All of our funds share the same basic philosophy that we proactively engage with management in order to protect, unlock and create value for their stakeholders and shareholders. We invest primarily in companies with the following basic characteristics:

• Under-valued
• Strong core business
• Competent management who is open to Taiyo’s input

We currently manage three funds:

Taiyo Fund

The Taiyo Fund was launched in June 2003. The fund aims to achieve significant outperformance by investing in a concentrated number of publicly listed, Japanese small-cap companies. The Taiyo Fund is currently closed to additional capital.

Taiyo Pearl Fund

The Taiyo Pearl Fund was launched in October 2007. The fund aims to achieve significant outperformance by investing in publicly listed, Japanese micro-cap companies and Japanese private companies. The fund’s private investments will primarily be sourced from the strong corporate relationships which Taiyo has built with public Japanese companies.

Taiyo Cypress Fund

The Taiyo Cypress Fund was launched in April 2008. The fund aims to achieve significant outperformance by investing in publicly listed, Japanese mid-cap companies and Japanese private companies. As with the Taiyo Pearl Fund, private investments will primarily be sourced from the strong corporate relationships which Taiyo has built with public Japanese companies.