February 12, 2009
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Chiyoda Corporation
Takashi Kubota
6366First Section of the Tokyo Stock Exchange
Shinji Kusunoki
General Manager, Accounting Department+81-45-506-9410

Chiyoda Announces Revisions to Forecasts of Financial Results
Chiyoda Corporation today announced the following revisions to its forecasts of financial results and dividends
that were announced on May 14, 2008.
1. Revision to the consolidated full-year financial results forecast (year ending March 31, 2009)(Millions of yen)
Net income
Operating
OrdinaryNetRevenues
per share
incomeincomeincome(Yen)
Previous forecast (A)460,000
12,50016,0009,500
37.40(announced May 14, 2008）
Revised forecast (B)450,000
7,000
10,0005,000
19.68
Increase (decrease) (B-A)(10,000)(5,500)(6,000)(4,500)－Percentage increase (decrease) (%)(2.2)(44.0)(37.5)(47.4)－(Reference) Results for the fiscal
603,559
8,839
19,121
9,640
50.15
year ended March 2008
2. Reasons for revisions to the financial results forecast
The decrease in the revenues forecast is due to a sharp appreciation of the yen values. The yen-equivalentrevenues from overseas construction portion are anticipated to decrease. Operating income is anticipated todecrease. As for the prolonged commercial discussion with Qatar Liquefied Gas Co., Ltd. (3) and (4) to extend theconstruction period and increase the contracted price for construction of Train 6 and Train 7 is almost concluded,of which results will not cover the projected additional costs to be paid to subcontractors and other parties.
Ordinary income is expected to be impacted by a decrease in interest income from jointly controlled assets of joint
venture resulting from interest rate cuts affecting the U.S. dollar and other currencies. The decrease in the net
income forecast reflects the decrease in ordinary income and the recognition of loss on valuation of investment
securities.
Chiyoda also revised the exchange rate assumption used for the above forecasts from 95 yen to the U.S. dollar,
as of the November 12, 2008 announcement of consolidated financial results for the second quarter, to 90 yen to
the U.S. dollar.

-1-3. Revision to the year-end dividend forecast
Dividends per share (Yen)Cash Dividends

Year EndYear Total

Previous forecast (A)(announced May 14, 2008）

1111

Revised forecast (B)66

Increase (decrease) (B-A)
Results for fiscal year ended March2008

(5)

(5)

10

10

4. Reasons for the revisions to the dividend forecast
Chiyoda projected cash dividends of 11 yen per share for the fiscal year ending March 31, 2009, with a target
payout ratio of 30% of net income at the beginning of this fiscal year. However, due to the downward revision fornet income, Chiyoda regrets that the dividend forecast has been revised to 6 yen per share.
5. Revisions to the new contracts forecast(Millions of yen)
New contracts
Previous forecast (A)(announced May 14, 2008）
Revised forecast (B)Increase (decrease) (B-A)
Percentage increase (decrease) (%)
Results for fiscal year ended March2008

450,000
210,000(240,000)(53.3)
258,754

6. Reasons for revisions to the new contracts forecast
Although Chiyoda expanded activities to identify and acquire contracts that capitalize on its technologicaladvantages, there is a strengthening trend among the Company’s major customers, including oil majors, to take aprudent stance on new capital investment due to the rapid slowdown of the global economy triggered by thefinancial crisis of fall 2008. Over the medium-to-long term, energy-related investment will remain deep rooted, but
Chiyoda has revised its new contracts forecast to 210,000 million yen based on the current wave of revisions andpostponements of capital investment.
7. Forward-looking statements
The forecasts and plans in this announcement are based on information available to management on February 12,2009, the date these materials were prepared. Actual results may differ significantly from these forecasts due to anumber of factors, including but not limited to changes in economic conditions and operating environment inJapan and overseas. We strongly request you not to rely only on this forecast in making investment decisions.
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