The Taiyo Fund, which is jointly managed by Taiyo Pacific Partners LP and WL Ross & Co. LLC, announced today that it has significantly increased its position in three companies. The Taiyo Fund now owns more than 9% of Nagaileben Co Ltd. (7447), over 8% of ST Chemical Co. Ltd (4951) and over 6% of Miraca Holdings Inc (4544). In each case, Taiyo has developed a friendly working-relationship with management and feels that together, Taiyo and Company Management will continue to enhance shareholder value.

Wilbur L. Ross Jr., Chairman of the Taiyo Fund investment committee said, "The increase in our positions shows our conviction in the prospects for these holdings. We are delighted with our positive working relationships with each of the management teams."

Brian K. Heywood, Chief Executive Officer of Taiyo, added, "We have engaged these management teams on issues ranging from merger integration to capital management policy. We look forward to a continued cooperative relationship as we address further areas of critical interest for management and shareholders."

ST Chemical President Takashi Suzuki commented, "We welcome all friendly, long term investors and shareholders like The Taiyo Fund. We are dedicated to enhancing shareholder value and will continue to endeavor to do so in the future."

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 $850 million under management. The Fund is co-managed by WL Ross & Co. LLC and by Taiyo Pacific Partners LP. The Ross firm has sponsored $4.5 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 September 12, 2005

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