Taiyo Fund, which is jointly managed by WL Ross & Co. LLC and by Taiyo Pacific Partners, LP, announced today that it has accumulated positions in excess of 5% in three Tokyo Stock Exchange listed companies: ST Chemical Co. LTD (4951), Daiseki Co., Ltd. (9793), and Fujirebio Inc. (4544). The Fund is one of the largest shareholders in each company. The Taiyo Fund now has a 5% or greater stake in 6 companies including the three mentioned above as well as Amano Corporation (6436), Maezawa Kasei Industries Co., Ltd. (7925), and Nifco Inc. (7988). In each case, The Taiyo Fund has developed a friendly relationship with management and is working cooperatively to enhance shareholder value.

Wilbur L. Ross Jr., Chairman of the Taiyo Fund investment committee said, "There are hundreds of undervalued companies in Japan. We believe the Taiyo Fund can have the most impact in companies where progressive management will continue to act as a catalyst to unlock the intrinsic value and growth potential of the firm. These three companies exemplify the business opportunity and management vision required to further enhance shareholder value."

Brian K. Heywood, Chief Executive Officer of Taiyo, added, "We have faced skepticism for years that Japanese companies cared about shareholder interests, let alone that they would consider working with a addSchoolFormforeignaddSchoolForm fund. Contrary to popular opinion, we have found companies that do."

When asked for comment, Mr. Hiroyuki Ito, president of Daiseki said "The Taiyo Fund has been very open with us from the beginning, meeting with us numerous times and sharing information. We have had good communication with them and look forward to working with Taiyo and our other shareholders in the future." Mr. Takashi Suzuki, President of ST Chemical added "We welcome all friendly shareholders such as the Taiyo Fund. "

The Taiyo Fund was organized in July, 2003 with an initial equity investment of $200 million by CalPERS, the State of California Public Employees Retirement System. The Fund is co-managed by WL Ross & Co. LLC and by Taiyo Pacific Partners LP. The Ross firm has sponsored $2.5 billion of alternative investments since its founding in 2000. Taiyo Pacific Partners, located in Monterey, California, was founded in 2003 by bilingual professionals dedicated to friendly shareholder activism in Japan.

For information contact:

Wilbur L. Ross
212-826-2111
wlross@wlross.com

Brian K. Heywood
425-986-5301
bheywood@tppllc.com

Added on April 6, 2004

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