PIAA is continuing to develop outstanding products, not only in Japan but around the world. Through the ever-popular medium of sports, PIAA has strived to build its image with its innovative automotive products. Motorsports has been PIAA's image-builder with its collaboration of sports events such as World Rally Championship, in which PIAA's "Professional Lamp System" was truly put to the test and perfected. PIAA's contribution to sports does not stop there; it is the leading company in its promotion of wind-surfing and skiing. PIAA Corporation's popular System Carrier "TERZO" is a must for serious-minded wind-surfers and skiers.

PIAA as also set foot into the world of fashion with its introduction of the "PIAA Sportswear" line. PIAA has taken bold steps in its effort to gain international exposure. Several fashion boutiques have already opened to showcase its designs. PIAA has taken pride in its introduction of TERZO and SPAC brands, which strives to develop and manufacture first-class products worldwide. With this in mind, the PIAA brand has taken its name internationally with the sponsorship of shows and events. The PIAA's hope that the TERZO brand name, already well established in the world of windsurfing, will widen to other areas of marine sports.

The main team sponsor, Mitsubishi Oil, is one of the leading Japanese petroleum companies standing at the core of Japan's energy business. Through participation in motor sport activities, the company seeks to further improve its reliable and high-quality products.

Business Activities: Importation and sales of petroleum and petrochemical products, and petroleum-subsitute energy-related business. Products sold include: Motor gasolines, Aviation turbine fuels, Kerosene, Gas Oils, Fuel Oils, Lubricants, Asphalts, Coal and Petroleum Coke, Liquified Petroleum Gases (LPG), Petrochemicals

Company Outline: Petroleum with its high ratio of overseas dependency forms the core of energy in Japan. In order to ensure the stable supply of its petroleum, the company is working to strengthen its activities in all fields involved in petroleum importation and sales. Its pioneering technologies are now being applied to the production of paraxylene, a base material for polyester, much in demand, especially in Southeast Asia. Mitsubishi Oil expects demand for its products to sharply increase in the next five years. Mitsubishi Oil Company is scheduled to commence commercial production off the coast of Vietnam in the second quarter of 1998.

Motorsports Activities: Mitsubishi Oil has been developing its oil business as a technical sponsor of the Mitsubishi Team with the Galant and Lancer in the World Rally Championship and with the Pajero in the Paris-Dakar.

Mitsubishi Oil Team major results in Dakar:

"JAPAN TOBACCO INC." is one of the leading tobacco manufacturing companies in the world. The name "JAPAN TOBACCO" is associated mainly with cigarettes, but we do not concentrate solely on tobacco products. With many fields still waiting to explore, we provide goods and services which are vital to daily life, in a variety of places and in a variety of forms. Now, we are challenging a variety of business fields apart from tobacco and we have begun to and we now offer good products in each of those fields. We are making inroads into a wide range of overseas markets and advancing into such new fields as pharmaceuticals, foods, beverages, agribusiness, real estate and engineering.

Corporate Name JAPAN TOBACCO INC. (JT)