Taiyo Cypress

Fund, L.P.

Fund Investment Objectives

The Fund's investment objective is to achieve capital appreciation by investing on an opportunistic basis in securities issued by any public or private Japanese company which has a market capitalization or equity valuation of approximately JPY220 billion or more at the time of the Fund's initial investment. The Fund incepted April 9, 2008. Please note: Net returns presented herein are gross returns after accounting for the effect of management fees, incentive allocations and other Fund expenses. For purposes of calculating net returns, the management fees and incentive allocation applicable to the Investor is assumed to have been at the highest rate (i.e., 2% per annum for management fees and 20% for incentive allocations) applicable to new investors in the applicable Fund, in each case, as applied in accordance with such Fund's limited partnership agreement. The impact of Fund expenses, other than management fees, on net returns was calculated in a manner consistent with that presented in each Fund's financial statements prepared in accordance with US GAAP.