The Taiyo Fund announced today that it has accumulated a position in excess of 9% in Topcon Corp (7732), becoming its second largest shareholder, and a position of over 7% in Horiba LTD (6856), making the Fund the third largest shareholder. 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, "We spend a lot of time meeting with companies all over Japan and we only invest when we feel confident that the senior management is strong and that they are willing to work with us. We have been impressed by the forward thinking and ability of both Horiba and Topcon."

Wilbur L. Ross Jr., Chairman of the Taiyo Fund investment committee said, "Topcon and Horiba are both leaders in their respective industries and we place a high value on the strength of their core technologies and on the focus both have demonstrated in expanding their business overseas."

Mr. Atsushi Horiba, President of Horiba, commented, "The Taiyo Fund is a friendly investor that takes a long term view. We welcome their investment and plan to maintain our friendly relationship by continuing to execute our business strategy with high management transparency"

Mr. Koji Suzuki, President of Topcon, stated, "Topcon is expanding globally through its Positioning and Medical Instruments businesses. Currently, 70% of our products are being used by overseas customers. We will continue to strive to enhance corporate value by aggressively expanding our overseas operations and dedicating ourselves to good corporate governance. We are delighted to receive the confidence of Taiyo Pacific Partners and we welcome them as a friendly shareholder."

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 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. The Ross firm has sponsored $4.5 billion of alternative investments since its founding in 2000.

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

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

Added on October 11, 2005

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