Toshio Tsukada - To President of Shriro Trading Co. Ltd. in Tokyo, Japan.

Tsukada-san has been with Shriro for the past 15 years and I am delighted he has accepted this important position.

Shriro has been in business in Japan for over 75 years and is a very important part of the Shriro Group. I am sure with this new appointment Shriro will continue to develop positively in Japan. This appointment was effective on October 11, 2002.

Albert Yu - To Chairman of the Shriro Equipment group.

This comprises the business of Shriro Machinery Ltd., Shriro Heavy Equipment Ltd. and Peninsula Engineering & Equipment Co. Ltd.

Albert's role will be providing guidance and assistance to the current management of Arix Lai and Jefferson Peh, with particular emphasis on the crane and pumps business and new projects.

Albert has been an important member of the Shriro management team for the past ten years and I am delighted he will continue to contribute to the group's success in the future. This appointment becomes effective from January 2003.

Michael Binns