JGC Corporation

This presentation is English-language translation of the original Japanese-language document for your convenience. In the case that there is any discrepancy between the Japanese and English versions, the Japanese version is assumed to be correct.

Translation

JGC CorporationMedium-Term Management PlanNew Horizon 2015(April 2011 – March 2016)

November 10, 2010

Keisuke TakeuchiChairman and CEO

Contents

1. New Horizon 2015 Medium-Term Management Plan

2. Business Strategy

3. EPC Business Reinforcement

4. Investment and Service Business Expansion

2

5. Summary of Current Medium-Term Management PlanScenario 2010

JGC Group aims at becoming a

Program Management Contractor& Investment Partner

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Medium-Term Management Plan

4

1-1. Targets

Fiscal 2015Fiscal 2015(Targets)

Net Profit ¥50 billion

ROE At least 10%

Dividend Payout Ratio

25% of net profit on a consolidated basis

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1-2. Figures and Projectionsbillion yen

600

700

800

45

50

55

60

Net Sales (left axis)

Net profit (right axis)

billion yen

200

300

400

500

15

20

25

30

35

40

（見込み）

Scenario for Growth(April 2001 – March 2006)

Scenario 2010(April 2006 – March 2011)

New Horizon 2015(April 2011 – March 2016)

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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 (projected) March 20160

100

0

5

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1-3. Positioning

5-year plan focused on 10 years in the future

Transition to new corporate vision

Program Management Contractor& Investment Partner

Transition to new corporate vision=

7202020152010

New Horizon 2015 Next Medium-Term Management Plan

1-4. What is Program Management?

“Program Management” involves effectively planning and implementing business strategies and providing services in all areas, from EPC and investment through to operation services and manufacturing.

Program Management

FEED O&MEPC

Businessplanning and

implementationPMC

Planning and management services

Business investment and operation

Manufacturing, IT services, etc.

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FEED: Front-End Engineering and DesignO&M: Operation and MaintenancePMC Project Management Consulting

EPC: Engineering, Procurement and Construction

Business StrategyWe intend to transform JGC Group into a

“Program Management Contractor & Investment Partner”.

Therefore, in an effort to create new value in line

with our customers’ wide-ranging needs,

we are reinforcing the competitiveness of our core EPC businesswe are reinforcing the competitiveness of our core EPC business,

while simultaneously continuing to create a new wave of growth

in our investment and service business.

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2-1. Market Environment (1)

● Market environment in the overseas hydrocarbon EPC sector is likely to remain positive in the future, amidst increasingly fierce competition

Sectors ● Markets are expanding steadily in non-hydrocarbon sectors (non-ferrous metals, pharmaceuticals, medical)

● Social infrastructure investment (water, power, rail, etc.) is growing into a massive market

● Promising developments in the overseas hydrocarbon EPC sector in South America, Russia, and Central Asia, as well as th Middl E t N th Af i S th t A i d O i

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Regions

the Middle East, North Africa, Southeast Asia and Oceania

● Social infrastructure development concentrated in emerging countries

● Focus of capital investment by our domestic customers shifting overseas

2-1. Market Environment (2)

Scale of annual investment in social infrastructure sectors(Projected average annual investment from 2008 to 2030)

Massive demand expected due to population growth, industrial

$870 billionWater

$600 billionPower

$480 billionOil and gas

p p p g ,diversification and urbanization in emerging countries

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$300 billionRail and roads

Coal $30 billion

Source: 2009 ECC ConferenceIEA World Energy Outlook 2009

2-2. New Horizon 2015 Medium-Term Management Plan: Business Model

● EPC business: Developing business in new sectorsas well as existing sectors

● Investment and Service: Increasing business investment andbusinesses developing planning andbusinesses developing planning and management services

Existing sectors

EPC business Investment/Service businesses

Business investment and operation

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New sectors

Planning and management services

Manufacturing, IT services, etc.

2-3. Manpower Resource Projections

Increasing employees at overseas EPC subsidiaries to take groupwide manpower to approximately 13,000

Manufacturing,etc

Overseas EPC4,200

Overseas EPC6,000

Manufacturing, etc.

2,000

etc.2,200

Domestic EPC2,700

Domestic EPC2,700

JGC Main Office

2,100

JGC Main Office

2,100

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Total: 11,000 employees

Fiscal 2009 (actual)

Total: 13,000 employeesFiscal 2015 (projected)

2-4. Organizational Strategy: Becoming a Genuinely Global Group

● Continuing to reinforce and expand overseas EPC subsidiaries, in the interests of the expansion and growth of JGC Group as a whole.Option of establishing new overseas EPC subsidiaries.

● Becoming a genuinely global group consisting of a widespread

JGC Main OfficeJGC Gulf (Saudi Arabia)

● Becoming a genuinely global group, consisting of a widespread network of EPC subsidiaries in a number of countries and regions

● Filling managerial positions with local personnel and actively recruiting local talent

JGC

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JGC SingaporeJGC Indonesia

JGC PhilippinesJGC AlgeriaVietnam

2-5. Technology Development Strategy

Priority Strategy

New Technology for New Business

●Accelerate commercialization of development technology

Demonstration facilities for propylene manufacturing

technology

Core Sectors

R M f t i

●Promote external partnerships through open innovation

and become more active in the licensing business●Create and promote new businesses in growth sectors

JGC Coal Fuel (JCF) Testing new CO2 recovery technology

(INPEX Koshijihara Plant)

Resources Manufacturing

Social infrastructure and

life sciences

Environment and new energy

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EPC Business ReinforcementWe intend to enhance the competitiveness of our EPC business

within a rapidly changing market environment, based on

the four core elements of our EPC business strategy

– increasing competitiveness in the hydrocarbon sector,

expanding operations in non-hydrocarbon sectors

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expanding operations in non-hydrocarbon sectors,

reinforcing overseas EPC subsidiaries, and developing business

in new EPC sectors.

3. EPC Business Reinforcement (1)

1. Increasing competitiveness in the hydrocarbon sector

●Drastically improve cost competitiveness●R i f k ti biliti d t th l ti hi●Reinforce marketing capabilities and strengthen relationships

with clients

●Market development(North Africa, Australia, South America, Russia, Central Asia, etc.)

●Further reinforce project execution capabilities

2. Expanding operations in non-hydrocarbon sectors

●Further expand operations in the non-ferrous metals sector

●Expand overseas operations in the pharmaceuticals and

medical sectors17

3. EPC Business Reinforcement (2)

3. Reinforcing overseas EPC subsidiaries

●Focus on localization in oil- and gas-producing countries

4. Developing business in new EPC sectors

●Expand and reinforce operations in the F-LNG sector

●Focus on localization in oil and gas producing countries

●Increase orders for small and medium scale projects

●Reinforce cooperation within the Group

●Break into the market for overseas nuclear power projects

●Look into infrastructure projects

●Incorporate modular construction* into project services

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*Modular construction: Method whereby plant facilities are manufactured on a small scale in separate locations and then assembled on site

Investment and Service Business ExpansionWe intend to promote operations in market areas

such as business investment, planning/management services,

and the manufacturing industry. We aim to provide services as

an investor and owner and also as a service provider

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an investor and owner, and also as a service provider

with intimate understanding of the needs of our clients.

4. Investment and Service Business Expansion (1)

1. Investment

Backgro

Shift towards renewable energyEnvironmental conservation

Growing need for energy andGrowth in emerging countriesund

g gysocial infrastructure development

g g

Environment and water sectorsPower and new energy sectors

● IPP & IWPP,solar energy,bioethanol,coal slurry (JCFTM)

● Environmental conservation in China

● Stepping up construction, management and O&M in the overseas water and sewage sector

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New sectorsResource development sector

● Continuing oil and natural gas development

● Entering mineral resource business

● Urban infrastructure development (including airports) and new industrial development (pharmaceuticals, medical, housing, agriculture)

4. Investment and Service Business Expansion (2)

2. Planning and Management Services

● Expand planning and implementation managementservices in the resource development andsocial infrastructure development sectors,as an investor and owner.

● Business planning and implementation● Business planning and implementation

● FEED (Front-End Engineering Design)

● PMC (Project Management Consulting), etc.

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4. Investment and Service Business Expansion (3)

3. Manufacturing, etc.

Catalyst and fine chemicals business●Step up overseas expansion●Step up overseas expansion●Expand exports of FCC catalysts●Increase exports of environmental catalysts to Europe and the US,

and expand feedstock sales via subsidiary in China●Promote overseas production and sales of fine chemicals

IT services, consulting business, etc.

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g●Continue with overseas expansion●Promote groupwide cooperation in the social infrastructure

development sector (ICT*, environmental consulting, etc.)●Provide multifaceted services in cooperation with overseas EPC subsidiaries

(*ICT: Information and Communications Technology)

Medium-Term Management Plan

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Summary ofCurrent Medium-Term Management Plan

“Scenario 2010”

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Summary of “Scenario 2010” (1)

Numerical Targets Achieved

Scenario 2010 Numerical Targets

Sales ¥600 billion

Actual Figures

Sales ¥608.5 billion (Fiscal 2006)

Net ¥31 5 billi (Fi l 2008)Net Profit ¥30 billion

ROE At least 11.0%

Net Profit ¥31.5 billion (Fiscal 2008)

ROE 15.2% (Fiscal 2007)

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Summary of “Scenario 2010” (2)

Established Combined Business Model (EPC + non-EPC)

Surpassed targets in core

EPC b i

EPC business

Developed and made strong

progress with investment

business

Non-EPC business

EPC business・Total investment to date:

¥40.0 billion

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Summary of “Scenario 2010” (3)

Sector Project

Main EPC Business Projects(Including projects currently underway)

Oil, gas and resource

development

Hawiyah NGL (Saudi Arabia), Gassi Touil gas processing (Algeria), gas processing (Abu Dhabi), Manifa crude oil processing (Saudi Arabia)

Petroleum refining Dung Quat Refinery (Vietnam), Sohar Refinery (Oman), Cosmo Sakai Oil Refinery (Japan)

LNG/GTLTangguh LNG (Indonesia), Yemen LNG (Yemen), Gorgon LNG (Australia),

Papua New Guinea LNG (Papua New Guinea), Pearl GTL (Qatar)

Petrochemicals and chemicals Rabigh, JCP, NCP (all in Saudi Arabia)

Non-ferrous metals Rio Tuba nickel smelting, Taganito nickel smelting (both in Philippines)

Pharmaceuticals and medical Construction of numerous domestic pharmaceutical plants and hospitals

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Major Investments 3 Juhua HFC23 recovery and decomposition CDM

6 Cement plant residual heat recovery and generation CDM

4 Alternative cement raw material CDM (Inner Mongolia)

5 Alternative cement raw material CDM (Zhejiang Province)

China

UAE: Taweelah B&A2 IWPP

Summary of “Scenario 2010” (4)

912

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8 Seawater desalination business

7 Coalmine methane generation CDM

Matsuzawa Hospital PFI business11

12 Investment in Ebara Engineering Services

Japan

Pharma Services business13

10 DME promotion business

Saudi Arabia: Rabigh IWSPP

Spain: Solar thermal generation business

USA: Oil and gas field productionand sales business 14

16

15

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Algeria: Power plant O&M business

Indonesia: JCF business

Australia: Water and sewage business

Philippines: Bioethanol production and power supply operations

Power and desalination

Water

Emission trading (CDM) New energy Other businesses

Resource development Power plant O&M

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Taweelah IWPP(Abu Dhabi)

Seawater Desalination Business (China)

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A Collaboration of JGC and Hyflux

Note on Future Outlook

This presentation may contain forward-looking statements about JGC Corporation. You can identify these statements by the fact that they do not relate strictly to historic or current facts.These statements discuss future expectations, identify strategies, contain

projections of results of operations or of financial conditions or state other “forward-looking” information. These statements are based on currently available i f ti d t th b li f f th t f JGC C tiinformation and represent the beliefs of the management of JGC Corporation.These statements are subject to numerous risks and uncertainties that could

cause JGC Corporation’s actual results, performance, achievements or financial condition to differ materially from those described or implied in the forward-looking statements.JGC Corporation undertakes no obligation to publicly update any forward-looking

statements after the date of this presentation. These potential risks and uncertainties include, but are not limited to: competition within the financial services industries in Japan and overseas, our ability to adjust our business focus and to maintain profitable strategic alliances, volatile and sudden movements in the international securities markets, and foreign exchange and global economic

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situations affecting JGC Corporation.

For questions concerning this material, please contact:

JGC Corporation

PR and IR Department

Tel: 81-45-682-1111 Fax:81-45-682-1112

E-mail：ir@jgc.co.jp