted in the cooling system in: lieu of conventional gas turbine drive types, and CO₂ emissions are: reduced by 48%.

Freeport LNG, USA
CO₂ reduction

Electric motor （ E-Drive）
Liquefaction/Refrigeration

FeedGasAcid Gas
RemovalNFE LNG, Qatar

CCS facility
20% reduction will be achieved（CO₂ Compression）
through a large CCS facility
where CO₂ is extracted andcompressed from the feed gasfor re-injection underground,avoiding discharge to theCO₂ storageatmosphere.

LNG
Gas Turbine
DriverWaste Heat
Recovery Units

Refrigerant Compressor

Heat generation

kFurnace削減

CO₂ reduction

5% reduction is achieved throughimproved energy efficiency using
Waste Heat Recovery Units
installed on Gas Turbine Generator
exhausts to recover heat from fluegases.

* Carbon dioxide Capture and Storage

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Chiyoda promotes ‘Cleaner LNG’ towards realizing its carbon
neutrality goals declared in April 2022.
Cleaner LNG reduces CO2 emissions and is a significant
development concept for the future of LNG, where demandis increasing as a transition energy source towards a stableenergy supply. By promoting Cleaner LNG, Chiyoda isworking to reduce CO2 emissions in Scope 3 of the supplychain.
Two examples are: the NFE LNG project in Qatar, whereChiyoda is working to reduce CO2 emissions by 25% during
operation compared to previous levels by introducing a large
CCS facility and Freeport LNG in the USA, where 48% CO2emissions reduction has been achieved during operation byintroducing electric motor drives for refrigerant compressors
in lieu of conventional gas turbine drivers.

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2. Chiyoda Group’s Purpose
Enriching Society through Engineering Value

17In August 2023, Chiyoda Group defined ‘Enriching Society
through Engineering Value’, as our new corporate purpose
towards achieving sustainable growth and as a guideline forall stakeholders regarding the direction of our Group.
‘Enriching Society through Engineering Value’ also reflects
the commitment of all our employees in applying the Group'sengineering and technological expertise to resolve social
problems and realize a decarbonized society, for a more
prosperous, higher quality of life.
Using our new purpose as a guiding principle, all employees
move in the same direction, successfully completing the fiveyear plan to enter a new phase of innovation and growth.

17Enriching Society through Engineering Value

Chiyoda Corporation Corporate Services Department IR, PR & Sustainability Advanced Section, https://www.chiyodacorp.com/en/
Forward-Looking Statements: Any projections included in these materials are based solely on information available at the time thispresentation was prepared. It is possible that actual results may vary significantly from the projections due to a number of risk factors
such as economic conditions. The results projected here should not be construed in any way as being guaranteed by the Company.
Investor are recommended not to depend solely on these projections for making investment decisions.
© Chiyoda Corporation 2023, All Rights Reserved.

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