Following is the gist of remarks made by Mr. Takashi Imai, Chairman, Keidanren, and Mr. Hiroshi Okuda, Chairman, Nikkeiren at a joint press conference on 6 March 2002. Translation is rush and tentative, and sequence of the gist does not necessarily coincide with words delivered.

(Announcement was made on executive officers of new Japan Business Federation, which will come into existence on May 28, 2002 -- the list is consisted of name, position, and date of birth. Asterisk <*> means new to the post)

Chairman:

Hiroshi Okuda

Chairman of the Board, Toyota Motor Corporation; December 29, 1932 *

Vice Chairmen
(The new organization's constitution states there should be 10 to 15 Vice Chairmen):

Hiroshi Hamada

Chairman and Chief Executive Officer, Ricoh Company, Ltd.; April 28, 1933

Satoru Kishi

Chairman of the Board, The Bank of Tokyo-Mitsubishi, Ltd.; March 29, 1930

Hiroshi Araki

Chairman, The Tokyo Electric Power Company, Inc.; April 18, 1931

Isao Okui

Chairman, Sekisui House, Ltd.; September 3, 1931

Tetsuya Katada

Counselor and Member of the Board, KOMATSU Ltd.; October 15, 1931

Yoichi Morishita

Chairman of the Board, Matsushita Electric Industrial Co., Ltd.; June 23, 1934

Minoru Makihara

Chairman of the Board of Directors, Mitsubishi Corporation; January 12, 1930

Akio Kosai

Chairman, Sumitomo Chemical Co., Ltd.; April 19, 1931

Shigeji Ueshima

Chairman and Executive Director, Mitsui & Co., Ltd.; August 25, 1931

Akira Chihaya

Representative Director and President, Nippon Steel Corporation; March 6, 1935

Taizo Nishimuro

Chairman of the Board, Toshiba Corporation; December 19, 1935

Koukei Higuchi

Chairman, The Tokio Marine & Fire Insurance Co., Ltd.; March 14, 1936

Hiroyuki Yoshino

President and Chief Executive Officer, Honda Motor Co., Ltd.; November 2, 1939

Fujio Mitarai

President and Chief Executive Officer, Canon Inc.; September 23, 1935 *

Masaharu Shibata

President and Chief Executive Officer, NGK Insulators, Ltd.; February 21, 1937 *

(Asked of the reasons of selecting new executive officers)

(Imai) I conferred with Okuda to come up with the list based on Keidanren's constitution and internal regulations (age of 70 or under at the time of appointment, active officer of a company, and maximum term of services is four years). So, from Keidanren side, Mr. Ohga and I will retire. Other nine Vice Chairmen will serve their remaining term.

(Okuda) Appointment from Nikkeiren is also based on Nikkeiren constitution and internal regulations. Two main objectives were to reduce average age and to adjust industrial distribution. Average age didn't come down much, but new appointees are from relatively newer industries. I know that Nikkeiren used to have regional representations, but I put priorities on their personalities and industrial representation.

(Asked on his views over reported U. S. steel safeguard measures)

(Imai) I regret the U. S. decision. The U. S. steel industry is burdened with legacy cost, and this has made the industry a totally non-feasible one. I do understand that there is a necessity to do something about it, but the U. S. decision will make the steel industry even more protected than Japanese farming industry. The U. S., leader of free trade world, could have chosen other ways. However, Japan should remain calm and utilize legal means such as WTO to resolve the issue.