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

Yokohama, August 17, 2018
IR, PR & CSR Department
E-Mail: ir@chiyodacorp.com

Transcript (Translation) of the Tele-Conference
Financial Results for the First Quarter of the Year Ending March 31, 2019
Chiyoda Corporation (“Chiyoda”, TSE:6366; ISIN: JP3528600004) released the financial results of its 1stQuarter of the Fiscal Year Ending March 31, 2018, on August 8, 2018. A conference call to present theCompany's Operations and Finance update was held on the same day at 15:00 p.m. (Japan StandardTime).The following is the transcript (translation) of the tele-conference.
Good afternoon. My name is Masaji Santo and I am the President and CEO of Chiyoda Corporation.
Thank you for taking time out of your busy schedules to attend this teleconference today.

I would like to start by providing a summary of the financial results recently released for the first quarter ofthis fiscal year, ending March 31, 2019. At the end of my remarks, the CFO, Hirotsugu Hayashi and I will behappy to take your questions.
The Results Highlights on SLIDE 2 include four major points:
FIRST, new order development progressed smoothly during the period.
New orders booked in the first quarter reached JPY77.3 billion and are actually understated by a further
JPY150 billion, representing contract won by our North American subsidiary for a petrochemical project thatwill be booked in the second quarter. This is due to our accounting process that consolidates results for thissubsidiary in Chiyoda Corporation’s books after a three-month delay.
The global environmental engineering business also posted a strong result after booking a large new contract
related to energy management.
In the large-scale LNG Business, Mozambique Area-1 (Chiyoda is already selected as the EPC contractor)
and Golden Pass (currently under bid evaluation by the client) are both moving smoothly toward final
investment decisions.

Any projections included in these materials are based solely on information available at the time this presentation 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 Global Headquarters
Minato Mirai Grand Central Tower
4-6-2, Minatomirai, Nishi-ku,
Yokohama 220-8765, Japanwww.chiyodacorp.com/en

SECOND, revenues have developed favorably.
The total for the first quarter of JPY93 billion represents approximately 25% of the JPY400 billion in revenues
forecast for the whole fiscal year.

THIRD, the additional costs incurred by the Cameron LNG project in the United States generated a projectspecific loss of approximately JPY5 billion.
The cost increase resulted from overlaps in manpower during the switch from a direct-line hiring method tosubcontracting, in order to keep to the construction schedule. We are dismissing surplus workers at themoment and have agreed with McDermott (the acquirer of CB&I) to review construction execution methods.
This review is currently under way.
As a result of these additional costs, both operating and other profit measures have slipped into negative
territory for the quarter.

FOURTH, we have left our earnings forecast for the full fiscal year (ending March 31, 2019) unchanged.
The main reason is that the decline occurred in the first quarter and we expect that efficient execution ofprojects in other parts of the business will make up the shortfall.
The financial results on SLIDE 3 repeat these points, briefly:
New Orders

JPY 77.3 billion

Revenues

JPY 93.6 billion

Net Loss

JPY 3.7 billion

On SLIDE 4:
New orders of JPY77.3 billion include JPY12.3 billion of overseas wins and JPY65 billion in Japan.
Including the JPY150 billion petrochemical order to be booked in Q2, new orders reached almost 30% of thefull fiscal year forecast.
Also on SLIDE 4, orders by Business Field include:
Environment

JPY39.3 billion, including:
JPY 2.2 billion Pharmaceuticals
JPY37.1 billion Environment, New Energy, InfrastructureThis total represents a five-fold increase over the same quarter last fiscal year.

Any projections included in these materials are based solely on information available at the time this presentation 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 Global Headquarters
Minato Mirai Grand Central Tower
4-6-2, Minatomirai, Nishi-ku,
Yokohama 220-8765, Japanwww.chiyodacorp.com/en

SLIDE 6 shows Income-related items:
Revenues

JPY93.6 billion(25% of full-year forecast)Gross Profit

JPY0.9 billion(reduced by Cameron cost overruns)

SG&A expenses

JPY4.2 billion(down Y0.7 bn by structural reforms under the MTMP)

Operating Loss

JPY3.4 billion

Net Loss

JPY3.7 billion (including non-operating Income & expenditures, & taxes)

SLIDE 8 addresses the decrease in Cash and Deposits:

Cash and deposits fell JPY17.8 billion to JPY86.2 billion in the first fiscal quarter. The decline was due totemporary fund advancements for payment of fixed expenses, and to bill collections from overseas jointventures, following completion of large-scale projects.
SLIDE 9I confirm we have made no changes in the earnings forecast for the full fiscal year. We expect the lossesincurred at the Cameron LNG project to be offset by profit improvement in other projects.
In conclusion, Chiyoda Corporation will continue to successfully execute its projects and other initiatives inpursuit of our target forecasts for the current fiscal year.

I would be happy to take your questions.

Note: Some additions and corrections were made to make the content easier for readers to understand.

Any projections included in these materials are based solely on information available at the time this presentation was prepared. It is possible that actual results may vary significantlyfrom 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.