PRESS RELEASE
October 31, 2005

Chiyoda Announces Revisions to Forecasts for Operating Results and Dividend
Steady Volume of New Contracts and Improvement in Margin Boost Sales and Earnings
Chiyoda Corporation (Other OTC: CHYCF), Japan’s leading engineering and construction firm,
today announced the following revisions to its forecasts for operating results and dividends forthe fiscal year ending March 31, 2006 that were released on May 18, 2005 with its previous fiscalyear earning announcement.
Chiyoda cited a weaker-than-expected yen to explain the revisions to the interim sales forecast.
The higher earnings forecasts mainly reflect an improvement in gross profit margins at projects
completed during the first half and higher interest income due to growth in joint venture assets.
Chiyoda now expects to report consolidated interim ordinary profit of 9,000 million yen, 50%
higher than the previous forecast, on net sales from construction contracts of 165,000 million yen,
10% higher than the previous forecast. Interim net profit is now estimated at 10,600 million yen,
63.1% higher.
Along with the above reasons, the consolidated forecast has been increased because the steady
volume of new contracts in Japan and overseas is expected to contribute to sales during thesecond half. The higher earnings forecasts mainly reflect the increase in the sales forecast andan improvement in the gross profit margin at projects.
Due to recent decline in the yen’s value relative to the U.S. dollar, Chiyoda has changed its
projected exchange rate for the fiscal year from 100 yen to 110 yen to the U.S. dollar.
Chiyoda now expects consolidated net sales from construction contracts for the full fiscal year to
be 360,000 million yen, 16.1% higher than the previous forecast. Ordinary profit is likely toexceed the previous forecast by 42.9% to reach 20,000 million yen. Net profit is projected at
17,500 million yen, 20.7% higher than the previous forecast.
In addition, Chiyoda expects that the volume of new contracts will remain favorable overseas andin Japan during the second half of the fiscal year. Consequently, the fiscal year forecast forconsolidated new contracts has been increased to 600,000 million yen, 250,000 million yen or
71.4% higher than the previous forecast of 350,000 million yen and the non-consolidated forecast
has been increased to 550,000 million yen, 240,000 million yen or 77.4% higher than theprevious forecast of 310,000 million yen.
At the beginning of the fiscal year, Chiyoda estimated that it would pay a dividend per share of 8yen. Based on these revisions to the forecasts, Chiyoda is now revising this dividend forecast to10 yen, achieving in the first year the final-year dividend target of the Double Step Up 2008 plan
(Mid-Term Corporate Plan), which runs through March 2009.
Chiyoda Corporation, headquartered in Yokohama, Japan, provides services on a global basis in
the field of engineering, procurement and construction (EPC) for gas processing, refineries, andother hydrocarbon or other industrial plant projects, particularly for LNG, GTL and DME.

For more information, please contact:
Takuhiro Murata/Aki Tanaka
Chiyoda Corporation
Corporate Communications OfficeTel: 81-45-506-7538, Fax: 81-45-506-7085
Email Address: tamurata@ykh.chiyoda.co.jp
URL: http://www.chiyoda-corp.com/