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To Our Shareholders and Investors Yoshikazu Oshimi President and Representative Director Kajima Corporation

Securing further growth and raising corporate value by building an organization that can effectively navigate today’s changing business environment

I would like to begin by expressing my sincere appreciation to all of Kajima’s shareholders and investors. Thank you for your unwavering support.

Although the outlook for the global economy remains uncertain, it is projected to grow at a moderate pace, overall. In Japan, the economy is expected to recover steadily on the back of rising consumer spending and public investment, both encouraged by the policies of the national government and the Bank of Japan.

Against this backdrop, and in accordance with our Medium-Term Business Plan for fiscal 2015 to 2017, we have been executing two key strategies: revitalizing and reinforcing Kajima’s domestic construction business; and enhancing our management platform and leveraging the Kajima Group’s competitive advantages to strengthen business domains and expand into new ones. Our persistent efforts, assisted by improved market conditions, brought about fiscal 2016 financial results exceeding our target for the year.

We are working hard to build an organization that ensures that the Kajima Group will effectively navigate today’s changing business environment. This effort underpins our commitment to deliver continued growth and raise corporate value in order to meet the expectations of the Company’s shareholders and investors. We ask for your understanding and support as we pursue these objectives.

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