October       Registered as a Venture Company / Korea Technology Finance Corporation

April              Reported the Research and Development Service Business
                      / Ministry of Science, ICT and Future Planning

March           Confirmed Enterprise Research Institute / Korea Industrial Technology Association

February      Moved to the New Company Building (BUSAN DIGITAL VALLEY)

June             Established the Joint Ship Design Corporation with Shipbuilding Industry Corporation
                      in Vietnam (VINASHIN)
                      Corporation Name : VIETNAM-KOREA SHIP DESIGN & ENGINEERING SERVICES
                      JOINT VENTURE COMPANY LIMITED (VIETHAN SHIPDESIGN)

December   Capital Increase / 20,000 million KRW

May               Registered as a Procurement Company / Public Procurement Service

October       Registered Far East Ship Design and Engineering Co., LTD. (FESDEC)
                      as a Newly Established Corporation
                      Reported as the Engineering Agent / Ministry of Science and Technology

October       Designated as a CAD/CAM Implementation Company
                      / the Small and Medium Business Administration
August       Designated as a Promising and Advanced Technology Company
                      / the Small and Medium Business Administration

December   Changed the Company Name from Far East Ship Design and Engineering Co.,LTD.
                      to FASECO Co., LTD.

August         Report as the Engineering Agent / Report No. 02-006

September   Introduced NASTRAN PROGRAM

April              Establishment (Design Service)