Tsuneishi Shanghai Forum 2005

March 23, 2005

TSUNEISHI SHIPBUILDING

Our company will hold the Tsuneishi Shanghai Forum 2005 in Shanghai, China on March 26, 2005 (Saturday).

In 2001, our company established Tsuneishi (Zhenjiang) Steel Inc. in the city of Zhenjiang, Jiangsu Province to commence the manufacture of outfitting materials for ships. In 2003, we established the Tsuneishi Group (Zhousan) Marine & Development Inc. on the island of Xiushan in the Zhoushan archipelago in the Zhejiang Province of China along with Tsuneishi Group (Zhoushan) Outfitting Co., Ltd, and has in the past produced residential districts and large-scale blocks in China.

The Chinese government has declared its intention to become the global leader in the manufacture of ships by 2015. In 2004, China surpassed the major mark of 10,000,000 tons of construction and is growing at a remarkable pace with a boundless future.

With respect to the design and manufacture of ships in China, we intend to utilize this forum as a means to promote our company to outstanding students that will serve in leading roles in the future of the Chinese ship-building industry.

At the forum, we plan to have Mr. Dai, the Head of the Chinese Science Institution, offer remarks as well as presentations and panel discussions by leading experts from China and Japan.

On the 27th (Sunday), we will move to Xiushan in order to allow the participants in the forum to visit the Xiushan factory.