The Taiyo Fund announced today it has increased its position in OSG Corporation (6136) and now holds 8% of the companyaddSchoolForms total outstanding shares. OSG is one of the worldaddSchoolForms largest manufacturers of cutting tools, forming dies, measuring tools, machine tools and parts. In particular, they are strong in manufacturing taps, which are the tools used for screw thread milling. The Taiyo Fund is known for its cooperative investment style working with senior management to enhance shareholder value.

Brian K. Heywood, Chief Executive Officer and Managing Partner of Taiyo Pacific Partners, said, "OSGaddSchoolForms strength in their core taps business, their ability to innovate, and their capable management team give us confidence as a shareholder. President Osawa has a clear vision and we look forward to working with him."

Wilbur L. Ross Jr., Chairman of the Taiyo Fund investment committee said, "OSG is recognized as the worldwide leader in taps with a 50% market share. With an overseas sales ratio in excess of 40%, OSG must now be considered as one of the top global cutting tool manufacturers."

Mr. Teruhide Osawa, President of OSG, commented, "We welcome the continued active participation of a reputable long-term shareholder such as Taiyo Pacific Partners in our business."

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 currently has over $1.2 billion under management. The Fund is co-managed by Taiyo Pacific Partners LP and by WL Ross & Co. LLC. 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 July 18, 2007

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