ITM Co., Ltd. recognizes that the energy use, waste discharge and drainage and exhaust gas management at our Head Office and Kozaki Plant and at all the other site operations profoundly effect the global environmental. We uphold he environmental policies presented below by following our environmental manual and by continuously revitalizing our environmental activities within our whole group.

1. Slogan: Environmental conservation and continuity for future generations.

2. Policy:  Obey environmental laws, guidelines and other requirements to promote the continuous improvement and prevention of contamination.

1) Accord environmental conservation the highest priority in our business at our Head Office and Kozaki Plant. 2) Incorporate environmental impact and minimize wastewater production through our design, development and manufacturing of ceramic fibers and related materials. 3) Set environmental management targets (energy savings, waste reduction, reduced discharge of controlled chemical substances and recycling of resources), ensure achievement of targets, and promote effective utilization of natural resources. 4) Continually modify and improve environmental conservation plans by enthusiastically implementing conservation measures. 5) Follow the environmental laws and guidelines that we acknowledge, and attempt to prevent pollution through conservation. 6) Contribute to society through environmentally friendly design & development; improve the production process in a manner consistent with conservation activities. 7) Promote consciousness of environmental activities, and invest in scattering of materials, as well as outflow and reduction of groundwater contamination on our facilities. 8) Promote beautification and greenery activities at our Head Office and Kozaki Plant in harmony with the natural environment, and work together with the regional community.

3. Publication:  This environmental policy has been officially posted within our Head Office and Kozaki Plant, and is available to all outside parties upon request.

June 15, 2005 ITM Co., Ltd. Plant Manager: K. Arai