President and Representative Director, Chairman of the board Natsunosuke Yago

We want to thank you for your interest in EBARA CORPORATION and the EBARA Group. We would like to take this opportunity to summarize EBARA’s corporate philosophy and management objectives.

The corporate philosophy of the Ebara Group is “to contribute broadly to society by offering superior technologies and optimal services in the areas of water, the air, and the environment.” The Group is committed to responding to a wide range of social needs by minimizing the impact of its activities on the natural environment and engaging in corporate activities that contribute to the creation of a sustainable, recycling-oriented society. Moreover, the Group aims to be a corporate entity in harmony with the natural environment, giving full consideration to environmental management to minimize the burden its corporate activities place on the environment, both directly and indirectly. In addition, the Group’s basic management policy is to endeavor to strengthen its management base and increase profitability through selectivity and concentration in the allocation of its resources and increase its corporate value and the value of its shares by managing its corporate resources efficiently.

To attain the targets of the E-Plan2010 medium-term management plan, which was launched at the beginning of the year ended March 31, 2008, the Group has positioned strengthening its management foundation as a top priority objective. To this end, the Group is allocating its resources with selectivity and focus and making improvements in its business systems with the aim of concentrating its investments on businesses that have potential of generating high profit rates and withdrawing from unprofitable businesses. As one of the key measures implemented during the fiscal year ended March 31, 2009, the FMS Group will move forward steadily on transferring equipment and upgrading production facilities in the new Futtsu Plant, strengthening business bases in China, and going forward with the development of a production system utilizing of our global production network in the new Futtsu Plant. The EE Group realigned units within the Group to strengthen competitiveness and substantially enhanced its capabilities for responding quickly and flexibly through measures to strengthen EPC and O&M activities.

In addition, in the PM Group, as a result of the sudden drop in the semiconductor market and in the midst of stagnant demand, measures are being implemented to improve profitability through the major streamlining of operations and focusing on creating a business base that is not influenced by the silicon cycle.

We look forward to your continuing support and encouragement.

2009.06