Chiyoda Global Headquarters
Minato Mirai Grand Central Tower
4-6-2, Minatomirai, Nishi-ku,
Yokohama 220-8765, Japanwww.chiyodacorp.com/en

The presentation was held in Japanese.

August 6, 2021

This document is a translation/summary

IR, PR & CSR Section

for reference only.

Corporate Services Department
Chiyoda Corporation

Summary of the First Quarter Financial Results Briefing
for Fiscal Year Ending March 31, 2022
The following is a summary of a presentation (telephone conference) outlining Chiyoda Corporation’s(Chiyoda) financial results for the first quarter of the fiscal year ending March 31, 2022, released on
August 2, 2021. Please also refer to the ‘Financial Results for the 1st Quarter of Fiscal Year Ending
March 31, 2022’ on our website.

Ⅰ. Financial Results
1. Highlights（P3）Revenue, gross profit, operating income and ordinary income progressed as forecast.

Incorporated extraordinary losses of 20.4 billion JPY relating to disputes on the Ichthys LNG
project, resulting in a revision to the full year profit forecast to negative 14 billion JPY.

Awarded a new copper smelting plant project in Indonesia on 15 July 2021 that will be reflectedin the 2nd quarter results. The new orders forecast of 300 billion JPY is expected to be achieved.

2．Extraordinary Losses（P4）Chiyoda disclosed extraordinary losses on 30 July 2021 and held a telephone conference todiscuss the issues.

Extraordinary losses are related to the Ichthys LNG project in Australia. JKC, a Joint Venture
between Chiyoda, JGC Holdings Corporation and KBR Inc., was awarded the contract by theClient, Ichthys LNG Pty Ltd (primary shareholder is INPEX CORPORATION) in 2012, and theplant was completed and commenced commercial operation in October 2018.

The contract type varies according to phase; lump-sum for engineering and procurement, anadditional quantity adjustment provision for module construction and reimbursable forconstruction. JKC and the Client are continuing discussions and arbitration regarding the1Chiyoda Global Headquarters
Minato Mirai Grand Central Tower
4-6-2, Minatomirai, Nishi-ku,
Yokohama 220-8765, Japanwww.chiyodacorp.com/en

adjustment to the contract amount for costs arising from an increase in the scope of work and thecost-reimbursable scope.
Under COVID-19, arbitration is expected to be prolonged and Chiyoda has re-evaluated thepotential dispute expenses and the risk of an uncertain result from the arbitration and litigation.
As a result of the re-evaluation of risks and considering the current status of discussions with theClient, Chiyoda recognizes extraordinary losses of 20.4 billion JPY.

Recognizing extraordinary losses and stabilizing cash flow and profit by eliminating uncertainties
on past projects. No impact on ongoing projects.

No cash outflow. Valuation of cost resulting from a re-evaluation of risks.

Eradicating the negative legacy, Chiyoda will advance the Revitalization Plan, allocatingresources to ongoing projects and new businesses.

3．Income Statement（P5）Revenue was 80.5 billion JPY, 27% of the full year forecast. This includes revenue from theNFE LNG project in Qatar that was awarded in February 2021. There are some COVID-19
impacts on some projects.

Gross profit was 6.2 billion JPY and gross profit margin was 7.7%. Gross profit margin stood at
12.6% in the 1st quarter of the previous year, including an incentive reward received on theCameron LNG project.

SG&A expenses were 2.7 billion JPY, a reduction of JPY 0.3 billion YOY.

Operating income and ordinary income were both 3.5 billion JPY. Net profit (loss) was negative
17.2 billion JPY, including extraordinary losses of 20.4 billion JPY.

4．Balance Sheet（P6）Net assets and shareholders equity reduced by 24.0 billion JPY, mainly due to the extraordinary
losses related to the Ichthys LNG project.

As a result, shareholders equity ratio substantially reduced. Chiyoda will increase shareholder’sequity through the steady execution of ongoing projects and accumulated profits.
2Chiyoda Global Headquarters
Minato Mirai Grand Central Tower
4-6-2, Minatomirai, Nishi-ku,
Yokohama 220-8765, Japanwww.chiyodacorp.com/en

5．Profit Analysis（P7）The blue bar in the chart shows the 1st quarter results and the grey bar shows 25% of the full year
forecast. Gross profit in the energy business and global environment business fields stood at 4.4
billion JPY and 1.8 billion JPY respectively, making the total gross profit 6.2 billion JPY.

For SG&A expenses, the 2.7 billion JPY blue bar is smaller than the grey bar, resulting inoperating income and ordinary income being greater than 25% of the full year forecast.

6．New Orders / Backlog（P8）New orders in the 1st quarter stood at 21.4 billion JPY: 15.8 billion JPY in the energy field and 5.6
billion JPY in the global environment field. The new copper smelter plant in Indonesia, awardedin July 2021, will be included in the 2nd quarter results.

The order backlog exceeds 1 trillion JPY. Major projects include NFE LNG, Golden Pass LNG,
Texas Ethylene and Tangguh LNG in the energy field and a facility to produce a vaccine
constituent, energy storage systems and a biomass firing power plant in the global environment
field.

Att. 1, 2, 3 Breakdown of Revenue, New Order, and Backlog（P9-P11）(Explanation Omitted)

Ⅱ. Growth Strategy Topics
1. Hydrogen Business（P13）Reinforcement of the hydrogen business in Japan, Asia, Europe etc.

Chiyoda announced that it had entered into an MOU with the Port of Rotterdam Authority andKoole Terminals in the Netherlands and Mitsubishi Corporation on 30 July 2021 to develop ahydrogen supply chain. The Port of Rotterdam, the largest commercial port in Europe, selected
Chiyoda as a business partner to support its aim of becoming a future hub for hydrogen imports,
following its evaluation of the technical advantages of Chiyoda’s SPERA hydrogen technology.

Hydrogen will be a core business for Chiyoda.

3Chiyoda Global Headquarters
Minato Mirai Grand Central Tower
4-6-2, Minatomirai, Nishi-ku,
Yokohama 220-8765, Japanwww.chiyodacorp.com/en

2．Decarbonization / Copper Smelting Plant（P14）A new copper smelting plant project in Indonesia was awarded on 15 July 2021 by PT FreeportIndonesia. Copper is a requisite material for a carbon neutral society and is in growing demandfor electric vehicles and battery power storage.

Chiyoda will reinforce its copper business as a strategic commodity to support the realization ofa decarbonized society.

3．Energy Management Business（P15）[Left side]In the energy storage business, Chiyoda is constructing one of the world’s largest energy storage
systems in Hokkaido, Japan and was awarded a contract to conduct studies using the facility,
including examining the optimum battery power storage capacity and system restoration following
blackouts using AI.

[Right side]Chiyoda is collaborating with Qpinch in Belgium to promote industrial facility energy conservation
by developing their heat transformer technology that recovers residual waste heat and transforms
it into higher temperature industrial process heat.

4．Life Science Business（P16）[Left side]Chiyoda completed a production line in a facility that produces a COVID-19 vaccine constituent
in March 2021 for SHIONOGI & CO., Ltd., and is currently executing the EPC for an additionalline and affiliated facilities.

[Right side]Collaboration with Shionogi Pharma Co., Ltd. (Shionogi) for a contract development andmanufacturing business.

Batch operation has been adopted in pharmaceutical manufacturing and the ContinuousManufacturing (CM) process has been applied in the fields of energy and chemistry. Chiyoda andShionogi will cooperate in the development of CM technology for pharmaceuticals using
Chiyoda’s expertise in this field.
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Chiyoda Global Headquarters
Minato Mirai Grand Central Tower
4-6-2, Minatomirai, Nishi-ku,
Yokohama 220-8765, Japanwww.chiyodacorp.com/en

Chiyoda and Shionogi aim to conserve manpower, space, R&D time and maintain quality throughAI.

5．Digital Transformation (DX)（P17）Chiyoda, Cognite (headquartered in Norway) and Mitsubishi Corporation signed an MOU tocollaborate on the Mirai Fusion digital solutions platform, designed for industrial facilities andplants, and a demonstration commenced on an oil refinery in Japan.

Chiyoda supports digital transformation of client plant operations by combining Mirai Fusion andEFEXIS; innovative digital AI applications.

Ⅲ. Major Ongoing Projects
1．Major Ongoing Projects（P19）
All ongoing projects are proceeding as planned.

All modules for the Texas Ethylene project have been installed on site in Texas, USA and projectcompletion is expected in 2021.
-EndPlease address inquiries to:
IR, PR & CSR Section, Corporate Services Department: Tel. +81-45-225-7734

Note: Some additions and corrections have been made to simplify the content for readers. 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. Investors are recommended not todepend solely on these projections for making investment decisions.

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