We would like to inform you that Tsuneishi Heavy Industries (Cebu), Inc. (THI), a group company of Tsuneishi Corporation (Head office: Hiroshima, President: Katsushige Kambara) in Cebu, the Philippines, will reshuffle their Board of Directors as of February 21, 2002.
1.Board Of Directors
PresidentKenji Kawano(Former Vice President)
Managing Director(newly appointed)
DirectorKatsushige Kambara
Director(Former President)
DirectorYasuo Yamano
DirectorR. E. Aboitiz
DirectorM. A. Aboitiz
2.Retiring Director

Watanabe retires from the position of President as a result of this reshuffle.
THI increased its annual construction to seven bulk carriers in 2001, becoming a key driver in the Tsuneishi Group.
Watanabe was assigned to THI in April 1995. He has endeavored to manage THI effectively from the start until today through local education and facility enhancement.
Since January 2002, he has been General Manager of Tsuneishi Corporation’s Human Resources Practical Project Division, a facility for educating and training trainees from the Philippines and China, making the best use of his experience and expertise.