TUA Introduces New President

Andrea Boragno, President and CEO of Toray Ultrasuede (America), Inc. (TUA) since the company's inception in 1998, has returned to Italy to take on a new position as Managing Director of Alcantara S.p.A. in Milan. His replacement in the U.S. is Yoshifumi Hamada, who was previously Senior Director of Alcantara.

"The time I've spent in New York has been as much an important life experience as a professional one," said Mr. Boragno, explaining his mixed feelings about the move. "The most rewarding part has been interacting and establishing relationships with TUA colleagues."

Mr. Boragno expressed special thanks to all his staff members for their dedication and determination in addressing the challenges the company faced during his tenure. Confident that a solid groundwork has been laid and that the company is moving in the right direction, he added: "I'd like to ask everyone at TUA to extend the same degree of support and dedication to Mr. Hamada."

Mr. Hamada, who formally became the new President and CEO of TUA on May 18, 2004, has served the last five years as Senior Director of Alcantara in Milan. Prior to this position, Mr. Hamada spent time in Hong Kong and worked as General Manager of Toray Industries' Ecsaine Department.

"I am delighted and excited to be here in New York," Mr. Hamada said. He recalled his personal involvement six years prior when he made frequent visits to the city to establish TUA, the very company he will now head up. "It's very gratifying that TUA has developed so well under the direction of Andrea Boragno and together with the capable people dedicated to TUA. I look forward to working with everyone as part of what I'm sure will be an extremely rewarding experience."

To celebrate the change of presidency, the entire New York office of TUA enjoyed a farewell/welcome dinner at the Limoncello Restaurant off Times Square. A festive celebration with good food, wine and great fun, the event menu included the restaurant's signature dish, Buccatini alla Grappa (pasta in grappa set aflame in a wheel of aged cheese).

Mr. Boragno and Mr. Hamada also traveled to the TUA Rock Hill, South Carolina, office and warehouse earlier in the week to say their goodbyes and hellos, and to celebrate the transition with a lunch at the recently opened Harry & Jean's Restaurant, which specializes in "Passionate American Food." Dishes ranged from classic Southern grits, shrimp and fried catfish to the most all-American food, the hamburger.