Tungaloy's New President and Chief Executive Officer

After almost 40 years in Tungaloy and 6 years as Tungaloy's President, Mr. Yoshito Uehara will retire from his current position as CEO & President of Tungaloy Corporation at the end of the first quarter of 2014 and will be appointed as Tungaloy's Vice Chairman.

Mr. Satoshi Kinoshita, who is currently Tungaloy's R&D Division Director, has been promoted by Mr. Jacob Harpaz and the IMC Management to the position of President of Tungaloy as of this coming April.

Mr. Kinoshita has been a member of Tungaloy Corporation since 1988 and has served in the positions of Materials R&D Department General Manager and Cutting Tools R&D Department General Manager prior to becoming the Division Director of Tungaloy's R&D.

We would like to thank Mr. Uehara for the achievements he made during his long term contribution to Tungaloy. We are confident that under the new Presidency, Tungaloy will continue its investments and will further increase its market share in both Japan and the global markets.