JAPAN NUCLEAR FUEL LIMITED

December 15, 2000

JNFL Announces New President

Japan Nuclear Fuel Limited

In the wake of the 137th JNFL Board of Directors meeting held today, it has been announced that Tetsuo Takeuchi, the current President, will step down as of 5 January 2001. In his place, current Executive Vice President Masashi Sasaki will assume the presidency on 6 January 2001.

Masashi Sasaki Personal History

Born in Kofu City, Yamanashi Prefecture Educational Background 1959 March Graduated Tohoku University, School of Law Professional Background 1959 April Joined Tokyo Electric Power Company 1987 June General Manager, Nuclear Power Administration Dept., Tokyo Electric Power Company 1991 June General Manager, Tokyo Electric Power Company, Chiba Branch Office 1993 June Director, Tokyo Electric Power Company, Chiba Branch Office 1994 June Managing Director, Japan Nuclear Fuel Limited 1996 June Senior Managing Director, Japan Nuclear Fuel Limited 1999 June Executive Vice President, Japan Nuclear Fuel Limited